XML 63 R50.htm IDEA: XBRL DOCUMENT
v3.22.1

Pension and Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2022
Pension and Employee Benefit Plans [Abstract] |
Changes in Benefit Obligations and Plan Assets | Changes in benefit obligations and plan assets, as well as the funded status of the Company’s global pension plans, were as follows:
|  | Years ended March 31, |
|  | 2022 |  |  | 2021 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 260.6 |  |  | $ | 264.7 |
Service cost |  |  | 0.3 |  |  |  | 0.4 |
Interest cost |  |  | 7.3 |  |  |  | 7.9 |
Actuarial (gain) loss |  |  | (16.5 | ) |  |  | 2.7 |
Benefits paid |  |  | (16.0 | ) |  |  | (17.1 | )
Disposition of air-cooled automotive business |  |  | (5.5 | ) |  |  | - |
Curtailment gains (a) |  |  | - |  |  |  | (0.1 | )
Effect of exchange rate changes |  |  | (1.6 | ) |  |  | 2.1 |
Benefit obligation at end of year |  | $ | 228.6 |  |  | $ | 260.6 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 183.3 |  |  | $ | 131.1 |
Actual return on plan assets |  |  | 7.6 |  |  |  | 47.8 |
Benefits paid |  |  | (16.0 | ) |  |  | (17.1 | )
Employer contributions |  |  | 5.0 |  |  |  | 21.5 |
Fair value of plan assets at end of year |  | $ | 179.9 |  |  | $ | 183.3 |
Funded status at end of year |  | $ | (48.7 | ) |  | $ | (77.3 | )
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |
Current liability |  | $ | (1.5 | ) |  | $ | (0.9 | )
Noncurrent liability |  |  | (47.2 | ) |  |  | (58.6 | )
Liabilities held for sale (b) |  |  | - |  |  |  | (17.8 | )
|  | $ | (48.7 | ) |  | $ | (77.3 | )
(a) | The curtailment gains in fiscal 2021 are associated with headcount reductions in Europe within the Automotive segment. See Note 6 for additional information on the Company’s restructuring activities.
(b) | At March 31, 2021, the Company classified the liabilities for pension plans in Germany and Austria within the liquid- and air-cooled automotive businesses as held for sale. See Note 2 for additional information.
Pension Benefit Plans | Costs for the Company’s global pension plans included the following components:
|  | Years ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Interest cost |  |  | 7.3 |  |  |  | 7.9 |  |  |  | 9.1 |
Expected return on plan assets |  |  | (12.9 | ) |  |  | (11.5 | ) |  |  | (12.0 | )
Amortization of net actuarial loss |  |  | 6.9 |  |  |  | 6.9 |  |  |  | 6.0 |
Settlements (a) |  |  | - |  |  |  | 0.2 |  |  |  | 0.2 |
Net periodic benefit cost |  | $ | 1.6 |  |  | $ | 3.9 |  |  | $ | 3.7 |
Other changes in benefit obligation recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) |  | $ | 11.4 |  |  | $ | 33.8 |  |  | $ | (38.7 | )
Amortization of net actuarial loss (b) |  |  | 8.6 |  |  |  | 7.1 |  |  |  | 6.2 |
Total recognized in other comprehensive income (loss) |  | $ | 20.0 |  |  | $ | 40.9 |  |  | $ | (32.5 | )
(a) | The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans.
(b) | The fiscal 2022 amount includes $1.7 million of net actuarial losses written-off as a result of the sale of the air-cooled automotive business. See Note 1 for additional information.
Target and Plan Asset Allocations | Plan assets in the Company’s U.S. pension plans comprise 100 percent of the Company’s world-wide pension plan assets. The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2022 and 2021 were as follows:
|  | Target allocation |  |  | Plan assets |
|  |  |  |  | 2022 |  |  | 2021 |
Equity securities |  |  | 76 | % |  |  | 74 | % |  |  | 73 | %
Debt securities |  |  | 18 | % |  |  | 17 | % |  |  | 17 | %
Real estate investments |  |  | 5 | % |  |  | 8 | % |  |  | 9 | %
Cash and cash equivalents |  |  | 1 | % |  |  | 1 | % |  |  | 1 | %
|  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Estimated Future Benefit Payments | Estimated pension benefit payments for the next ten fiscal years are as follows:
Fiscal Year |  | Estimated Pension Benefit Payments |
2023 |  | $ | 15.7 |
2024 |  |  | 15.9 |
2025 |  |  | 16.0 |
2026 |  |  | 15.8 |
2027 |  |  | 15.7 |
2028-2032 |  |  | 75.0 |

X
- 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
Name: | mod_ScheduleOfNetPeriodicBenefitCostAndAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | mod_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration