ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Large Accelerated Filer ☐
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Non-accelerated Filer ☐
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Smaller reporting company
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Emerging growth company
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Incorporated Document
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Location in Form 10-K
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Proxy Statement for the 2022 Annual
Meeting of Shareholders
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Part III of Form 10-K
(Items 10, 11, 12, 13, 14)
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PART I
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|||
ITEM 1.
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1
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||
ITEM 1A.
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10
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ITEM 1B.
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19
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||
ITEM 2.
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19
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ITEM 3.
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19
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ITEM 4.
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19
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||
20
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|||
PART II
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ITEM 5.
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21
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ITEM 7.
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23
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ITEM 7A.
|
41
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||
ITEM 8.
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44
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||
ITEM 9.
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87
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||
ITEM 9A.
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87
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||
ITEM 9B.
|
87 | ||
ITEM 9C.
|
87 | ||
PART III
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|||
ITEM 10.
|
88 | ||
ITEM 11.
|
88
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||
ITEM 12.
|
89 | ||
ITEM 13.
|
89 | ||
ITEM 14.
|
89 | ||
PART IV
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|||
ITEM 15.
|
89 | ||
ITEM 16.
|
89 | ||
90 | |||
91 | |||
95 |
− |
Heating, ventilation and cooling OEMs;
|
− |
Construction architects and contractors;
|
− |
Wholesalers of heating equipment;
|
− |
Agricultural, industrial and construction equipment OEMs;
|
− |
Commercial and industrial equipment OEMs; and
|
− |
Automobile, truck, bus, and specialty vehicle OEMs.
|
Fiscal 2022
|
Fiscal 2021
|
|||||||
Commercial HVAC&R
|
38
|
%
|
34
|
%
|
||||
Automotive and light vehicle
|
18
|
%
|
25
|
%
|
||||
Off-highway
|
16
|
%
|
15
|
%
|
||||
Commercial vehicle
|
16
|
%
|
15
|
%
|
||||
Data center cooling
|
5
|
%
|
4
|
%
|
||||
Industrial cooling
|
3
|
%
|
4
|
%
|
||||
Other
|
4
|
%
|
3
|
%
|
North America
|
South America
|
Europe
|
Asia
|
United States
|
Brazil
|
Germany |
China
|
Mexico
|
|
Hungary
|
India
|
Italy
|
South Korea
|
||
Netherlands
|
United Arab Emirates
|
||
Serbia
|
|||
Spain
|
|||
Sweden
|
|||
United Kingdom
|
− |
Code of Conduct, which is applicable to all Modine directors and employees, including our executive officers;
|
− |
Corporate Governance Guidelines;
|
− |
Audit Committee Charter;
|
− |
Human Capital and Compensation Committee Charter;
|
− |
Corporate Governance and Nominating Committee Charter; and
|
− |
Technology Committee Charter.
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A. |
MARKET RISKS
|
B. |
OPERATIONAL RISKS
|
C. |
STRATEGIC RISKS
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D. |
FINANCIAL RISKS
|
E. |
GENERAL RISKS
|
Americas
|
Europe
|
Asia
|
Total
|
|||||||||||||
BHVAC
|
2
|
4
|
-
|
6
|
||||||||||||
CIS
|
9
|
6
|
1
|
16
|
||||||||||||
HDE
|
6
|
2
|
4
|
12
|
||||||||||||
Automotive
|
1
|
5
|
2
|
8
|
||||||||||||
Total manufacturing facilities
|
18
|
17
|
7
|
42
|
Name
|
Age
|
Position
|
||
Brian J. Agen
|
53
|
Vice President, Human Resources (October 2012 – Present).
|
||
Neil D. Brinker
|
46
|
President and Chief Executive Officer (December 2020 – Present). Prior to joining Modine, Mr. Brinker served as President and Chief Operating Officer of Advanced Energy Industries, Inc. after serving as its Executive Vice President
and Chief Operating Officer. Prior to joining Advanced Energy Industries, Inc, Mr. Brinker served as a Group President at IDEX Corporation.
|
||
Michael B. Lucareli
|
53
|
Executive Vice President, Chief Financial Officer (May 2021 – Present); previously Vice President, Finance and Chief Financial Officer for the Company.
|
||
Eric S. McGinnis
|
51
|
President, Climate Solutions (April 2022 – Present); previously Vice President, Building HVAC upon joining Modine in August 2021. Prior to joining Modine, Mr. McGinnis served as President, Industrial Systems at Regal Beloit.
|
||
Adrian I. Peace
|
54
|
President, Performance Technologies (April 2022 – Present); previously Vice President, Commercial & Industrial Solutions upon joining Modine in August 2021. Prior to joining Modine, Mr. Peace served as a Strategy Advisor for AIP
LLC. Prior to AIP LLC, Mr. Peace served as Senior Vice President, Emerging Business Operations for Republic Services. Prior to Republic Services, Mr. Peace served as the Vice President of the International Business and Specialty Brands
at W.W. Grainger, Inc.
|
||
Sylvia A. Stein
|
55
|
Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer (February 2020 – Present); previously Vice President, General Counsel and Corporate Secretary for the Company. Prior to joining Modine, Ms. Stein served
as the Associate General Counsel, Marketing & Regulatory at the Kraft Heinz Foods Company.
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
|
Period
|
Total Number of
Shares Purchased
|
Average
Price Paid
Per Share
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
Maximum
Number (or
Approximate Dollar
Value) of Shares
that May Yet Be
Purchased Under the
Plans or Programs (a)
|
January 1 – January 31, 2022
|
_______
|
_______
|
_______
|
$50,000,000
|
February 1 – February 28, 2022
|
17,169 (b)
|
$10.12
|
_______
|
$50,000,000
|
March 1 – March 31, 2022
|
10,630 (b)
|
$9.70
|
_______
|
$50,000,000
|
Total
|
27,799 (b)
|
$9.96
|
_______
|
(a)
|
Effective November 5, 2020, the Board of Directors approved a two-year, $50.0 million share repurchase program. This program allows the Company to repurchase Modine common stock at such times and prices deemed appropriate by the
authorized officers of the Company.
|
(b)
|
Consists of shares delivered back to the Company by employees and/or directors to satisfy tax withholding obligations that arise upon the vesting of stock awards. The Company, pursuant to its equity compensation plans, gives
participants the opportunity to turn back to the Company the number of shares from the award sufficient to satisfy tax withholding obligations that arise upon the termination of restrictions. These shares are held as treasury shares.
|
Indexed Returns
|
||||||||||||||||||||||||
Initial Investment
|
Years ended March 31,
|
|||||||||||||||||||||||
Company / Index
|
March 31, 2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
||||||||||||||||||
Modine Manufacturing Company
|
$
|
100
|
$
|
173.36
|
$
|
113.69
|
$
|
26.64
|
$
|
121.07
|
$
|
73.85
|
||||||||||||
Russell 2000 Index
|
100
|
111.79
|
114.09
|
86.72
|
168.96
|
159.19
|
||||||||||||||||||
S&P SmallCap 600 Industrials Index
|
100
|
116.52
|
115.17
|
89.24
|
174.33
|
174.34
|
||||||||||||||||||
S&P MidCap 400 Industrials Index
|
100
|
116.46
|
117.90
|
95.87
|
179.84
|
187.64
|
Years ended March 31,
|
||||||||||||||||||||||||
2022
|
2021
|
2020
|
||||||||||||||||||||||
(in millions)
|
$’s
|
% of sales
|
$’s
|
% of sales
|
$’s
|
% of sales
|
||||||||||||||||||
Net sales
|
$
|
2,050
|
100.0
|
%
|
$
|
1,808
|
100.0
|
%
|
$
|
1,976
|
100.0
|
%
|
||||||||||||
Cost of sales
|
1,741
|
84.9
|
%
|
1,515
|
83.8
|
%
|
1,668
|
84.4
|
%
|
|||||||||||||||
Gross profit
|
309
|
15.1
|
%
|
293
|
16.2
|
%
|
308
|
15.6
|
%
|
|||||||||||||||
Selling, general and administrative expenses
|
215
|
10.5
|
%
|
211
|
11.7
|
%
|
250
|
12.6
|
%
|
|||||||||||||||
Restructuring expenses
|
24
|
1.2
|
%
|
13
|
0.7
|
%
|
12
|
0.6
|
%
|
|||||||||||||||
Impairment charges (reversals) - net
|
(56
|
)
|
-2.7
|
%
|
167
|
9.2
|
%
|
9
|
0.4
|
%
|
||||||||||||||
Loss (gain) on sale of assets
|
7
|
0.3
|
%
|
-
|
-
|
(1
|
)
|
-
|
||||||||||||||||
Operating income (loss)
|
119
|
5.8
|
%
|
(98
|
)
|
-5.4
|
%
|
38
|
1.9
|
%
|
||||||||||||||
Interest expense
|
(16
|
)
|
-0.8
|
%
|
(19
|
)
|
-1.1
|
%
|
(23
|
)
|
-1.1
|
%
|
||||||||||||
Other expense – net
|
(2
|
)
|
-0.1
|
%
|
(2
|
)
|
-0.1
|
%
|
(5
|
)
|
-0.2
|
%
|
||||||||||||
Earnings (loss) before income taxes
|
101
|
5.0
|
%
|
(119
|
)
|
-6.6
|
%
|
10
|
0.5
|
%
|
||||||||||||||
Provision for income taxes
|
(15
|
)
|
-0.7
|
%
|
(90
|
)
|
-5.0
|
%
|
(12
|
)
|
-0.6
|
%
|
||||||||||||
Net earnings (loss)
|
$
|
86
|
4.2
|
%
|
$
|
(209
|
)
|
-11.6
|
%
|
$
|
(2
|
)
|
-0.1
|
%
|
Years ended March 31,
|
||||||||||||||||||||||||
2022
|
2021
|
2020
|
||||||||||||||||||||||
(in millions)
|
$’s
|
% of sales
|
$’s
|
% of sales
|
$’s
|
% of sales
|
||||||||||||||||||
Net sales
|
$
|
337
|
100.0
|
%
|
$
|
263
|
100.0
|
%
|
$
|
307
|
100.0
|
%
|
||||||||||||
Cost of sales
|
243
|
72.2
|
%
|
178
|
67.6
|
%
|
206
|
67.3
|
%
|
|||||||||||||||
Gross profit
|
94
|
27.8
|
%
|
85
|
32.4
|
%
|
100
|
32.7
|
%
|
|||||||||||||||
Selling, general and administrative expenses
|
48
|
14.1
|
%
|
40
|
15.2
|
%
|
42
|
13.7
|
%
|
|||||||||||||||
Operating income
|
$
|
46
|
13.6
|
%
|
$
|
45
|
17.2
|
%
|
$
|
58
|
19.0
|
%
|
Years ended March 31,
|
||||||||||||||||||||||||
2022
|
2021
|
2020
|
||||||||||||||||||||||
(in millions)
|
$’s
|
% of sales
|
$’s
|
% of sales
|
$’s
|
% of sales
|
||||||||||||||||||
Net sales
|
$
|
627
|
100.0
|
%
|
$
|
512
|
100.0
|
%
|
$
|
541
|
100.0
|
%
|
||||||||||||
Cost of sales
|
539
|
85.9
|
%
|
448
|
87.5
|
%
|
477
|
88.1
|
%
|
|||||||||||||||
Gross profit
|
88
|
14.1
|
%
|
64
|
12.5
|
%
|
64
|
11.9
|
%
|
|||||||||||||||
Selling, general and administrative expenses
|
51
|
8.1
|
%
|
49
|
9.5
|
%
|
51
|
9.3
|
%
|
|||||||||||||||
Restructuring expenses
|
2
|
0.4
|
%
|
5
|
1.0
|
%
|
2
|
0.4
|
%
|
|||||||||||||||
Impairment charge
|
-
|
-
|
-
|
-
|
1
|
0.1
|
%
|
|||||||||||||||||
Operating income
|
$
|
35
|
5.6
|
%
|
$
|
10
|
2.0
|
%
|
$
|
11
|
2.1
|
%
|
Years ended March 31,
|
||||||||||||||||||||||||
2022
|
2021
|
2020
|
||||||||||||||||||||||
(in millions)
|
$’s
|
% of sales
|
$’s
|
% of sales
|
$’s
|
% of sales
|
||||||||||||||||||
Net sales
|
$
|
824
|
100.0
|
%
|
$
|
682
|
100.0
|
%
|
$
|
746
|
100.0
|
%
|
||||||||||||
Cost of sales
|
737
|
89.4
|
%
|
594
|
87.0
|
%
|
649
|
87.0
|
%
|
|||||||||||||||
Gross profit
|
87
|
10.6
|
%
|
88
|
13.0
|
%
|
97
|
13.0
|
%
|
|||||||||||||||
Selling, general and administrative expenses
|
51
|
6.2
|
%
|
49
|
7.1
|
%
|
56
|
7.4
|
%
|
|||||||||||||||
Restructuring expenses
|
1
|
0.2
|
%
|
3
|
0.4
|
%
|
3
|
0.4
|
%
|
|||||||||||||||
Operating income
|
$
|
35
|
4.2
|
%
|
$
|
37
|
5.4
|
%
|
$
|
38
|
5.1
|
%
|
Years ended March 31,
|
||||||||||||||||||||||||
2022
|
2021
|
2020
|
||||||||||||||||||||||
(in millions)
|
$’s
|
% of sales
|
$’s
|
% of sales
|
$’s
|
% of sales
|
||||||||||||||||||
Net sales
|
$
|
313
|
100.0
|
%
|
$
|
398
|
100.0
|
%
|
$
|
445
|
100.0
|
%
|
||||||||||||
Cost of sales
|
274
|
87.5
|
%
|
342
|
85.9
|
%
|
396
|
89.1
|
%
|
|||||||||||||||
Gross profit
|
39
|
12.5
|
%
|
56
|
14.1
|
%
|
48
|
10.9
|
%
|
|||||||||||||||
Selling, general and administrative expenses
|
40
|
12.6
|
%
|
36
|
9.1
|
%
|
45
|
10.1
|
%
|
|||||||||||||||
Restructuring expenses
|
20
|
6.5
|
%
|
4
|
1.0
|
%
|
6
|
1.5
|
%
|
|||||||||||||||
Impairment charges (reversals) - net
|
(56
|
)
|
-17.9
|
%
|
167
|
41.9
|
%
|
8
|
1.8
|
%
|
||||||||||||||
Gain on sale of assets
|
-
|
-
|
-
|
-
|
(1
|
)
|
-0.2
|
%
|
||||||||||||||||
Operating income (loss)
|
$
|
35
|
11.3
|
%
|
$
|
(151
|
)
|
-37.9
|
%
|
$
|
(10
|
)
|
-2.3
|
%
|
• |
The impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to tariffs, sanctions and other trade issues or cross-border trade restrictions (and any potential
resulting trade war), inflation and supply chain challenges, and including impacts associated with the military conflict between Russia and Ukraine;
|
• |
The impact of the COVID-19 pandemic on the national and global economy, our business, suppliers, customers, and employees;
|
• |
The impact of other economic, social and political conditions, changes, challenges and unrest, particularly in the geographic, product and financial markets where we and our customers operate and compete, including foreign currency
exchange rate fluctuations; changes in interest rates; recession and recovery therefrom; and the general uncertainties about the impact of regulatory and/or policy changes, including those related to tax and trade that have been or may be
implemented in the U.S. or abroad;
|
• |
The impact of potential price increases associated with raw materials, including aluminum, copper, steel and stainless steel (nickel), and other purchased component inventory including, but not limited to, increases in the underlying
material cost based upon the London Metal Exchange and related premiums or fabrication costs. These prices may be impacted by a variety of factors, including changes in trade laws and tariffs, the behavior of our suppliers and
significant fluctuations in demand. This risk includes our ability to successfully manage our exposure and our ability to adjust product pricing in response to price increases, including through our quotation process or through contract
provisions for prospective price adjustments, as well as the inherent lag in timing of such contract provisions;
|
• |
Our ability to mitigate increased labor costs and labor shortages; and
|
• |
The impact of current and future environmental laws and regulations on our business and the businesses of our customers, including our ability to take advantage of opportunities to supply alternative new technologies to meet
environmental and/or energy standards and objectives.
|
• |
The impact of problems, including logistic and transportation challenges, associated with suppliers meeting our quantity, quality, price and timing demands, and the overall health of our suppliers, including their ability and
willingness to supply our volume demands if their production capacity becomes constrained;
|
• |
The overall health of and price-reduction pressure from our vehicular customers in light of economic and market-specific factors, and the potential impact on us from any deterioration in the stability or performance of any of our major
customers;
|
• |
Our ability to maintain current customer relationships and compete effectively for new business, including our ability to achieve profit margins acceptable to us by offsetting or otherwise addressing any cost increases associated with
supply chain challenges and inflationary market conditions;
|
• |
The impact of product or manufacturing difficulties or operating inefficiencies, including any program launch and product transfer challenges and warranty claims;
|
• |
The impact of delays or modifications initiated by major customers with respect to program launches, product applications or requirements;
|
• |
Our ability to consistently structure our operations in order to develop and maintain a competitive cost base with appropriately skilled and stable labor, while also positioning ourselves geographically, so that we can continue to
support our customers with the technical expertise and market-leading products they demand and expect from Modine;
|
• |
Our ability to effectively and efficiently manage our cost structure in response to sales volume increases or decreases and to complete restructuring activities and realize the anticipated benefits of those activities;
|
• |
Costs and other effects of the investigation and remediation of environmental contamination; particularly when related to the actions or inactions of others and/or facilities over which we have no control;
|
• |
Our ability to recruit and maintain talent, including personnel in managerial, leadership, operational and administrative functions, in light of tight global labor markets;
|
• |
Our ability to protect our proprietary information and intellectual property from theft or attack by internal or external sources;
|
• |
The impact of a substantial disruption or material breach of our information technology systems, and any related delays, problems or costs;
|
• |
Increasingly complex and restrictive laws and regulations, including those associated with being a U.S. public company and others present in various jurisdictions in which we operate, and the costs associated with compliance therewith;
|
• |
Work stoppages or interference at our facilities or those of our major customers and/or suppliers;
|
• |
The constant and increasing pressures associated with healthcare and associated insurance costs; and
|
• |
Costs and other effects of litigation, claims, or other obligations.
|
• |
Our ability to successfully realize anticipated benefits from strategic initiatives and our application of 80/20 principles to our business,
through which we are focused on reducing complexity and growing businesses with strong market drivers;
|
• |
Our ability to successfully execute strategies to reduce costs and improve operating margins; and
|
• |
The potential impacts from actions by activist shareholders, including disruption of our business and related costs.
|
• |
Our ability to fund our global liquidity requirements efficiently for our current operations and meet our long-term commitments in the event of disruption in or tightening of the credit markets or
extended recessionary conditions in the global economy;
|
• |
The impact of increases in interest rates in relation to our variable-rate debt obligations;
|
• |
The impact of changes in federal, state or local taxes that could have the effect of increasing our income tax expense;
|
• |
Our ability to comply with the financial covenants in our credit agreements, including our leverage ratio (net debt divided by Adjusted EBITDA, as defined in our credit agreements) and our interest coverage ratio (Adjusted EBITDA
divided by interest expense, as defined in our credit agreements);
|
• |
The potential unfavorable impact of foreign currency exchange rate fluctuations on our financial results; and
|
• |
Our ability to effectively realize the benefits of deferred tax assets in various jurisdictions in which we operate.
|
• |
Cash and investments – We review cash deposits and short-term investments to
ensure banks have acceptable credit ratings, and short-term investments are maintained in secured or guaranteed instruments. We consider our holdings in cash and investments to be stable and secure at March 31, 2022;
|
• |
Trade accounts receivable – Prior to granting credit, we evaluate each
customer, taking into consideration the customer’s financial condition, payment experience and credit information. After credit is granted, we actively monitor the customer’s financial condition and applicable business news;
|
• |
Pension assets – We have retained outside advisors to assist in the
management of the assets in our pension plans. In making investment decisions, we utilize an established risk management protocol that focuses on protection of the plan assets against downside risk. We ensure that investments within
these plans provide appropriate diversification, the investments are monitored by investment teams, and portfolio managers adhere to the established investment policies. We believe the plan assets are subject to appropriate investment
policies and controls; and
|
• |
Insurance – We monitor our insurance providers to ensure they maintain
financial ratings that are acceptable to us. We have not identified any concerns in this regard based upon our reviews.
|
ITEM 8. |
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
|
2022
|
2021
|
2020
|
||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
||||||
Cost of sales
|
|
|
|
|||||||||
Gross profit
|
|
|
|
|||||||||
Selling, general and administrative expenses
|
|
|
|
|||||||||
Restructuring expenses
|
|
|
|
|||||||||
Impairment charges (reversals) – net
|
(
|
)
|
|
|
||||||||
Loss (gain) on sale of assets
|
|
|
(
|
)
|
||||||||
Operating income (loss)
|
|
(
|
)
|
|
||||||||
Interest expense
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Other expense – net
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Earnings (loss) before income taxes
|
|
(
|
)
|
|
||||||||
Provision for income taxes
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Net earnings (loss)
|
|
(
|
)
|
(
|
)
|
|||||||
Net earnings attributable to noncontrolling interest
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Net earnings (loss) attributable to Modine
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Net earnings (loss) per share attributable to Modine shareholders:
|
||||||||||||
Basic
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Diluted
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Weighted-average shares outstanding:
|
||||||||||||
Basic
|
|
|
|
|||||||||
Diluted
|
|
|
|
2022
|
2021
|
2020
|
||||||||||
Net earnings (loss)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation
|
(
|
)
|
|
(
|
)
|
|||||||
Defined benefit plans, net of income taxes of $
|
|
|
(
|
)
|
||||||||
Cash flow hedges, net of income taxes of $
|
|
|
(
|
)
|
||||||||
Total other comprehensive income (loss)
|
|
|
(
|
)
|
||||||||
Comprehensive income (loss)
|
|
(
|
)
|
(
|
)
|
|||||||
Comprehensive (income) loss attributable to noncontrolling interest
|
(
|
)
|
(
|
)
|
|
|||||||
Comprehensive income (loss) attributable to Modine
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
2022
|
2021
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Trade accounts receivable – net
|
|
|
||||||
Inventories
|
|
|
||||||
Assets held for sale
|
|
|
||||||
Other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Property, plant and equipment – net
|
|
|
||||||
Intangible assets – net
|
|
|
||||||
Goodwill
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Other noncurrent assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Short-term debt
|
$
|
|
$
|
|
||||
Long-term debt – current portion
|
|
|
||||||
Accounts payable
|
|
|
||||||
Accrued compensation and employee benefits
|
|
|
||||||
Liabilities held for sale
|
|
|
||||||
Other current liabilities
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term debt
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Pensions
|
|
|
||||||
Other noncurrent liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and contingencies (see Note 20)
|
|
|
||||||
Shareholders’ equity:
|
||||||||
Preferred stock, $
|
|
|
||||||
Common stock, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Treasury stock, at cost,
|
(
|
)
|
(
|
)
|
||||
Total Modine shareholders’ equity
|
|
|
||||||
Noncontrolling interest
|
|
|
||||||
Total equity
|
|
|
||||||
Total liabilities and equity
|
$
|
|
$
|
|
2022
|
2021
|
2020
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net earnings (loss)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
|
|
|
|||||||||
Impairment charges (reversals) – net
|
(
|
)
|
|
|
||||||||
Loss (gain) on sale of assets
|
|
|
(
|
)
|
||||||||
Stock-based compensation expense
|
|
|
|
|||||||||
Deferred income taxes
|
(
|
)
|
|
|
||||||||
Other – net
|
|
|
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Trade accounts receivable
|
(
|
)
|
(
|
)
|
|
|||||||
Inventories
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Accounts payable
|
|
|
(
|
)
|
||||||||
Accrued compensation and employee benefits
|
|
|
(
|
)
|
||||||||
Other assets
|
(
|
)
|
|
|
||||||||
Other liabilities
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Net cash provided by operating activities
|
|
|
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Expenditures for property, plant and equipment
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Proceeds from (payments for) dispositions of assets
|
(
|
)
|
|
|
||||||||
Disbursements for loan origination (see Note 1)
|
(
|
)
|
|
|
||||||||
Proceeds from maturities of short-term investments
|
|
|
|
|||||||||
Purchases of short-term investments
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Proceeds from sale of investment in affiliate (see Note 1)
|
|
|
|
|||||||||
Other – net
|
|
|
|
|||||||||
Net cash used for investing activities
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
Borrowings of debt
|
|
|
|
|||||||||
Repayments of debt
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Borrowings (repayments) on bank overdraft facilities – net
|
(
|
)
|
|
|
||||||||
Dividend paid to noncontrolling interest
|
(
|
)
|
|
(
|
)
|
|||||||
Financing fees paid
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Purchase of treasury stock under share repurchase program
|
|
|
(
|
)
|
||||||||
Other – net
|
(
|
)
|
|
(
|
)
|
|||||||
Net cash provided by (used for) financing activities
|
|
(
|
)
|
|
||||||||
Effect of exchange rate changes on cash
|
(
|
)
|
|
(
|
)
|
|||||||
Net (decrease) increase in cash, cash equivalents, restricted cash and cash held for sale
|
(
|
)
|
(
|
)
|
|
|||||||
Cash, cash equivalents, restricted cash and cash held for sale – beginning of year
|
|
|
|
|||||||||
Cash, cash equivalents, restricted cash and cash held for sale – end of year
|
$
|
|
$
|
|
$
|
|
Common stock
|
Additional
paid-in
|
Retained
|
Accumulated other
comprehensive
|
Treasury
stock, at
|
Non-
controlling
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
capital
|
earnings
|
loss
|
cost
|
interest
|
Total
|
|||||||||||||||||||||||||
Balance, March 31, 2019
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||||||||||||
Net (loss) earnings
|
-
|
|
|
(
|
)
|
|
|
|
(
|
)
|
||||||||||||||||||||||
Other comprehensive loss
|
-
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||
Stock options and awards
|
|
|
(
|
)
|
|
|
|
|
|
|||||||||||||||||||||||
Purchase of treasury stock
|
-
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||
Stock-based compensation expense
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Dividend paid to noncontrolling interest
|
-
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Balance, March 31, 2020
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
||||||||||||||||||||||
Net (loss) earnings
|
-
|
|
|
(
|
)
|
|
|
|
(
|
)
|
||||||||||||||||||||||
Other comprehensive income
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Stock options and awards
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Purchase of treasury stock
|
-
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||
Stock-based compensation expense
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance, March 31, 2021
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
||||||||||||||||||||||
Net earnings
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
-
|
|
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||
Stock options and awards
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Purchase of treasury stock
|
-
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||
Stock-based compensation expense
|
-
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Dividend paid to noncontrolling interest
|
-
|
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||
Balance, March 31, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Interest paid
|
$
|
|
$
|
|
$
|
|
||||||
Income taxes paid
|
|
|
|
March 31, 2021
|
||||
ASSETS
|
||||
Cash and cash equivalents
|
$
|
|
||
Trade accounts receivables – net
|
|
|||
Inventories
|
|
|||
Other current assets
|
|
|||
Property, plant and equipment – net
|
|
|||
Other noncurrent assets
|
|
|||
Impairment of carrying value
|
(
|
)
|
||
Total assets held for sale
|
$
|
|
||
LIABILITIES
|
||||
Short-term debt
|
$
|
|
||
Accounts payable
|
|
|||
Accrued compensation and employee benefits
|
|
|||
Other current liabilities
|
|
|||
Pensions
|
|
|||
Other noncurrent liabilities
|
|
|||
Total liabilities held for sale
|
$
|
|
Year ended March 31, 2022
|
||||||||||||||||||||
BHVAC
|
CIS
|
HDE
|
Automotive
|
Segment
Total
|
||||||||||||||||
Primary end market:
|
||||||||||||||||||||
Commercial HVAC&R
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Data center cooling
|
|
|
|
|
|
|||||||||||||||
Industrial cooling
|
|
|
|
|
|
|||||||||||||||
Commercial vehicle
|
|
|
|
|
|
|||||||||||||||
Off-highway
|
|
|
|
|
|
|||||||||||||||
Automotive and light vehicle
|
|
|
|
|
|
|||||||||||||||
Other
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Geographic location:
|
||||||||||||||||||||
Americas
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Europe
|
|
|
|
|
|
|||||||||||||||
Asia
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Timing of revenue recognition:
|
||||||||||||||||||||
Products transferred at a point in time
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Products transferred over time
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Year ended March 31, 2021
|
||||||||||||||||||||
BHVAC
|
CIS
|
HDE
|
Automotive
|
Segment
Total
|
||||||||||||||||
Primary end market:
|
||||||||||||||||||||
Commercial HVAC&R
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Data center cooling
|
|
|
|
|
|
|||||||||||||||
Industrial cooling
|
|
|
|
|
|
|||||||||||||||
Commercial vehicle
|
|
|
|
|
|
|||||||||||||||
Off-highway
|
|
|
|
|
|
|||||||||||||||
Automotive and light vehicle
|
|
|
|
|
|
|||||||||||||||
Other
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Geographic location:
|
||||||||||||||||||||
Americas
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Europe
|
|
|
|
|
|
|||||||||||||||
Asia
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Timing of revenue recognition:
|
||||||||||||||||||||
Products transferred at a point in time
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Products transferred over time
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Year ended March 31, 2020
|
||||||||||||||||||||
BHVAC
|
CIS
|
HDE
|
Automotive
|
Segment
Total
|
||||||||||||||||
Primary end market:
|
||||||||||||||||||||
Commercial HVAC&R
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Data center cooling
|
|
|
|
|
|
|||||||||||||||
Industrial cooling
|
|
|
|
|
|
|||||||||||||||
Commercial vehicle
|
|
|
|
|
|
|||||||||||||||
Off-highway
|
|
|
|
|
|
|||||||||||||||
Automotive and light vehicle
|
|
|
|
|
|
|||||||||||||||
Other
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Geographic location:
|
||||||||||||||||||||
Americas
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Europe
|
|
|
|
|
|
|||||||||||||||
Asia
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Timing of revenue recognition:
|
||||||||||||||||||||
Products transferred at a point in time
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Products transferred over time
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
March 31, 2022
|
March 31, 2021
|
|||||||
Contract assets
|
$
|
|
$
|
|
||||
Contract liabilities
|
|
|
• |
Level 1 – Quoted prices for identical instruments in active markets.
|
• |
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
model-derived valuations in which all significant inputs are observable in active markets.
|
• |
Level 3 – Model-derived valuations in which one or more significant inputs are not observable.
|
March 31, 2022
|
||||||||||||
Level 1
|
Level 2
|
Total
|
||||||||||
Money market investments
|
$
|
|
$
|
|
$
|
|
||||||
Fixed income securities
|
|
|
|
|||||||||
Pooled equity funds
|
|
|
|
|||||||||
U.S. government and agency securities
|
|
|
|
|||||||||
Other
|
|
|
|
|||||||||
Fair value excluding investments measured at net asset value
|
|
|
|
|||||||||
Investments measured at net asset value
|
|
|||||||||||
Total fair value
|
$
|
|
March 31, 2021
|
||||||||||||
Level 1
|
Level 2
|
Total
|
||||||||||
Money market investments
|
$
|
|
$
|
|
$
|
|
||||||
Fixed income securities
|
|
|
|
|||||||||
Pooled equity funds
|
|
|
|
|||||||||
U.S. government and agency securities
|
|
|
|
|||||||||
Other
|
|
|
|
|||||||||
Fair value excluding investment measured at net asset value
|
|
|
|
|||||||||
Investments measured at net asset value
|
|
|||||||||||
Total fair value
|
$
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Fair value of options
|
$
|
|
$
|
|
$
|
|
||||||
Expected life of awards in years
|
|
|
|
|||||||||
Risk-free interest rate
|
|
%
|
|
%
|
|
%
|
||||||
Expected volatility of the Company’s stock
|
|
%
|
|
%
|
|
%
|
||||||
Expected dividend yield on the Company’s stock
|
|
%
|
|
%
|
|
%
|
Shares
|
Weighted-average
exercise price
|
Weighted-average
remaining contractual
term (years)
|
Aggregate
intrinsic value
|
|||||||||||||
Outstanding, beginning of year
|
|
$
|
|
|||||||||||||
Granted
|
|
|
||||||||||||||
Exercised
|
(
|
)
|
|
|||||||||||||
Forfeited or expired
|
(
|
)
|
|
|||||||||||||
Outstanding, end of year
|
|
$
|
|
|
$
|
|
||||||||||
Exercisable, March 31, 2022
|
|
$
|
|
|
$
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Intrinsic value of stock options exercised
|
$
|
|
$
|
|
$
|
|
||||||
Proceeds from stock options exercised
|
|
|
|
Shares
|
Weighted-average
price
|
|||||||
Non-vested balance, beginning of year
|
|
$
|
|
|||||
Granted
|
|
|
||||||
Vested
|
(
|
)
|
|
|||||
Forfeited
|
(
|
)
|
|
|||||
Non-vested balance, end of year
|
|
$
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Employee severance and related benefits
|
$
|
|
$
|
|
$
|
|
||||||
Other restructuring and repositioning expenses
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
Years ended March 31,
|
||||||||
2022
|
2021
|
|||||||
Beginning balance
|
$
|
|
$
|
|
||||
Additions
|
|
|
||||||
Payments
|
(
|
)
|
(
|
)
|
||||
Reclassified from (to) held for sale
|
|
(
|
)
|
|||||
Effect of exchange rate changes
|
(
|
)
|
|
|||||
Ending balance
|
$
|
|
$
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Interest income
|
$
|
|
$
|
|
$
|
|
||||||
Foreign currency transactions (a)
|
(
|
)
|
|
(
|
)
|
|||||||
Net periodic benefit cost (b)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Equity in earnings of non-consolidated affiliate (c)
|
|
|
|
|||||||||
Total other expense - net
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
(a)
|
Foreign currency transactions primarily
consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along
with gains and losses on foreign currency exchange contracts.
