CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 2,583.5	$ 2,407.8	$ 2,297.9
Cost of sales	1,939.7	1,882.2	1,908.5
Gross profit	643.8	525.6	389.4
Selling, general and administrative expenses	332.1	273.9	234.0
Restructuring expenses	28.2	15.0	5.0
Gain on sale of assets	0.0	(4.0)	0.0
Operating income	283.5	240.7	150.4
Interest expense	(26.4)	(24.1)	(20.7)
Other expense - net	(3.1)	(2.0)	(4.4)
Earnings before income taxes	254.0	214.6	125.3
(Provision) benefit for income taxes	(68.5)	(51.2)	28.3
Net earnings	185.5	163.4	153.6
Net earnings attributable to noncontrolling interest	(1.5)	(1.9)	(0.5)
Net earnings attributable to Modine	$ 184.0	$ 161.5	$ 153.1
Net earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ 3.50	$ 3.08	$ 2.93
Diluted (in dollars per share)	$ 3.42	$ 3.03	$ 2.90
Weighted-average shares outstanding:
Basic (in shares)	52.6	52.4	52.3
Diluted (in shares)	53.9	53.4	52.8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings	$ 185.5	$ 163.4	$ 153.6
Other comprehensive income (loss):
Foreign currency translation	(14.3)	(5.6)	(18.9)
Defined benefit plans, net of income taxes of ($1.4), $1.6, and $1.1 million	(3.1)	3.7	6.7
Cash flow hedges, net of income taxes of ($0.2), ($0.2), and $0 million	(0.8)	(0.7)	0.1
Total other comprehensive income (loss)	(18.2)	(2.6)	(12.1)
Comprehensive income	167.3	160.8	141.5
Comprehensive income attributable to noncontrolling interest	(1.2)	(1.6)	0.0
Comprehensive income attributable to Modine	$ 166.1	$ 159.2	$ 141.5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Other comprehensive income (loss):
Defined benefit plans, tax	$ (1.4)	$ 1.6	$ 1.1
Cash flow hedges, tax	$ (0.2)	$ (0.2)	$ 0.0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
ASSETS
Cash and cash equivalents	$ 71.6	$ 60.1
Trade accounts receivable - net	478.9	422.9
Inventories	340.9	357.9
Other current assets	69.8	53.1
Total current assets	961.2	894.0
Property, plant and equipment - net	390.5	365.7
Intangible assets - net	146.7	188.3
Goodwill	233.9	230.9
Deferred income taxes	67.0	75.1
Other noncurrent assets	118.3	97.5
Total assets	1,917.6	1,851.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	9.3	12.0
Long-term debt - current portion	44.8	19.7
Accounts payable	290.8	283.4
Accrued compensation and employee benefits	102.7	101.6
Other current liabilities	93.4	129.1
Total current liabilities	541.0	545.8
Long-term debt	296.7	399.9
Deferred income taxes	24.1	30.0
Pensions	29.4	27.7
Other noncurrent liabilities	108.2	92.6
Total liabilities	999.4	1,096.0
Commitments and contingencies (see Note 20)
Shareholders' equity:
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	0.0	0.0
Common stock, $0.625 par value, authorized 80.0 million shares, issued 56.5 million and 56.1 million shares	35.3	35.0
Additional paid-in capital	310.8	283.7
Retained earnings	843.0	659.0
Accumulated other comprehensive loss	(181.3)	(163.4)
Treasury stock, at cost, 4.1 million and 3.7 million shares	(97.6)	(66.7)
Total Modine shareholders' equity	910.2	747.6
Noncontrolling interest	8.0	7.9
Total equity	918.2	755.5
Total liabilities and equity	$ 1,917.6	$ 1,851.5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2025	Mar. 31, 2024
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.025	$ 0.025
Preferred stock, shares authorized (in shares)	16.0	16.0
Preferred stock, shares issued (in shares)	0.0	0.0
Common stock, par value (in dollars per share)	$ 0.625	$ 0.625
Common stock, shares authorized (in shares)	80.0	80.0
Common stock, shares issued (in shares)	56.5	56.1
Treasury stock at cost (in shares)	4.1	3.7

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net earnings	$ 185.5	$ 163.4	$ 153.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	77.7	56.1	54.5
Stock-based compensation expense	26.4	10.8	6.6
Deferred income taxes	6.5	6.2	(59.6)
Gain on sale of assets	0.0	(4.0)	0.0
Other - net	6.9	6.1	4.8
Changes in operating assets and liabilities:
Trade accounts receivable	(61.2)	(8.3)	(40.7)
Inventories	13.6	(17.3)	(49.4)
Accounts payable	10.5	(59.1)	10.2
Accrued compensation and employee benefits	1.6	15.2	6.4
Contract liabilities	(44.5)	58.3	10.3
Other assets	15.3	12.0	19.6
Other liabilities	(25.0)	(24.8)	(8.8)
Net cash provided by operating activities	213.3	214.6	107.5
Cash flows from investing activities:
Expenditures for property, plant and equipment	(84.0)	(87.7)	(50.7)
Payments for business acquisitions	(3.4)	(186.2)	0.0
Purchase of TMGcore, Inc. technology and related assets (see Note 2)	0.0	(12.0)	0.0
Proceeds from (payments for) disposition of assets	0.8	(0.8)	0.3
Other - net	0.0	3.3	0.0
Net cash used for investing activities	(86.6)	(283.4)	(50.4)
Cash flows from financing activities:
Borrowings of debt	414.5	332.5	374.3
Repayments of debt	(496.3)	(260.4)	(403.4)
(Repayments) borrowings on bank overdraft facilities - net	(0.7)	6.3	3.0
Purchases of treasury stock	(30.9)	(17.7)	(9.0)
Dividends paid to noncontrolling interest	(1.1)	(0.5)	(0.6)
Other - net	0.9	2.5	2.4
Net cash (used for) provided by financing activities	(113.6)	62.7	(33.3)
Effect of exchange rate changes on cash	(1.5)	(0.8)	(2.0)
Net increase (decrease) in cash, cash equivalents and restricted cash	11.6	(6.9)	21.8
Cash, cash equivalents and restricted cash - beginning of period	60.3	67.2	45.4
Cash, cash equivalents and restricted cash - end of period	$ 71.9	$ 60.3	$ 67.2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock, at cost	Non controlling interest	Total
Balance at Mar. 31, 2022	$ 34.2	$ 261.6	$ 344.4	$ (149.5)	$ (40.0)	$ 7.4	$ 458.1
Balance (in shares) at Mar. 31, 2022	54.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0.0	0.0	153.1	0.0	0.0	0.5	153.6
Other comprehensive loss	0.0	0.0	0.0	(11.6)	0.0	(0.5)	(12.1)
Stock options and awards	$ 0.4	2.6	0.0	0.0	0.0	0.0	3.0
Stock options and awards (in shares)	0.6
Purchases of treasury stock	$ 0.0	0.0	0.0	0.0	(9.0)	0.0	(9.0)
Stock-based compensation expense	0.0	6.6	0.0	0.0	0.0	0.0	6.6
Dividend paid to noncontrolling interest	0.0	0.0	0.0	0.0	0.0	(0.6)	(0.6)
Balance at Mar. 31, 2023	$ 34.6	270.8	497.5	(161.1)	(49.0)	6.8	599.6
Balance (in shares) at Mar. 31, 2023	55.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0.0	0.0	161.5	0.0	0.0	1.9	163.4
Other comprehensive loss	0.0	0.0	0.0	(2.3)	0.0	(0.3)	(2.6)
Stock options and awards	$ 0.4	2.1	0.0	0.0	0.0	0.0	2.5
Stock options and awards (in shares)	0.7
Purchases of treasury stock	$ 0.0	0.0	0.0	0.0	(17.7)	0.0	(17.7)
Stock-based compensation expense	0.0	10.8	0.0	0.0	0.0	0.0	10.8
Dividend paid to noncontrolling interest	0.0	0.0	0.0	0.0	0.0	(0.5)	(0.5)
Balance at Mar. 31, 2024	$ 35.0	283.7	659.0	(163.4)	(66.7)	7.9	$ 755.5
Balance (in shares) at Mar. 31, 2024	56.1						56.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 0.0	0.0	184.0	0.0	0.0	1.5	$ 185.5
Other comprehensive loss	0.0	0.0	0.0	(17.9)	0.0	(0.3)	(18.2)
Stock options and awards	$ 0.3	0.7	0.0	0.0	0.0	0.0	1.0
Stock options and awards (in shares)	0.4
Purchases of treasury stock	$ 0.0	0.0	0.0	0.0	(30.9)	0.0	(30.9)
Stock-based compensation expense	0.0	26.4	0.0	0.0	0.0	0.0	26.4
Dividend paid to noncontrolling interest	0.0	0.0	0.0	0.0	0.0	(1.1)	(1.1)
Balance at Mar. 31, 2025	$ 35.3	$ 310.8	$ 843.0	$ (181.3)	$ (97.6)	$ 8.0	$ 918.2
Balance (in shares) at Mar. 31, 2025	56.5						56.5

Significant Accounting Policies

12 Months Ended

Mar. 31, 2025

Significant Accounting Policies

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) data center cooling; ii) heat transfer; iii) HVAC&R; iv) air-cooled; v) liquid-cooled; and vi) advanced solutions.

Acquisitions and dispositions

The Company accounts for acquired businesses using the acquisition method. Under the acquisition method, the Company records assets acquired and liabilities assumed at their respective fair values. If the assets acquired do not constitute a business, the Company accounts for the transaction as an asset acquisition. For asset purchases, the Company allocates the purchase price to the underlying assets based on their relative fair values.

During fiscal 2024, the Company acquired Scott Springfield Mfg. Inc., a Canadian-based manufacturer of air handling units, and substantially all of the net operating assets of Napps Technology Corporation, a Texas-based manufacturer of air- and water-cooled chillers, condensing units and heat pumps. In addition, the Company purchased intellectual property related to liquid immersion cooling technology from TMGcore, Inc. Also during fiscal 2024, the Company sold three automotive businesses based in Germany and two coatings facilities in the United States.

See Note 2 for information regarding the Company’s acquisitions and dispositions.

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 towards 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, 2025 and 2024, the allowance for credit losses was $1.8 million and $2.7 million, respectively. The changes to the Company’s allowance for credit losses during fiscal 2025 and 2024 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 2025, 2024, and 2023, the Company sold $7.9 million, $130.2 million, and $150.6 million, respectively, of accounts receivable to accelerate cash receipts. During fiscal 2025, 2024, and 2023, the Company recorded costs totaling $0.1 million, $1.6 million, and $1.2 million, respectively, related to selling accounts receivable in the consolidated statements of operations.

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 three years. At March 31, 2025 and 2024, Company-owned tooling totaled $18.2 million and $16.1 million, 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, 2025 and 2024, customer-owned tooling receivables totaled $6.9 million and $7.6 million, 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 selling, general, and administrative (“SG&A”) expenses. During fiscal 2025, 2024, and 2023, research and development costs totaled $34.9 million, $42.0 million, and $44.0 million, respectively.

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.

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 $22.4 million, $22.7 million, and $13.6 million were accrued within accounts payable at March 31, 2025, 2024 and 2023, 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 tests as of February 28, 2025 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

The Company evaluates long-lived assets, including property, plant and equipment and intangible assets, for impairment whenever conditions or events indicate that those assets may be impaired. The Company considers factors such as operating losses, declining financial outlooks and market conditions when evaluating the need for an impairment analysis. In the event an impairment indicator is identified, the Company compares the undiscounted future cash flows expected to be generated by the assets with their carrying value. If the net asset values exceed expected future cash flows, the Company writes down the assets to fair value and records an impairment charge. The Company estimates fair value in various ways depending on the nature of the underlying assets. Fair value is generally based upon appraised value, estimated salvage value, or selling prices under negotiation, as applicable.

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. The deferred compensation obligations are recorded within other noncurrent liabilities 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 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.

Supplier finance programs

The Company facilitates a voluntary supplier finance program through a financial institution that allows certain suppliers in the U.S. and Europe to request early payment for invoices, at a discount, from the financial institution. The Company or the financial institution may terminate the supplier finance program upon 90 days’ notice. The Company’s obligations to its suppliers, including amounts due and payment terms, are consistent, irrespective of whether a supplier participates in the program. The Company is not party to the arrangements between the participating suppliers and the financial institution. Under this program, the Company confirms the validity of supplier invoices to the financial institution and remits payments to it based on the original payment terms, which typically range from 60 to 120 days. The outstanding obligations under this program are included within accounts payable in the consolidated balance sheets.

The following table presents a roll forward of the Company’s obligations associated with its supplier finance program.


	Years ended March 31,
	2025		2024
Obligations outstanding – beginning of period	$	23.6	$	21.2
Invoices submitted		102.2		109.7
Invoices paid		(110.3)		(107.3)
Obligations outstanding – end of period	$	15.5	$	23.6

Supplemental cash flow information


	Years ended March 31,
	2025		2024		2023
Interest paid	$	26.0	$	23.3	$	18.4
Income taxes paid		55.2		46.9		31.9

See Note 16 for supplemental cash flow information related to the Company’s leases.

New accounting guidance

Segment reporting disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued new disclosure guidance for reportable segments. The new guidance requires disclosure of significant segment expenses, which are expenses that are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”) and (iii) included in the reported measure of segment profit or loss. In addition, the new guidance requires companies to disclose the title and position of their CODM and expand interim disclosures to include the majority of the annual segment disclosures. The definition of and method for determining reportable segments is unchanged. The Company adopted this guidance for its fiscal 2025 annual financial statements. See Note 22 for additional information on the Company’s reportable segments.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued new guidance that will require additional disclosure regarding the nature of expenses presented within expense captions on the consolidated statements of operations and selling expenses. The new disclosure requirements will become effective for the Company’s fiscal 2028 annual financial statements. The Company is currently evaluating the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements.

Acquisitions and Dispositions

12 Months Ended

Mar. 31, 2025

Acquisitions and Dispositions.

Acquisitions and Dispositions

Note 2: Acquisitions and Dispositions

Acquisition of Scott Springfield Mfg. Inc.

On March 1, 2024, the Company acquired all of the issued and outstanding shares in the capital of Scott Springfield Mfg. Inc. (“Scott Springfield Manufacturing”) for consideration totaling $184.1 million. Upon finalization of the working capital adjustment during fiscal 2025, the Company paid an additional $2.4 million to the seller.

Based in Calgary, Canada, Scott Springfield Manufacturing is a leading manufacturer of air handling units to customers in the data center, telecommunications, healthcare, and aerospace markets. This acquisition expanded the Company’s product offerings and customer base in the high-growth data center and indoor air quality markets in the U.S. and Canada. Since the date of the acquisition, the Company has reported the financial results of the Scott Springfield Manufacturing business within the Climate Solutions segment. For fiscal 2024 and 2025, the Company included net sales of $7.9 million and $241.7 million, respectively, within its consolidated statements of operations attributable to Scott Springfield Manufacturing.

During fiscal 2024 and 2025, the Company recorded $2.1 million and $0.4 million, respectively, of costs directly related to the acquisition and integration of Scott Springfield Manufacturing as SG&A expenses within its consolidated statements of operations. The fiscal 2024 costs principally consisted of fees for i) transaction advisors, ii) legal, accounting, and other professional services, and iii) incremental costs directly associated with integration activities. The fiscal 2025 costs principally consisted of costs associated with integration activities. In addition, the Company charged $1.6 million to cost of sales during both fiscal 2024 and 2025 in connection with an inventory fair value adjustment.

The Company completed its accounting for the acquisition of Scott Springfield Manufacturing during fiscal 2025 and allocated the purchase price of $184.1 million to the identifiable tangible and intangible assets acquired and the liabilities assumed based upon their estimated fair values as of the acquisition date. The Company allocated the excess of the purchase price over the net assets recognized to goodwill in the amount of $72.6 million, none of which is expected to be deductible for income tax purposes. During the first quarter of fiscal 2025, the Company completed its market and trade name analyses and recorded a measurement period adjustment to reduce the fair value of the trade name intangible asset by $9.6 million. This adjustment resulted in a corresponding decrease in the deferred income tax liability of $2.2 million and a $7.4 million increase to the $65.2 million of goodwill preliminarily recorded as of March 31, 2024. Goodwill represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the acquisition includes Scott Springfield Manufacturing’s workforce and anticipated future revenue and cost synergies.

The Company’s purchase price allocation for its acquisition of Scott Springfield Manufacturing was as follows:


Cash and cash equivalents	$	0.3
Trade accounts receivable		27.5
Inventories		20.9
Property, plant and equipment		6.0
Intangible assets		92.7
Goodwill		72.6
Other assets		4.0
Accounts payable		(8.6)
Accrued compensation and employee benefits		(1.3)
Deferred income taxes		(22.2)
Other liabilities		(7.8)
Purchase price	$	184.1

The following unaudited supplemental pro forma information presents the Company’s consolidated results of operations as though the acquisition of Scott Springfield Manufacturing had occurred at the beginning of fiscal 2023. This pro forma financial information is presented for illustrative purposes only and is not considered to be indicative of the operating results that would have been achieved had the acquisition been completed as of the date indicated or the operating results that may be obtained in the future.


	Years ended March 31,
	2024		2023
Net sales	$	2,507.5	$	2,346.2
Net earnings attributable to Modine		165.3		127.3

The supplemental pro forma financial information above is based upon the Company’s historical results and the historical results of Scott Springfield Manufacturing, which have been translated from Canadian dollars to U.S. dollars using the historical average foreign exchange rates. The proforma information includes adjustments for: (i) annual amortization and depreciation expense totaling approximately $19.0 million for fiscal 2023 and approximately $8.0 million for fiscal 2024 for acquired tangible and intangible assets, (ii) estimated annual interest expense of approximately $6.0 million resulting from acquisition-related borrowings, and (iii) the estimated income tax impacts related to the pro forma adjustments, considering the statutory tax rates within Canada. In addition, the pro forma financial information assumes that both $2.0 million of acquisition-related transaction costs, not including costs for integration-related activities, and $3.2 million of inventory purchase accounting adjustments were incurred during fiscal 2023. The pro forma financial information does not reflect any expected revenue or cost synergies.

Purchase of TMGcore, Inc. intellectual property

In January 2024, the Company purchased intellectual property and other specific assets from TMGcore, Inc., a specialist in single- and two-phase liquid immersion cooling technology for data centers for $12.0 million. The Company allocated $11.4 million of the purchase price to acquired technology and the remaining $0.6 million to property, plant, and equipment.

Acquisition of Napps Technology Corporation

On July 1, 2023, the Company acquired substantially all of the net operating assets of Napps Technology Corporation (“Napps”), a Texas-based manufacturer of air- and water-cooled chillers, condensing units and heat pumps, for consideration totaling $5.8 million. The Company paid $4.8 million during fiscal 2024 and paid the remaining $1.0 million to the seller during fiscal 2025. The Company has reported the financial results of the Napps business within the Climate Solutions segment since the date of the acquisition. For fiscal 2024 and 2025, the Company included net sales of $4.5 million and $10.8 million, respectively, within its consolidated statements of operations attributable to Napps.

Disposition of two coatings facilities

In September 2023, the Company sold two coatings facilities, located in California and Florida, to Protecall, LLC. Sales from these two businesses, which provided aftermarket application services, totaled $6.4 million in fiscal 2023. As a result of this transaction, the Company wrote-off $0.7 million of goodwill attributable to the disposed businesses and recorded a gain on sale of less than $0.1 million during fiscal 2024.

Disposition of Germany automotive businesses

In October 2023, the Company sold three automotive businesses based in Germany (the “disposal group”) to affiliates of Regent, L.P. As a result of the sale, the Company recorded a $4.0 million gain on sale during fiscal 2024, primarily driven by the net liability position of the disposal group at the time of sale. In addition, the gain on sale included the write-off of $0.6 million of net actuarial gains related to the disposal group’s pension plans. The Company reported the $4.0 million gain on the gain on sale of assets line within the consolidated statement of operations.

Prior to the disposition, the Company reported the financial results of the disposal group within its Performance Technologies segment. Net sales of the disposal group included within the Company’s consolidated statements of operations for fiscal 2024 and 2023 totaled $54.2 million and $79.0 million, respectively.

Pending disposition of facilities in Germany

In December 2024, the Company signed a definitive agreement to sell its technical service center and administrative support facility in Germany to a real estate investment firm for €11.5 million ($12.4 million). Earlier in fiscal 2025, the Company closed the technical service center and reduced headcount in light of the sale of three automotive businesses in Germany during fiscal 2024. The Company expects the sale transaction will close during the first half of fiscal 2026, subject to remaining closing conditions. The Company expects to record a gain on sale, net of costs to sell, of approximately $3.0 million when the transaction is completed. As of March 31, 2025, the Company classified $8.2 million of building and related assets expected to transfer to the buyer as held for sale and presented them within other current assets on its consolidated balance sheet.

Fiscal 2026 acquisition of AbsolutAire, Inc.

On April 1, 2025, the Company acquired substantially all of the net operating assets of AbsolutAire, Inc. (“AbsolutAire”). The Company paid $11.2 million upon transaction closing. The final purchase price is pending and may be adjusted for net working capital. AbsolutAire is a Michigan-based manufacturer of direct-fired heating, ventilation, and make-up air systems. This acquisition supports the Company’s growth strategy by expanding its heating and indoor air quality product portfolios and also broadens its customer base in the commercial, industrial, food service, and warehousing sectors. AbsolutAire had annual sales of approximately $25.0 million in 2024 and will be reported within the Company’s Climate Solutions segment beginning in the first quarter of fiscal 2026.

Revenue Recognition

12 Months Ended

Mar. 31, 2025

Revenue Recognition.

Revenue Recognition

Note 3: Revenue Recognition

The Company sells thermal management products and solutions in a wide array of commercial, industrial, and building HVAC&R markets. In addition, the Company sells engineered heat transfer systems and high-quality heat transfer components for use in on- and off-highway original OEM vehicular applications. 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. As the majority of the underlying sales contracts for its highly-specified products do not provide the Company with an enforceable right to payment for performance completed to date in the event of cancellation, the Company recognizes the majority of its revenue at a point in time, based upon shipment terms. For the limited number of customer contracts 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 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 fulfillment 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 provides energy-efficient, climate-controlled solutions and components for a wide array of applications. The Climate Solutions segment sells data center cooling solutions, heat transfer products, and HVAC&R products. Data center cooling products include IT cooling solutions, including precision air conditioning units for data center applications; computer room air conditioning and computer room air handler units; hybrid fan coils; fan walls; chillers; condensers; condensing units; and liquid cooling solutions for high-density computing, including coolant distribution units and immersion solutions. Heat transfer products include heat exchanger coils and coating products that extend the life of equipment and components by protecting against corrosion. Heating products include unit heaters, roof-mounted direct- and indirect-fired makeup air units, duct furnaces, infrared units and perimeter heating products. Indoor air quality products include ventilation and air conditioning products, such as single packaged unit ventilators, modular chillers, air handler units, condensing units and ceiling cassettes. Refrigeration products include evaporator unit coolers, remote condensers and fluid, gas, dry, and brine coolers. In addition, the segment provides products to the industrial power generation markets.

For the majority of its sales, individual customer purchase orders represent the Climate Solutions segment’s contract with its customers and the segment recognizes revenue when it transfers control over its products to its customers, based upon shipment terms. Heating products are largely sold to independent distributors in the U.S., who in turn market the heating products to end customers. The Climate Solutions segment recognizes coatings product sales over-time, since the customers control the equipment being enhanced by the coating application. In addition, for sales to customers whose contract cancellation terms provide an enforceable right to payment for customized products and solutions, the Climate Solutions segment recognizes revenue over time based upon its estimated progress toward satisfaction of the performance obligations.

Performance Technologies

The Performance Technologies segment provides products and solutions that enhance the performance of customer applications and develops solutions that provide mission critical energy for a variety of end market applications. The Performance Technologies segment designs and manufactures products and solutions using air-cooled 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 off-highway customers. Air-cooled products consist primarily of powertrain cooling products, such as radiators, condensers, engine cooling modules, charge air coolers, fan shrouds, and surge tanks; and cooling module generator sets. Liquid-cooled products include engine oil coolers, EGR coolers, liquid charge air coolers, transmission and retarder oil coolers, chillers, and condensers. The segment’s advanced solutions include battery thermal management systems, electronics cooling packages, and battery chillers.

While the Performance Technologies segment provides customized production and service parts to customers under multi-year agreements, these agreements 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.

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 and by geographic location.

Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. See Note 22 for additional segment financial information. The disaggregated revenue information presented in the tables below for fiscal 2024 and 2023 has been recast to be comparable with the fiscal 2025 presentation.


	Year ended March 31, 2025
	Climate		Performance		Segment
	Solutions		Technologies		Total
Product groups:
Data center cooling	$	644.2	$	—	$	644.2
Heat transfer		402.9		—		402.9
HVAC&R		393.5		—		393.5
Air-cooled		—		609.0		609.0
Liquid-cooled		—		404.5		404.5
Advanced solutions		—		129.4		129.4
Inter-segment sales		0.2		20.6		20.8
Net sales	$	1,440.8	$	1,163.5	$	2,604.3

Geographic location:
Americas	$	997.8	$	695.6	$	1,693.4
Europe		415.8		295.9		711.7
Asia		27.2		172.0		199.2
Net sales	$	1,440.8	$	1,163.5	$	2,604.3


	Year ended March 31, 2024
	Climate		Performance		Segment
	Solutions		Technologies		Total
Product groups:
Data center cooling	$	294.2	$	—	$	294.2
Heat transfer		473.4		—		473.4
HVAC&R		340.5		—		340.5
Air-cooled		—		681.2		681.2
Liquid-cooled		—		491.6		491.6
Advanced solutions		—		126.9		126.9
Inter-segment sales		—		21.6		21.6
Net sales	$	1,108.1	$	1,321.3	$	2,429.4

Geographic location:
Americas	$	649.0	$	721.0	$	1,370.0
Europe		432.7		406.8		839.5
Asia		26.4		193.5		219.9
Net sales	$	1,108.1	$	1,321.3	$	2,429.4


	Year ended March 31, 2023
	Climate		Performance		Segment
	Solutions		Technologies		Total
Product groups:
Data center cooling	$	173.8	$	—	$	173.8
Heat transfer		541.3		—		541.3
HVAC&R		341.0		—		341.0
Air-cooled		—		658.6		658.6
Liquid-cooled		—		483.9		483.9
Advanced solutions		—		99.3		99.3
Inter-segment sales		0.6		25.7		26.3
Net sales	$	1,056.7	$	1,267.5	$	2,324.2

Geographic location:
Americas	$	615.4	$	664.6	$	1,280.0
Europe		416.3		397.2		813.5
Asia		25.0		205.7		230.7
Net sales	$	1,056.7	$	1,267.5	$	2,324.2

Contract balances

Contract assets and contract liabilities from contracts with customers were as follows:


	March 31, 2025		March 31, 2024
Contract assets	$	13.3	$	12.9
Contract liabilities		35.1		79.4

Contract assets, included within other current assets in the consolidated balance sheets, primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the customer has guaranteed reimbursement, and assets recorded for revenue recognized over time, which represent the Company’s rights to consideration for work completed but not yet billed. The $0.4 million increase in contract assets during fiscal 2025 primarily resulted from an increase in contract assets for revenue recognized over time, partially offset by a decrease in capitalized costs related to customer-owned tooling contracts.

Contract liabilities, included within other current liabilities in the consolidated balance sheets, consist of payments received in advance of satisfying performance obligations under customer contracts, including contracts for data center cooling products and customer-owned tooling. The $44.3 million decrease in contract liabilities during fiscal 2025 primarily resulted from the Company’s satisfaction of performance obligations under contracts that had required advanced payments, largely associated with long inventory lead times.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements

12 Months Ended

Mar. 31, 2025

Fair Value Measurements

Fair Value Measurements

Note 4: Fair Value Measurements

Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy:

●

Level 1 – Quoted prices for identical instruments in active markets.

●

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

●

Level 3 – Model-derived valuations in which one or more significant inputs are not observable.

When available, the Company uses quoted market prices to determine fair value and classifies such measurements as Level 1. In some cases, where market prices are not available, the Company uses observable market-based inputs to calculate fair value, in which case the measurements are classified as Level 2. If quoted or observable market prices are not available, the Company determines fair value based upon valuation models that use, where possible, market-based data such as interest rates, yield curves or currency rates. These measurements are classified as Level 3.

The carrying values of cash, cash equivalents, restricted cash, trade accounts receivable, accounts payable, and short-term debt approximate fair value due to the short-term nature of these instruments. 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, 2025 and 2024, the fair values of the investments and obligations for the Company’s deferred compensation plans each totaled $6.1 million and $4.1 million, respectively.

Plan assets related to the Company’s pension plans were classified as follows:


	March 31, 2025
	Level 1		Level 2		Total

Money market investments	$	—	$	2.7	$	2.7
Fixed income securities		—		51.3		51.3
U.S. government and agency securities		—		87.0		87.0
Other		1.4		8.4		9.8
Fair value excluding investments measured at net asset value		1.4		149.4		150.8
Investments measured at net asset value						—
Total fair value					$	150.8


	March 31, 2024
	Level 1		Level 2		Total

Money market investments	$	—	$	6.7	$	6.7
Fixed income securities		—		45.3		45.3
Pooled equity funds		7.0		—		7.0
U.S. government and agency securities		—		57.0		57.0
Other		1.1		5.7		6.8
Fair value excluding investment measured at net asset value		8.1		114.7		122.8
Investments measured at net asset value						27.7
Total fair value					$	150.5

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, 2025 and 2024, 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. As of March 31, 2025 the Company no longer has investments valued at NAV.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation

12 Months Ended

Mar. 31, 2025

Stock-Based Compensation

Stock-Based Compensation

Note 5: Stock-Based Compensation

The Company’s stock-based incentive programs consist of the following: (i) a long-term incentive plan (“LTIP”) for officers and other executives that authorizes grants of stock awards, stock options, and performance-based awards granted for retention and performance, (ii) a discretionary equity program for other management and key employees, and (iii) stock awards for non-employee directors. The Company’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 2025 were issued under the Company’s Amended and Restated 2020 Incentive Compensation Plan. In fiscal 2025 and 2024, the Company granted performance-based stock awards and restricted stock awards. In fiscal 2023, the Company granted performance cash awards, restricted stock awards, and stock options. At present, the Company settles equity-based grants through newly issued shares of common stock. As of March 31, 2025, approximately 1.3 million 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 $26.4 million, $10.8 million, and $6.6 million in fiscal 2025, 2024, and 2023, respectively. During fiscal 2025, in connection with restructuring actions, the Company modified certain stock-based awards for a limited number of employees to permit accelerated vesting, resulting in $6.0 million of incremental stock-based compensation expense.

Restricted stock

The Company recorded $8.0 million, $5.3 million, and $5.4 million of compensation expense related to restricted stock in fiscal 2025, 2024, and 2023, respectively. The grant date fair value of restricted stock awards that vested during fiscal 2025, 2024, and 2023 was $6.3 million, $4.6 million, and $4.7 million, respectively. At March 31, 2025, the Company had $6.0 million of unrecognized compensation expense related to non-vested restricted stock, which it expects to recognize over a weighted-average period of 1.5 years. The Company values restricted stock awards using the closing market price of its common shares on the date of grant. Based upon the terms of the annual awards, restricted stock awards vest 33 percent, 33 percent, and 34 percent per year for three years, respectively. Restricted stock awards granted to non-employee directors in fiscal 2025 vest one year from the date of grant.

A summary of restricted stock activity for fiscal 2025 was as follows:


		Weighted-average
	Shares	price
Non-vested balance, beginning of year	0.5	$	21.08
Granted	0.1		111.02
Vested	(0.3)		19.02
Forfeited	—		35.71
Non-vested balance, end of year	0.3	$	42.90

Stock options

The Company recorded $1.7 million, $1.0 million, and $1.2 million of compensation expense related to stock options in fiscal 2025, 2024, and 2023, respectively. The grant date fair value of stock options that vested during fiscal 2025, 2024, and 2023, was $1.0 million, $1.2 million, and $1.0 million, respectively. As of March 31, 2025, the total compensation expense not yet recognized related to non-vested stock options was $0.1 million and the weighted-average period in which the remaining expense is expected to be recognized was 0.2 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:


	Year ended March 31, 2023
Fair value of options	$	6.99
Expected life of awards in years		6.0
Risk-free interest rate		3.0	%
Expected volatility of the Company’s stock		57.8	%
Expected dividend yield on the Company’s stock		0.0	%

Stock options expire no later than 10 years 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 Company did not grant options in fiscal 2025 or 2024. Based upon the terms of the fiscal 2023 awards, stock options vest 33 percent, 33 percent, and 34 percent per year for three years, respectively.

A summary of stock option activity for fiscal 2025 was as follows:


				Weighted-average
		Weighted-average		remaining contractual	Aggregate
	Shares	exercise price		term (years)	intrinsic value
Outstanding, beginning of year	0.6	$	12.78
Granted	—		—
Exercised	(0.1)		11.79
Forfeited or expired	—		12.85
Outstanding, end of year	0.5	$	12.94	5.9	$	31.8

Exercisable, March 31, 2025	0.4	$	12.80	5.7	$	25.5

The aggregate intrinsic value represents the difference between the closing price of Modine’s common shares on the last trading day of fiscal 2025 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,
	2025		2024		2023
Intrinsic value of stock options exercised	$	8.1	$	12.4	$	1.5
Proceeds from stock options exercised		1.0		2.6		2.9

Restricted stock – performance-based stock awards

The Company granted performance-based stock awards in fiscal 2025 and 2024. The Company granted performance-based cash awards in fiscal 2023 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. The Company recorded $16.7 million and $4.5 million of compensation expense related to performance-based stock awards in fiscal 2025 and 2024, respectively. During fiscal 2023 all performance-based awards were cash-based, therefore, the Company did not recognize compensation expense related to performance-based stock awards. At March 31, 2025, the Company had $21.6 million of total unrecognized compensation expense related to non-vested performance-based stock awards, which is expected to be recognized over a weighted-average period of 1.7 years.

Shares earned under the performance portion of the incentive program are based upon the attainment of certain financial targets over a three-year period and are issued after the end of that three-year performance period, if the performance targets have been achieved. The performance metrics for the performance-based awards granted in fiscal 2025, 2024, and 2023 are based upon both a target three-year average consolidated cash flow return on invested capital and a target three-year average growth in consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”) at the end of the three-year performance period, commencing with the fiscal year of grant.

Restructuring Activities

12 Months Ended

Mar. 31, 2025

Restructuring Activities

Restructuring Activities

Note 6: Restructuring Activities

Restructuring and repositioning expenses were as follows:


	Years ended March 31,
	2025		2024		2023
Employee severance and related benefits	$	24.3	$	12.9	$	3.5
Other restructuring and repositioning expenses		3.9		2.1		1.5
Total	$	28.2	$	15.0	$	5.0

During fiscal 2025, restructuring and repositioning expenses primarily consisted of severance expenses in Europe and North America within the Performance Technologies segment and included targeted headcount reductions intended to reduce SG&A and operational expenses. In addition, the Company recorded severance expenses in the Climate Solutions segment, primarily related to the pending closure of a production facility in Italy. As part of its transformational initiatives supported by 80/20 principles, the Company is taking steps to optimize the efficiency of its manufacturing footprint and processes in order to improve profit margins across both of its business segments. Other restructuring and repositioning expenses include costs to transfer production and warehousing for certain product lines among its facilities.

During fiscal 2024, restructuring and repositioning expenses primarily consisted of severance expenses in the Performance Technologies segment related to the closure of its European technical service center. In addition, the Company incurred equipment transfer costs within the Climate Solutions and Performance Technology segments related to its transformational initiatives.

During fiscal 2023, restructuring and repositioning expenses primarily consisted of severance expenses for targeted headcount reductions in both the Climate Solutions and Performance Technologies segments. 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.

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,
	2025		2024
Beginning balance	$	13.0	$	10.6
Additions (a)		18.3		12.9
Payments		(24.6)		(7.8)
Disposition (b)		—		(2.5)
Effect of exchange rate changes		(0.1)		(0.2)
Ending balance	$	6.6	$	13.0
____

(a)	The fiscal 2025 amount excludes $6.0 million of non-cash severance-related costs resulting from the accelerated vesting of certain stock-based compensation awards in connection with restructuring actions.

(b)	The Company sold three automotive businesses based in Germany during fiscal 2024. See Note 2 for additional information regarding the sale.

In May 2025, the Company approved additional headcount reductions in the Performance Technologies segment and, as a result, expects to record approximately $4.0 million of severance expenses during the first quarter of fiscal 2026.

Other Income and Expense

12 Months Ended

Mar. 31, 2025

Other Income and Expense

Other Income and Expense

Note 7: Other Income and Expense

Other income and expense consisted of the following:


	Years ended March 31,
	2025		2024		2023
Interest income	$	2.7	$	4.3	$	1.3
Foreign currency transactions (a)		(1.2)		(3.0)		(3.7)
Net periodic benefit cost (b)		(4.6)		(3.3)		(2.0)
Total other expense – net	$	(3.1)	$	(2.0)	$	(4.4)
____

(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, along with gains and losses on foreign currency exchange contracts.

(b)	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes

12 Months Ended

Mar. 31, 2025

Income Taxes [Abstract]

Income Taxes

Note 8: Income Taxes

The U.S. and foreign components of earnings before income taxes and the provision or benefit for income taxes consisted of the following:


	Years ended March 31,
	2025		2024		2023
Components of earnings before income taxes:
United States	$	41.7	$	37.2	$	12.5
Foreign		212.3		177.4		112.8
Total earnings before income taxes	$	254.0	$	214.6	$	125.3


Income tax provision (benefit):
Federal:
Current	$	4.7	$	1.6	$	1.5
Deferred		5.8		7.1		(47.5)
State:
Current		4.5		2.4		2.3
Deferred		(2.2)		(0.9)		(11.4)
Foreign:
Current		52.8		41.0		27.5
Deferred		2.9		—		(0.7)
Total income tax provision (benefit)	$	68.5	$	51.2	$	(28.3)

The reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate was as follows:


	Years ended March 31,
	2025		2024		2023
Statutory federal tax	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	0.9		0.5		(0.1)
Taxes on non-U.S. earnings and losses	2.4		3.7		5.8
Valuation allowances	0.4		2.5		(42.9)
Tax credits and benefits	(1.7)		(2.1)		(3.7)
Foreign-derived intangible income	(1.1)		(0.5)		(0.8)
Compensation	0.9		0.3		0.7
Tax rate or law changes	(0.1)		—		(0.2)
Uncertain tax positions, net of settlements	0.2		(0.2)		0.4
Notional interest deductions	—		(1.2)		(1.7)
Dividends and taxable foreign inclusions	3.7		0.4		0.9
Other	0.4		(0.5)		(2.0)
Effective tax rate	27.0	%	23.9	%	(22.6)	%

The Company’s effective tax rate in fiscal 2025 was higher than the prior year, primarily due to the absence of a $3.1 million tax benefit recorded in fiscal 2024 related to the sale of three automotive businesses based in Germany and an unfavorable impact of foreign currency exchange rates, partially offset by changes in the mix and amount of foreign and U.S. earnings. The $3.1 million tax benefit in fiscal 2024 is presented within the dividends and taxable foreign inclusions line in the table above; see Note 2 for information regarding the sale of the three automotive businesses. The Company’s fiscal 2023 effective tax rate was favorably impacted by an income tax benefit related to the reversal of a valuation allowance on deferred tax assets in the U.S, as 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 judgment and the use of significant estimates and assumptions, including expectations of future taxable income and tax planning strategies. In addition, the Company considers the duration of statutory carryforward periods and historical financial results.

Based upon its analyses during fiscal 2025 and 2024, the Company recorded net increases to deferred tax asset valuation allowances totaling $0.9 million and $5.4 million, respectively. Based upon its analyses during fiscal 2023, the Company reversed the valuation allowance related to certain deferred tax assets in the U.S. and, as a result, recorded an income tax benefit of $57.3 million. The Company had previously maintained a full valuation allowance against net deferred tax assets in the U.S. since fiscal 2021. During fiscal 2023, the Company determined it was more likely than not that these deferred tax assets in the U.S. would be realized after consideration of both positive and negative objectively verifiable evidence. The Company placed substantial weight on its fiscal 2022 and 2023 earnings, which resulted in a significant cumulative three-year income position. The Company also considered forecasted future earnings in certain key businesses. The Company maintained, however, a valuation allowance on the portion of the deferred tax assets in the U.S. related to certain federal and state tax attributes that are not expected to be realized prior to expiration. In addition, the Company recorded net tax expense to increase other deferred tax asset valuation allowances by $3.6 million.

At March 31, 2025, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled $42.6 million and $25.0 million, respectively. The Company will maintain the valuation allowances in each applicable tax jurisdiction until it determines it is more likely than not the deferred tax assets will be realized, thereby eliminating the need for a valuation allowance. Future events or circumstances, such as lower taxable income or unfavorable changes in the financial outlook of the Company’s operations in the U.S. and certain foreign jurisdictions, could necessitate the establishment of further valuation allowances.

The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows:


	March 31,
	2025		2024
Deferred tax assets:
Accounts receivable	$	0.5	$	0.7
Inventories		5.3		6.3
Plant and equipment		10.1		12.0
Lease liabilities		24.2		19.1
Pension and employee benefits		26.7		27.7
Net operating and capital losses		50.3		45.9
Credit carryforwards		35.0		45.3
Research and experimental expenditures		19.1		12.2
Other, principally accrued liabilities		10.2		11.2
Total gross deferred tax assets		181.4		180.4
Less: valuation allowances		(67.6)		(63.0)
Net deferred tax assets		113.8		117.4

Deferred tax liabilities:
Plant and equipment		9.1		7.2
Lease assets		24.1		18.8
Goodwill		4.9		4.8
Intangible assets		31.3		40.9
Other		1.5		0.6
Total gross deferred tax liabilities		70.9		72.3
Net deferred tax assets	$	42.9	$	45.1

Unrecognized tax benefits were as follows:


	Years ended March 31,
	2025		2024
Beginning balance	$	9.2	$	9.7
Gross increases - tax positions in prior period		—		0.5
Gross decreases - tax positions in prior period		(0.3)		—
Gross increases - tax positions in current period		1.1		1.3
Lapse of statute of limitations		(0.3)		(2.3)
Ending balance	$	9.7	$	9.2

The Company’s liability for unrecognized tax benefits as of March 31, 2025 was $9.7 million and, if recognized, $7.9 million would have an effective tax rate impact. The Company does not expect a significant change in unrecognized tax benefits during fiscal 2026.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. During fiscal 2025, 2024 and 2023, interest and penalties accrued on the consolidated balance sheets and included within income tax expense in the consolidated statements of operations were not significant.

The Company files income tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world. At March 31, 2025, the Company was under income tax examination in several jurisdictions. The Company’s major tax jurisdictions include the United States, Italy, and Canada. For the United States, fiscal 2022 through fiscal 2024 remain subject to examination. For Italy, fiscal 2020 through fiscal 2024 remain subject to examination. For Canada, fiscal 2024 remains subject to examination.

At March 31, 2025, the Company had federal and state tax credits of $47.9 million that, if not utilized against U.S. taxes, will expire between fiscal 2026 and 2049. The Company also had state and local tax loss carryforwards totaling $124.5 million. If not utilized against state apportioned taxable income, certain state and local carryforwards will expire between fiscal 2026 and 2043, while some will not expire due to an unlimited carryforward period. In addition, the Company had tax loss and foreign attribute carryforwards totaling $292.1 million in various tax jurisdictions throughout the world. Certain of the carryforwards in foreign jurisdictions are offset by valuation allowances. If not utilized against taxable income, $80.8 million of these carryforwards will expire between fiscal 2026 and 2034, and $211.3 million, mainly related to Germany and Italy, will not expire due to an unlimited carryforward period.

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 $14.0 million if the accumulated foreign earnings were distributed; however, the actual tax cost would be dependent on circumstances existing when remittance occurs.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share

12 Months Ended

Mar. 31, 2025

Earnings Per Share

Earnings Per Share

Note 9: Earnings Per Share

The components of basic and diluted earnings per share were as follows:


	Years ended March 31,
	2025		2024		2023
Net earnings attributable to Modine	$	184.0	$	161.5	$	153.1

Weighted-average shares outstanding – basic		52.6		52.4		52.3
Effect of dilutive securities		1.3		1.0		0.5
Weighted-average shares outstanding – diluted		53.9		53.4		52.8

Earnings per share:
Net earnings per share – basic	$	3.50	$	3.08	$	2.93
Net earnings per share – diluted	$	3.42	$	3.03	$	2.90

For fiscal 2025 and 2024 there were no securities that were anti-dilutive. For fiscal 2023, the calculation of diluted earnings per share excluded 0.5 million and 0.2 million of stock options and restricted stock awards, respectively, because they were anti-dilutive.

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Mar. 31, 2025

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,
	2025		2024
Cash and cash equivalents	$	71.6	$	60.1
Restricted cash		0.3		0.2
Total cash, cash equivalents and restricted cash	$	71.9	$	60.3

Restricted cash, which is reported within other current assets and other noncurrent assets in the consolidated balance sheets, consists primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

12 Months Ended

Mar. 31, 2025

Inventories [Abstract]

Inventories

Note 11: Inventories

Inventories consisted of the following:


	March 31,
	2025		2024
Raw materials	$	223.3	$	207.8
Work in process		65.9		64.5
Finished goods		51.7		85.6
Total inventories	$	340.9	$	357.9

Property, Plant and Equipment

12 Months Ended

Mar. 31, 2025

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,
	2025		2024
Land	$	16.4	$	16.3
Buildings and improvements (10-40 years)		257.7		280.7
Machinery and equipment (3-15 years)		843.7		824.4
Office equipment (3-10 years)		92.6		97.0
Construction in progress		69.5		67.6
		1,279.9		1,286.0
Less: accumulated depreciation		(889.4)		(920.3)
Net property, plant and equipment	$	390.5	$	365.7

The March 31, 2025 property, plant and equipment in the table above exclude amounts classified as held for sale. See Note 2 for additional information.

Depreciation expense totaled $50.3 million, $46.9 million, and $46.5 million in fiscal 2025, 2024, and 2023, respectively.

Gains and losses related to the disposal of property, plant and equipment are recorded within SG&A expenses. For fiscal 2025, 2024 and 2023, gains and losses related to the disposal of property, plant and equipment were not significant.

Intangible Assets

12 Months Ended

Mar. 31, 2025

Intangible Assets [Abstract]

Intangible Assets

Note 13: Intangible Assets

Intangible assets consisted of the following:


	March 31, 2025						March 31, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Intangible		Carrying		Accumulated		Intangible
	Value		Amortization		Assets		Value		Amortization		Assets
Customer relationships	$	145.4	$	(47.5)	$	97.9	$	150.5	$	(26.3)	$	124.2
Trade names		53.1		(21.2)		31.9		62.8		(18.5)		44.3
Acquired technology		32.6		(15.7)		16.9		32.5		(12.7)		19.8
Total intangible assets	$	231.1	$	(84.4)	$	146.7	$	245.8	$	(57.5)	$	188.3

During fiscal 2025, the Company recorded a measurement period adjustment to reduce the fair value of the acquired Scott Springfield Manufacturing trade name by $9.6 million. This purchase accounting adjustment also resulted in an increase in goodwill. See Note 2 for additional information.

The Company recorded $27.4 million, $9.2 million, and $8.0 million of amortization expense during fiscal 2025, 2024, and 2023, respectively. The Company estimates that it will record approximately $17.0 million, $15.0 million, $15.0 million, $15.0 million, and $14.0 million of annual amortization expense in fiscal 2026 through 2030, respectively.

Goodwill

12 Months Ended

Mar. 31, 2025

Goodwill.

Goodwill

Note 14: Goodwill

The Company has recast the March 31, 2024 and 2023 goodwill balances to be comparable with the current segment structure. As a result of the segment realignment in fiscal 2025, which is discussed in Note 22, the Company’s goodwill now resides entirely within the Climate Solutions segment. There was no impact to goodwill within the underlying reporting units as a result of the segment realignment. The following table presents a roll forward of the carrying value of goodwill from March 31, 2023 to March 31, 2025.


	Climate
	Solutions
Balance, March 31, 2023	$	165.6
Acquisitions (a)		66.2
Dispositions (b)		(0.7)
Effect of exchange rate changes		(0.2)
Balance, March 31, 2024		230.9
Acquisition adjustment (a)		7.4
Effect of exchange rate changes		(4.4)
Balance, March 31, 2025	$	233.9
____

(a)

During fiscal 2024, the Company recorded $65.2 million and $1.0 million of goodwill in connection with its acquisitions of Scott Springfield Manufacturing and Napps, respectively. During fiscal 2025, the Company recorded a measurement period adjustment to reduce the fair value of the acquired Scott Springfield Manufacturing trade name. This purchase accounting adjustment resulted in a $7.4 million increase in goodwill. See Note 2 for additional information.

(b)	The Company wrote-off $0.7 million of goodwill in connection with the sale of two coatings facilities. See Note 2 for additional information.

The Company tests goodwill for impairment annually, 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. During fiscal 2025, the Company voluntarily changed the date of its annual impairment test to February 28, from March 31, as it allows additional time for preparation and review of the annual impairment assessment. The Company determined the change in the goodwill impairment assessment date did not represent a material change to the method of applying the associated accounting guidance. The change in the date of the annual impairment test date did not result in the delay, acceleration or avoidance of an impairment charge.

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 risk-adjusted discount rates.

As a result of its annual goodwill impairment tests performed as of February 28, 2025, the Company determined that the fair value of each of its reporting units exceeded their respective book values.

At both March 31, 2025 and 2024, accumulated goodwill impairment losses totaled $40.8 million within the Performance Technologies segment.

Product Warranties and Other Commitments

12 Months Ended

Mar. 31, 2025

Product Warranties and Other Commitments

Product Warranties and Other Commitments

Note 15: Product Warranties and Other Commitments

Product warranties

Many of the Company’s products are covered under warranty periods that typically extend from one to two years from the shipment of the underlying products. The Company records a liability for product warranty obligations at the time of sale and adjusts the warranty accruals if it becomes probable that expected claims will differ from previous estimates.

Changes in accrued warranty costs were as follows:


	Years ended March 31,
	2025		2024
Beginning balance	$	10.7	$	6.9
Warranties recorded at time of sale		7.3		6.6
Adjustments to pre-existing warranties		(2.2)		2.2
Settlements		(6.7)		(5.3)
Acquisition of business (a)		—		0.4
Disposition of businesses (a)		—		(0.2)
Effect of exchange rate changes		0.1		0.1
Ending balance	$	9.2	$	10.7
____

(a)	The Company acquired Scott Springfield Manufacturing during fiscal 2024. The Company sold three automotive businesses based in Germany during fiscal 2024. See Note 2 for additional information.

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, 2025 was not material.

Commitments

At March 31, 2025, the Company had capital expenditure commitments of $30.4 million. Significant commitments include equipment expenditures to support the expansion of 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

12 Months Ended

Mar. 31, 2025

Leases.

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 its 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 10 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, 2025		March 31, 2024
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	97.2	$	76.0
Finance lease ROU assets (a)	Property, plant and equipment - net		6.9		6.5

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	18.0	$	15.3
Operating lease liabilities	Other noncurrent liabilities		80.6		62.1
Finance lease liabilities	Long-term debt - current portion		0.5		0.4
Finance lease liabilities	Long-term debt		2.2		1.9
____

(a)	Finance lease ROU assets were recorded net of accumulated amortization of $4.2 million and $3.7 million as of March 31, 2025 and 2024, respectively.

The increases in operating lease ROU assets and liabilities in fiscal 2025 primarily resulted from the commencement of new facility leases. The Company is increasing its production capacity to support organic growth opportunities, including within its Data Center Cooling business.

Components of lease expense

The 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,
	2025		2024		2023
Operating lease expense (a)	$	31.9	$	24.2	$	21.9
Finance lease expense:
Depreciation of ROU assets		0.6		0.5		0.5
Interest on lease liabilities		0.1		0.1		0.1
Total lease expense	$	32.6	$	24.8	$	22.5
____

(a)	In fiscal 2025, 2024, and 2023 operating lease expense included short-term lease expense of $7.3 million, $5.4 million, and $5.7 million respectively. Variable lease expense was not significant.

Supplemental cash flow information


	Years ended March 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	22.4	$	16.9	$	14.6
Financing cash flows for finance leases		0.6		0.5		0.5

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	42.2	$	29.2	$	21.2
Finance leases		0.9		—		—

Lease term and discount rates


	March 31, 2025		March 31, 2024
Weighted-average remaining lease term:
Operating leases	6.6 years		7.9 years
Finance leases	6.3 years		4.9 years

Weighted-average discount rate:
Operating leases	5.4	%	4.4	%
Finance leases	4.8	%	4.7	%

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, 2025:


Fiscal Year	Operating Leases		Finance Leases
2026	$	22.8	$	0.6
2027		20.5		0.6
2028		17.8		0.6
2029		14.2		0.5
2030		12.3		0.1
2031 and beyond		30.6		0.7
Total lease payments		118.2		3.1
Less: Interest		(19.6)		(0.4)
Present value of lease liabilities	$	98.6	$	2.7

Indebtedness

12 Months Ended

Mar. 31, 2025

Indebtedness

Indebtedness

Note 17: Indebtedness

Long-term debt consisted of the following:


	Fiscal year
	of maturity		March 31, 2025		March 31, 2024

Term loans		2028	$	193.7	$	204.5
5.9% Senior Notes		2029		100.0		100.0
Revolving credit facility		2028		30.0		90.0
5.8% Senior Notes		2027		16.7		25.0
Finance lease obligations				2.7		2.3
				343.1		421.8
Less: current portion				(44.8)		(19.7)
Less: unamortized debt issuance costs				(1.6)		(2.2)
Total long-term debt			$	296.7	$	399.9

Long-term debt, including the current portion of long-term debt, matures as follows:


Fiscal Year
2026	$	44.8
2027		44.8
2028		227.4
2029		25.5
2030		0.1
2031 & beyond		0.5
Total	$	343.1

The Company maintains a credit agreement with a syndicate of banks that provides for a multi-currency $275.0 million revolving credit facility and U.S. dollar- and euro-denominated term loan facilities maturing in October 2027. In addition, the credit agreement provides for shorter-duration swingline loans. Borrowings under the revolving credit, swingline and term loan facilities bear interest at variable rates, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. At March 31, 2025, the weighted-average interest rate for revolving credit facility borrowings and the term loans was 5.8 and 5.4 percent, respectively. Based upon the terms of the credit agreement, the Company classifies borrowings under its revolving credit and swingline facilities as long-term and short-term debt, respectively, on its consolidated balance sheets.

At March 31, 2025, the Company’s borrowings under its revolving credit facility totaled $30.0 million and domestic letters of credit totaled $6.2 million. At March 31, 2025, the Company had no borrowings under the swingline facility. As a result, available borrowing capacity under the Company’s revolving credit facility was $238.8 million as of March 31, 2025. At March 31, 2024, the Company’s borrowings under its revolving credit and swingline facilities totaled $90.0 million and $2.0 million, respectively.

The Company also maintains credit agreements for its foreign subsidiaries. The outstanding short-term borrowings related to these foreign credit agreements totaled $9.3 million and $10.0 million at March 31, 2025 and 2024, respectively.

Indebtedness under the Company’s credit agreement and Senior Notes is secured by liens on substantially all domestic assets. These agreements require compliance with various covenants that may limit the Company’s ability to incur additional indebtedness; grant liens; make investments, loans, or guarantees; engage in certain transactions with affiliates; and make restricted payments, including dividends. In addition, the agreements may require prepayment in the event of certain asset sales.

Financial covenants within its credit agreements include a leverage ratio, which requires the Company to limit its consolidated indebtedness, less a portion of its cash balances, both as defined by the credit agreements, to no more than three and one-quarter times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”.) The Company must also maintain a ratio of Adjusted EBITDA of at least three times consolidated interest expense. As of March 31, 2025, the Company was in compliance with its debt covenants.

The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of March 31, 2025 and 2024, the carrying value of the Company’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of approximately $116.6 million and $120.9 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Pension and Employee Benefit Plans

12 Months Ended

Mar. 31, 2025

Pension and Employee Benefit Plans

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. The Company’s expense for defined contribution employee benefit plans during fiscal 2025, 2024, and 2023 was $9.3 million, $8.3 million, and $6.9 million, respectively.

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 plan covers most domestic employees hired on or before December 31, 2003 and provides 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 certain pension plans in Germany that conveyed to the buyer of the Germany automotive businesses during fiscal 2024; see Note 2 for additional information.

The Company contributed $6.5 million to its U.S. pension plans during fiscal 2025. In connection with funding relief provisions within the American Rescue Plan Act of 2021, the Company made $0.9 million cash contributions to its U.S. pension plans during fiscal 2024 and no cash contributions in fiscal 2023. In addition, the Company contributed $1.1 million, $1.8 million, and $1.5 million to its non-U.S. pension plans during fiscal 2025, 2024, and 2023, respectively. These contributions are reported within the change in other liabilities in the consolidated statements of cash flows.

In June 2024, the Company approved the termination of its primary U.S. pension plan, subject to approvals from the Internal Revenue Service and the Pension Benefit Guaranty Corporation. The Company intends to offer certain participants the option to receive their pension benefits in the form of a lump-sum distribution prior to purchasing annuity contracts to transfer its remaining obligations under the plan. In connection with the plan termination, the Company expects to make additional cash contributions in the range of $15.0 million to $20.0 million to fully fund the plan, on a plan termination basis, and to record non-cash pension settlement charges totaling approximately $115.0 million to $125.0 million during fiscal 2026. The timing and amount of the final cash contributions and settlement charges could materially differ from the Company’s estimates due to the nature and timing of participant settlements, prevailing market and economic conditions, the duration of the termination process, or other factors.

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 fiscal 2025, 2024, and 2023 was $0.3 million, $0.4 million, and $0.3 million, respectively.

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,
	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	179.3	$	194.9
Service cost		0.2		0.2
Interest cost		9.0		9.3
Actuarial loss (gain)		6.5		(2.7)
Benefits paid		(14.0)		(14.9)
Disposition of Germany automotive businesses		—		(7.4)
Effect of exchange rate changes		0.1		(0.1)
Benefit obligation at end of year	$	181.1	$	179.3

Change in plan assets:
Fair value of plan assets at beginning of year	$	150.5	$	153.3
Actual return on plan assets		6.7		9.4
Benefits paid		(14.0)		(14.9)
Employer contributions		7.6		2.7
Fair value of plan assets at end of year	$	150.8	$	150.5
Funded status at end of year	$	(30.3)	$	(28.8)

Amounts recognized in the consolidated balance sheets:
Current liability	$	(0.9)	$	(1.1)
Noncurrent liability		(29.4)		(27.7)
	$	(30.3)	$	(28.8)

As of March 31, 2025, 2024, and 2023, the benefit obligation associated with the Company’s non-U.S. pension plans totaled $11.8 million, $13.0 million, and $21.2 million, respectively. The $1.2 million decrease in the benefit obligation associated with non-U.S. pension plans as of March 31, 2025, compared with the prior year, was primarily due to employer contributions and net actuarial gains during the year totaling $2.0 million, partially offset by service and interest cost totaling $0.6 million. In fiscal 2024, the $8.2 million decrease was primarily due to the sale of the Germany automotive businesses and employer contributions for benefits paid to plan participants which decreased the obligation by $7.4 million and $1.8 million, respectively, and to a lesser extent, the impact of foreign currency exchange rates. The decreases were partially offset by service and interest cost and net actuarial losses during the year totaling $0.8 million and $0.5 million, respectively.

The accumulated benefit obligation for pension plans was $180.2 million and $178.6 million as of March 31, 2025 and 2024, respectively. The benefit obligation as of March 31, 2025 includes the estimated settlement liability for the U.S. plan in connection with the pending plan termination. The estimated settlement liability includes the Company’s estimates regarding the percentage of participants who will elect a lump sum payment and for annuity pricing. The net actuarial loss related to the pension plans recognized in accumulated other comprehensive loss was $122.0 million and $117.9 million as of March 31, 2025 and 2024, respectively.

Costs for the Company’s global pension plans included the following components:


	Years ended March 31,
	2025		2024		2023
Components of net periodic benefit cost:
Service cost	$	0.2	$	0.2	$	0.2
Interest cost		9.0		9.3		8.1
Expected return on plan assets		(8.7)		(10.3)		(11.6)
Amortization of unrecognized net loss		4.7		4.7		5.7
Settlements (a)		(0.1)		(0.1)		—
Net periodic benefit cost	$	5.1	$	3.8	$	2.4

Other changes in benefit obligation recognized in other comprehensive income:
Net actuarial (loss) gain	$	(8.7)	$	1.7	$	2.1
Amortization of net actuarial loss (b)		4.6		3.9		5.7
Total recognized in other comprehensive income (loss)	$	(4.1)	$	5.6	$	7.8
____

(a)	The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans.

(b)	The fiscal 2024 amount includes $0.6 million of net actuarial gains written-off as a result of the sale of the Germany automotive businesses. See Note 2 for additional information on the sale of these businesses.

The Company amortized $4.6 million, $3.9 million, and $5.7 million of net actuarial loss in fiscal 2025, 2024, and 2023, respectively. Exclusive of the $0.6 million written-off in fiscal 2024 upon the sale of the Germany automotive businesses referenced above, less than $1.0 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 5.5% and 5.4% as of March 31, 2025 and 2024, respectively, for determining its benefit obligations under its U.S. pension plans. The Company used a weighted-average discount rate of 4.0% and 3.7% as of March 31, 2025 and 2024, respectively, for determining its benefit obligations under its non-U.S. pension plans. The Company used a discount rate of 5.4%, 5.2%, and 3.9% to determine its costs under its U.S. pension plans for fiscal 2025, 2024, and 2023, respectively. The Company used a weighted-average discount rate of 3.9%, 4.0%, and 2.9% to determine its costs under its non-U.S. pension plans for fiscal 2025, 2024, and 2023, 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 establishes its pension plan investment guidelines considering market conditions, its tolerance for risk, and cash requirements. In connection with the upcoming plan termination, the Company has adjusted its investment portfolio to both protect the plan’s funded status and to match the maturities of the plan assets with the anticipated funding requirements for the upcoming lump-sum offering and future benefit payments. During fiscal 2025, 2024 and 2023, the Company’s pension plans did not directly own shares of Modine common stock. The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2025 and 2024 were as follows:


	Target allocation		Plan assets
			2025		2024
Debt securities	80	%	97	%	72	%
Cash and cash equivalents	1	%	3	%	5	%
Equity securities	19	%	—	%	18	%
Real estate investments	—		—	%	5	%
	100	%	100	%	100	%

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 2025, 2024, and 2023 U.S. pension plan expense, the expected rate of return on plan assets was 5.5 percent, 6.5 percent, and 7.0 percent, respectively. For fiscal 2026 U.S. pension plan expense, the Company has assumed a rate of return on plan assets of 5.5 percent.

Estimated pension benefit payments for the Company’s global pension plans during the next ten fiscal years are shown below. In connection with the pending U.S. pension plan termination, the Company expects to make payments for lump sums to certain participants and for annuity contracts during fiscal 2026.


	Estimated Pension
Fiscal Year	Benefit Payments
2026	$	168.9
2027		1.0
2028		1.0
2029		0.9
2030		0.9
2031-2035		4.7

Derivative Instruments

12 Months Ended

Mar. 31, 2025

Derivative Instruments.

