10-Q Filing

MODINE MANUFACTURING CO CIK: 67347 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001140361-18-035022`
Period End Date	20180630
Filing Date	20180802
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	mod-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 48 Comprehensive Income 20

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.40M	USD	Point-in-time
Trade accounts receivable - net	`AccountsReceivableNetCurrent`	$347.60M	USD	Point-in-time
Trade accounts receivable - net	`AccountsReceivableNetCurrent`	$342.40M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.03	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
Inventories	`InventoryNet`	$203.70M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	16.00M	shares	Point-in-time
Inventories	`InventoryNet`	$191.30M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$70.10M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$68.60M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$643.10M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.62	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.62	USD	Point-in-time
Total current assets	`AssetsCurrent`	$661.30M	USD	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$486.90M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Property, plant and equipment - net	`PropertyPlantAndEquipmentNet`	$504.30M	USD	Point-in-time
Intangible assets - net	`FiniteLivedIntangibleAssetsNet`	$124.70M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	52.30M	shares	Point-in-time
Intangible assets - net	`FiniteLivedIntangibleAssetsNet`	$129.90M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	52.70M	shares	Point-in-time
Goodwill	`Goodwill`	$170.40M	USD	Point-in-time
Goodwill	`Goodwill`	$173.80M	USD	Point-in-time
Treasury stock at cost (in shares)	`TreasuryStockShares`	1.80M	shares	Point-in-time
Treasury stock at cost (in shares)	`TreasuryStockShares`	2.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$96.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$94.90M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$24.50M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$25.40M	USD	Point-in-time
Total assets	`Assets`	$1.56B	USD	Point-in-time
Total assets	`Assets`	$1.57B	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$93.20M	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$53.20M	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$41.20M	USD	Point-in-time
Long-term debt - current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$39.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$277.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$276.60M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$97.30M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$80.30M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$47.20M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$46.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$537.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$515.50M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$371.90M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$386.30M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$9.10M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$9.90M	USD	Point-in-time
Pensions	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$109.60M	USD	Point-in-time
Pensions	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$104.70M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$53.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$53.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.08B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.07B	USD	Point-in-time
Commitments and contingencies (see Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.625 par value, authorized 80.0 million shares, issued 52.7 million and 52.3 million shares	`CommonStockValue`	$32.90M	USD	Point-in-time
Common stock, $0.625 par value, authorized 80.0 million shares, issued 52.7 million and 52.3 million shares	`CommonStockValue`	$32.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$229.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$231.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$394.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$409.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-140.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-163.60M	USD	Point-in-time
Treasury stock, at cost, 2.0 million and 1.8 million shares	`TreasuryStockValue`	$30.80M	USD	Point-in-time
Treasury stock, at cost, 2.0 million and 1.8 million shares	`TreasuryStockValue`	$27.10M	USD	Point-in-time
Total Modine shareholders' equity	`StockholdersEquity`	$490.10M	USD	Point-in-time
Total Modine shareholders' equity	`StockholdersEquity`	$479.50M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$8.40M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$6.70M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$486.20M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$498.50M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.56B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.57B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$515.50M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$566.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$427.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$471.80M	USD	1 Quarter
Gross profit	`GrossProfit`	$88.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$94.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$59.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$59.20M	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$200.00K	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$1.70M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$27.60M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$34.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.60M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.20M	USD	1 Quarter
Other expense - net	`OtherNonoperatingIncomeExpense`	$-1.10M	USD	1 Quarter
Other expense - net	`OtherNonoperatingIncomeExpense`	$-900.00K	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$20.10M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$27.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.70M	USD	1 Quarter
Net earnings	`ProfitLoss`	$17.40M	USD	1 Quarter
Net earnings	`ProfitLoss`	$22.50M	USD	1 Quarter
Net earnings attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$500.00K	USD	1 Quarter
Net earnings attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$400.00K	USD	1 Quarter
Net earnings attributable to Modine	`NetIncomeLoss`	$22.00M	USD	1 Quarter
Net earnings attributable to Modine	`NetIncomeLoss`	$17.00M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.43	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.34	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.43	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.30M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	49.50M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.20M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.10M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$17.40M	USD	1 Quarter
Net earnings	`ProfitLoss`	$22.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.40M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.30M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-4.10M	USD	1 Quarter
Other - net	`OtherNoncashIncomeExpense`	$-600.00K	USD	1 Quarter
Other - net	`OtherNoncashIncomeExpense`	$-2.20M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.00M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.60M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$21.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.30M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$15.40M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$15.20M	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$9.60M	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$24.70M	USD	1 Quarter
Net cash (used for) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.60M	USD	1 Quarter
Net cash (used for) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.10M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.60M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.60M	USD	1 Quarter
Other - net	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.90M	USD	1 Quarter
Other - net	`PaymentsForProceedsFromOtherInvestingActivities`	$800.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.40M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.70M	USD	1 Quarter
Borrowings of debt	`ProceedsFromIssuanceOfDebt`	$48.10M	USD	1 Quarter
Borrowings of debt	`ProceedsFromIssuanceOfDebt`	$105.90M	USD	1 Quarter
Repayments of debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$72.70M	USD	1 Quarter
Repayments of debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$36.70M	USD	1 Quarter
Dividend paid to noncontrolling interest	`PaymentsOfDividendsMinorityInterest`	$1.80M	USD	1 Quarter
Dividend paid to noncontrolling interest	`PaymentsOfDividendsMinorityInterest`	$900.00K	USD	1 Quarter
Other - net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.80M	USD	1 Quarter
Other - net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-900.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$27.60M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.60M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.40M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.80M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.00M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.20M	USD	1 Quarter
Cash and cash equivalents and restricted cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$34.80M	USD	Point-in-time
Cash and cash equivalents and restricted cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.30M	USD	Point-in-time
Cash and cash equivalents and restricted cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.00M	USD	Point-in-time
Cash and cash equivalents and restricted cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.30M	USD	Point-in-time
Cash and cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$34.80M	USD	Point-in-time
Cash and cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.30M	USD	Point-in-time
Cash and cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.00M	USD	Point-in-time
Cash and cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.30M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$17.40M	USD	1 Quarter
Net earnings	`ProfitLoss`	$22.50M	USD	1 Quarter
Defined benefit plans, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$300.00K	USD	1 Quarter
Defined benefit plans, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$500.00K	USD	1 Quarter
Cash flow hedges, tax	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	-	USD	1 Quarter
Cash flow hedges, tax	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	$100.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$16.50M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-25.10M	USD	1 Quarter
Defined benefit plans, net of income taxes of $0.3 and $0.5 million	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.00M	USD	1 Quarter
Defined benefit plans, net of income taxes of $0.3 and $0.5 million	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-800.00K	USD	1 Quarter
Cash flow hedges, net of income taxes of $0.1 million	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$400.00K	USD	1 Quarter
Cash flow hedges, net of income taxes of $0.1 million	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	-	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$17.30M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-23.70M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-1.20M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$34.70M	USD	1 Quarter
Comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Comprehensive income attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$400.00K	USD	1 Quarter
Comprehensive income (loss) attributable to Modine	`ComprehensiveIncomeNetOfTax`	$-1.30M	USD	1 Quarter
Comprehensive income (loss) attributable to Modine	`ComprehensiveIncomeNetOfTax`	$34.30M	USD	1 Quarter

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