|
(b)
|
|
(c) |
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Components of earnings (loss) before income taxes:
|
||||||||||||
United States
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Foreign
|
|
(
|
)
|
|
||||||||
Total earnings (loss) before income taxes
|
$
|
|
$
|
(
|
)
|
$
|
|
Income tax provision (benefit):
|
||||||||||||
Federal:
|
||||||||||||
Current
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Deferred
|
|
|
(
|
)
|
||||||||
State:
|
||||||||||||
Current
|
|
|
(
|
)
|
||||||||
Deferred
|
|
|
(
|
)
|
||||||||
Foreign:
|
||||||||||||
Current
|
|
|
|
|||||||||
Deferred
|
(
|
)
|
|
|
||||||||
Total income tax provision
|
$
|
|
$
|
|
$
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Statutory federal tax
|
|
%
|
|
%
|
|
%
|
||||||
State taxes, net of federal benefit
|
|
|
(
|
)
|
||||||||
Taxes on non-U.S. earnings and losses
|
|
(
|
)
|
|
||||||||
Valuation allowances
|
(
|
)
|
(
|
)
|
|
|||||||
Tax credits
|
(
|
)
|
|
(
|
)
|
|||||||
Compensation
|
|
(
|
)
|
|
||||||||
Tax rate or law changes
|
|
(
|
)
|
|
||||||||
Uncertain tax positions, net of settlements
|
(
|
)
|
|
(
|
)
|
|||||||
Notional interest deductions
|
(
|
)
|
|
(
|
)
|
|||||||
Dividends and taxable foreign inclusions
|
|
|
(
|
)
|
||||||||
Other
|
|
(
|
)
|
|
||||||||
Effective tax rate
|
|
%
|
(
|
%)
|
|
%
|
March 31,
|
||||||||
2022
|
2021
|
|||||||
Deferred tax assets:
|
||||||||
Accounts receivable
|
$
|
|
$
|
|
||||
Inventories
|
|
|
||||||
Plant and equipment
|
|
|
||||||
Lease liabilities
|
|
|
||||||
Pension and employee benefits
|
|
|
||||||
Net operating and capital losses
|
|
|
||||||
Credit carryforwards
|
|
|
||||||
Other, principally accrued liabilities
|
|
|
||||||
Total gross deferred tax assets
|
|
|
||||||
Less: valuation allowances
|
(
|
)
|
(
|
)
|
||||
Net deferred tax assets
|
|
|
||||||
Deferred tax liabilities:
|
||||||||
Plant and equipment
|
|
|
||||||
Lease assets
|
|
|
||||||
Goodwill
|
|
|
||||||
Intangible assets
|
|
|
||||||
Other
|
|
|
||||||
Total gross deferred tax liabilities
|
|
|
||||||
Net deferred tax assets
|
$
|
|
$
|
|
Years ended March 31,
|
||||||||
2022
|
2021
|
|||||||
Beginning balance
|
$
|
|
$
|
|
||||
Gross increases - tax positions in prior period
|
|
|
||||||
Gross decreases - tax positions in prior period
|
(
|
)
|
(
|
)
|
||||
Gross increases - tax positions in current period
|
|
|
||||||
Lapse of statute of limitations
|
(
|
)
|
(
|
)
|
||||
Ending balance
|
$
|
|
$
|
|
Germany
|
Fiscal
- Fiscal |
Italy
|
Fiscal
- Fiscal |
United States
|
Fiscal
- Fiscal |
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Basic Earnings Per Share:
|
||||||||||||
Net earnings (loss) attributable to Modine
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Weighted-average shares outstanding – basic
|
|
|
|
|||||||||
Net earnings (loss) per share – basic
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Diluted Earnings Per Share:
|
||||||||||||
Net earnings (loss) attributable to Modine
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Weighted-average shares outstanding – basic
|
|
|
|
|||||||||
Effect of dilutive securities
|
|
|
|
|||||||||
Weighted-average shares outstanding – diluted
|
|
|
|
|||||||||
Net earnings (loss) per share – diluted
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
March 31,
|
||||||||
2022
|
2021
|
|||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Restricted cash
|
|
|
||||||
Cash and restricted cash held for sale
|
|
|
||||||
Total cash, cash equivalents, restricted cash and cash held for sale
|
$
|
|
$
|
|
March 31,
|
||||||||
2022
|
2021
|
|||||||
Raw materials
|
$
|
|
$
|
|
||||
Work in process
|
|
|
||||||
Finished goods
|
|
|
||||||
Total inventories
|
$
|
|
$
|
|
March 31,
|
||||||||
2022
|
2021
|
|||||||
Land
|
$
|
|
$
|
|
||||
Buildings and improvements (
|
|
|
||||||
Machinery and equipment (
|
|
|
||||||
Office equipment (
|
|
|
||||||
Construction in progress
|
|
|
||||||
|
|
|||||||
Less: accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
Net property, plant and equipment
|
$
|
|
$
|
|
March 31, 2022
|
March 31, 2021
|
|||||||||||||||||||||||
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net
Intangible
Assets
|
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net
Intangible
Assets
|
|||||||||||||||||||
Customer relationships
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Trade names
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||
Acquired technology
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||
Total intangible assets
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
BHVAC
|
CIS
|
Total
|
||||||||||
Balance, March 31, 2020
|
$
|
|
$
|
|
$
|
|
||||||
Effect of exchange rate changes
|
|
|
|
|||||||||
Balance, March 31, 2021
|
|
|
|
|||||||||
Effect of exchange rate changes
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Balance, March 31, 2022
|
$
|
|
$
|
|
$
|
|
Years ended March 31,
|
||||||||
2022
|
2021
|
|||||||
Beginning balance
|
$
|
|
$
|
|
||||
Warranties recorded at time of sale
|
|
|
||||||
Adjustments to pre-existing warranties
|
(
|
)
|
(
|
)
|
||||
Settlements
|
(
|
)
|
(
|
)
|
||||
Reclassified from (to) held for sale
|
|
(
|
)
|
|||||
Effect of exchange rate changes
|
|
|
||||||
Ending balance
|
$
|
|
$
|
|
-
|
Balance Sheet Location
|
-
|
March 31, 2022
|
March 31, 2021
|
||||
Lease Assets
|
||||||||
Operating lease ROU assets
|
|
$
|
|
$
|
|
|||
Finance lease ROU assets (a)
|
|
|
|
|||||
Lease Liabilities
|
||||||||
Operating lease liabilities
|
|
$
|
|
$
|
|
|||
Operating lease liabilities
|
|
|
|
|||||
Finance lease liabilities
|
|
|
|
|||||
Finance lease liabilities
|
|
|
|
(a)
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Operating lease expense (a)
|
$
|
|
$
|
|
$
|
|
||||||
Finance lease expense:
|
||||||||||||
Depreciation of ROU assets
|
|
|
|
|||||||||
Interest on lease liabilities
|
|
|
|
|||||||||
Total lease expense
|
$
|
|
$
|
|
$
|
|
(a)
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||||||
Operating cash flows for operating leases
|
$
|
