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Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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Mar. 31, 2019
Quarterly Financial Data (Unaudited) [Abstract] |
Summary of Quarterly Financial Data | The following is a summary of quarterly financial data:
|  | Fiscal 2019 quarters ended |  |  |  |
|  | June |  |  | Sept. |  |  | Dec. |  |  | March |  |  | Fiscal 2019 |
Net sales |  | $ | 566.1 |  |  | $ | 548.9 |  |  | $ | 541.0 |  |  | $ | 556.7 |  |  | $ | 2,212.7 |
Gross profit |  |  | 94.3 |  |  |  | 87.9 |  |  |  | 91.7 |  |  |  | 91.6 |  |  |  | 365.5 |
Net earnings (a) |  |  | 22.5 |  |  |  | 38.7 |  |  |  | 18.3 |  |  |  | 6.4 |  |  |  | 85.9 |
Net earnings attributable to Modine (a) |  |  | 22.0 |  |  |  | 38.5 |  |  |  | 18.0 |  |  |  | 6.3 |  |  |  | 84.8 |
Net earnings per share attributable to Modine shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.43 |  |  | $ | 0.76 |  |  | $ | 0.36 |  |  | $ | 0.12 |  |  | $ | 1.67 |
Diluted |  |  | 0.43 |  |  |  | 0.75 |  |  |  | 0.35 |  |  |  | 0.12 |  |  |  | 1.65 |
|  | 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) (b) |  |  | 17.4 |  |  |  | 16.3 |  |  |  | (27.9 | ) |  |  | 18.0 |  |  |  | 23.8 |
Net earnings (loss) attributable to Modine (b) |  |  | 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 |
| (a) | During fiscal 2019, restructuring expenses totaled $0.2 million, $0.5 million, and $8.9 million for the quarters ended June 30, 2018, December 31, 2018, and March 31, 2019, respectively (see Note 6). During the second quarter of fiscal 2019, the Company sold its South African business within the BHVAC segment and, as a result, recorded a loss of $1.7 million (see Note 1). During the third quarter of fiscal 2019, the Company recorded a $0.4 million impairment charge related to a manufacturing facility in Austria (see Note 6). The Company’s income tax benefit for fiscal 2019 includes net benefits of $24.4 million and net charges of $2.2 million in the second and third quarters, respectively, related to the Tax Act and the recognition of foreign tax credits (see Note 8). During fiscal 2019, the Company adjusted its valuation allowances on deferred tax assets related to two separate subsidiaries in China and, as a result, recorded a $2.0 million income tax benefit and a $1.0 million income tax charge in the first and second quarters, respectively (see Note 8).
| (b) | 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 6). 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 6). During the fourth quarter of fiscal 2018, the Company recorded a $1.2 million impairment charge related to intangible assets (see Note 14). The Company recorded income tax charges totaling $35.7 million and $2.3 million during the third and fourth quarters of fiscal 2018, respectively, related to the Tax Act (see Note 8). 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 8).

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109225645&loc=d3e1280-108306 + Details
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