XML 69 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Indebtedness
9 Months Ended
Dec. 31, 2012
Indebtedness [Abstract]  
Indebtedness
Note 14: Indebtedness

The Company's long-term debt includes $125.0 of 6.83 percent Senior Notes that mature on August 12, 2020.  As of December 31, 2012, the Company has a $145.0 domestic revolving credit facility, which expires in August 2014, with no borrowings outstanding.  At March 31, 2012, the Company had $9.0 outstanding on this domestic revolving credit facility.
 
The Company also maintains credit agreements for its foreign subsidiaries with outstanding short-term borrowings at December 31, 2012 and March 31, 2012 of $26.2 and $21.3, respectively.  The foreign unused lines of credit in Europe, Brazil, China and India at December 31, 2012 total $52.0.  At December 31, 2012, letters of credit totaled $6.0 and available borrowings under the Company's domestic revolving credit facility were $139.0.  In aggregate, the Company had total available lines of credit of $191.0 at December 31, 2012.

Provisions contained in the Company's revolving credit facility, Senior Note agreements and various foreign credit agreements require the Company to maintain compliance with various covenants.  The Company was in compliance with its covenants as of December 31, 2012.

The fair value of long-term debt is estimated by discounting the future cash flows at rates offered to the Company for similar debt instruments of comparable maturities.  At December 31, 2012 and March 31, 2012, 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 $143.0 and $139.0, respectively.  The fair value of the Senior Notes is categorized as Level 2 within the fair value hierarchy.  Refer to Note 3 for the definition of a Level 2 fair value measurement.