|
$
|
|
$
|
|
||||||
Financing cash flows for finance leases
|
|
|
|
|||||||||
ROU assets obtained in exchange for lease liabilities:
|
||||||||||||
Operating leases
|
$
|
|
$
|
|
$
|
|
||||||
Finance leases
|
|
|
|
March 31, 2022
|
March 31, 2021
|
|||||||
Weighted-average remaining lease term:
|
||||||||
Operating leases
|
|
|
||||||
Finance leases
|
|
|
||||||
Weighted-average discount rate:
|
||||||||
Operating leases
|
|
%
|
|
%
|
||||
Finance leases
|
|
%
|
|
%
|
Fiscal Year
|
Operating Leases
|
Finance Leases
|
||||||
2023
|
$
|
|
$
|
|
||||
2024
|
|
|
||||||
2025
|
|
|
||||||
2026
|
|
|
||||||
2027
|
|
|
||||||
2028
and beyond
|
|
|
||||||
Total lease payments
|
|
|
||||||
Less: Interest
|
(
|
)
|
(
|
)
|
||||
Present value of lease liabilities
|
$
|
|
$
|
|
io
|
_
|
Fiscal year
of maturity
|
_
March 31, 2022
|
March 31, 2021
|
||||||
Term loans
|
_
|
$
|
|
$
|
|
|||||
Revolving credit facility
|
|
|
|
|||||||
|
|
|
|
|||||||
|
|
|
|
|||||||
Other (a)
|
|
|
||||||||
|
|
|||||||||
Less: current portion
|
(
|
)
|
(
|
)
|
||||||
Less: unamortized debt issuance costs
|
(
|
)
|
(
|
)
|
||||||
Total long-term debt
|
$
|
|
$
|
|
(a)
|
|
Fiscal Year
|
||||
2023
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
and beyond
|
|
|||
Total
|
$
|
|
Years ended March 31,
|
||||||||
2022
|
2021
|
|||||||
Change in benefit obligation:
|
||||||||
Benefit obligation at beginning of year
|
$
|
|
$
|
|
||||
Service cost
|
|
|
||||||
Interest cost
|
|
|
||||||
Actuarial (gain) loss
|
(
|
)
|
|
|||||
Benefits paid
|
(
|
)
|
(
|
)
|
||||
Disposition of air-cooled automotive business
|
(
|
)
|
|
|||||
Curtailment gains (a)
|
|
(
|
)
|
|||||
Effect of exchange rate changes
|
(
|
)
|
|
|||||
Benefit obligation at end of year
|
$
|
|
$
|
|
||||
Change in plan assets:
|
||||||||
Fair value of plan assets at beginning of year
|
$
|
|
$
|
|
||||
Actual return on plan assets
|
|
|
||||||
Benefits paid
|
(
|
)
|
(
|
)
|
||||
Employer contributions
|
|
|
||||||
Fair value of plan assets at end of year
|
$
|
|
$
|
|
||||
Funded status at end of year
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Amounts recognized in the consolidated balance sheets:
|
||||||||
Current liability
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Noncurrent liability
|
(
|
)
|
(
|
)
|
||||
Liabilities held for sale (b)
|
|
(
|
)
|
|||||
$
|
(
|
)
|
$
|
(
|
)
|
(a) |
|
(b) |
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
Components of net periodic benefit cost:
|
||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
||||||
Interest cost
|
|
|
|
|||||||||
Expected return on plan assets
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Amortization of net actuarial loss
|
|
|
|
|||||||||
Settlements (a)
|
|
|
|
|||||||||
Net periodic benefit cost
|
$
|
|
$
|
|
$
|
|
||||||
Other changes in benefit obligation recognized in other comprehensive income (loss):
|
||||||||||||
Net actuarial gain (loss)
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||
Amortization of net actuarial loss (b)
|
|
|
|
|||||||||
Total recognized in other comprehensive income (loss)
|
$
|
|
$
|
|
$
|
(
|
)
|
(a)
|
|
(b)
|
|
Target allocation
|
Plan assets
|
|||||||||||
2022
|
2021
|
|||||||||||
Equity securities
|
|
%
|
|
%
|
|
%
|
||||||
Debt securities
|
|
%
|
|
%
|
|
%
|
||||||
Real estate investments
|
|
%
|
|
%
|
|
%
|
||||||
Cash and cash equivalents
|
|
%
|
|
%
|
|
%
|
||||||
|
%
|
|
%
|
|
%
|
Fiscal Year
|
Estimated Pension
Benefit Payments
|
|||
2023
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028-2032
|
|
_
|
Balance Sheet Location
|
March 31, 2022
|
March 31, 2021
|
||||||
Derivatives designated as hedges:
|
|||||||||
Commodity derivatives
|
Other current assets
|
$
|
|
$
|
|
||||
Foreign exchange contracts
|
Other current assets
|
|
|
||||||
Derivatives not designated as hedges:
|
|||||||||
Foreign exchange contracts
|
Other current liabilities
|
$
|
|
$
|
|
Gain (loss) recognized in
other comprehensive income
|
Statement of
Operations
|
Gain (loss) reclassified
from AOCI
|
|||||||||||||||||||||||
2022
|
2021
|
2020
|
Location
|
2022
|
2021
|
2020
|
|||||||||||||||||||
Commodity derivatives
|
$
|
|
$
|
|
$
|
(
|
)
|
Cost of sales
|
$
|
|
$
|
|
$
|
(
|
)
|
||||||||||
Foreign exchange contracts
|
|
|
(
|
)
|
Net sales
|
|
|
(
|
)
|
||||||||||||||||
Foreign exchange contracts
|
|
(
|
)
|
|
Cost of sales
|
|
(
|
)
|
|
||||||||||||||||
Total gains (losses)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
_
|
Statement of Operations
|
Years ended March 31,
|
|||||||||||
_
|
Location
|
2022
|
2021
|
2020
|
|||||||||
Foreign exchange contracts
|
Net sales
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Foreign exchange contracts
|
Other income (expense) - net
|
(
|
)
|
|
(
|
)
|
|||||||
Total gains (losses)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
• |
Cash and investments – reviewing cash deposits and short-term investments to ensure banks have credit ratings acceptable to the Company and that short-term
investments are maintained in secured or guaranteed instruments;
|
• |
Accounts receivable – performing periodic customer credit evaluations and actively monitoring their financial condition and applicable business news;
|
• |
Pension assets – ensuring that investments within pension plans provide appropriate diversification, monitoring of investment teams, ensuring that portfolio
managers adhere to the Company’s investment policies and directives, and ensuring that exposure to high risk investments is limited; and
|
• |
Insurance – ensuring that insurance providers maintain financial ratings that are acceptable to the Company.
|
• |
Customers – performing thorough reviews of customer credit reports and accounts receivable aging reports by internal credit committees;
|
• |
Suppliers – maintaining a supplier risk management program and utilizing industry sources to identify and mitigate high risk situations; and
|
• |
Derivatives – ensuring that counterparties to derivative instruments maintain credit ratings that are acceptable to the Company.
