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Pension and Employee Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2014
Pension and Employee Benefit Plans [Abstract] |
Change in benefit obligations and plan assets as well as the funded status | The change in benefit obligations and plan assets as well as the funded status of Modine's pension and postretirement plans for the fiscal years ended March 31, 2014 and 2013 were as follows:
|  | Pension Plans |  |  | Postretirement Plans |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 309.6 |  |  | $ | 281.8 |  |  | $ | 7.5 |  |  | $ | 7.2 |
Service cost |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 0.1 |  |  |  | 0.1 |
Interest cost |  |  | 13.0 |  |  |  | 13.5 |  |  |  | 0.2 |  |  |  | 0.3 |
Actuarial (gain) loss |  |  | (10.8 | ) |  |  | 27.1 |  |  |  | (1.4 | ) |  |  | 0.1 |
Benefits paid |  |  | (18.6 | ) |  |  | (12.6 | ) |  |  | (0.5 | ) |  |  | (0.2 | )
Effect of exchange rate changes |  |  | 1.9 |  |  |  | (0.8 | ) |  |  | - |  |  |  | - |
Benefit obligation at end of year |  | $ | 295.7 |  |  | $ | 309.6 |  |  | $ | 5.9 |  |  | $ | 7.5 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 200.6 |  |  | $ | 186.6 |  |  | $ | - |  |  | $ | - |
Actual return on plan assets |  |  | 22.2 |  |  |  | 16.2 |  |  |  | - |  |  |  | - |
Benefits paid |  |  | (18.6 | ) |  |  | (12.6 | ) |  |  | (0.5 | ) |  |  | (0.2 | )
Employer contributions |  |  | 9.5 |  |  |  | 10.4 |  |  |  | 0.5 |  |  |  | 0.2 |
Fair value of plan assets at end of year |  | $ | 213.7 |  |  | $ | 200.6 |  |  | $ | - |  |  | $ | - |
Funded status at end of year |  | $ | (82.0 | ) |  | $ | (109.0 | ) |  | $ | (5.9 | ) |  | $ | (7.5 | )
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liability |  | $ | (1.0 | ) |  | $ | (1.0 | ) |  | $ | (0.5 | ) |  | $ | (0.8 | )
Noncurrent liability |  |  | (81.0 | ) |  |  | (108.0 | ) |  |  | (5.4 | ) |  |  | (6.7 | )
|  | $ | (82.0 | ) |  | $ | (109.0 | ) |  | $ | (5.9 | ) |  | $ | (7.5 | )
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 153.4 |  |  | $ | 176.4 |  |  | $ | (1.7 | ) |  | $ | (0.3 | )
Prior service credit |  |  | - |  |  |  | - |  |  |  | (0.2 | ) |  |  | (1.5 | )
|  | $ | 153.4 |  |  | $ | 176.4 |  |  | $ | (1.9 | ) |  | $ | (1.8 | )
Pension and postretirement benefit plans | Costs for Modine’s pension and postretirement benefit plans include the following components for the fiscal years ended March 31, 2014, 2013, and 2012:
|  | Pension Plans |  |  | Postretirement Plans |
|  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Components of net periodic benefit costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | 1.4 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | - |
Interest cost |  |  | 13.0 |  |  |  | 13.5 |  |  |  | 13.9 |  |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.4 |
Expected return on plan assets |  |  | (15.7 | ) |  |  | (16.1 | ) |  |  | (15.7 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrecognized net loss (gain) |  |  | 6.3 |  |  |  | 5.0 |  |  |  | 7.0 |  |  |  | (0.1 | ) |  |  | - |  |  |  | - |
Unrecognized prior service credit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1.2 | ) |  |  | (1.5 | ) |  |  | (1.7 | )
Adjustment for curtailment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (0.3 | )
Net periodic benefit cost (income) |  | $ | 4.2 |  |  | $ | 3.0 |  |  | $ | 6.6 |  |  | $ | (1.0 | ) |  | $ | (1.1 | ) |  | $ | (1.6 | )