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. Accounting for the gain or loss resulting from the change in fair value of the derivative financial instruments depends on whether it has been designated as a hedge, and, if so, on the nature of the hedging activity.

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, 2025		March 31, 2024
Derivatives designated as hedges:
Commodity derivatives	Other current assets	$	0.1	$	—
Foreign exchange contracts	Other current liabilities		0.7		—
Foreign exchange contracts	Other current assets		—		0.1

Derivatives not designated as hedges:
Foreign exchange contracts	Other current liabilities	$	0.4	$	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						Statement of		Gain (loss) reclassified
	other comprehensive income						Operations		from AOCI
	2025		2024		2023		Location		2025		2024		2023
Commodity derivatives	$	0.2	$	(0.3)	$	(1.6)		Cost of sales	$	—	$	(0.3)	$	(1.0)
Foreign exchange contracts		(0.8)		0.3		1.6		Net sales		0.1		1.3		0.6
Foreign exchange contracts		(0.3)		0.1		0.4		Cost of sales		—		—		0.7
Total (losses) gains	$	(0.9)	$	0.1	$	0.4			$	0.1	$	1.0	$	0.3

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		2025		2024		2023
Foreign exchange contracts		Net sales	$	—	$	(0.9)	$	(0.5)
Foreign exchange contracts		Other expense – net		(2.4)		(1.0)		(2.6)
Total losses			$	(2.4)	$	(1.9)	$	(3.1)

Risks, Uncertainties, Contingencies and Litigation

12 Months Ended

Mar. 31, 2025

Risks, Uncertainties, Contingencies and Litigation

Risks, Uncertainties, Contingencies and Litigation

Note 20: Risks, Uncertainties, Contingencies and Litigation

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 2025, 2024, and 2023, no customers accounted for more than ten percent of the Company’s total sales. Sales to the Company’s top ten customers were 43 percent, 40 percent, and 39 percent of total sales in fiscal 2025, 2024, and 2023, respectively. At March 31, 2025 and 2024, 43 percent and 35 percent, respectively, of the Company’s trade accounts receivable were due from the Company’s top ten customers. These customers operate primarily in the data center cooling, commercial vehicle, off-highway, commercial air conditioning and refrigeration, and automotive and light vehicle 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 cash equivalents – maintaining cash and short-term deposits with financial institutions with reputable credit ratings;

●

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 monitoring and remediation accruals related to manufacturing facilities in the U.S., one of which the Company currently owns and operates, and at its former manufacturing facility in the Netherlands. These accruals primarily relate to soil and groundwater contamination at facilities where past operations followed practices and procedures that were considered acceptable under then-existing regulations, or where the Company is a successor to the obligations of prior owners, and current laws and regulations require investigative and/or remedial work to ensure sufficient environmental compliance. In instances where a range of loss can be reasonably estimated for a probable environmental liability, but no amount within the range is a better estimate than any other amount, the Company accrues the minimum of the range. The Company’s accruals for environmental matters totaled $15.8 million and $17.6 million at March 31, 2025 and 2024, respectively. During fiscal 2024, the Company increased its remediation accrual related to a former manufacturing facility in the U.S. by $1.0 million. As additional information becomes available regarding environmental matters, the Company will re-assess the liabilities and revise the estimated accruals, if necessary. While it is possible that the ultimate environmental remediation costs may be in excess of amounts accrued, the Company believes, based upon currently available information, that the ultimate outcome of these matters, individually and in the aggregate, will not have a material adverse effect on its financial position. However, these matters are subject to inherent uncertainties, and unfavorable outcomes could occur, including significant monetary damages.

Other litigation

In the normal course of business, the Company and its subsidiaries are named as defendants in various lawsuits and enforcement proceedings by private parties, governmental agencies and/or others in which claims are asserted against Modine. The Company believes that any additional loss in excess of amounts already accrued would not have a material effect on the Company’s consolidated balance sheet, results of operations, and cash flows. In addition, management expects that the liabilities which may ultimately result from such lawsuits or proceedings, if any, would not have a material adverse effect on the Company’s financial position.

Accumulated Other Comprehensive Loss

12 Months Ended

Mar. 31, 2025

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		Defined		Cash Flow
	Translation		Benefit Plans		Hedges		Total
Balance March 31, 2024	$	(62.8)	$	(100.7)	$	0.1	$	(163.4)

Other comprehensive income (loss) before reclassifications		(14.0)		(8.7)		(0.9)		(23.6)
Reclassifications:
Amortization of unrecognized net loss (a)		—		4.2		—		4.2
Realized gains - net (b)		—		—		(0.1)		(0.1)
Income taxes		—		1.4		0.2		1.6
Total other comprehensive income (loss)		(14.0)		(3.1)		(0.8)		(17.9)

Balance March 31, 2025	$	(76.8)	$	(103.8)	$	(0.7)	$	(181.3)



	Foreign
	Currency		Defined		Cash Flow
	Translation		Benefit Plans		Hedges		Total
Balance March 31, 2023	$	(57.5)	$	(104.4)	$	0.8	$	(161.1)

Other comprehensive income (loss) before reclassifications		(5.3)		1.8		0.1		(3.4)
Reclassifications:
Amortization of unrecognized net loss (a)		—		4.1		—		4.1
Realized gains - net (b)		—		—		(1.0)		(1.0)
Unrecognized net pension gain in disposed businesses (c)		—		(0.6)		—		(0.6)
Income taxes		—		(1.6)		0.2		(1.4)
Total other comprehensive income (loss)		(5.3)		3.7		(0.7)		(2.3)

Balance March 31, 2024	$	(62.8)	$	(100.7)	$	0.1	$	(163.4)
____

(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 three automotive businesses based in Germany, the Company wrote-off $0.6 million of net actuarial gains related to the disposal group’s pension plan. See Note 2 for additional information regarding the sale.

Segment and Geographic Information

12 Months Ended

Mar. 31, 2025

Segment and Geographic Information [Abstract]

Segment and Geographic Information

Note 22: Segment and Geographic Information

The Company’s Climate Solutions segment provides energy-efficient, safe, climate-controlled solutions and components for a wide range of critical applications. The Climate Solutions segment sells data center cooling solutions, heat transfer products, and HVAC&R products to customers in North America, EMEA, and Asia. The Company’s Performance Technologies segment designs and manufactures air- and liquid-cooled heat exchangers 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. See Note 3 for additional information regarding net sales by product groups within each segment.

Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. Under this refined organizational structure, the Coatings business is better aligned with the Climate Solution’s Heat Transfer Products business, which serves similar heating, ventilating, air conditioning, and refrigeration markets and customers. The Company believes that unifying these complementary businesses is allowing it to better focus resources on targeted growth opportunities and more efficiently apply 80/20 principles to optimize profit margins and cash flow. Segment financial information for the prior years has been recast to conform to the current presentation.

The Company’s chief operating decision maker (“CODM”), its President and Chief Executive Officer, reviews the separate financial results for each of its operating segments. The CODM uses segment operating income as a measure of profit and loss to evaluate the financial performance of each segment and as the basis for allocating company resources. The tables below present net sales and significant expense categories for each of the Company’s segments that are regularly provided to the CODM. Net sales for Corporate and eliminations primarily represent the elimination of inter-segment sales. Inter-segment sales are accounted for based upon an established markup over production costs.


	Year ended March 31, 2025
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	1,440.6	$	1,142.9	$	—	$	2,583.5
Inter-segment sales		0.2		20.6		(20.8)		—
Net sales		1,440.8		1,163.5		(20.8)		2,583.5
Cost of sales		1,024.7		933.1		(18.1)		1,939.7
Gross profit		416.1		230.4		(2.7)		643.8
Selling, general and administrative expenses		161.7		101.9		68.5		332.1
Restructuring expenses		6.0		20.5		1.7		28.2
Operating income	$	248.4	$	108.0	$	(72.9)	$	283.5


	Year ended March 31, 2024
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	1,108.1	$	1,299.7	$	—	$	2,407.8
Inter-segment sales		—		21.6		(21.6)		—
Net sales		1,108.1		1,321.3		(21.6)		2,407.8
Cost of sales		811.2		1,091.7		(20.7)		1,882.2
Gross profit		296.9		229.6		(0.9)		525.6
Selling, general and administrative expenses		115.3		105.9		52.7		273.9
Restructuring expenses		3.0		12.0		-		15.0
Gain on sale of assets		—		—		(4.0)		(4.0)
Operating income	$	178.6	$	111.7	$	(49.6)	$	240.7


	Year ended March 31, 2023
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	1,056.1	$	1,241.8	$	—	$	2,297.9
Inter-segment sales		0.6		25.7		(26.3)		—
Net sales		1,056.7		1,267.5		(26.3)		2,297.9
Cost of sales		816.1		1,118.4		(26.0)		1,908.5
Gross profit		240.6		149.1		(0.3)		389.4
Selling, general and administrative expenses		106.2		88.7		39.1		234.0
Restructuring expenses		2.2		2.8		-		5.0
Operating income	$	132.2	$	57.6	$	(39.4)	$	150.4

SG&A expenses at Corporate include legal, finance, general corporate and central services expenses and other costs that are either not directly attributable to an operating segment or not considered when the CODM evaluates segment performance.

The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets:


	March 31,
	2025		2024
Assets:
Climate Solutions	$	448.7	$	412.7
Performance Technologies		371.1		368.1
Other (a)		1,097.8		1,070.7
Total assets	$	1,917.6	$	1,851.5
____

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

The following is a summary of capital expenditures and depreciation and amortization expense by segment:


	Years ended March 31,
	2025		2024		2023
Capital expenditures:
Climate Solutions	$	53.3	$	52.7	$	26.3
Performance Technologies		30.2		34.3		23.1
Corporate		0.5		0.7		1.3
Total capital expenditures	$	84.0	$	87.7	$	50.7


	Years ended March 31,
	2025		2024		2023
Depreciation and amortization expense:
Climate Solutions	$	48.3	$	26.5	$	24.7
Performance Technologies		28.7		28.7		28.8
Corporate		0.7		0.9		1.0
Total depreciation and amortization expense	$	77.7	$	56.1	$	54.5

The following is a summary of net sales by geographic area, based upon the location of the selling unit:


	Years ended March 31,
	2025		2024		2023
United States	$	1,287.5	$	1,233.7	$	1,139.3
Canada		241.7		7.9		—
Italy		209.7		242.4		249.5
Hungary		179.8		224.7		210.7
United Kingdom		157.8		135.8		93.6
China		130.7		144.2		151.6
Other		376.3		419.1		453.2
Net sales	$	2,583.5	$	2,407.8	$	2,297.9

The following is a summary of property, plant and equipment by geographic area:


	March 31,
	2025		2024
United States	$	133.6	$	117.5
Italy		39.9		33.8
Hungary		38.4		40.7
China		37.4		39.4
Mexico		36.5		35.2
Other		104.7		99.1
Total property, plant and equipment	$	390.5	$	365.7

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2025

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, 2025, 2024 and 2023 (In millions)


			Additions
			Charged
	Balance at		(Benefit) to		Charged to
		Beginning of	Costs and		Other			Balance at
Description	Period		Expenses		Accounts			End of Period

2025: Valuation Allowance for Deferred Tax Assets	$	63.0	$	4.5	$	0.1	(a)	$	67.6

2024: Valuation Allowance for Deferred Tax Assets	$	61.6	$	11.9	$	(10.5)	(a)	$	63.0

2023: Valuation Allowance for Deferred Tax Assets	$	112.2	$	(49.7)	$	(0.9)	(a)	$	61.6
____

(a)	Foreign currency translation and other adjustments. Fiscal 2024 amount also includes a decrease from the sale of three automotive businesses based in Germany.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 184.0	$ 161.5	$ 153.1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Insider Trading Arrangements - Neil. D. Brinker	3 Months Ended
Insider Trading Arrangements - Neil. D. Brinker	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 14, 2025, Neil. D. Brinker, President and Chief Executive Officer of the Company, terminated his Rule 10b5-1 trading plan that had been adopted on December 20, 2024, and was previously scheduled to expire on December 31, 2025. Subsequently, on March 24, 2025, Mr. Brinker adopted a Stock Sale Plan (the “Plan”) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The Plan provides for the sale of 3,400 vested restricted stock units, plus 100% of the shares resulting from the vesting of certain currently unvested restricted stock units during the sales period, net of shares surrendered to the Company or sold to cover withholding taxes. The Plan provides for the sale of shares of Modine common stock subject to a specified formula and other terms and conditions, beginning on July 1, 2025 and ending on March 31, 2026.
Trading plan
Trading Arrangements, by Individual
Name	Neil. D. Brinker
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 20, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 14, 2025
Stock Sale Plan
Trading Arrangements, by Individual
Name	Neil. D. Brinker
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 24, 2025
Aggregate Available	3,400

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Mar. 31, 2025
Cybersecurity Risk Management Strategy And Governance [Abstract]
Cybersecurity Risk Management Processes For Assessing Identifying And Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have an established framework for assessing, identifying, and mitigating cybersecurity and information security risks. The processes we employ under this framework are part of our overall risk management strategy, as overseen by our Board of Directors, and are aimed at enhancing the security of our information systems, software, networks, and the protection or privacy of our data. We have based our management of cybersecurity risk upon recognized cybersecurity industry frameworks, including those of the National Institute of Standards and Technology and internal risk assessments. We periodically engage third parties, including consulting firms with expertise in IT risk management, to evaluate our cybersecurity risk management processes and potential cybersecurity threats to our company. We also conduct security assessments for new vendors and third-party service providers and have monitoring procedures to mitigate risks related to data breaches or other security incidents originating from third parties.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have an established framework for assessing, identifying, and mitigating cybersecurity and information security risks. The processes we employ under this framework are part of our overall risk management strategy, as overseen by our Board of Directors, and are aimed at enhancing the security of our information systems, software, networks, and the protection or privacy of our data.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight And Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected Or Reasonably Likely To Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Of Directors Oversight [Text Block]	Board of Directors Our Board of Directors has oversight responsibility for cybersecurity risk management. As part of its oversight activities, the Board regularly receives written updates regarding cybersecurity and information technology risks and management’s response to them from our Vice President, Chief Information Officer (“CIO”) and our Chief Information Security Officer (“CISO”). Additionally, the Board of Directors meets with the CIO and CISO to discuss matters of IT and information technology governance strategy, as well as cybersecurity, data and IT system risk management. The Board of Directors has designated two of its members to serve as primary board liaisons with management regarding matters of cybersecurity. In the event of a potentially material cybersecurity incident, these designated cybersecurity liaisons will meet with the management incident response team to review the cybersecurity event, a materiality analysis, and, if appropriate, any information to be disclosed in a Current Report on Form 8-K. The full Board of Directors will also receive information regarding any material cybersecurity incident, with the Board liaisons helping to facilitate efficient communications between management and the full Board in advance of any necessary Form 8-K filing.
Cybersecurity Risk Board Committee Or Subcommittee Responsible For Oversight [Text Block]	Board of Directors
Cybersecurity Risk Process For Informing Board Committee Or Subcommittee Responsible For Oversight [Text Block]	the Board regularly receives written updates regarding cybersecurity and information technology risks and management’s response to them from our Vice President, Chief Information Officer (“CIO”) and our Chief Information Security Officer (“CISO”). Additionally, the Board of Directors meets with the CIO and CISO to discuss matters of IT and information technology governance strategy, as well as cybersecurity, data and IT system risk management.
Cybersecurity Risk Role Of Management [Text Block]	Management Our CISO leads our management of cybersecurity risks and our incident response plan. Our CISO coordinates with legal counsel and third parties, as applicable, in assessing and managing cybersecurity risks. Our CISO has more than nine years of experience in leading global security functions and strategies for Modine and similar global companies. The CISO reports to our CIO who, in turn, reports to our Executive Vice President and Chief Financial Officer. Our CIO and CISO regularly provide updates to our Board of Directors regarding cybersecurity and information technology matters, including cybersecurity threats and our risk management strategy. We maintain a cybersecurity incident response process to analyze, contain, eradicate, and recover from cybersecurity incidents. The incident response process includes an escalation protocol, wherein our CISO raises any cybersecurity incidents that could potentially be material to our business, operations, or financial condition to a cross-functional management incident response team. This management incident response team is comprised of members of our senior leadership team, including, but not limited to, our Chief Executive Officer, Chief Financial Officer, General Counsel and Chief Compliance Officer, and CIO. In addition, depending on the circumstances of any cybersecurity incident, third-party advisors may be engaged to assist in the investigation and response. Additionally, we have implemented an Information Security Risk Management Framework (“RMF”) which is a strategy for protecting the Company, the Board, employees, and other stakeholders from unnecessary information security injuries, losses or damage. The framework further establishes the context for assessing information security risks, managing those risks and making risk-based decisions through the information security lifecycle. Among other tools that we use to proactively manage information security risk to the organization, the RMF includes a vendor risk assessment process that is used to assess any new vendor being considered for use within Modine. We also provide cybersecurity training to our workforce to properly equip our employees to identify and report cybersecurity incidents. The training programs highlight areas such as the protection of confidential information, phishing attacks, and emerging cybersecurity threats and best practices.
Cybersecurity Risk Management Positions Or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions Or Committees Responsible [Text Block]	Chief Information Security Officer (“CISO”)
Cybersecurity Risk Management Expertise Of Management Responsible [Text Block]	Our CISO has more than nine years of experience in leading global security functions and strategies for Modine and similar global companies.
Cybersecurity Risk Process For Informing Management Or Committees Responsible [Text Block]	The CISO reports to our CIO who, in turn, reports to our Executive Vice President and Chief Financial Officer. Our CIO and CISO regularly provide updates to our Board of Directors regarding cybersecurity and information technology matters, including cybersecurity threats and our risk management strategy.
Cybersecurity Risk Management Positions Or Committees Responsible Report To Board [Flag]	true

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2025

Significant Accounting Policies

Nature of Operations

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) data center cooling; ii) heat transfer; iii) HVAC&R; iv) air-cooled; v) liquid-cooled; and vi) advanced solutions.

Acquisitions and Dispositions, Policy

Acquisitions and dispositions

The Company accounts for acquired businesses using the acquisition method. Under the acquisition method, the Company records assets acquired and liabilities assumed at their respective fair values. If the assets acquired do not constitute a business, the Company accounts for the transaction as an asset acquisition. For asset purchases, the Company allocates the purchase price to the underlying assets based on their relative fair values.

During fiscal 2024, the Company acquired Scott Springfield Mfg. Inc., a Canadian-based manufacturer of air handling units, and substantially all of the net operating assets of Napps Technology Corporation, a Texas-based manufacturer of air- and water-cooled chillers, condensing units and heat pumps. In addition, the Company purchased intellectual property related to liquid immersion cooling technology from TMGcore, Inc. Also during fiscal 2024, the Company sold three automotive businesses based in Germany and two coatings facilities in the United States.

See Note 2 for information regarding the Company’s acquisitions and dispositions.

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 towards 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, 2025 and 2024, the allowance for credit losses was $1.8 million and $2.7 million, respectively. The changes to the Company’s allowance for credit losses during fiscal 2025 and 2024 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 2025, 2024, and 2023, the Company sold $7.9 million, $130.2 million, and $150.6 million, respectively, of accounts receivable to accelerate cash receipts. During fiscal 2025, 2024, and 2023, the Company recorded costs totaling $0.1 million, $1.6 million, and $1.2 million, respectively, related to selling accounts receivable in the consolidated statements of operations.

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 three years. At March 31, 2025 and 2024, Company-owned tooling totaled $18.2 million and $16.1 million, 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, 2025 and 2024, customer-owned tooling receivables totaled $6.9 million and $7.6 million, 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 selling, general, and administrative (“SG&A”) expenses. During fiscal 2025, 2024, and 2023, research and development costs totaled $34.9 million, $42.0 million, and $44.0 million, respectively.

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.

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 $22.4 million, $22.7 million, and $13.6 million were accrued within accounts payable at March 31, 2025, 2024 and 2023, 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 tests as of February 28, 2025 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

Impairment of held and used long-lived assets

The Company evaluates long-lived assets, including property, plant and equipment and intangible assets, for impairment whenever conditions or events indicate that those assets may be impaired. The Company considers factors such as operating losses, declining financial outlooks and market conditions when evaluating the need for an impairment analysis. In the event an impairment indicator is identified, the Company compares the undiscounted future cash flows expected to be generated by the assets with their carrying value. If the net asset values exceed expected future cash flows, the Company writes down the assets to fair value and records an impairment charge. The Company estimates fair value in various ways depending on the nature of the underlying assets. Fair value is generally based upon appraised value, estimated salvage value, or selling prices under negotiation, as applicable.

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. The deferred compensation obligations are recorded within other noncurrent liabilities 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 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.

Supplier Finance Programs

Supplier finance programs

The Company facilitates a voluntary supplier finance program through a financial institution that allows certain suppliers in the U.S. and Europe to request early payment for invoices, at a discount, from the financial institution. The Company or the financial institution may terminate the supplier finance program upon 90 days’ notice. The Company’s obligations to its suppliers, including amounts due and payment terms, are consistent, irrespective of whether a supplier participates in the program. The Company is not party to the arrangements between the participating suppliers and the financial institution. Under this program, the Company confirms the validity of supplier invoices to the financial institution and remits payments to it based on the original payment terms, which typically range from 60 to 120 days. The outstanding obligations under this program are included within accounts payable in the consolidated balance sheets.

