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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Mar. 31, 2018
Quarterly Financial Data (Unaudited) [Abstract] |
Quarterly Financial Data (Unaudited) |
Note 21: | Quarterly Financial Data (Unaudited)
Quarterly financial data is summarized below for the years ended March 31, 2018 and 2017:
|  | Fiscal 2018 quarters ended |  |  |  |
|  | June |  |  | Sept. |  |  | Dec. |  |  | March |  |  | Fiscal 2018 |
Net sales |  | $ | 515.5 |  |  | $ | 508.3 |  |  | $ | 512.7 |  |  | $ | 566.6 |  |  | $ | 2,103.1 |
Gross profit |  |  | 88.5 |  |  |  | 86.1 |  |  |  | 85.4 |  |  |  | 96.5 |  |  |  | 356.5 |
Net earnings (loss) (a) |  |  | 17.4 |  |  |  | 16.3 |  |  |  | (27.9 | ) |  |  | 18.0 |  |  |  | 23.8 |
Net earnings (loss) attributable to Modine (a) |  |  | 17.0 |  |  |  | 15.9 |  |  |  | (28.3 | ) |  |  | 17.6 |  |  |  | 22.2 |
Net earnings (loss) per share attributable to Modine shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.34 |  |  | $ | 0.32 |  |  | $ | (0.57 | ) |  | $ | 0.35 |  |  | $ | 0.44 |
Diluted |  |  | 0.34 |  |  |  | 0.31 |  |  |  | (0.57 | ) |  |  | 0.34 |  |  |  | 0.43 |
|  | Fiscal 2017 quarters ended |  |  |  |
|  | June |  |  | Sept. |  |  | Dec. |  |  | March |  |  | Fiscal 2017 |
Net sales |  | $ | 347.2 |  |  | $ | 317.7 |  |  | $ | 349.8 |  |  | $ | 488.3 |  |  | $ | 1,503.0 |
Gross profit |  |  | 62.3 |  |  |  | 48.0 |  |  |  | 59.0 |  |  |  | 85.1 |  |  |  | 254.4 |
Net earnings (loss) (b) |  |  | 8.9 |  |  |  | (4.0 | ) |  |  | 1.9 |  |  |  | 8.1 |  |  |  | 14.9 |
Net earnings (loss) attributable to Modine (b) |  |  | 8.6 |  |  |  | (4.1 | ) |  |  | 1.7 |  |  |  | 8.0 |  |  |  | 14.2 |
Net earnings (loss) per share attributable to Modine shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.18 |  |  | $ | (0.09 | ) |  | $ | 0.04 |  |  | $ | 0.16 |  |  | $ | 0.29 |
Diluted |  |  | 0.18 |  |  |  | (0.09 | ) |  |  | 0.04 |  |  |  | 0.16 |  |  |  | 0.29 |
| (a) | During fiscal 2018, restructuring expenses totaled $1.7 million, $0.4 million, $9.4 million, and $4.5 million for the quarters ended June 30, 2017, September 30, 2017, December 31, 2017, and March 31, 2018, respectively (see Note 5). During the third quarter of fiscal 2018, the Company recorded a $1.3 million asset impairment charge related to a manufacturing facility in Austria (see Note 5). During the fourth quarter of fiscal 2018, the Company recorded a $1.2 million impairment charge related to intangible assets (see Note 12). During fiscal 2018, costs directly related to the acquisition and integration of Luvata HTS totaled $1.6 million, $1.1 million, $1.0 million, and $0.6 million for the quarters ended June 30, 2017, September 30, 2017, December 31, 2017, and March 31, 2018, respectively (see Note 2). The Company recorded charges totaling $35.7 million and $2.3 million resulting for certain income tax effects of recently-enacted U.S. tax legislation in the quarters ended December 31, 2017 and March 31, 2018, respectively (see Note 7). During the fourth quarter of fiscal 2018, the Company reversed a portion of a valuation allowance related to a foreign tax jurisdiction, and, as a result, recorded an income tax benefit of $2.8 million (see Note 7).
| (b) | During fiscal 2017, restructuring expenses totaled $2.3 million, $2.1 million, $1.6 million, and $4.9 million for the quarters ended June 30, 2016, September 30, 2016, December 31, 2016, and March 31, 2017, respectively (see Note 5). During fiscal 2017, the Company sold two previously-closed manufacturing facilities in its Americas segment and a facility in its Europe segment and recognized net gains totaling $1.2 million and $0.8 million in the quarters ended September 30, 2016 and March 31, 2017, respectively. During fiscal 2017, costs directly related to the acquisition and integration of Luvata HTS totaled $1.4 million, $3.0 million, $7.2 million, and $3.2 million for the quarters ended June 30, 2016, September 30, 2016, December 31, 2016, and March 31, 2017, respectively (see Note 2). During the fourth quarter of fiscal 2017, the Company recorded a deferred tax valuation allowance related to a foreign tax jurisdiction, and, as a result, recorded income tax expense of $2.0 million (see Note 7).

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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