|
Foreign
Currency
Translation
|
Defined
Benefit Plans
|
Cash Flow
Hedges
|
Total
|
|||||||||||||
Balance, March 31, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(
|
)
|
|
|
|
|||||||||||
Reclassifications:
|
||||||||||||||||
Amortization of unrecognized net loss (a)
|
-
|
|
-
|
|
||||||||||||
Unrecognized net pension loss in disposed business (b)
|
-
|
|
-
|
|
||||||||||||
Realized gains - net (c)
|
-
|
-
|
(
|
)
|
(
|
)
|
||||||||||
Income taxes
|
|
|
|
|
||||||||||||
Total other comprehensive income (loss)
|
(
|
)
|
|
|
|
|||||||||||
Balance, March 31, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Foreign
Currency
Translation
|
Defined
Benefit Plans
|
Cash Flow
Hedges
|
Total
|
|||||||||||||
Balance, March 31, 2020
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive income before reclassifications
|
|
|
|
|
||||||||||||
Reclassifications:
|
||||||||||||||||
Amortization of unrecognized net loss (a)
|
-
|
|
-
|
|
||||||||||||
Realized losses - net (c)
|
-
|
-
|
|
|
||||||||||||
Income taxes
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Total other comprehensive income
|
|
|
|
|
||||||||||||
Balance, March 31, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
(a)
|
|
(b) |
|
(c)
|
|
Year ended March 31, 2022
|
||||||||||||
External Sales
|
Inter-segment
Sales
|
Total
|
||||||||||
Net sales:
|
||||||||||||
BHVAC
|
$
|
|
$
|
|
$
|
|
||||||
CIS
|
|
|
|
|||||||||
HDE
|
|
|
|
|||||||||
Automotive
|
|
|
|
|||||||||
Segment total
|
|
|
|
|||||||||
Corporate and eliminations
|
-
|
(
|
)
|
(
|
)
|
|||||||
Net sales
|
$
|
|
$
|
-
|
$
|
|
Year ended March 31, 2021
|
||||||||||||
External Sales
|
Inter-segment
Sales
|
Total
|
||||||||||
Net sales:
|
||||||||||||
BHVAC
|
$
|
|
$
|
|
$
|
|
||||||
CIS
|
|
|
|
|||||||||
HDE
|
|
|
|
|||||||||
Automotive
|
|
|
|
|||||||||
Segment total
|
|
|
|
|||||||||
Corporate and eliminations
|
-
|
(
|
)
|
(
|
)
|
|||||||
Net sales
|
$
|
|
$
|
-
|
$
|
|
Year ended March 31, 2020
|
||||||||||||
External Sales
|
Inter-segment
Sales
|
Total
|
||||||||||
Net sales:
|
||||||||||||
BHVAC
|
$
|
|
$
|
|
$
|
|
||||||
CIS
|
|
|
|
|||||||||
HDE
|
|
|
|
|||||||||
Automotive
|
|
|
|
|||||||||
Segment total
|
|
|
|
|||||||||
Corporate and eliminations
|
-
|
(
|
)
|
(
|
)
|
|||||||
Net sales
|
$
|
|
$
|
-
|
$
|
|
Years ended March 31,
|
||||||||||||||||||||||||
2022
|
2021
|
2020
|
||||||||||||||||||||||
Gross profit:
|
_$’s
|
% of
sales
|
_$’s
|
% of
sales
|
_$’s
|
% of
sales
|
||||||||||||||||||
BHVAC
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||||||
CIS
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
HDE
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
Automotive
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
Segment total
|
|
|
%
|
|
|
%
|
|
|
%
|
|||||||||||||||
Corporate and eliminations
|
|
|
(
|
)
|
|
(
|
)
|
|
||||||||||||||||
Gross profit
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
Years ended March 31,
|
||||||||||||
Operating income:
|
2022
|
2021
|
2020
|
|||||||||
BHVAC
|
$
|
|
$
|
|
$
|
|
||||||
CIS
|
|
|
|
|||||||||
HDE
|
|
|
|
|||||||||
Automotive
|
|
(
|
)
|
(
|
)
|
|||||||
Segment total
|
|
(
|
)
|
|
||||||||
Corporate and eliminations (a)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Operating income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
(a) |
|
March 31,
|
||||||||
Total assets: |
2022
|
2021
|
||||||
BHVAC
|
$
|
|
$
|
|
||||
CIS
|
|
|
||||||
HDE
|
|
|
||||||
Automotive (a)
|
|
|
||||||
Corporate and eliminations (b)
|
(
|
)
|
(
|
)
|
||||
Total assets
|
$
|
|
$
|
|
(a) |
|
(b) |
|
Years ended March 31,
|
||||||||||||
Capital expenditures:
|
2022
|
2021
|
2020
|
|||||||||
BHVAC
|
$
|
|
$
|
|
$
|
|
||||||
CIS
|
|
|
|
|||||||||
HDE
|
|
|
|
|||||||||
Automotive
|
|
|
|
|||||||||
Corporate
|
|
|
|
|||||||||
Total capital expenditures
|
$
|
|
$
|
|
$
|
|
Years ended March 31,
|
||||||||||||
Depreciation and amortization expense:
|
2022
|
2021
|
2020
|
|||||||||
BHVAC
|
$
|
|
$
|
|
$
|
|
||||||
CIS
|
|
|
|
|||||||||
HDE
|
|
|
|
|||||||||
Automotive (a)
|
|
|
|
|||||||||
Corporate
|
|
|
|
|||||||||
Total depreciation and amortization expense
|
$
|
|
$
|
|
$
|
|
(a)
|
|
Years ended March 31,
|
||||||||||||
2022
|
2021
|
2020
|
||||||||||
United States
|
$
|
|
$
|
|
$
|
|
||||||
Italy
|
|
|
|
|||||||||
Hungary
|
|
|
|
|||||||||
China
|
|
|
|
|||||||||
United Kingdom
|
|
|
|
|||||||||
Germany
|
|
|
|
|||||||||
Austria
|
|
|
|
|||||||||
Other
|
|
|
|
|||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
March 31,
|
||||||||
2022
|
2021
|
|||||||
United States
|
$
|
|
$
|
|
||||
China
|
|
|
||||||
Hungary
|
|
|
||||||
Mexico
|
|
|
||||||
Italy
|
|
|
||||||
Germany
|
|
|
||||||
Other
|
|
|
||||||
Total property, plant and equipment (a)
|
$
|
|
$
|
|
(a) |
|
ITEM 9. |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
|
ITEM 9A. |
CONTROLS AND PROCEDURES.
|
ITEM 9C. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
|
Page in Form 10-K
|
|
1. The consolidated financial statements of Modine Manufacturing Company and its subsidiaries filed under Item 8:
|
|
Consolidated Statements of Operations for the years ended March 31, 2022, 2021 and 2020
|
44
|
Consolidated Statements of Comprehensive Income for the years ended March 31, 2022, 2021 and 2020
|
45
|
Consolidated Balance Sheets at March 31, 2022 and 2021
|
46
|
Consolidated Statements of Cash Flows for the years ended March 31, 2022, 2021 and 2020
|
47
|
Consolidated Statements of Shareholders’ Equity for the years ended March 31, 2022, 2021 and 2020
|
48
|
Notes to Consolidated Financial Statements
|
49-84
|
Report of Independent Registered Public Accounting Firm (PCAOB ID
) |
85-86
|
2. Financial Statement Schedules
|
|
The following financial statement schedule should be read in conjunction with the consolidated financial statements set forth in Item 8:
|
|
Schedule II -- Valuation and Qualifying Accounts for the years ended March 31, 2022, 2021 and 2020
|
90
|
Schedules other than those listed above are omitted because they are not applicable, not required, or because the required information is included in the consolidated financial statements and
the notes thereto.
|
|
3. Exhibits and Exhibit Index.
|
91-94
|
See the Exhibit Index included as the last part of this report, which is incorporated herein by reference. Each management contract and compensatory plan or arrangement required to be filed as
an exhibit to this report is identified in the Exhibit Index by two asterisks following its exhibit number.
|
Additions
|
||||||||||||||||||||
Description
|
Balance at
Beginning of
Period
|
Charged
(Benefit) to
Costs and
Expenses
|
Charged to
Other
Accounts
|
Reclassified
from (to)
Held for Sale
|
Balance at
End of Period
|
|||||||||||||||
2022: Valuation Allowance for Deferred Tax Assets
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)(a)
|
$
|
|
$
|
|
||||||||
2021: Valuation Allowance for Deferred Tax Assets
|
$
|
|
$
|
|
$
|
|
(a)
|
$
|
(
|
)
|
$
|
|
||||||||
2020: Valuation Allowance for Deferred Tax Assets
|
$
|
|
$
|
|
$
|
(
|
)(a)
|
$
|
|
$
|
|
(a) |
|
Exhibit No.
|
Description
|
Incorporated Herein By
Referenced To
|
Filed
Herewith |
|||
Termination Agreement by and between the Company and Dana Incorporated, dated as of October 25, 2021.
|
Exhibit 2.1 to Registrant’s Current Report on Form 8-K dated October 25, 2021
|
|||||
Amended and Restated Articles of Incorporation, as amended.
|
Exhibit 3.1 to Form 10-K for the fiscal year ended March 31, 2018
|
|||||
Bylaws, as amended.
|
Exhibit 3.1 to Registrant’s Current Report on Form 8-K dated June 17, 2020
|
|||||
Form of Stock Certificate of the Registrant.
|
Exhibit 4(a) to Form 10-K for the fiscal year ended March 31, 2003 (“2003 10-K”)
|
|||||
Amended and Restated Articles of Incorporation, as amended.
|
See Exhibit 3.1 hereto.
|
|||||
Amended and Restated Collateral Agency Intercreditor Agreement (the “Original Intercreditor Agreement”) dated as of August 12, 2010 among the Lenders (as defined therein), the Noteholders (as
defined therein) and JPMorgan Chase Bank, N.A. as Collateral Agent.
|
Exhibit 4.3 to August 12, 2010 8-K
|
|||||
First Amendment to the Original Intercreditor Agreement, among the Lenders, the Note Holders and JPMorgan as Collateral Agent, pursuant to which the Lenders, the Note Holders and JPMorgan amended
the Original Intercreditor Agreement.