The following table presents a roll forward of the Company’s obligations associated with its supplier finance program.


	Years ended March 31,
	2025		2024
Obligations outstanding – beginning of period	$	23.6	$	21.2
Invoices submitted		102.2		109.7
Invoices paid		(110.3)		(107.3)
Obligations outstanding – end of period	$	15.5	$	23.6

Supplemental Cash Flows

Supplemental cash flow information


	Years ended March 31,
	2025		2024		2023
Interest paid	$	26.0	$	23.3	$	18.4
Income taxes paid		55.2		46.9		31.9

See Note 16 for supplemental cash flow information related to the Company’s leases.

New Accounting Guidance

New accounting guidance

Segment reporting disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued new disclosure guidance for reportable segments. The new guidance requires disclosure of significant segment expenses, which are expenses that are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”) and (iii) included in the reported measure of segment profit or loss. In addition, the new guidance requires companies to disclose the title and position of their CODM and expand interim disclosures to include the majority of the annual segment disclosures. The definition of and method for determining reportable segments is unchanged. The Company adopted this guidance for its fiscal 2025 annual financial statements. See Note 22 for additional information on the Company’s reportable segments.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued new guidance that will require additional disclosure regarding the nature of expenses presented within expense captions on the consolidated statements of operations and selling expenses. The new disclosure requirements will become effective for the Company’s fiscal 2028 annual financial statements. The Company is currently evaluating the new disclosures, but does not expect the guidance will have a material impact on its consolidated financial statements.

Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2025

Significant Accounting Policies

Supplemental Cash Flow Information


	Years ended March 31,
	2025		2024		2023
Interest paid	$	26.0	$	23.3	$	18.4
Income taxes paid		55.2		46.9		31.9

Obligations Associated with Supplier Finance Program

The following table presents a roll forward of the Company’s obligations associated with its supplier finance program.


	Years ended March 31,
	2025		2024
Obligations outstanding – beginning of period	$	23.6	$	21.2
Invoices submitted		102.2		109.7
Invoices paid		(110.3)		(107.3)
Obligations outstanding – end of period	$	15.5	$	23.6

Acquisitions and Dispositions (Tables) - Scott Springfield Manufacturing

12 Months Ended

Mar. 31, 2025

Acquisitions and Dispositions [Abstract]

Allocation of Purchase Price

The Company’s purchase price allocation for its acquisition of Scott Springfield Manufacturing was as follows:


Cash and cash equivalents	$	0.3
Trade accounts receivable		27.5
Inventories		20.9
Property, plant and equipment		6.0
Intangible assets		92.7
Goodwill		72.6
Other assets		4.0
Accounts payable		(8.6)
Accrued compensation and employee benefits		(1.3)
Deferred income taxes		(22.2)
Other liabilities		(7.8)
Purchase price	$	184.1

Unaudited Supplemental Pro Forma Information


	Years ended March 31,
	2024		2023
Net sales	$	2,507.5	$	2,346.2
Net earnings attributable to Modine		165.3		127.3

Revenue Recognition (Tables)

12 Months Ended

Mar. 31, 2025

Revenue Recognition.

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 and by geographic location.

Effective April 1, 2024, the Company moved its Coatings business, which was previously managed by and reported within the Performance Technologies segment, under the leadership of the Climate Solutions segment. See Note 22 for additional segment financial information. The disaggregated revenue information presented in the tables below for fiscal 2024 and 2023 has been recast to be comparable with the fiscal 2025 presentation.


	Year ended March 31, 2025
	Climate		Performance		Segment
	Solutions		Technologies		Total
Product groups:
Data center cooling	$	644.2	$	—	$	644.2
Heat transfer		402.9		—		402.9
HVAC&R		393.5		—		393.5
Air-cooled		—		609.0		609.0
Liquid-cooled		—		404.5		404.5
Advanced solutions		—		129.4		129.4
Inter-segment sales		0.2		20.6		20.8
Net sales	$	1,440.8	$	1,163.5	$	2,604.3

Geographic location:
Americas	$	997.8	$	695.6	$	1,693.4
Europe		415.8		295.9		711.7
Asia		27.2		172.0		199.2
Net sales	$	1,440.8	$	1,163.5	$	2,604.3


	Year ended March 31, 2024
	Climate		Performance		Segment
	Solutions		Technologies		Total
Product groups:
Data center cooling	$	294.2	$	—	$	294.2
Heat transfer		473.4		—		473.4
HVAC&R		340.5		—		340.5
Air-cooled		—		681.2		681.2
Liquid-cooled		—		491.6		491.6
Advanced solutions		—		126.9		126.9
Inter-segment sales		—		21.6		21.6
Net sales	$	1,108.1	$	1,321.3	$	2,429.4

Geographic location:
Americas	$	649.0	$	721.0	$	1,370.0
Europe		432.7		406.8		839.5
Asia		26.4		193.5		219.9
Net sales	$	1,108.1	$	1,321.3	$	2,429.4


	Year ended March 31, 2023
	Climate		Performance		Segment
	Solutions		Technologies		Total
Product groups:
Data center cooling	$	173.8	$	—	$	173.8
Heat transfer		541.3		—		541.3
HVAC&R		341.0		—		341.0
Air-cooled		—		658.6		658.6
Liquid-cooled		—		483.9		483.9
Advanced solutions		—		99.3		99.3
Inter-segment sales		0.6		25.7		26.3
Net sales	$	1,056.7	$	1,267.5	$	2,324.2

Geographic location:
Americas	$	615.4	$	664.6	$	1,280.0
Europe		416.3		397.2		813.5
Asia		25.0		205.7		230.7
Net sales	$	1,056.7	$	1,267.5	$	2,324.2

Contract Assets and Contract Liabilities from Contracts with Customers

Contract assets and contract liabilities from contracts with customers were as follows:


	March 31, 2025		March 31, 2024
Contract assets	$	13.3	$	12.9
Contract liabilities		35.1		79.4

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2025

Fair Value Measurements

Fair Value of Pension Plan Assets

Plan assets related to the Company’s pension plans were classified as follows:


	March 31, 2025
	Level 1		Level 2		Total

Money market investments	$	—	$	2.7	$	2.7
Fixed income securities		—		51.3		51.3
U.S. government and agency securities		—		87.0		87.0
Other		1.4		8.4		9.8
Fair value excluding investments measured at net asset value		1.4		149.4		150.8
Investments measured at net asset value						—
Total fair value					$	150.8


	March 31, 2024
	Level 1		Level 2		Total

Money market investments	$	—	$	6.7	$	6.7
Fixed income securities		—		45.3		45.3
Pooled equity funds		7.0		—		7.0
U.S. government and agency securities		—		57.0		57.0
Other		1.1		5.7		6.8
Fair value excluding investment measured at net asset value		8.1		114.7		122.8
Investments measured at net asset value						27.7
Total fair value					$	150.5

Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2025

Stock-Based Compensation

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:


	Year ended March 31, 2023
Fair value of options	$	6.99
Expected life of awards in years		6.0
Risk-free interest rate		3.0	%
Expected volatility of the Company’s stock		57.8	%
Expected dividend yield on the Company’s stock		0.0	%

Stock Option Activity

A summary of stock option activity for fiscal 2025 was as follows:


				Weighted-average
		Weighted-average		remaining contractual	Aggregate
	Shares	exercise price		term (years)	intrinsic value
Outstanding, beginning of year	0.6	$	12.78
Granted	—		—
Exercised	(0.1)		11.79
Forfeited or expired	—		12.85
Outstanding, end of year	0.5	$	12.94	5.9	$	31.8

Exercisable, March 31, 2025	0.4	$	12.80	5.7	$	25.5

Additional information related to stock options exercised is as follows:


	Years ended March 31,
	2025		2024		2023
Intrinsic value of stock options exercised	$	8.1	$	12.4	$	1.5
Proceeds from stock options exercised		1.0		2.6		2.9

Restricted Stock Activity

A summary of restricted stock activity for fiscal 2025 was as follows:


		Weighted-average
	Shares	price
Non-vested balance, beginning of year	0.5	$	21.08
Granted	0.1		111.02
Vested	(0.3)		19.02
Forfeited	—		35.71
Non-vested balance, end of year	0.3	$	42.90

Restructuring Activities (Tables)

12 Months Ended

Mar. 31, 2025

Restructuring Activities

Restructuring and Repositioning Expenses

Restructuring and repositioning expenses were as follows:


	Years ended March 31,
	2025		2024		2023
Employee severance and related benefits	$	24.3	$	12.9	$	3.5
Other restructuring and repositioning expenses		3.9		2.1		1.5
Total	$	28.2	$	15.0	$	5.0

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,
	2025		2024
Beginning balance	$	13.0	$	10.6
Additions (a)		18.3		12.9
Payments		(24.6)		(7.8)
Disposition (b)		—		(2.5)
Effect of exchange rate changes		(0.1)		(0.2)
Ending balance	$	6.6	$	13.0
____

(a)	The fiscal 2025 amount excludes $6.0 million of non-cash severance-related costs resulting from the accelerated vesting of certain stock-based compensation awards in connection with restructuring actions.

(b)	The Company sold three automotive businesses based in Germany during fiscal 2024. See Note 2 for additional information regarding the sale.

Other Income and Expense (Tables)

12 Months Ended

Mar. 31, 2025

Other Income and Expense

Other Income and Expense

Other income and expense consisted of the following:


	Years ended March 31,
	2025		2024		2023
Interest income	$	2.7	$	4.3	$	1.3
Foreign currency transactions (a)		(1.2)		(3.0)		(3.7)
Net periodic benefit cost (b)		(4.6)		(3.3)		(2.0)
Total other expense – net	$	(3.1)	$	(2.0)	$	(4.4)
____

(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, along with gains and losses on foreign currency exchange contracts.

(b)	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2025

Income Taxes [Abstract]

Earnings Before Income Taxes


	Years ended March 31,
	2025		2024		2023
Components of earnings before income taxes:
United States	$	41.7	$	37.2	$	12.5
Foreign		212.3		177.4		112.8
Total earnings before income taxes	$	254.0	$	214.6	$	125.3

Income Tax Provision (Benefit)


Income tax provision (benefit):
Federal:
Current	$	4.7	$	1.6	$	1.5
Deferred		5.8		7.1		(47.5)
State:
Current		4.5		2.4		2.3
Deferred		(2.2)		(0.9)		(11.4)
Foreign:
Current		52.8		41.0		27.5
Deferred		2.9		—		(0.7)
Total income tax provision (benefit)	$	68.5	$	51.2	$	(28.3)

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,
	2025		2024		2023
Statutory federal tax	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	0.9		0.5		(0.1)
Taxes on non-U.S. earnings and losses	2.4		3.7		5.8
Valuation allowances	0.4		2.5		(42.9)
Tax credits and benefits	(1.7)		(2.1)		(3.7)
Foreign-derived intangible income	(1.1)		(0.5)		(0.8)
Compensation	0.9		0.3		0.7
Tax rate or law changes	(0.1)		—		(0.2)
Uncertain tax positions, net of settlements	0.2		(0.2)		0.4
Notional interest deductions	—		(1.2)		(1.7)
Dividends and taxable foreign inclusions	3.7		0.4		0.9
Other	0.4		(0.5)		(2.0)
Effective tax rate	27.0	%	23.9	%	(22.6)	%

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,
	2025		2024
Deferred tax assets:
Accounts receivable	$	0.5	$	0.7
Inventories		5.3		6.3
Plant and equipment		10.1		12.0
Lease liabilities		24.2		19.1
Pension and employee benefits		26.7		27.7
Net operating and capital losses		50.3		45.9
Credit carryforwards		35.0		45.3
Research and experimental expenditures		19.1		12.2
Other, principally accrued liabilities		10.2		11.2
Total gross deferred tax assets		181.4		180.4
Less: valuation allowances		(67.6)		(63.0)
Net deferred tax assets		113.8		117.4

Deferred tax liabilities:
Plant and equipment		9.1		7.2
Lease assets		24.1		18.8
Goodwill		4.9		4.8
Intangible assets		31.3		40.9
Other		1.5		0.6
Total gross deferred tax liabilities		70.9		72.3
Net deferred tax assets	$	42.9	$	45.1

Unrecognized Tax Benefits

Unrecognized tax benefits were as follows:


	Years ended March 31,
	2025		2024
Beginning balance	$	9.2	$	9.7
Gross increases - tax positions in prior period		—		0.5
Gross decreases - tax positions in prior period		(0.3)		—
Gross increases - tax positions in current period		1.1		1.3
Lapse of statute of limitations		(0.3)		(2.3)
Ending balance	$	9.7	$	9.2

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2025

Earnings Per Share

Basic and Diluted Earnings Per Share

The components of basic and diluted earnings per share were as follows:


	Years ended March 31,
	2025		2024		2023
Net earnings attributable to Modine	$	184.0	$	161.5	$	153.1

Weighted-average shares outstanding – basic		52.6		52.4		52.3
Effect of dilutive securities		1.3		1.0		0.5
Weighted-average shares outstanding – diluted		53.9		53.4		52.8

Earnings per share:
Net earnings per share – basic	$	3.50	$	3.08	$	2.93
Net earnings per share – diluted	$	3.42	$	3.03	$	2.90

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Mar. 31, 2025

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,
	2025		2024
Cash and cash equivalents	$	71.6	$	60.1
Restricted cash		0.3		0.2
Total cash, cash equivalents and restricted cash	$	71.9	$	60.3

Inventories (Tables)

12 Months Ended

Mar. 31, 2025

Inventories [Abstract]

Inventories

Inventories consisted of the following:


	March 31,
	2025		2024
Raw materials	$	223.3	$	207.8
Work in process		65.9		64.5
Finished goods		51.7		85.6
Total inventories	$	340.9	$	357.9

Property, Plant and Equipment (Tables)

12 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, including depreciable lives, consisted of the following:


	March 31,
	2025		2024
Land	$	16.4	$	16.3
Buildings and improvements (10-40 years)		257.7		280.7
Machinery and equipment (3-15 years)		843.7		824.4
Office equipment (3-10 years)		92.6		97.0
Construction in progress		69.5		67.6
		1,279.9		1,286.0
Less: accumulated depreciation		(889.4)		(920.3)
Net property, plant and equipment	$	390.5	$	365.7

Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2025

Intangible Assets [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	March 31, 2025						March 31, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Intangible		Carrying		Accumulated		Intangible
	Value		Amortization		Assets		Value		Amortization		Assets
Customer relationships	$	145.4	$	(47.5)	$	97.9	$	150.5	$	(26.3)	$	124.2
Trade names		53.1		(21.2)		31.9		62.8		(18.5)		44.3
Acquired technology		32.6		(15.7)		16.9		32.5		(12.7)		19.8
Total intangible assets	$	231.1	$	(84.4)	$	146.7	$	245.8	$	(57.5)	$	188.3

Goodwill (Tables)

12 Months Ended

Mar. 31, 2025

Goodwill.

Changes in Carrying Amount of Goodwill

The Company has recast the March 31, 2024 and 2023 goodwill balances to be comparable with the current segment structure. As a result of the segment realignment in fiscal 2025, which is discussed in Note 22, the Company’s goodwill now resides entirely within the Climate Solutions segment. There was no impact to goodwill within the underlying reporting units as a result of the segment realignment. The following table presents a roll forward of the carrying value of goodwill from March 31, 2023 to March 31, 2025.


	Climate
	Solutions
Balance, March 31, 2023	$	165.6
Acquisitions (a)		66.2
Dispositions (b)		(0.7)
Effect of exchange rate changes		(0.2)
Balance, March 31, 2024		230.9
Acquisition adjustment (a)		7.4
Effect of exchange rate changes		(4.4)
Balance, March 31, 2025	$	233.9
____

(a)

During fiscal 2024, the Company recorded $65.2 million and $1.0 million of goodwill in connection with its acquisitions of Scott Springfield Manufacturing and Napps, respectively. During fiscal 2025, the Company recorded a measurement period adjustment to reduce the fair value of the acquired Scott Springfield Manufacturing trade name. This purchase accounting adjustment resulted in a $7.4 million increase in goodwill. See Note 2 for additional information.

(b)	The Company wrote-off $0.7 million of goodwill in connection with the sale of two coatings facilities. See Note 2 for additional information.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Product Warranties and Other Commitments (Tables)

12 Months Ended

Mar. 31, 2025

Product Warranties and Other Commitments

Changes in Accrued Warranty Costs


	Years ended March 31,
	2025		2024
Beginning balance	$	10.7	$	6.9
Warranties recorded at time of sale		7.3		6.6
Adjustments to pre-existing warranties		(2.2)		2.2
Settlements		(6.7)		(5.3)
Acquisition of business (a)		—		0.4
Disposition of businesses (a)		—		(0.2)
Effect of exchange rate changes		0.1		0.1
Ending balance	$	9.2	$	10.7
____

(a)	The Company acquired Scott Springfield Manufacturing during fiscal 2024. The Company sold three automotive businesses based in Germany during fiscal 2024. See Note 2 for additional information.

Leases (Tables)

12 Months Ended

Mar. 31, 2025

Leases.

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, 2025		March 31, 2024
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	97.2	$	76.0
Finance lease ROU assets (a)	Property, plant and equipment - net		6.9		6.5

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	18.0	$	15.3
Operating lease liabilities	Other noncurrent liabilities		80.6		62.1
Finance lease liabilities	Long-term debt - current portion		0.5		0.4
Finance lease liabilities	Long-term debt		2.2		1.9
____

(a)	Finance lease ROU assets were recorded net of accumulated amortization of $4.2 million and $3.7 million as of March 31, 2025 and 2024, respectively.

Components of Lease Expense

The components of lease expense were as follows:


	Years ended March 31,
	2025		2024		2023
Operating lease expense (a)	$	31.9	$	24.2	$	21.9
Finance lease expense:
Depreciation of ROU assets		0.6		0.5		0.5
Interest on lease liabilities		0.1		0.1		0.1
Total lease expense	$	32.6	$	24.8	$	22.5
____

(a)	In fiscal 2025, 2024, and 2023 operating lease expense included short-term lease expense of $7.3 million, $5.4 million, and $5.7 million respectively. Variable lease expense was not significant.

Supplemental Cash Flow Information

Supplemental cash flow information


	Years ended March 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	22.4	$	16.9	$	14.6
Financing cash flows for finance leases		0.6		0.5		0.5

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	42.2	$	29.2	$	21.2
Finance leases		0.9		—		—

Lease Term and Discount Rates

Lease term and discount rates


	March 31, 2025		March 31, 2024
Weighted-average remaining lease term:
Operating leases	6.6 years		7.9 years
Finance leases	6.3 years		4.9 years

Weighted-average discount rate:
Operating leases	5.4	%	4.4	%
Finance leases	4.8	%	4.7	%

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, 2025:


Fiscal Year	Operating Leases		Finance Leases
2026	$	22.8	$	0.6
2027		20.5		0.6
2028		17.8		0.6
2029		14.2		0.5
2030		12.3		0.1
2031 and beyond		30.6		0.7
Total lease payments		118.2		3.1
Less: Interest		(19.6)		(0.4)
Present value of lease liabilities	$	98.6	$	2.7

Indebtedness (Tables)

12 Months Ended

Mar. 31, 2025

Indebtedness

Long-Term Debt

Long-term debt consisted of the following:


	Fiscal year
	of maturity		March 31, 2025		March 31, 2024

Term loans		2028	$	193.7	$	204.5
5.9% Senior Notes		2029		100.0		100.0
Revolving credit facility		2028		30.0		90.0
5.8% Senior Notes		2027		16.7		25.0
Finance lease obligations				2.7		2.3
				343.1		421.8
Less: current portion				(44.8)		(19.7)
Less: unamortized debt issuance costs				(1.6)		(2.2)
Total long-term debt			$	296.7	$	399.9

Maturities of Long Term Debt

Long-term debt, including the current portion of long-term debt, matures as follows:


Fiscal Year
2026	$	44.8
2027		44.8
2028		227.4
2029		25.5
2030		0.1
2031 & beyond		0.5
Total	$	343.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Pension and Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2025

Pension and Employee Benefit Plans

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,
	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	179.3	$	194.9
Service cost		0.2		0.2
Interest cost		9.0		9.3
Actuarial loss (gain)		6.5		(2.7)
Benefits paid		(14.0)		(14.9)
Disposition of Germany automotive businesses		—		(7.4)
Effect of exchange rate changes		0.1		(0.1)
Benefit obligation at end of year	$	181.1	$	179.3

Change in plan assets:
Fair value of plan assets at beginning of year	$	150.5	$	153.3
Actual return on plan assets		6.7		9.4
Benefits paid		(14.0)		(14.9)
Employer contributions		7.6		2.7
Fair value of plan assets at end of year	$	150.8	$	150.5
Funded status at end of year	$	(30.3)	$	(28.8)

Amounts recognized in the consolidated balance sheets:
Current liability	$	(0.9)	$	(1.1)
Noncurrent liability		(29.4)		(27.7)
	$	(30.3)	$	(28.8)

Pension Benefit Plans

Costs for the Company’s global pension plans included the following components:


	Years ended March 31,
	2025		2024		2023
Components of net periodic benefit cost:
Service cost	$	0.2	$	0.2	$	0.2
Interest cost		9.0		9.3		8.1
Expected return on plan assets		(8.7)		(10.3)		(11.6)
Amortization of unrecognized net loss		4.7		4.7		5.7
Settlements (a)		(0.1)		(0.1)		—
Net periodic benefit cost	$	5.1	$	3.8	$	2.4

Other changes in benefit obligation recognized in other comprehensive income:
Net actuarial (loss) gain	$	(8.7)	$	1.7	$	2.1
Amortization of net actuarial loss (b)		4.6		3.9		5.7
Total recognized in other comprehensive income (loss)	$	(4.1)	$	5.6	$	7.8
____

(a)	The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans.

