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Acquisitions | 9 Months Ended
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Dec. 31, 2013
Acquisitions [Abstract] |
Acquisitions | Note 3: Acquisitions On July 25, 2012, the Company completed the acquisition of Geofinity Manufacturing of Surrey, British Columbia for cash consideration of $4.9 million, net of cash acquired. This acquisition, which is included in the Commercial Products segment, provided Modine with a product line of innovative geothermal heat pumps in both water-to-water and water-to-air models. Acquired assets and liabilities assumed were recorded at their respective fair values. The purchase price allocation resulted in acquired technology of $3.5 million, working capital net assets of $0.6 million, and goodwill of $0.8 million. Acquired technology consisted of a fully developed product line, technical processes, and intellectual property, and is being amortized over ten years. During fiscal 2007, the Company acquired the remaining 50 percent of Radiadores Visconde Ltda. The purchase agreement included a $2.0 million note, which was payable subject to the resolution of certain obligations of the sellers. During the second quarter of fiscal 2013, the Company and the sellers reached a final resolution under which the Company is not obligated to pay the note to the sellers. As a result, the Company recorded a $2.0 million reduction to selling, general and administrative (“SG&A”) expenses in the South America segment during the second quarter of fiscal 2013.

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