|
Exhibit 4.3 to August 30, 2013 8-K
|
|||||
Credit Facility Agreement among Modine Holding GmbH, Modine Europe GmbH and Deutsche Bank AG dated as of April 27, 2012.
|
Exhibit 4.10 to Registrant’s Form 10-K for the fiscal year ended March 31, 2012
|
|||||
Description of Registrant’s securities
|
Exhibit 4.14 to Registrant’s Form 10-K for fiscal year ended March 31, 2020
|
|||||
Fourth Amended and Restated Credit Agreement dated as of June 28, 2019.
|
Exhibit 4.1 to Registrant’s Current Report on Form 8-K dated June 28, 2019
|
|||||
Second Amended and Restated Note Purchase and Private Shelf Agreement dated as of August 6, 2019
|
Exhibit 4.1 to Registrant’s Form 10-Q for the third quarter ended December 31, 2019
|
|||||
First Amendment to Second Amended and Restated Note Purchase and Private Shelf Agreement dated as of January 31, 2020
|
Exhibit 4.2 to Registrant’s Form 10-Q for the third quarter ended December 31, 2019
|
First Amendment to Fourth Amended and Restated Credit Agreement dated as of May 19, 2020
|
Exhibit 4.1 to Registrant’s Current Report on Form 8-K dated May 19, 2020 (“May 19, 2020 8-K”)
|
|||||
Second Amendment to Second Amended and Restated Note Purchase and Private Shelf Agreement dated as of May 19, 2020
|
Exhibit 4.2 to May 19, 2020 8-K
|
|||||
Amendment No. 2 to Fourth Amended and Restated Credit Agreement dated as of May 18, 2021
|
Exhibit 4.1 to Registrant’s Current Report on Form 8-K dated May 18, 2021 (“May 18, 2021 8-K”)
|
|||||
Third Amendment to Second Amended and Restated Note Purchase and Private Shelf Agreement dated as of May 18, 2021
|
Exhibit 4.2 to May 18, 2021 8-K
|
|||||
Director Emeritus Retirement Plan effective April 1, 1992 (and frozen as of July 1, 2000).
|
Exhibit 10(a) to Registrant’s Form 10-K for the fiscal year ended March 31, 2002
|
|||||
Form of Change in Control and Termination Agreement (amended and restated) between the Registrant and officers other than Neil Brinker.
|
Exhibit 10(f) to Registrant’s Form 10-K for the fiscal year ended March 31, 2004
|
|||||
Executive Supplemental Retirement Plan (as amended).
|
Exhibit 10(f) to Registrant’s Form 10-K for the fiscal year ended March 31, 2000
|
|||||
Deferred Compensation Plan (as amended).
|
Exhibit 10(y) to 2003 10-K
|
|||||
2008 Incentive Compensation Plan
(Amended and Restated effective May 7, 2014).
|
Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated July 17, 2014
|
|||||
Form of Fiscal 2022 Performance Cash Award Agreement.
|
Exhibit 10.1 to the Registrant’s Form 10-Q for the first quarter ended June 30, 2021 (“June 30, 2021 10-Q”)
|
|||||
Form of Fiscal 2022 Incentive Stock Option Award Agreement.
|
Exhibit 10.2 to June 30, 2021 10-Q
|
|||||
Form of Fiscal 2022 Non-Qualified Stock Option Award Agreement.
|
Exhibit 10.3 to June 30, 2021 10-Q
|
|||||
Form of Fiscal 2022 Restricted Stock Unit Award Agreement.
|
Exhibit 10.4 to June 30, 2021 10-Q
|
|||||
Form of Fiscal 2022 Modine Non-Employee Director Restricted Stock Unit Award.
|
Exhibit 10.4 to Registrant’s Form 10-Q for the second quarter ended September 30, 2021 (“September 30, 2021 10-Q”)
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Change in Control Agreement dated as of June 4, 2021, by and between Modine Manufacturing Company and Neil D. Brinker
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Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated June 4, 2021
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Form of Make-Whole ISO Award Agreement with Eric S. McGinnis.
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Exhibit 10.5 to September 30, 2021 10-Q
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Amendment No. 1 to Form of Change in Control and Termination Agreement (amended and restated) between the Registrant and Officers other than Neil Brinker.
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Exhibit 10.17 to Registrant’s Form 10-K for the fiscal year ended March 31, 2011
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Supplemental Severance Policy.
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Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated October 17, 2011
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2017 Incentive Compensation Plan.
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Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated July 20, 2017
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Transition and Separation Agreement between Thomas A. Burke and Modine Manufacturing Company effective as of August 4, 2020.
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Exhibit 10.6 to the Registrant’s Form 10-Q for the second quarter ended September 30, 2020
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[Corrected] Offer Letter dated as of November 10, 2020, by and between the Company and Neil Brinker.
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Exhibit 10.1 to the Registrant’s Form 10-Q for the third quarter ended December 31, 2020 (“December 31, 2020 10-Q”)
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Employment Retention Agreement for Scott Wollenberg, dated as of July 26, 2019.
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Exhibit 10.5 to the Registrant’s Form 10-Q for the first quarter ended June 30, 2019
|
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2020 Incentive Compensation Plan.
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Exhibit 10.1 to July 23, 2020 8-K
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Form of Retention Letter, effective August 31, 2020, between the Company and each of Michael B. Lucareli, Scott L. Bowser and Sylvia A. Stein
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Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated August 31, 2020
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Offer Letter dated as of July 2, 2021, by and between the Company and Adrian Peace.
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Exhibit 10.1 to September 30, 2021 10-Q
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Offer Letter dated as of July 16, 2021, by and between the Company and Eric S. McGinnis.
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Exhibit 10.2 to September 30, 2021 10-Q
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First Amendment to Eric S. McGinnis Offer Letter
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Exhibit 10.3 to September 30, 2021 10-Q
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Separation Letter Agreement between the Company and Joel T. Casterton, dated as of October 25, 2021.
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Exhibit 10.1 to Registrant’s Form 10-Q for the third quarter ended December 31, 2021 (“December 31, 2021 10-Q”)
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Separation Letter Agreement between the Company and Matthew J. McBurney, dated as of October 30, 2021.
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Exhibit 10.2 to December 31, 2021 10-Q
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List of subsidiaries of the Registrant.
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X
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Consent of independent registered public accounting firm.
|
X
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Rule 13a-14(a)/15d-14(a) Certification of Neil D. Brinker, President and Chief Executive Officer.
|
X
|
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Rule 13a-14(a)/15d-14(a) Certification of Michael B. Lucareli, Executive Vice President, Chief Financial Officer.
|
X
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Section 1350 Certification of Neil D. Brinker, President and Chief Executive Officer.
|
X
|
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Section 1350 Certification of Michael B. Lucareli, Executive Vice President, Chief Financial Officer.
|
X
|
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101.INS
|
Inline XBRL Instance Document (the instance document does
not appear in the Interactive Data File because its XBRL tags
are embedded within the Inline XBRL document).
|
X
|
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101.SCH
|
Inline XBRL Taxonomy Extension Schema.
|
X
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
X
|
||||
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
X
|
||||
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
X
|
||||
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
X
|
||||
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101).
|
Date: May 26, 2022
|
Modine Manufacturing Company
|
|
By: | /s/ Neil D. Brinker | |
Neil D. Brinker, President |
||
and Chief Executive Officer | ||
(Principal Executive Officer)
|
/s/ Neil D. Brinker
Neil D. Brinker
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
May 26, 2022
|
/s/ Michael B. Lucareli
Michael B. Lucareli
Executive Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)
|
May 26, 2022
|
/s/ Marsha C. Williams
Marsha C. Williams
Chairperson, Board of Directors
|
May 26, 2022
|
/s/ Eric D. Ashleman
Eric D. Ashleman
Director
|
May 26, 2022
|
/s/ Charles P. Cooley
Charles P. Cooley
Director
|
May 26, 2022
|
/s/ Suresh V. Garimella
Suresh V. Garimella
Director
|
May 26, 2022
|
/s/ Katherine C. Harper
Katherine C. Harper
Director
|
May 26, 2022
|
/s/ Larry O. Moore
Larry O. Moore Director
|
May 26, 2022
|
/s/ Christopher W. Patterson
Christopher W. Patterson Director
|
May 26, 2022
|
/s/ David J. Wilson
David J. Wilson
Director
|
May 26, 2022
|
/s/ Christine Y. Yan
Christine Y. Yan
Director
|
May 26, 2022
|