(b)	The fiscal 2024 amount includes $0.6 million of net actuarial gains written-off as a result of the sale of the Germany automotive businesses. See Note 2 for additional information on the sale of these businesses.

Target and Plan Asset Allocations


	Target allocation		Plan assets
			2025		2024
Debt securities	80	%	97	%	72	%
Cash and cash equivalents	1	%	3	%	5	%
Equity securities	19	%	—	%	18	%
Real estate investments	—		—	%	5	%
	100	%	100	%	100	%

Estimated Future Benefit Payments

Estimated pension benefit payments for the Company’s global pension plans during the next ten fiscal years are shown below. In connection with the pending U.S. pension plan termination, the Company expects to make payments for lump sums to certain participants and for annuity contracts during fiscal 2026.


	Estimated Pension
Fiscal Year	Benefit Payments
2026	$	168.9
2027		1.0
2028		1.0
2029		0.9
2030		0.9
2031-2035		4.7

Derivative Instruments (Tables)

12 Months Ended

Mar. 31, 2025

Derivative Instruments.

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, 2025		March 31, 2024
Derivatives designated as hedges:
Commodity derivatives	Other current assets	$	0.1	$	—
Foreign exchange contracts	Other current liabilities		0.7		—
Foreign exchange contracts	Other current assets		—		0.1

Derivatives not designated as hedges:
Foreign exchange contracts	Other current liabilities	$	0.4	$	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						Statement of		Gain (loss) reclassified
	other comprehensive income						Operations		from AOCI
	2025		2024		2023		Location		2025		2024		2023
Commodity derivatives	$	0.2	$	(0.3)	$	(1.6)		Cost of sales	$	—	$	(0.3)	$	(1.0)
Foreign exchange contracts		(0.8)		0.3		1.6		Net sales		0.1		1.3		0.6
Foreign exchange contracts		(0.3)		0.1		0.4		Cost of sales		—		—		0.7
Total (losses) gains	$	(0.9)	$	0.1	$	0.4			$	0.1	$	1.0	$	0.3

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		2025		2024		2023
Foreign exchange contracts		Net sales	$	—	$	(0.9)	$	(0.5)
Foreign exchange contracts		Other expense – net		(2.4)		(1.0)		(2.6)
Total losses			$	(2.4)	$	(1.9)	$	(3.1)

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Mar. 31, 2025

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss were as follows:



	Foreign
	Currency		Defined		Cash Flow
	Translation		Benefit Plans		Hedges		Total
Balance March 31, 2024	$	(62.8)	$	(100.7)	$	0.1	$	(163.4)

Other comprehensive income (loss) before reclassifications		(14.0)		(8.7)		(0.9)		(23.6)
Reclassifications:
Amortization of unrecognized net loss (a)		—		4.2		—		4.2
Realized gains - net (b)		—		—		(0.1)		(0.1)
Income taxes		—		1.4		0.2		1.6
Total other comprehensive income (loss)		(14.0)		(3.1)		(0.8)		(17.9)

Balance March 31, 2025	$	(76.8)	$	(103.8)	$	(0.7)	$	(181.3)



	Foreign
	Currency		Defined		Cash Flow
	Translation		Benefit Plans		Hedges		Total
Balance March 31, 2023	$	(57.5)	$	(104.4)	$	0.8	$	(161.1)

Other comprehensive income (loss) before reclassifications		(5.3)		1.8		0.1		(3.4)
Reclassifications:
Amortization of unrecognized net loss (a)		—		4.1		—		4.1
Realized gains - net (b)		—		—		(1.0)		(1.0)
Unrecognized net pension gain in disposed businesses (c)		—		(0.6)		—		(0.6)
Income taxes		—		(1.6)		0.2		(1.4)
Total other comprehensive income (loss)		(5.3)		3.7		(0.7)		(2.3)

Balance March 31, 2024	$	(62.8)	$	(100.7)	$	0.1	$	(163.4)
____

(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 three automotive businesses based in Germany, the Company wrote-off $0.6 million of net actuarial gains related to the disposal group’s pension plan. See Note 2 for additional information regarding the sale.

Segment and Geographic Information (Tables)

12 Months Ended

Mar. 31, 2025

Segment and Geographic Information [Abstract]

Net Sales, Significant Expenses and Assets by Segment


	Year ended March 31, 2025
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	1,440.6	$	1,142.9	$	—	$	2,583.5
Inter-segment sales		0.2		20.6		(20.8)		—
Net sales		1,440.8		1,163.5		(20.8)		2,583.5
Cost of sales		1,024.7		933.1		(18.1)		1,939.7
Gross profit		416.1		230.4		(2.7)		643.8
Selling, general and administrative expenses		161.7		101.9		68.5		332.1
Restructuring expenses		6.0		20.5		1.7		28.2
Operating income	$	248.4	$	108.0	$	(72.9)	$	283.5


	Year ended March 31, 2024
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	1,108.1	$	1,299.7	$	—	$	2,407.8
Inter-segment sales		—		21.6		(21.6)		—
Net sales		1,108.1		1,321.3		(21.6)		2,407.8
Cost of sales		811.2		1,091.7		(20.7)		1,882.2
Gross profit		296.9		229.6		(0.9)		525.6
Selling, general and administrative expenses		115.3		105.9		52.7		273.9
Restructuring expenses		3.0		12.0		-		15.0
Gain on sale of assets		—		—		(4.0)		(4.0)
Operating income	$	178.6	$	111.7	$	(49.6)	$	240.7


	Year ended March 31, 2023
	Climate		Performance		Corporate and
	Solutions		Technologies		eliminations		Total
External sales	$	1,056.1	$	1,241.8	$	—	$	2,297.9
Inter-segment sales		0.6		25.7		(26.3)		—
Net sales		1,056.7		1,267.5		(26.3)		2,297.9
Cost of sales		816.1		1,118.4		(26.0)		1,908.5
Gross profit		240.6		149.1		(0.3)		389.4
Selling, general and administrative expenses		106.2		88.7		39.1		234.0
Restructuring expenses		2.2		2.8		-		5.0
Operating income	$	132.2	$	57.6	$	(39.4)	$	150.4

The following is a summary of segment assets, comprised entirely of trade accounts receivable and inventories, and other assets:


	March 31,
	2025		2024
Assets:
Climate Solutions	$	448.7	$	412.7
Performance Technologies		371.1		368.1
Other (a)		1,097.8		1,070.7
Total assets	$	1,917.6	$	1,851.5
____

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

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,
	2025		2024		2023
Capital expenditures:
Climate Solutions	$	53.3	$	52.7	$	26.3
Performance Technologies		30.2		34.3		23.1
Corporate		0.5		0.7		1.3
Total capital expenditures	$	84.0	$	87.7	$	50.7


	Years ended March 31,
	2025		2024		2023
Depreciation and amortization expense:
Climate Solutions	$	48.3	$	26.5	$	24.7
Performance Technologies		28.7		28.7		28.8
Corporate		0.7		0.9		1.0
Total depreciation and amortization expense	$	77.7	$	56.1	$	54.5

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,
	2025		2024		2023
United States	$	1,287.5	$	1,233.7	$	1,139.3
Canada		241.7		7.9		—
Italy		209.7		242.4		249.5
Hungary		179.8		224.7		210.7
United Kingdom		157.8		135.8		93.6
China		130.7		144.2		151.6
Other		376.3		419.1		453.2
Net sales	$	2,583.5	$	2,407.8	$	2,297.9

Property, Plant and Equipment by Geographic Area

The following is a summary of property, plant and equipment by geographic area:


	March 31,
	2025		2024
United States	$	133.6	$	117.5
Italy		39.9		33.8
Hungary		38.4		40.7
China		37.4		39.4
Mexico		36.5		35.2
Other		104.7		99.1
Total property, plant and equipment	$	390.5	$	365.7

Significant Accounting Policies, Trade Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Trade Accounts Receivable [Abstract]
Trade receivables, allowance for credit losses	$ 1.8	$ 2.7
Trade receivables sold without recourse	7.9	130.2	$ 150.6
Costs related to selling accounts receivables	$ (0.1)	$ (1.6)	$ (1.2)

Significant Accounting Policies, Tooling and Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Tooling [Abstract]
Property, plant and equipment - net	$ 390.5	$ 365.7
Customer owned tooling receivables	6.9	7.6
Research and Development [Abstract]
Research and development cost	$ 34.9	42.0	$ 44.0
Tooling [Member]
Tooling [Abstract]
Property, plant and equipment, depreciable lives	3 years
Property, plant and equipment - net	$ 18.2	$ 16.1

Significant Accounting Policies, Short-term Investments, Property, Plant and Equipment and Assets Held for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 22.4	$ 22.7	$ 13.6

Significant Accounting Policies, Supplier Finance Programs (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Supplier Finance Program [Abstract]
Notice period to terminate supplier finance program	90 days
Supplier Finance Program, Obligation [Roll Forward]
Obligations outstanding - beginning of period	$ 23.6	$ 21.2
Invoices submitted	102.2	109.7
Invoices paid	(110.3)	(107.3)
Obligations outstanding - end of period	$ 15.5	$ 23.6
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable
Minimum [Member]
Supplier Finance Program [Abstract]
Payment period for supplier finance program	60 days
Maximum [Member]
Supplier Finance Program [Abstract]
Payment period for supplier finance program	120 days

Significant Accounting Policies, Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 26.0	$ 23.3	$ 18.4
Income taxes paid	$ 55.2	$ 46.9	$ 31.9

Acquisitions and Dispositions, Acquisition of Scott Springfield Mfg. Inc. (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Mar. 01, 2024
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Business acquisition, net of cash acquired		$ 3.4	$ 186.2	$ 0.0
Allocation of Purchase Price [Abstract]
Goodwill		233.9	230.9
Scott Springfield Manufacturing
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Consideration transferred, net of cash acquired					$ 184.1
Business acquisition, net of cash acquired		2.4
Net sales since date of acquisition		241.7	7.9
Acquisition adjustment to deferred income tax liability	$ (2.2)
Acquisition adjustment to goodwill	7.4
Allocation of Purchase Price [Abstract]
Cash and cash equivalents					0.3
Trade accounts receivable					27.5
Inventories					20.9
Property, plant and equipment					6.0
Intangible assets					92.7
Goodwill			65.2		72.6
Other assets					4.0
Accounts payable					(8.6)
Accrued compensation and employee benefits					(1.3)
Deferred income taxes					(22.2)
Other liabilities					(7.8)
Purchase price					$ 184.1
Unaudited Supplemental Pro Forma Information [Abstract]
Net sales			2,507.5	2,346.2
Net earnings attributable to Modine			165.3	127.3
Pro forma adjustment for annual amortization and depreciation expense			8.0	19.0
Pro forma adjustment for estimated annual interest expense		6.0	6.0
Pro forma adjustment for acquisition-related transaction costs				2.0
Pro forma adjustment for inventory purchase accounting adjustments				$ 3.2
Scott Springfield Manufacturing \| Trade Names [Member]
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Measurement period adjustment to intangible asset	$ (9.6)
Scott Springfield Manufacturing \| SG&A Expenses [Member]
Acquisition of Scott Springfield Mfg. Inc. [Abstract]
Costs related to acquisition		0.4	2.1
Scott Springfield Manufacturing \| Cost of Sales [Member]
Allocation of Purchase Price [Abstract]
Fair value write-up adjustment to acquired inventory		$ 1.6	$ 1.6

Acquisitions and Dispositions, Purchase of TMGcore, Inc. Intellectual Property (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Purchase of TMGcore, Inc. Intellectual Property [Abstract]
Purchase price of assets		$ 0.0	$ 12.0	$ 0.0
TMGcore, Inc. [Member]
Purchase of TMGcore, Inc. Intellectual Property [Abstract]
Purchase price of assets	$ 12.0
Property, plant and equipment acquired	0.6
TMGcore, Inc. [Member] \| Acquired Technology [Member]
Purchase of TMGcore, Inc. Intellectual Property [Abstract]
Intangible assets acquired	$ 11.4

Acquisitions and Dispositions, Acquisition of Napps Technology Corporation (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Jul. 01, 2023
Acquisition of Napps Technology Corporation [Abstract]
Business acquisition	$ 3.4	$ 186.2	$ 0.0
Napps [Member]
Acquisition of Napps Technology Corporation [Abstract]
Business acquisition	1.0	4.8
Net sales since date of acquisition	$ 10.8	$ 4.5
Allocation of Purchase Price [Abstract]
Purchase price				$ 5.8

Acquisitions and Dispositions, Disposition of Two Coatings Facilities (Details) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2023 facility	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Disposition of Two Coatings Facilities [Abstract]
Number of coatings facilities sold \| facility	2
Gain on sale of businesses		$ 0.0	$ 4.0	$ 0.0
Two Coatings Facilities [Member]
Disposition of Two Coatings Facilities [Abstract]
Number of coatings facilities sold \| facility	2
Net sales of disposed businesses				$ 6.4
Goodwill attributable to disposed businesses written off			0.7
Gain on sale of businesses			$ 0.1

Acquisitions and Dispositions, Germany Automotive Businesses Held for Sale (Details) € in Millions, $ in Millions		6 Months Ended	12 Months Ended
	Oct. 31, 2023 item	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2024 EUR (€)
Disposition of Germany Automotive Businesses [Abstract]
Number of automotive businesses sold \| item	3			3
Gain on sale of businesses			$ 0.0	$ 4.0	$ 0.0
Write-off of net actuarial gains				0.6
Three Germany Automotive Businesses [Member]
Disposition of Germany Automotive Businesses [Abstract]
Number of automotive businesses sold \| item	3
Gain on sale of businesses				4.0
Write-off of net actuarial gains				0.6
Net sales of disposal group				$ 54.2	$ 79.0
Pending disposition of facilities in germany \| Held for Sale
Disposition of Germany Automotive Businesses [Abstract]
Net transaction price for sale of disposal group			12.4			€ 11.5
Related assets expected			$ 8.2
Pending disposition of facilities in germany \| Forecast \| Held for Sale
Disposition of Germany Automotive Businesses [Abstract]
Net of costs to sell		$ 3.0

Acquisitions and Dispositions, Acquisition of AbsolutAire (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 01, 2025	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Acquisitions and Dispositions [Abstract]
Business acquisition, net of cash acquired		$ 3.4	$ 186.2	$ 0.0
AbsolutAire, Inc. \| Subsequent event
Acquisitions and Dispositions [Abstract]
Business acquisition, net of cash acquired	$ 11.2
Net sales prior to acquisition	$ 25.0

Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Abstract]
Net sales	$ 2,583.5	$ 2,407.8	$ 2,297.9
Contract Balances [Abstract]
Contract assets	13.3	12.9
Contract liabilities	35.1	79.4
Increase in contract assets	0.4
Decrease in contract liabilities	(44.5)	58.3	10.3
Decrease in contract liabilities including FX	(44.3)
Americas
Disaggregation of Revenue [Abstract]
Net sales	1,693.4	1,370.0	1,280.0
Europe
Disaggregation of Revenue [Abstract]
Net sales	711.7	839.5	813.5
Asia
Disaggregation of Revenue [Abstract]
Net sales	$ 199.2	219.9	230.7
Maximum
Revenue Recognition [Abstract]
Period of time after billing when payment is received	90 days
Heat Transfer
Disaggregation of Revenue [Abstract]
Net sales	$ 402.9	473.4	541.3
HVAC&R
Disaggregation of Revenue [Abstract]
Net sales	393.5	340.5	341.0
Data Center Cooling
Disaggregation of Revenue [Abstract]
Net sales	644.2	294.2	173.8
Air-Cooled
Disaggregation of Revenue [Abstract]
Net sales	609.0	681.2	658.6
Liquid-Cooled
Disaggregation of Revenue [Abstract]
Net sales	404.5	491.6	483.9
Advanced Solutions
Disaggregation of Revenue [Abstract]
Net sales	129.4	126.9	99.3
Climate Solutions
Disaggregation of Revenue [Abstract]
Net sales	1,440.6	1,108.1	1,056.1
Climate Solutions \| Americas
Disaggregation of Revenue [Abstract]
Net sales	997.8	649.0	615.4
Climate Solutions \| Europe
Disaggregation of Revenue [Abstract]
Net sales	415.8	432.7	416.3
Climate Solutions \| Asia
Disaggregation of Revenue [Abstract]
Net sales	27.2	26.4	25.0
Climate Solutions \| Heat Transfer
Disaggregation of Revenue [Abstract]
Net sales	402.9	473.4	541.3
Climate Solutions \| HVAC&R
Disaggregation of Revenue [Abstract]
Net sales	393.5	340.5	341.0
Climate Solutions \| Data Center Cooling
Disaggregation of Revenue [Abstract]
Net sales	644.2	294.2	173.8
Climate Solutions \| Air-Cooled
Disaggregation of Revenue [Abstract]
Net sales	0.0	0.0	0.0
Climate Solutions \| Liquid-Cooled
Disaggregation of Revenue [Abstract]
Net sales	0.0	0.0	0.0
Climate Solutions \| Advanced Solutions
Disaggregation of Revenue [Abstract]
Net sales	0.0	0.0	0.0
Performance Technologies
Disaggregation of Revenue [Abstract]
Net sales	1,142.9	1,299.7	1,241.8
Performance Technologies \| Americas
Disaggregation of Revenue [Abstract]
Net sales	695.6	721.0	664.6
Performance Technologies \| Europe
Disaggregation of Revenue [Abstract]
Net sales	295.9	406.8	397.2
Performance Technologies \| Asia
Disaggregation of Revenue [Abstract]
Net sales	172.0	193.5	205.7
Performance Technologies \| Heat Transfer
Disaggregation of Revenue [Abstract]
Net sales	0.0	0.0	0.0
Performance Technologies \| HVAC&R
Disaggregation of Revenue [Abstract]
Net sales	0.0	0.0	0.0
Performance Technologies \| Data Center Cooling
Disaggregation of Revenue [Abstract]
Net sales	0.0	0.0	0.0
Performance Technologies \| Air-Cooled
Disaggregation of Revenue [Abstract]
Net sales	609.0	681.2	658.6
Performance Technologies \| Liquid-Cooled
Disaggregation of Revenue [Abstract]
Net sales	404.5	491.6	483.9
Performance Technologies \| Advanced Solutions
Disaggregation of Revenue [Abstract]
Net sales	129.4	126.9	99.3
Operating Segments
Disaggregation of Revenue [Abstract]
Net sales	2,604.3	2,429.4	2,324.2
Operating Segments \| Climate Solutions
Disaggregation of Revenue [Abstract]
Net sales	1,440.8	1,108.1	1,056.7
Operating Segments \| Performance Technologies
Disaggregation of Revenue [Abstract]
Net sales	1,163.5	1,321.3	1,267.5
Inter-segment Sales
Disaggregation of Revenue [Abstract]
Net sales	20.8	(21.6)	26.3
Inter-segment Sales \| Climate Solutions
Disaggregation of Revenue [Abstract]
Net sales	(0.2)	0.0	(0.6)
Inter-segment Sales \| Performance Technologies
Disaggregation of Revenue [Abstract]
Net sales	$ (20.6)	$ (21.6)	$ (25.7)

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Fair Value Measurements [Abstract]
Investments	$ 6.1	$ 4.1
Deferred compensation obligations	6.1	4.1
U.S. Pension Plans
Fair Value Measurements [Abstract]
Fair value of plan assets	150.8	150.5	$ 153.3
U.S. Pension Plans \| Money Market Investments
Fair Value Measurements [Abstract]
Fair value of plan assets	2.7	6.7
U.S. Pension Plans \| Fixed Income Securities
Fair Value Measurements [Abstract]
Fair value of plan assets	51.3	45.3
U.S. Pension Plans \| Pooled Equity Funds
Fair Value Measurements [Abstract]
Fair value of plan assets		7.0
U.S. Pension Plans \| U.S. Government and Agency Securities
Fair Value Measurements [Abstract]
Fair value of plan assets	87.0	57.0
U.S. Pension Plans \| Other
Fair Value Measurements [Abstract]
Fair value of plan assets	9.8	6.8
U.S. Pension Plans \| Total [Member]
Fair Value Measurements [Abstract]
Fair value of plan assets	150.8	122.8
U.S. Pension Plans \| Level 1
Fair Value Measurements [Abstract]
Fair value of plan assets	1.4	8.1
U.S. Pension Plans \| Level 1 \| Money Market Investments
Fair Value Measurements [Abstract]
Fair value of plan assets	0.0	0.0
U.S. Pension Plans \| Level 1 \| Fixed Income Securities
Fair Value Measurements [Abstract]
Fair value of plan assets	0.0	0.0
U.S. Pension Plans \| Level 1 \| Pooled Equity Funds
Fair Value Measurements [Abstract]
Fair value of plan assets		7.0
U.S. Pension Plans \| Level 1 \| U.S. Government and Agency Securities
Fair Value Measurements [Abstract]
Fair value of plan assets	0.0	0.0
U.S. Pension Plans \| Level 1 \| Other
Fair Value Measurements [Abstract]
Fair value of plan assets	1.4	1.1
U.S. Pension Plans \| Level 2
Fair Value Measurements [Abstract]
Fair value of plan assets	149.4	114.7
U.S. Pension Plans \| Level 2 \| Money Market Investments
Fair Value Measurements [Abstract]
Fair value of plan assets	2.7	6.7
U.S. Pension Plans \| Level 2 \| Fixed Income Securities
Fair Value Measurements [Abstract]
Fair value of plan assets	51.3	45.3
U.S. Pension Plans \| Level 2 \| Pooled Equity Funds
Fair Value Measurements [Abstract]
Fair value of plan assets		0.0
U.S. Pension Plans \| Level 2 \| U.S. Government and Agency Securities
Fair Value Measurements [Abstract]
Fair value of plan assets	87.0	57.0
U.S. Pension Plans \| Level 2 \| Other
Fair Value Measurements [Abstract]
Fair value of plan assets	8.4	5.7
U.S. Pension Plans \| Level 3
Fair Value Measurements [Abstract]
Fair value of plan assets	$ 0.0	0.0
U.S. Pension Plans \| Net Asset Value
Fair Value Measurements [Abstract]
Fair value of plan assets		$ 27.7

