10-Q Filing

MODINE MANUFACTURING CO CIK: 67347 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001140361-12-035447`
Period End Date	20120630
Filing Date	20120807
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	mod-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 92 Income Statement 38 Cash Flow Statement 44 Comprehensive Income 16

Balance Sheet 92 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.93M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$809.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.45M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$940.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.19M	USD	Point-in-time
Trade receivables, less allowance for doubtful accounts of $940 and $809	`AccountsReceivableNetCurrent`	$216.10M	USD	Point-in-time
Trade receivables, less allowance for doubtful accounts of $940 and $809	`AccountsReceivableNetCurrent`	$190.06M	USD	Point-in-time
Inventories	`InventoryNet`	$120.82M	USD	Point-in-time
Inventories	`InventoryNet`	$125.58M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Deferred income taxes and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$63.47M	USD	Point-in-time
Deferred income taxes and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$59.16M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.03	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	16.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	16.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$427.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$422.29M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$412.06M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.62	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$394.56M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.62	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Investment in affiliates	`EquityMethodInvestments`	$3.73M	USD	Point-in-time
Investment in affiliates	`EquityMethodInvestments`	$4.04M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Goodwill	`Goodwill`	$29.93M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	47.36M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	47.71M	shares	Point-in-time
Goodwill	`Goodwill`	$28.44M	USD	Point-in-time
Treasury stock at cost: shares (in shares)	`TreasuryStockShares`	611,000.00	shares	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$5.51M	USD	Point-in-time
Intangible assets - net	`IntangibleAssetsNetExcludingGoodwill`	$5.80M	USD	Point-in-time
Treasury stock at cost: shares (in shares)	`TreasuryStockShares`	594,000.00	shares	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$13.66M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$14.40M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$446.21M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$465.93M	USD	Point-in-time
Total assets	`Assets`	$893.46M	USD	Point-in-time
Total assets	`Assets`	$868.50M	USD	Point-in-time
Short-term debt	`ShortTermBankLoansAndNotesPayable`	$21.30M	USD	Point-in-time
Short-term debt	`ShortTermBankLoansAndNotesPayable`	$21.55M	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtCurrent`	$558.00K	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtCurrent`	$1.09M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$156.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$140.07M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$49.25M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$50.64M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$2.80M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$4.49M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$61.15M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$63.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$297.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$275.37M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$161.55M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$141.89M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$12.30M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$11.91M	USD	Point-in-time
Pensions	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$90.32M	USD	Point-in-time
Pensions	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$94.09M	USD	Point-in-time
Postretirement benefits	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$6.49M	USD	Point-in-time
Postretirement benefits	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$6.43M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$14.07M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$15.07M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$269.78M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$284.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$567.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$559.71M	USD	Point-in-time
Commitments and contingencies (see note 18)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see note 18)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.025 par value, authorized 16,000 shares, issued - none	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.025 par value, authorized 16,000 shares, issued - none	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.625 par value, authorized 80,000 shares, issued 47,714 and 47,361 shares, respectively	`CommonStockValue`	$29.60M	USD	Point-in-time
Common stock, $0.625 par value, authorized 80,000 shares, issued 47,714 and 47,361 shares, respectively	`CommonStockValue`	$29.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$168.96M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$168.29M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$230.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$231.83M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-90.31M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-107.55M	USD	Point-in-time
Treasury stock at cost: 611 and 594 shares, respectively	`TreasuryStockValue`	$14.62M	USD	Point-in-time
Treasury stock at cost: 611 and 594 shares, respectively	`TreasuryStockValue`	$14.51M	USD	Point-in-time
Total Modine shareholders' equity	`StockholdersEquity`	$324.91M	USD	Point-in-time
Total Modine shareholders' equity	`StockholdersEquity`	$307.27M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$1.52M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$1.23M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$326.13M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$308.79M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$893.46M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$868.50M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$350.38M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$417.86M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$298.79M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$348.06M	USD	1 Quarter
Gross profit	`GrossProfit`	$51.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$69.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$43.22M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$49.60M	USD	1 Quarter
Restructuring expense (income)	`SeveranceCosts`	$4.49M	USD	1 Quarter
Restructuring expense (income)	`SeveranceCosts`	$-57.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.87M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$20.26M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.99M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.04M	USD	1 Quarter
Other expense (income) - net	`OtherOperatingIncomeExpenseNet`	$166.00K	USD	1 Quarter
Other expense (income) - net	`OtherOperatingIncomeExpenseNet`	$339.00K	USD	1 Quarter
Earnings from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$17.61M	USD	1 Quarter
Earnings from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$998.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.05M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.04M	USD	1 Quarter
(Loss) earnings from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.05M	USD	1 Quarter
(Loss) earnings from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$12.57M	USD	1 Quarter
Earnings from discontinued operations (net of income taxes)	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$177.00K	USD	1 Quarter
Earnings from discontinued operations (net of income taxes)	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	-	USD	1 Quarter
Net (loss) earnings	`ProfitLoss`	$-878.00K	USD	1 Quarter
Net (loss) earnings	`ProfitLoss`	$12.57M	USD	1 Quarter
Less: Net earnings (loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-9.00K	USD	1 Quarter
Less: Net earnings (loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$301.00K	USD	1 Quarter
Net (loss) earnings attributable to Modine	`NetIncomeLoss`	$-1.18M	USD	1 Quarter
Net (loss) earnings attributable to Modine	`NetIncomeLoss`	$12.57M	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.03	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.27	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.03	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.27	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net (loss) earnings	`ProfitLoss`	$-878.00K	USD	1 Quarter
Net (loss) earnings	`ProfitLoss`	$12.57M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.95M	USD	1 Quarter
Other - net	`OtherNoncashIncomeExpense`	$-4.07M	USD	1 Quarter
Other - net	`OtherNoncashIncomeExpense`	$-2.49M	USD	1 Quarter
Net changes in operating assets and liabilities, excluding dispositions	`IncreaseDecreaseInOperatingCapital`	$12.47M	USD	1 Quarter
Net changes in operating assets and liabilities, excluding dispositions	`IncreaseDecreaseInOperatingCapital`	$44.00M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.00M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.78M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.73M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.64M	USD	1 Quarter
Proceeds from dispositions of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$761.00K	USD	1 Quarter
Proceeds from dispositions of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$85.00K	USD	1 Quarter
Settlement of derivative contracts	`PaymentsForProceedsFromHedgeInvestingActivities`	$779.00K	USD	1 Quarter
Settlement of derivative contracts	`PaymentsForProceedsFromHedgeInvestingActivities`	$-269.00K	USD	1 Quarter
Other - net	`PaymentsForProceedsFromOtherInvestingActivities`	$-163.00K	USD	1 Quarter
Other - net	`PaymentsForProceedsFromOtherInvestingActivities`	$-172.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.27M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.44M	USD	1 Quarter
Short-term debt - net	`ProceedsFromRepaymentsOfShortTermDebt`	$822.00K	USD	1 Quarter
Short-term debt - net	`ProceedsFromRepaymentsOfShortTermDebt`	$83.00K	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$75.05M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$54.37M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$34.85M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$35.63M	USD	1 Quarter
Capital contribution by noncontrolling interest in joint venture	`ProceedsFromMinorityShareholders`	-	USD	1 Quarter
Capital contribution by noncontrolling interest in joint venture	`ProceedsFromMinorityShareholders`	$936.00K	USD	1 Quarter
Other - net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-204.00K	USD	1 Quarter
Other - net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-97.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$20.13M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$40.34M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$501.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-894.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.40M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.74M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$48.33M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.93M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$31.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$43.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$48.33M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$32.93M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$31.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$43.19M	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net (loss) earnings	`ProfitLoss`	$-878.00K	USD	1 Quarter
Net (loss) earnings	`ProfitLoss`	$12.57M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-18.96M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.66M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-2.11M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$724.00K	USD	1 Quarter
Change in benefit plan adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.55M	USD	1 Quarter
Change in benefit plan adjustment	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-999.00K	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-7.10M	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$17.24M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-18.12M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$19.67M	USD	1 Quarter
Comprehensive income (loss) attributable to noncontroling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$301.00K	USD	1 Quarter
Comprehensive income (loss) attributable to noncontroling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-9.00K	USD	1 Quarter
Comprehensive (loss) income attributable to Modine	`ComprehensiveIncomeNetOfTax`	$-18.42M	USD	1 Quarter
Comprehensive (loss) income attributable to Modine	`ComprehensiveIncomeNetOfTax`	$19.68M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.