XML 54 R26.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Fair value measurements | 12 Months Ended
--- | ---
Mar. 31, 2012
Fair value measurements [Abstract] |
Fair value measurements | Note 19: Fair value measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy:
| · | 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 or significant value-drivers are observable in active markets.
| · | Level 3 - Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.
When available, the Company uses quoted market prices to determine fair value and classifies such measurements within Level 1. In some cases, where market prices are not available, the Company makes use of observable market-based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves, currency rates, etc. These measurements are classified within Level 3. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. Trading securities The Company's trading securities are a mix of various investments maintained in a deferred compensation trust to fund future obligations under Modine's non-qualified deferred compensation plan. The securities' fair values are the market values from active markets (such as the New York Stock Exchange (NYSE)) and are classified within Level 1 of the valuation hierarchy. The fair values of money market investments have been determined to approximate their net asset values, with no discounts for credit quality or liquidity restrictions and are classified within Level 2 of the valuation hierarchy. Derivative financial instruments As part of the Company's risk management strategy, Modine enters into derivative transactions to mitigate certain identified exposures. The derivative instruments include commodity derivatives. These are not exchange traded and are customized over-the-counter derivative transactions. These derivative exposures are with counterparties that have long-term credit ratings of BBB- or better. The Company measures fair values assuming that the unit of account is an individual derivative transaction and those derivatives are sold or transferred on a stand-alone basis. Therefore, derivative assets and liabilities are presented on a gross basis without consideration of master netting arrangements. The Company estimates the fair value of these derivative instruments based on dealer quotes as the dealer is willing to settle at the quoted prices. These derivative instruments are classified within Level 2 of the valuation hierarchy. Deferred compensation obligation The fair value of the deferred compensation obligation is recorded at the fair value of the investments held by the deferred compensation trust. As noted above, the fair values are the market values directly from active markets (such as the NYSE) and are classified within Level 1 of the valuation hierarchy. The fair values of money market investments have been determined to approximate their net asset values, with no discounts for credit quality or liquidity restrictions and are classified with Level 2 of the valuation hierarchy. At March 31, 2012, the assets and liabilities that are measured at fair value on a recurring basis are classified as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets / Liabilities at Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Trading securities |  | $ | 1,784 |  |  | $ | 12 |  |  | $ | - |  |  | $ | 1,796 |
Derivative financial instruments |  |  | - |  |  |  | 361 |  |  |  | - |  |  |  | 361 |
Total assets |  | $ | 1,784 |  |  | $ | 373 |  |  | $ | - |  |  | $ | 2,157 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | - |  |  | $ | 3,530 |  |  | $ | - |  |  | $ | 3,530 |
Deferred compensation obligation |  |  | 1,823 |  |  |  | 12 |  |  |  | - |  |  |  | 1,835 |
Total liabilities |  | $ | 1,823 |  |  | $ | 3,542 |  |  | $ | - |  |  | $ | 5,365 |
At March 31, 2011, the assets and liabilities that are measured at fair value on a recurring basis were classified as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets / Liabilities at Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Trading securities |  | $ | 2,707 |  |  | $ | 13 |  |  | $ | - |  |  | $ | 2,720 |
Derivative financial instruments |  |  | - |  |  |  | 929 |  |  |  | - |  |  |  | 929 |
Total assets |  | $ | 2,707 |  |  | $ | 942 |  |  | $ | - |  |  | $ | 3,649 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | - |  |  | $ | 650 |  |  | $ | - |  |  | $ | 650 |
Deferred compensation obligation |  |  | 2,723 |  |  |  | - |  |  |  | - |  |  |  | 2,723 |
Total liabilities |  | $ | 2,723 |  |  | $ | 650 |  |  | $ | - |  |  | $ | 3,373 |
U.S. pension plan assets At March 31, 2012, the U.S. pension plan assets are classified as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets |
Money market investments |  | $ | - |  |  | $ | 11,707 |  |  | $ | - |  |  | $ | 11,707 |
Common stocks |  |  | 26,765 |  |  |  | 61 |  |  |  | - |  |  |  | 26,826 |
Corporate bonds |  |  | - |  |  |  | 18,197 |  |  |  | - |  |  |  | 18,197 |
Exchanged traded funds |  |  | 606 |  |  |  | - |  |  |  | - |  |  |  | 606 |
Foreign bonds |  |  | - |  |  |  | 3,405 |  |  |  | - |  |  |  | 3,405 |
Pooled equity funds |  |  | 67,500 |  |  |  | 12,091 |  |  |  | - |  |  |  | 79,591 |
Pooled fixed income funds |  |  | 16,170 |  |  |  | - |  |  |  | - |  |  |  | 16,170 |
U.S. government and agency securities |  |  | - |  |  |  | 29,321 |  |  |  | - |  |  |  | 29,321 |
Other |  |  | 186 |  |  |  | 190 |  |  |  | - |  |  |  | 376 |
Total U.S. pension plan assets |  | $ | 111,227 |  |  | $ | 74,972 |  |  | $ | - |  |  | $ | 186,199 |
At March 31, 2011, the U.S. pension plan assets were classified as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets |
Money market investments |  | $ | - |  |  | $ | 11,583 |  |  | $ | - |  |  | $ | 11,583 |
Common stocks |  |  | 28,005 |  |  |  | 76 |  |  |  | - |  |  |  | 28,081 |
Corporate bonds |  |  | - |  |  |  | 18,079 |  |  |  | - |  |  |  | 18,079 |
Exchanged traded funds |  |  | 1,693 |  |  |  | - |  |  |  | - |  |  |  | 1,693 |
Foreign bonds |  |  | - |  |  |  | 3,234 |  |  |  | - |  |  |  | 3,234 |
Pooled equity funds |  |  | 67,245 |  |  |  | 11,414 |  |  |  | - |  |  |  | 78,659 |
Pooled fixed income funds |  |  | 14,251 |  |  |  | - |  |  |  | - |  |  |  | 14,251 |
U.S. government and agency securities |  |  | - |  |  |  | 25,648 |  |  |  | - |  |  |  | 25,648 |
Other |  |  | 235 |  |  |  | 96 |  |  |  | - |  |  |  | 331 |
Total U.S. pension plan assets |  | $ | 111,429 |  |  | $ | 70,130 |  |  | $ | - |  |  | $ | 181,559 |
The fair value of money market investments have been determined to approximate their net asset values, with no discounts for credit quality or liquidity restrictions and are classified within Level 2 of the valuation hierarchy. The fair value of common stocks, exchange traded funds, pooled equity funds and pooled fixed income funds are the market values from active markets (such as the NYSE) and are classified within Level 1 of the valuation hierarchy. The fair value of certain common stocks, corporate bonds, foreign bonds, pooled equity funds and U.S. government and agency securities are valued based upon recent bid prices or the average of recent bid and asking prices when available and, if not available, they are valued through matrix pricing models developed by sources considered by management to be reliable. These are classified within Level 2 of the valuation hierarchy. In addition to the above-listed pension plan assets, there was $434 and $491 of accrued interest and dividends included in the total plan assets for the years ended March 31, 2012 and March 31, 2011, respectively.

X
- Details
Name: | mod_FairValueMeasurementsAbstract
Namespace Prefix: | mod_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration