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Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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Mar. 31, 2016
Quarterly Financial Data (Unaudited) [Abstract] |
Summary of quarterly financial data | Quarterly financial data is summarized below for the years ended March 31, 2016 and 2015:
|  | Fiscal 2016 quarters ended |  |  |
|  | June |  | Sept. |  | Dec. |  | March |  | Fiscal 2016
Net sales |  | $ | 346.1 |  |  | $ | 334.0 |  |  | $ | 328.7 |  |  | $ | 343.7 |  |  | $ | 1,352.5 |
Gross profit |  |  | 57.0 |  |  |  | 45.7 |  |  |  | 58.6 |  |  |  | 62.2 |  |  |  | 223.5 |
Earnings (loss) from continuing operations (a) |  |  | 5.5 |  |  |  | (22.5 | ) |  |  | 8.2 |  |  |  | 7.8 |  |  |  | (1.0 | )
Net earnings (loss) attributable to Modine (a) |  |  | 5.1 |  |  |  | (22.5 | ) |  |  | 8.2 |  |  |  | 7.6 |  |  |  | (1.6 | )
Net earnings (loss) per share attributable to Modine shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.11 |  |  | $ | (0.47 | ) |  | $ | 0.17 |  |  | $ | 0.16 |  |  | $ | (0.03 | )
Diluted |  |  | 0.11 |  |  |  | (0.47 | ) |  |  | 0.17 |  |  |  | 0.16 |  |  |  | (0.03 | )
|  | Fiscal 2015 quarters ended |  |  |
|  | June |  | Sept. |  | Dec. |  | March |  | Fiscal 2015
Net sales |  | $ | 392.5 |  |  | $ | 377.3 |  |  | $ | 363.6 |  |  | $ | 363.0 |  |  | $ | 1,496.4 |
Gross profit |  |  | 67.7 |  |  |  | 56.7 |  |  |  | 59.4 |  |  |  | 62.7 |  |  |  | 246.5 |
Earnings (loss) from continuing operations (b) |  |  | 14.1 |  |  |  | 2.0 |  |  |  | 9.1 |  |  |  | (3.0 | ) |  |  | 22.2 |
Net earnings (loss) attributable to Modine (b) |  |  | 13.7 |  |  |  | 1.7 |  |  |  | 9.6 |  |  |  | (3.2 | ) |  |  | 21.8 |
Net earnings (loss) per share attributable to Modine shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.29 |  |  | $ | 0.04 |  |  | $ | 0.20 |  |  | $ | (0.07 | ) |  | $ | 0.46 |
Diluted |  |  | 0.28 |  |  |  | 0.04 |  |  |  | 0.20 |  |  |  | (0.07 | ) |  |  | 0.45 |
| (a) | During fiscal 2016, restructuring expenses totaled $2.6 million, $1.0 million, $1.6 million, and $11.4 million for the quarters ended June 30, 2015, September 30, 2015, December 31, 2015, and March 31, 2016, respectively (see Note 6). During the fourth quarter of fiscal 2016, the Company recorded a $9.9 million asset impairment charge related to a manufacturing facility in Germany (see Note 6). During fiscal 2016, non-cash pension settlement losses totaled $39.2 million, $1.1 million, and $1.8 million for the quarters ended September 30, 2015, December 31, 2015, and March 31, 2016, respectively (see Note 17). During the fourth quarter of fiscal 2016, the Company recorded a $9.5 million gain related to an insurance settlement for equipment losses resulting from the Airedale fire (see Note 2). Also during the fourth quarter of fiscal 2016, the Company reversed a deferred tax asset valuation allowance, and, as a result, recorded an income tax benefit of $3.0 million (see Note 8).
| (b) | During fiscal 2015, restructuring expenses totaled $0.8 million, $1.0 million, $1.9 million, and $1.0 million for the quarters ended June 30, 2014, September 30, 2014, December 31, 2014, and March 31, 2015, respectively (see Note 6). During the third quarter of fiscal 2015, the Company sold a wind tunnel and recognized a gain of $3.2 million (see Note 6). During the fourth quarter of fiscal 2015, the Company recorded a $7.8 million goodwill impairment charge (see Note 14) and a $3.2 million charge associated with a legal matter in Brazil (see Note 19).

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 + Details
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