Stock-Based Compensation, Incentive Compensation Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 26.4	$ 10.8	$ 6.6
Incremental stock-based compensation expense	$ 6.0
2020 Incentive Compensation Plan
Stock-Based Compensation [Abstract]
Number of shares available for grant (in shares)	1.3

Stock-Based Compensation, Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Stock Options [Abstract]
Stock-based compensation expense	$ 26.4	$ 10.8	$ 6.6
Stock Options
Stock Options [Abstract]
Stock-based compensation expense	1.7	1.0	1.2
Fair value of awards vesting	1.0	$ 1.2	$ 1.0
Unrecognized compensation costs	$ 0.1
Weighted average period recognized	2 months 12 days
Assumptions for Stock Awards Granted [Abstract]
Fair value of options (in dollars per share)			$ 6.99
Expected life of awards in years			6 years
Risk-free interest rate			3.00%
Expected volatility of the Company's stock			57.80%
Expected dividend yield on the Company's stock			0.00%
Award vesting period			3 years
Stock Options Activity [Rollforward]
Outstanding, beginning of year (in shares)	0.6
Granted (in shares)	0.0
Exercised (in shares)	(0.1)
Outstanding, end of year (in shares)	0.5	0.6
Exercisable, end of year (in shares)	0.4
Weighted Average Exercise Price [Rollforward]
Outstanding, beginning of year (in dollars per share)	$ 12.78
Granted (in dollars per share)	0
Exercised (in dollars per share)	11.79
Forfeited or expired (in dollars per share)	12.85
Outstanding, end of year (in dollars per share)	12.94	$ 12.78
Exercisable, end of year (in dollars per share)	$ 12.80
Weighted-Average Remaining Contractual Term [Abstract]
Weighted average remaining contractual term, outstanding at end of year	5 years 10 months 24 days
Weighted average remaining contractual term, exercisable at end of year	5 years 8 months 12 days
Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, outstanding at end of year	$ 31.8
Aggregate intrinsic value, exercisable at end of year	25.5
Additional Information Related to Stock Options Exercised [Abstract]
Intrinsic value of stock options exercised	8.1	$ 12.4	$ 1.5
Proceeds from stock options exercised	$ 1.0	$ 2.6	$ 2.9
Stock Options \| Maximum
Assumptions for Stock Awards Granted [Abstract]
Stock option term	10 years
Stock Options \| Tranche One
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage		33.00%
Stock Options \| Tranche Two
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage		33.00%
Stock Options \| Tranche Three
Assumptions for Stock Awards Granted [Abstract]
Annual vesting percentage		34.00%

Stock-Based Compensation, Restricted Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock [Abstract]
Stock-based compensation expense (benefit)	$ 26.4	$ 10.8	$ 6.6
Restricted Stock
Restricted Stock [Abstract]
Stock-based compensation expense (benefit)	8.0	5.3	5.4
Fair value of awards vesting	6.3	$ 4.6	4.7
Unrecognized compensation costs	$ 6.0
Weighted average period recognized	1 year 6 months
Restricted Stock Activity [Roll Forward]
Non-vested balance, beginning of year (in shares)	0.5
Granted (in shares)	0.1
Vested (in shares)	(0.3)
Non-vested balance, end of year (in shares)	0.3	0.5
Weighted Average Price [Rollforward]
Non-vested balance, beginning of year (in dollars per share)	$ 21.08
Granted (in dollars per share)	111.02
Vested (in dollars per share)	19.02
Forfeited (in dollars per share)	35.71
Non-vested balance, end of year (in dollars per share)	$ 42.90	$ 21.08
Restricted Stock \| Awards Granted in Fiscal 2025
Restricted Stock [Abstract]
Award vesting period	3 years
Restricted Stock \| Awards Granted in Fiscal 2025 \| Tranche One
Restricted Stock [Abstract]
Annual vesting percentage	33.00%
Restricted Stock \| Awards Granted in Fiscal 2025 \| Tranche Two
Restricted Stock [Abstract]
Annual vesting percentage	33.00%
Restricted Stock \| Awards Granted in Fiscal 2025 \| Tranche Three
Restricted Stock [Abstract]
Annual vesting percentage	34.00%
Performance Stock Awards
Restricted Stock [Abstract]
Stock-based compensation expense (benefit)	$ 16.7	$ 4.5	$ 0.0
Unrecognized compensation costs	$ 21.6
Weighted average period recognized	1 year 8 months 12 days
Award vesting period	3 years
Performance Stock Awards \| Awards Granted in Fiscal 2025
Performance-Based Shares [Abstract]
Performance period	3 years
Performance Stock Awards \| Awards Granted in Fiscal 2024
Performance-Based Shares [Abstract]
Performance period	3 years
Performance Stock Awards \| Awards Granted in Fiscal 2023
Performance-Based Shares [Abstract]
Period of time to average cash flow return on invested capital	3 years
Period of time to average EBITDA growth	3 years

Restructuring Activities (Details)
$ in Millions

3 Months Ended

12 Months Ended

Oct. 31, 2023

item

Jun. 30, 2025

USD ($)

Mar. 31, 2025

USD ($)

Mar. 31, 2024

USD ($)

item

Mar. 31, 2023

USD ($)

Restructuring and Repositioning Expenses [Abstract]

Employee severance and related benefits

$ 24.3

$ 12.9

$ 3.5

Other restructuring and repositioning expenses

3.9

2.1

1.5

Total

28.2

15.0

5.0

Changes in Accrued Severance [Roll Forward]

Beginning balance

$ 6.6

13.0

10.6

Additions

18.3

12.9

Payments

(24.6)

(7.8)

Disposition

^[1]

(2.5)

Effect of exchange rate changes

(0.1)

(0.2)

Ending balance

6.6

$ 13.0

10.6

Non-cash severance expenses excluded from Fiscal 2025

6.0

Number of automotive businesses sold | item

3

Severance expenses

$ 24.3

$ 12.9

$ 3.5

Performance Technologies

Restructuring and Repositioning Expenses [Abstract]

Employee severance and related benefits

4.0

Changes in Accrued Severance [Roll Forward]

Severance expenses

$ 4.0

[1]	The fiscal 2025 amount excludes $6.0 million of non-cash severance-related costs resulting from the accelerated vesting of certain stock-based compensation awards in connection with restructuring actions.

Other Income and Expense (Details) - USD ($)
$ in Millions

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Other Income and Expense

Interest income

$ 2.7

$ 4.3

$ 1.3

Foreign currency transactions

^[1]

(1.2)

(3.0)

(3.7)

Net periodic benefit cost

^[2]

(4.6)

(3.3)

(2.0)

Total other expense - net

$ (3.1)

$ (2.0)

$ (4.4)

[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, along with gains and losses on foreign currency exchange contracts.
[2]	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes, Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Earnings Before Income Taxes [Abstract]
United States	$ 41.7	$ 37.2	$ 12.5
Foreign	212.3	177.4	112.8
Earnings before income taxes	$ 254.0	$ 214.6	$ 125.3

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Income Taxes, Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Federal [Abstract]
Current	$ 4.7	$ 1.6	$ 1.5
Deferred	5.8	7.1	(47.5)
State [Abstract]
Current	4.5	2.4	2.3
Deferred	(2.2)	(0.9)	(11.4)
Foreign [Abstract]
Current	52.8	41.0	27.5
Deferred	2.9	0.0	(0.7)
Total income tax provision (benefit)	$ 68.5	$ 51.2	$ (28.3)

Income Taxes, Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate [Abstract]
Statutory federal tax	21.00%	21.00%	21.00%
State taxes, net of federal benefit	0.90%	0.50%	(0.10%)
Taxes on non-U.S. earnings and losses	2.40%	3.70%	5.80%
Valuation allowances	0.40%	2.50%	(42.90%)
Tax credits and benefits	(1.70%)	(2.10%)	(3.70%)
Foreign-derived intangible income	(1.10%)	(0.50%)	(0.80%)
Compensation	0.90%	0.30%	0.70%
Tax rate or law changes	(0.10%)		(0.20%)
Uncertain tax positions, net of settlements	0.20%	(0.20%)	0.40%
Notional interest deductions	0.00%	(1.20%)	(1.70%)
Dividends and taxable foreign inclusions	3.70%	0.40%	0.90%
Other	0.40%	(0.50%)	(2.00%)
Effective tax rate	27.00%	23.90%	(22.60%)

Income Taxes, Unrecognized Tax Benefits and Deferred Tax Asset Valuation Allowances (Details) $ in Millions		12 Months Ended
	Oct. 31, 2023 item	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)
Income Taxes [Abstract]
Income tax benefit related to sale of automotive businesses			$ (3.1)
Number of automotive businesses sold \| item	3		3
Increase in deferred tax asset valuation allowances		$ 0.9	$ 5.4
Term of cumulative income position				3 years
Valuation allowances		67.6	$ 63.0
U.S. [Member]
Income Taxes [Abstract]
Income tax expense (benefit) related to change in deferred tax asset valuation allowance				$ (57.3)
Valuation allowances		42.6
Foreign Jurisdictions [Member]
Income Taxes [Abstract]
Valuation allowances		$ 25.0
Other Deferred Tax Assets [Member]
Income Taxes [Abstract]
Increase in deferred tax asset valuation allowances				$ 3.6

Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Deferred Tax Assets [Abstract]
Accounts receivable	$ 0.5	$ 0.7
Inventories	5.3	6.3
Plant and equipment	10.1	12.0
Lease liabilities	24.2	19.1
Pension and employee benefits	26.7	27.7
Net operating and capital losses	50.3	45.9
Credit carryforwards	35.0	45.3
Research and experimental expenditures	19.1	12.2
Other, principally accrued liabilities	10.2	11.2
Total gross deferred tax assets	181.4	180.4
Less: valuation allowances	(67.6)	(63.0)
Net deferred tax assets	113.8	117.4
Deferred Tax Liabilities [Abstract]
Plant and equipment	9.1	7.2
Lease assets	24.1	18.8
Goodwill	4.9	4.8
Intangible assets	31.3	40.9
Other	1.5	0.6
Total gross deferred tax liabilities	70.9	72.3
Net deferred tax assets	$ 42.9	$ 45.1

Income Taxes, Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 9.2	$ 9.7
Gross increases - tax positions in prior period	0.0	0.5
Gross decreases - tax positions in prior period	(0.3)
Gross increases - tax positions in current period	1.1	1.3
Lapse of statute of limitations	(0.3)	(2.3)
Ending balance	9.7	$ 9.2
Unrecognized tax benefits that would impact effective tax rate	$ 7.9

Income Taxes, Tax Years Subject to Examination, Tax Credits and Tax Carryforwards (Details) $ in Millions		12 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Income Taxes [Abstract]
Tax losses subject to expiration	$ 80.8	$ 80.8
Unrecognized foreign withholding taxes and deferred tax liabilities	14.0	14.0
Federal and State [Member]
Income Taxes [Abstract]
Tax credit carryforward	$ 47.9	47.9
Federal and State [Member] \| Minimum [Member]
Income Taxes [Abstract]
Tax credit carryforward, expiration date	Mar. 31, 2026
Federal and State [Member] \| Maximum [Member]
Income Taxes [Abstract]
Tax credit carryforward, expiration date	Mar. 31, 2049
Foreign Tax Jurisdictions [Member]
Income Taxes [Abstract]
Tax loss carryforwards	$ 292.1	292.1
Tax losses not subject to expiration	$ 211.3	211.3
Foreign Tax Jurisdictions [Member] \| Minimum [Member]
Income Taxes [Abstract]
Tax loss carryforwards, expiration date	Mar. 31, 2026
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	$ 124.5	$ 124.5
State and Local [Member] \| Minimum [Member]
Income Taxes [Abstract]
Tax loss carryforwards, expiration date	Mar. 31, 2026
State and Local [Member] \| Maximum [Member]
Income Taxes [Abstract]
Tax loss carryforwards, expiration date	Mar. 31, 2043
United States [Member]
Income Taxes [Abstract]
Tax years subject to examination		2022 2023 2024
Italy [Member]
Income Taxes [Abstract]
Tax years subject to examination		2020 2021 2022 2023 2024
Canada [Member]
Income Taxes [Abstract]
Tax years subject to examination		2024

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Components of Basic and Diluted Earnings per Share [Abstract]
Net Income (Loss)	$ 184.0	$ 161.5	$ 153.1
Weighted-average shares outstanding - basic (in shares)	52.6	52.4	52.3
Effect of dilutive securities (in shares)	1.3	1.0	0.5
Weighted-average shares outstanding - diluted (in shares)	53.9	53.4	52.8
Earnings per share:
Net earnings per share - basic (in dollars per share)	$ 3.50	$ 3.08	$ 2.93
Net earnings per share - diluted (in dollars per share)	$ 3.42	$ 3.03	$ 2.90
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0
Stock Options
Earnings per share:
Antidilutive securities excluded from computation of earnings per share (in shares)			0.5
Restricted Stock
Earnings per share:
Antidilutive securities excluded from computation of earnings per share (in shares)			0.2

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 71.6	$ 60.1
Restricted cash	0.3	0.2
Total cash, cash equivalents and restricted cash	$ 71.9	$ 60.3	$ 67.2	$ 45.4

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Inventories [Abstract]
Raw materials	$ 223.3	$ 207.8
Work in process	65.9	64.5
Finished goods	51.7	85.6
Total inventories	$ 340.9	$ 357.9

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 1,279.9	$ 1,286.0
Less: accumulated depreciation	(889.4)	(920.3)
Net property, plant and equipment	390.5	365.7
Depreciation expense	50.3	46.9	$ 46.5
Land [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	16.4	16.3
Buildings and Improvements [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 257.7	280.7
Buildings and Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	10 years
Buildings and Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	40 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 843.7	824.4
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, depreciable lives	15 years
Office Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 92.6	97.0
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	$ 69.5	$ 67.6

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets [Abstract]
Gross carrying value		$ 231.1	$ 245.8
Accumulated amortization		(84.4)	(57.5)
Net intangible assets		146.7	188.3
Amortization expense		27.4	9.2	$ 8.0
Estimated Future Amortization Expense [Abstract]
Fiscal 2026		17.0
Fiscal 2027		15.0
Fiscal 2028		15.0
Fiscal 2029		15.0
Fiscal 2030		14.0
Customer Relationships [Member]
Intangible Assets [Abstract]
Gross carrying value		145.4	150.5
Accumulated amortization		(47.5)	(26.3)
Net intangible assets		97.9	124.2
Trade Names [Member]
Intangible Assets [Abstract]
Gross carrying value		53.1	62.8
Accumulated amortization		(21.2)	(18.5)
Net intangible assets		31.9	44.3
Trade Names [Member] \| Scott Springfield Manufacturing
Intangible Assets [Abstract]
Measurement period adjustment to intangible asset	$ (9.6)
Acquired Technology [Member]
Intangible Assets [Abstract]
Gross carrying value		32.6	32.5
Accumulated amortization		(15.7)	(12.7)
Net intangible assets		$ 16.9	$ 19.8

Goodwill (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
Goodwill (Details) $ in Millions	Sep. 30, 2023 facility	Jun. 30, 2024 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance		$ 230.9	$ 230.9
Ending balance			233.9	$ 230.9
Number of coatings facilities sold \| facility	2
Climate Solutions
Goodwill [Roll Forward]
Beginning balance		230.9	230.9	165.6
Acquisitions				66.2
Dispositions				(0.7)
Acquisition adjustment			7.4
Effect of exchange rate changes			(4.4)	(0.2)
Ending balance			233.9	230.9
Performance Technologies
Goodwill [Roll Forward]
Dispositions				(0.7)
Accumulated impairment losses			40.8	40.8
Scott Springfield Manufacturing
Goodwill [Roll Forward]
Beginning balance		65.2	65.2
Acquisition adjustment		$ 7.4
Ending balance				65.2
Scott Springfield Manufacturing \| Climate Solutions
Goodwill [Roll Forward]
Acquisitions				65.2
Acquisition adjustment			$ 7.4
Napps \| Climate Solutions
Goodwill [Roll Forward]
Acquisitions				$ 1.0

Product Warranties and Other Commitments (Details) $ in Millions		12 Months Ended
	Oct. 31, 2023 item	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($) item
Accrued Warranty Costs [Roll Forward]
Beginning balance		$ 10.7	$ 6.9
Warranties recorded at time of sale		7.3	6.6
Adjustments to pre-existing warranties		(2.2)	2.2
Settlements		(6.7)	(5.3)
Acquisition of business			0.4
Disposition of businesses			(0.2)
Effect of exchange rate changes		0.1	0.1
Ending balance		9.2	$ 10.7
Number of automotive businesses sold \| item	3		3
Capital Expenditures
Commitments [Abstract]
Commitment amount		$ 30.4
Minimum
Product Warranties [Abstract]
Product warranty period		1 year
Indemnification Agreements [Abstract]
Indemnification period		1 year
Maximum
Product Warranties [Abstract]
Product warranty period		2 years
Indemnification Agreements [Abstract]
Indemnification period		15 years

Leases (Details) - USD ($)
$ in Millions

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Lease Assets and Liabilities [Abstract]

Operating lease ROU assets

$ 97.2

$ 76.0

Operating lease ROU assets, Statement of Financial Position [Extensible List]

Other Assets, Noncurrent

Finance lease ROU assets

^[1]

$ 6.9

$ 6.5

Finance lease ROU assets, Statement of Financial Position [Extensible List]

^[1]

Property, Plant and Equipment, Net

Operating lease liabilities, current

$ 18.0

$ 15.3

Operating lease liabilities, current, Statement of Financial Position [Extensible List]

Other Liabilities, Current

Operating lease liabilities, noncurrent

$ 80.6

$ 62.1

Operating lease liabilities, noncurrent, Statement of Financial Position [Extensible List]

Other Liabilities, Noncurrent

Finance lease liabilities, current

$ 0.5

$ 0.4

Finance lease liabilities, current, Statement of Financial Position [Extensible List]

Long-Term Debt and Lease Obligation, Current

Finance lease liabilities, noncurrent

$ 2.2

$ 1.9

Finance lease liabilities, noncurrent, Statement of Financial Position [Extensible List]

Long-Term Debt and Lease Obligation

Accumulated amortization

$ 4.2

$ 3.7

Components of Lease Expense [Abstract]

Operating lease expense

^[2]

31.9

24.2

$ 21.9

Finance lease expense: Depreciation of ROU assets

0.6

0.5

Finance lease expense: Interest on lease liabilities

0.1

Total lease expense

32.6

24.8

22.5

Short-term lease expense

7.3

5.4

5.7

Supplemental Cash Flow Information [Abstract]

Operating cash flows for operating leases

22.4

16.9

14.6

Financing cash flows for finance leases

0.6

0.5

ROU assets obtained in exchange for operating lease liabilities

42.2

29.2

$ 21.2

ROU assets obtained in exchange for finance lease liabilities

$ 0.9

$ 0.0

Lease Term and Discount Rates [Abstract]

Weighted-average remaining lease term: Operating leases

6 years 7 months 6 days

7 years 10 months 24 days

Weighted-average remaining lease term: Finance leases

6 years 3 months 18 days

4 years 10 months 24 days

Weighted-average discount rate: Operating leases

5.40%

4.40%

Weighted-average discount rate: Finance leases

4.80%

4.70%

Maturity of Operating Lease Liabilities [Abstract]

$ 22.8

20.5

17.8

14.2

12.3

Fiscal 2031 and beyond

30.6

Total lease payments

118.2

Less: Interest

(19.6)

Present value of lease liabilities

98.6

Maturities of Finance Lease Liabilities [Abstract]

0.6

0.6

0.6

0.5

0.1

Fiscal 2031 and beyond

0.7

Total lease payments

3.1

Less: interest

(0.4)

Present value of lease liabilities

$ 2.7

Minimum

Leases [Abstract]

Remaining lease term

1 year

Maximum

Leases [Abstract]

Remaining lease term

10 years

[1]	Finance lease ROU assets were recorded net of accumulated amortization of $4.2 million and $3.7 million as of March 31, 2025 and 2024, respectively.
[2]	In fiscal 2025, 2024, and 2023 operating lease expense included short-term lease expense of $7.3 million, $5.4 million, and $5.7 million respectively. Variable lease expense was not significant.

Indebtedness (Details) $ in Millions	12 Months Ended
Indebtedness (Details) $ in Millions	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Long-Term Debt [Abstract]
Total	$ 343.1	$ 421.8
Less: current portion	(44.8)	(19.7)
Less: unamortized debt issuance costs	(1.6)	(2.2)
Total long-term debt	296.7	399.9
Maturities of Long-Term Debt [Abstract]
Fiscal 2026	44.8
Fiscal 2027	44.8
Fiscal 2028	227.4
Fiscal 2029	25.5
Fiscal 2030	0.1
Fiscal 2031 & beyond	0.5
Total	343.1	421.8
Indebtedness [Abstract]
Short-term debt	9.3	12.0
Level 2 [Member]
Indebtedness [Abstract]
Fair value of long-term debt	$ 116.6	120.9
Maximum
Indebtedness [Abstract]
Leverage ratio	3.25
Minimum
Indebtedness [Abstract]
Interest coverage ratio	3
Credit Agreement
Indebtedness [Abstract]
Letters of credit outstanding	$ 6.2
Term Loans
Long-Term Debt [Abstract]
Total	$ 193.7	204.5
Fiscal year of maturity	2028
Maturities of Long-Term Debt [Abstract]
Total	$ 193.7	204.5
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings	5.40%
Revolving Credit Facility
Long-Term Debt [Abstract]
Total	$ 30.0	90.0
Fiscal year of maturity	2028
Maturities of Long-Term Debt [Abstract]
Total	$ 30.0	90.0
Indebtedness [Abstract]
Maximum borrowing capacity	$ 275.0
Indebtedness [Abstract]
Weighted-average interest rate for variable rate borrowings	5.80%
Available borrowing capacity	$ 238.8
Swingline Loans
Indebtedness [Abstract]
Short-term debt	0.0	2.0
5.9% Senior Notes
Long-Term Debt [Abstract]
Total	$ 100.0	100.0
Interest rate percentage	5.90%
Fiscal year of maturity	2029
Maturities of Long-Term Debt [Abstract]
Total	$ 100.0	100.0
5.8% Senior Notes
Long-Term Debt [Abstract]
Total	$ 16.7	25.0
Interest rate percentage	5.80%
Fiscal year of maturity	2027
Maturities of Long-Term Debt [Abstract]
Total	$ 16.7	25.0
Finance Lease Obligations
Long-Term Debt [Abstract]
Total	2.7	2.3
Maturities of Long-Term Debt [Abstract]
Total	2.7	2.3
Foreign Credit Agreements
Indebtedness [Abstract]
Short-term debt	$ 9.3	$ 10.0

Pension and Employee Benefit Plans, Defined Contribution Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Pension and Employee Benefit Plans [Abstract]
Defined contribution plan cost recognized	$ 9.3	$ 8.3	$ 6.9
Maximum
Pension and Employee Benefit Plans [Abstract]
Company match	4.50%

Pension and Employee Benefit Plans, Defined Benefit Employee Benefit Plans (Details) - USD ($)
$ in Millions

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Employer Contributions [Abstract]

Net periodic benefit cost (income)

^[1]

$ 4.6

$ 3.3

$ 2.0

U.S. Pension Plans

Employer Contributions [Abstract]

Employer contributions

7.6

2.7

Net periodic benefit cost (income)

5.1

3.8

2.4

Settlements

(0.1)

^[2]

(0.1)

0.0

U.S. Pension Plans | U.S. Plans

Employer Contributions [Abstract]

Employer contributions

6.5

0.9

0.0

U.S. Pension Plans | U.S. Plans | Minimum

Employer Contributions [Abstract]

Expected contribution

$ 15.0

U.S. Pension Plans | U.S. Plans | Minimum | Plan [Member]

Employer Contributions [Abstract]

Settlements

115.0

U.S. Pension Plans | U.S. Plans | Maximum

Employer Contributions [Abstract]

Expected contribution

20.0

U.S. Pension Plans | U.S. Plans | Maximum | Plan [Member]

Employer Contributions [Abstract]

Settlements

$ 125.0

U.S. Pension Plans | Non-U.S Plans

Employer Contributions [Abstract]

Employer contributions

1.1

1.8

1.5

Postretirement Plans

Employer Contributions [Abstract]

Net periodic benefit cost (income)

$ (0.3)

$ (0.4)

$ (0.3)

[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.

Pension and Employee Benefit Plans, Changes in Benefit Obligations, Plan Assets and Funded Status (Details) - U.S. Pension Plans - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 179.3	$ 194.9
Service cost	0.2	0.2	$ 0.2
Interest cost	9.0	9.3	8.1
Actuarial loss (gain)	6.5	(2.7)
Benefits paid	(14.0)	(14.9)
Disposition of Germany automotive businesses	0.0	(7.4)
Effect of exchange rate changes	0.1	(0.1)
Benefit obligation at end of year	181.1	179.3	194.9
Change in Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	150.5	153.3
Actual return on plan assets	6.7	9.4
Benefits paid	(14.0)	(14.9)
Employer contributions	7.6	2.7
Fair value of plan assets at end of year	150.8	150.5	153.3
Funded status at end of year	(30.3)	(28.8)
Amounts Recognized in the Consolidated Balance Sheets [Abstract]
Current liability	(0.9)	(1.1)
Noncurrent liability	(29.4)	(27.7)
Total liability	(30.3)	(28.8)
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	180.2	178.6
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract]
Net actuarial loss (gain)	122.0	117.9
Non-U.S Plans
Change in Benefit Obligation [Roll Forward]
Actuarial loss (gain)		0.5
Non-U.S Plans
Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	13.0	21.2
Actuarial loss (gain)	(2.0)
Benefits paid		(1.8)
Disposition of Germany automotive businesses		(7.4)
Service and interest cost	0.6	0.8
Increase (decrease) in benefit obligation	(1.2)	(8.2)
Benefit obligation at end of year	11.8	13.0	21.2
Change in Plan Assets [Roll Forward]
Employer contributions	$ 1.1	$ 1.8	$ 1.5

Pension and Employee Benefit Plans, Cost Components of Pension Plans (Details) - USD ($)
$ in Millions

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2023

Net Periodic Benefit Cost [Abstract]

Net periodic benefit cost

^[1]

$ 4.6

$ 3.3

$ 2.0

U.S. Pension Plans

Net Periodic Benefit Cost [Abstract]

Service cost

0.2

Interest cost

9.0

9.3

8.1

Expected return on plan assets

(8.7)

(10.3)

(11.6)

Amortization of unrecognized net loss

4.7

5.7

Settlements

(0.1)

^[2]

(0.1)

0.0

Net periodic benefit cost

5.1

3.8

2.4

Other Changes in Benefit Obligation Recognized in Other Comprehensive Income [Abstract]

Net actuarial gain

(8.7)

1.7

2.1

Amortization of net actuarial loss

4.6

^[3]

3.9

5.7

^[3]

Total recognized in other comprehensive income

(4.1)

5.6

7.8

U.S. Pension Plans | Non-U.S Plans | Maximum

Net Periodic Benefit Cost [Abstract]

Amortization of unrecognized net loss

$ 1.0

1.0

$ 1.0

U.S. Pension Plans | Non-U.S Plans | Germany Automotive Businesses

Other Changes in Benefit Obligation Recognized in Other Comprehensive Income [Abstract]

Write-off of net actuarial gains

$ 0.6

[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 2024 amount includes $0.6 million of net actuarial gains written-off as a result of the sale of the Germany automotive businesses. See Note 2 for additional information on the sale of these businesses.

Pension and Employee Benefit Plans, Valuation Assumptions (Details) - U.S. Pension Plans	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
U.S. Plans
Assumptions Used in Pension Plan Calculations [Abstract]
Weighted average discount rate used to determine benefit obligations	5.50%	5.40%
Weighted average discount rate used to determine costs	5.40%	5.20%	3.90%
Non-U.S Plans
Assumptions Used in Pension Plan Calculations [Abstract]
Weighted average discount rate used to determine benefit obligations	4.00%	3.70%
Weighted average discount rate used to determine costs	3.90%	4.00%	2.90%

Pension and Employee Benefit Plans, Weighted-average Asset Allocations (Details) - U.S. Pension Plans	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Weighted Average Asset Allocations [Abstract]
Target allocation		100.00%
Plan assets		100.00%	100.00%
Debt securities
Weighted Average Asset Allocations [Abstract]
Target allocation		80.00%
Plan assets		97.00%	72.00%
Cash and cash equivalents
Weighted Average Asset Allocations [Abstract]
Target allocation		1.00%
Plan assets		3.00%	5.00%
Equity securities
Weighted Average Asset Allocations [Abstract]
Target allocation		19.00%
Plan assets			18.00%
Real estate investments
Weighted Average Asset Allocations [Abstract]
Target allocation		0.00%
Plan assets			5.00%
U.S. Plans
Weighted Average Asset Allocations [Abstract]
Expected return on plan assets		5.50%	6.50%	7.00%
U.S. Plans \| Forecast
Weighted Average Asset Allocations [Abstract]
Expected return on plan assets	5.50%

Pension and Employee Benefit Plans, Estimated Pension Benefit Payments (Details) - U.S. Pension Plans $ in Millions	Mar. 31, 2025 USD ($)
Estimated Pension Benefit Payments [Abstract]
Fiscal 2026	$ 168.9
Fiscal 2027	1.0
Fiscal 2028	1.0
Fiscal 2029	0.9
Fiscal 2030	0.9
Fiscal 2031-2035	$ 4.7

Derivative Instruments, Recorded in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Foreign Exchange Contracts \| Derivatives Designated as Hedges \| Other Current Assets
Derivative Instruments [Abstract]
Derivative asset	$ 0.0	$ 0.1
Foreign Exchange Contracts \| Derivatives Designated as Hedges \| Other Current Liabilities
Derivative Instruments [Abstract]
Derivative liability	0.7	0.0
Foreign Exchange Contracts \| Derivatives not Designated as Hedges \| Other Current Liabilities
Derivative Instruments [Abstract]
Derivative liability	0.4	0.3
Commodity Derivatives \| Derivatives Designated as Hedges \| Other Current Assets
Derivative Instruments [Abstract]
Derivative asset	$ 0.1	$ 0.0

Derivative Instruments, Gains (Losses) Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Designated
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	$ 0.1	$ 1.0	$ 0.3
Non-Designated Derivative
Derivative Instruments [Abstract]
Gain (loss) recognized	(2.4)	(1.9)	(3.1)
Other Comprehensive Income \| Designated
Derivative Instruments [Abstract]
Gain (loss) recognized	(0.9)	0.1	0.4
Commodity Derivatives \| Other Comprehensive Income \| Designated
Derivative Instruments [Abstract]
Gain (loss) recognized	0.2	(0.3)	(1.6)
Commodity Derivatives \| Cost of Sales \| Designated
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	0.0	(0.3)	(1.0)
Foreign Exchange Contracts \| Cost of Sales \| Designated
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	0.0		0.7
Foreign Exchange Contracts \| Cost of Sales \| Other Comprehensive Income \| Designated
Derivative Instruments [Abstract]
Gain (loss) recognized	(0.3)	0.1	0.4
Foreign Exchange Contracts \| Net Sales \| Designated
Derivative Instruments [Abstract]
Gain (loss) reclassified from AOCI	0.1	1.3	0.6
Foreign Exchange Contracts \| Net Sales \| Non-Designated Derivative
Derivative Instruments [Abstract]
Gain (loss) recognized	0.0	(0.9)	(0.5)
Foreign Exchange Contracts \| Net Sales \| Other Comprehensive Income \| Designated
Derivative Instruments [Abstract]
Gain (loss) recognized	(0.8)	0.3	1.6
Foreign Exchange Contracts \| Other expense - net \| Non-Designated Derivative
Derivative Instruments [Abstract]
Gain (loss) recognized	$ (2.4)	$ (1.0)	$ (2.6)

Risks, Uncertainties, Contingencies and Litigation (Details) $ in Millions	12 Months Ended
	Mar. 31, 2025 USD ($) customer	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 customer
Environmental Loss Contingencies [Abstract]
Accruals for environmental matters \| $	$ 15.8	$ 17.6
Environmental Loss Contingency, Statement of Financial Position, Extensible Enumeration Not Disclosed Flag	true
Increase in remediation accrual related to former manufacturing facility \| $		$ 1.0
Sales [Member] \| Customer Concentration Risk [Member] \| Top Ten Customers [Member]
Credit Risk [Abstract]
Concentration risk, percentage	43.00%	40.00%	39.00%
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	43.00%	35.00%
Vehicular [Member]
Credit Risk [Abstract]
Number of major customers \| customer	0	0	0

Accumulated Other Comprehensive Loss (Details)
$ in Millions

12 Months Ended

Oct. 31, 2023

item

Mar. 31, 2025

USD ($)

Mar. 31, 2024

USD ($)

item

Changes in Accumulated Other Comprehensive Loss [Abstract]

Balance

$ 747.6

Other comprehensive income (loss) before reclassifications

(23.6)

$ (3.4)

Unrecognized net pension gain in disposed businesses

(0.6)

Income taxes

1.6

(1.4)

Total other comprehensive income (loss)

(17.9)

(2.3)

Balance

910.2

$ 747.6

Number of automotive businesses sold | item

3

Accumulated Other Comprehensive Loss [Member]

Changes in Accumulated Other Comprehensive Loss [Abstract]

Balance

(163.4)

$ (161.1)

Balance

(181.3)

(163.4)

Foreign Currency Translation [Member]

Changes in Accumulated Other Comprehensive Loss [Abstract]

Balance

(62.8)

(57.5)

Other comprehensive income (loss) before reclassifications

(14.0)

(5.3)

Income taxes

0.0

Total other comprehensive income (loss)

(14.0)

(5.3)

Balance

(76.8)

(62.8)

Defined Benefit Plans [Member]

Changes in Accumulated Other Comprehensive Loss [Abstract]

Balance

(100.7)

(104.4)

Other comprehensive income (loss) before reclassifications

(8.7)

1.8

Reclassification from accumulated other comprehensive income (loss)

^[1]

4.2

4.1

Unrecognized net pension gain in disposed businesses

(0.6)

Income taxes

1.4

(1.6)

Total other comprehensive income (loss)

(3.1)

3.7

Balance

(103.8)

(100.7)

Cash Flow Hedges [Member]

Changes in Accumulated Other Comprehensive Loss [Abstract]

Balance

0.1

0.8

Other comprehensive income (loss) before reclassifications

(0.9)

0.1

Reclassification from accumulated other comprehensive income (loss)

(0.1)

(1.0)

Income taxes

0.2

Total other comprehensive income (loss)

(0.8)

(0.7)

Balance

$ (0.7)

$ 0.1

[1]	Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 18 for additional information about the Company’s pension plans.

Segment and Geographic Information, Net Sales, Significant Expenses by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Segment Information [Abstract]
Net sales	$ 2,583.5	$ 2,407.8	$ 2,297.9
Cost of sales	1,939.7	1,882.2	1,908.5
Gross profit	643.8	525.6	389.4
Selling, general and administrative expenses	332.1	273.9	234.0
Restructuring expenses	28.2	15.0	5.0
Gain on sale of assets	0.0	(4.0)	0.0
Operating income	283.5	240.7	150.4
Climate Solutions
Segment Information [Abstract]
Net sales	1,440.6	1,108.1	1,056.1
Performance Technologies
Segment Information [Abstract]
Net sales	1,142.9	1,299.7	1,241.8
Operating Segments
Segment Information [Abstract]
Net sales	2,604.3	2,429.4	2,324.2
Operating Segments \| Climate Solutions
Segment Information [Abstract]
Net sales	1,440.8	1,108.1	1,056.7
Cost of sales	1,024.7	811.2	816.1
Gross profit	416.1	296.9	240.6
Selling, general and administrative expenses	161.7	115.3	106.2
Restructuring expenses	6.0	3.0	2.2
Operating income	248.4	178.6	132.2
Operating Segments \| Performance Technologies
Segment Information [Abstract]
Net sales	1,163.5	1,321.3	1,267.5
Cost of sales	933.1	1,091.7	1,118.4
Gross profit	230.4	229.6	149.1
Selling, general and administrative expenses	101.9	105.9	88.7
Restructuring expenses	20.5	12.0	2.8
Operating income	108.0	111.7	57.6
Inter-segment Sales [Member]
Segment Information [Abstract]
Net sales	20.8	(21.6)	26.3
Inter-segment Sales [Member] \| Climate Solutions
Segment Information [Abstract]
Net sales	(0.2)	0.0	(0.6)
Inter-segment Sales [Member] \| Performance Technologies
Segment Information [Abstract]
Net sales	(20.6)	(21.6)	(25.7)
Corporate and Eliminations [Member]
Segment Information [Abstract]
Net sales	(20.8)	(21.6)	(26.3)
Cost of sales	(18.1)	(20.7)	(26.0)
Gross profit	(2.7)	(0.9)	(0.3)
Selling, general and administrative expenses	68.5	52.7	39.1
Restructuring expenses	1.7
Gain on sale of assets		(4.0)
Operating income	$ (72.9)	$ (49.6)	$ (39.4)

Segment and Geographic Information, Assets by Segment (Details) - USD ($)
$ in Millions

Mar. 31, 2025

Mar. 31, 2024

Segment and Geographic Information [Abstract]

Total assets

$ 1,917.6

$ 1,851.5

Other [Member]

Segment and Geographic Information [Abstract]

Total assets

^[1]

1,097.8

1,070.7

Operating Segments [Member] | Climate Solutions

Segment and Geographic Information [Abstract]

Total assets

448.7

412.7

Operating Segments [Member] | Performance Technologies

Segment and Geographic Information [Abstract]

Total assets

$ 371.1

$ 368.1

[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.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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+ Details

Segment and Geographic Information, Capital Expenditures and Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Segment and Geographic Information [Abstract]
Capital expenditures	$ 84.0	$ 87.7	$ 50.7
Depreciation and amortization	77.7	56.1	54.5
Operating Segments \| Climate Solutions
Segment and Geographic Information [Abstract]
Capital expenditures	53.3	52.7	26.3
Depreciation and amortization	48.3	26.5	24.7
Operating Segments \| Performance Technologies
Segment and Geographic Information [Abstract]
Capital expenditures	30.2	34.3	23.1
Depreciation and amortization	28.7	28.7	28.8
Corporate [Member]
Segment and Geographic Information [Abstract]
Capital expenditures	0.5	0.7	1.3
Depreciation and amortization	$ 0.7	$ 0.9	$ 1.0

Segment and Geographic Information, Net Sales by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Segment and Geographic Information [Abstract]
Net sales	$ 2,583.5	$ 2,407.8	$ 2,297.9
Reportable Geographical Component [Member] \| United States [Member]
Segment and Geographic Information [Abstract]
Net sales	1,287.5	1,233.7	1,139.3
Reportable Geographical Component [Member] \| Canada [Member]
Segment and Geographic Information [Abstract]
Net sales	241.7	7.9
Reportable Geographical Component [Member] \| Italy [Member]
Segment and Geographic Information [Abstract]
Net sales	209.7	242.4	249.5
Reportable Geographical Component [Member] \| Hungary [Member]
Segment and Geographic Information [Abstract]
Net sales	179.8	224.7	210.7
Reportable Geographical Component [Member] \| United Kingdom [Member]
Segment and Geographic Information [Abstract]
Net sales	157.8	135.8	93.6
Reportable Geographical Component [Member] \| China [Member]
Segment and Geographic Information [Abstract]
Net sales	130.7	144.2	151.6
Reportable Geographical Component [Member] \| Other [Member]
Segment and Geographic Information [Abstract]
Net sales	$ 376.3	$ 419.1	$ 453.2

Segment and Geographic Information, Property, Plant and Equipment by Geographic Area (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Segment and Geographic Information [Abstract]
Property, plant and equipment	$ 390.5	$ 365.7
Reportable Geographical Component [Member] \| United States [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	133.6	117.5
Reportable Geographical Component [Member] \| Italy [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	39.9	33.8
Reportable Geographical Component [Member] \| Hungary [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	38.4	40.7
Reportable Geographical Component [Member] \| China [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	37.4	39.4
Reportable Geographical Component [Member] \| Mexico [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	36.5	35.2
Reportable Geographical Component [Member] \| Other [Member]
Segment and Geographic Information [Abstract]
Property, plant and equipment	$ 104.7	$ 99.1

Schedule II - Valuation and Qualifying Accounts (Details)
$ in Millions

12 Months Ended

Oct. 31, 2023

item

Mar. 31, 2025

USD ($)

Mar. 31, 2024

USD ($)

item

Mar. 31, 2023

USD ($)

Valuation and Qualifying Accounts [Roll Forward]

Number of automotive businesses sold | item

3

Valuation Allowance for Deferred Tax Assets [Member]

Valuation and Qualifying Accounts [Roll Forward]

Balance at Beginning of Period

$ 63.0

$ 61.6

$ 112.2

Additions Charged (Benefit) to Costs and Expenses

4.5

11.9

(49.7)

Additions Charged to Other Accounts

^[1]

0.1

(10.5)

(0.9)

Balance at end of period

$ 67.6

$ 63.0

$ 61.6

[1]	Foreign currency translation and other adjustments. Fiscal 2024 amount also includes a decrease from the sale of three automotive businesses based in Germany.