Other changes in plan assets and benefit obligation recognized in other comprehensive (income) loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (17.3 | ) |  | $ | 27.0 |  |  | $ | 45.7 |  |  | $ | (1.4 | ) |  | $ | - |  |  | $ | 0.7 |
Prior service costs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.3 |
Reversal of amortization items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  |  | (6.3 | ) |  |  | (5.0 | ) |  |  | (7.0 | ) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | - |
Prior service costs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1.2 |  |  |  | 1.5 |  |  |  | 1.7 |
Total recognized in other comprehensive (income) loss |  | $ | (23.6 | ) |  | $ | 22.0 |  |  | $ | 38.7 |  |  | $ | (0.1 | ) |  | $ | 1.6 |  |  | $ | 2.7 |
Weighted-average assumptions used to determine benefit obligation and costs under the plans | The weighted average assumptions used to determine Modine’s benefit obligation under the plans were as follows:
|  | 2014 |  |  | 2013 |
|  | U.S. Plans |  |  | Foreign Plans |  |  | U.S. Plans |  |  | Foreign Plans |
Pension plans: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.7 | % |  |  | 3.0 | % |  |  | 4.4 | % |  |  | 3.5 | %
Postretirement plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.3 | % |  |  | N/ | A |  |  | 3.7 | % |  |  | N/ | A
The weighted average assumptions used to determine Modine's costs under the plans were as follows:
|  | Years ended March 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | U.S. Plans |  |  | Foreign Plans |  |  | U.S. Plans |  |  | Foreign Plans |  |  | U.S. Plans |  |  | Foreign Plans |
Pension plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.4 | % |  |  | 3.5 | % |  |  | 4.9 | % |  |  | 5.0 | % |  |  | 5.8 | % |  |  | 5.8 | %
Expected return on plan assets |  |  | 8.0 | % |  |  | N/ | A |  |  | 8.0 | % |  |  | N/ | A |  |  | 8.0 | % |  |  | N/ | A
Postretirement plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.7 | % |  |  | N/ | A |  |  | 4.4 | % |  |  | N/ | A |  |  | 5.4 | % |  |  | N/ | A
Target and plan asset allocations | Plan assets in the U.S. defined benefit plans comprise 100 percent of the Company’s world-wide benefit plan assets. Modine's U.S. pension plan weighted average asset allocations at the measurement dates of March 31, 2014 and 2013 were as follows:
|  | Target allocation |  |  | Plan assets |
|  |  |  |  | 2014 |  |  | 2013 |
Equity securities |  |  | 55 | % |  |  | 57 | % |  |  | 57 | %
Debt securities |  |  | 38 | % |  |  | 37 | % |  |  | 37 | %
Alternative assets |  |  | 5 | % |  |  | 5 | % |  |  | 5 | %
Cash |  |  | 2 | % |  |  | 1 | % |  |  | 1 | %
|  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Assumed healthcare cost trend rates | With respect to the postretirement plans, for measurement purposes, the assumed healthcare cost trend rates were as follows:
|  | Years ended March 31, |
|  | 2014 |  |  | 2013 |
Healthcare costs trend rate |  |  | 7.3 | % |  |  | 7.5 | %
Ultimate trend rate |  |  | 5.0 | % |  |  | 5.0 | %
Year the rate reaches the ultimate trend rate |  |  | 2019 |  |  |  | 2019 |
Estimated future benefit payments | Estimated pension benefit payments for the next ten fiscal years are as follows:
Fiscal Year |  | Estimated pension benefit payments |
2015 |  | $ | 15.6 |
2016 |  |  | 15.7 |
2017 |  |  | 16.2 |
2018 |  |  | 17.6 |
2019 |  |  | 18.0 |
2020-2024 |  |  | 95.3 |

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments, and the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References No definition available. + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
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