XML 66 R24.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Indebtedness | 12 Months Ended
--- | ---
Mar. 31, 2015
Indebtedness [Abstract] |
Indebtedness | Note 16: Indebtedness Long-term debt was comprised of the following:
|  | Fiscal year of maturity |  |  | March 31, 2015 |  |  | March 31, 2014 |
Foreign credit agreements |  | 2016 |  |  | $ | 0.2 |  |  | $ | 0.5 |
6.8% Senior Notes |  | 2017-2021 |  |  |  | 125.0 |  |  |  | 125.0 |
Revolving credit facility |  | 2019 |  |  |  | - |  |  |  | - |
|  |  |  |  |  | 125.2 |  |  |  | 125.5 |
Capital lease obligations |  | 2016-2030 |  |  |  | 4.9 |  |  |  | 6.5 |
|  |  |  |  |  | 130.1 |  |  |  | 132.0 |
Less: current portion |  |  |  |  |  | (0.5 | ) |  |  | (0.8 | )
Total long-term debt |  |  |  |  | $ | 129.6 |  |  | $ | 131.2 |
The Company maintains a $175.0 million domestic revolving credit facility, which expires in August 2018. Borrowings under the credit agreement bear interest at a variable rate based on the London Interbank Offered Rate (“LIBOR”) plus 125 to 225 basis points (1.6 percent at March 31, 2015) depending upon the Company’s leverage ratio, as defined below. At March 31, 2015 and 2014, no borrowings were outstanding under the revolving credit facility. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at March 31, 2015 and 2014 of $18.6 million and $32.4 million, respectively. At March 31, 2015, the Company’s foreign unused lines of credit totaled $41.0 million. In aggregate, the Company had total available lines of credit of $216.0 million at March 31, 2015. Provisions in the Company’s revolving credit facility, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. Under its primary debt agreements in the U.S., the Company has provided a lien on substantially all domestic assets. The Company is also subject to a leverage ratio covenant, which requires the Company to limit its consolidated indebtedness, less a portion of the Company’s cash balance, both as defined by the credit agreement, to no more than three and one-quarter times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”), and an interest expense coverage ratio, which requires the Company to maintain Adjusted EBITDA of at least three times consolidated interest expense. The Company was in compliance with its debt covenants as of March 31, 2015. Long-term debt matures as follows:
Fiscal Year |  |  |
2016 |  | $ | 0.5 |
2017 |  |  | 8.3 |
2018 |  |  | 16.3 |
2019 |  |  | 16.3 |
2020 |  |  | 16.3 |
2021 & beyond |  |  | 72.4 |
Total |  | $ | 130.1 |
The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. At March 31, 2015 and 2014, the carrying value of Modine’s long-term debt approximated fair value, with the exception of the Senior Notes, which had a fair value of approximately $141.0 million and $140.0 million, respectively. The fair value of the Senior Notes is categorized as Level 2 within the fair value hierarchy. Refer to Note 4 for the definition of a Level 2 fair value measurement.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration