XML 56 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pension and Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2013
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 were as follows:

   
Pensions Plans
  
Postretirement Plans
 
Years ended March 31
 
2013
  
2012
  
2013
  
2012
 
              
Change in benefit obligation:
            
Benefit obligation at beginning of year
 $281.8  $246.0  $7.2  $6.6 
Service cost
  0.6   1.4   0.1   - 
Interest cost
  13.5   13.9   0.3   0.4 
Actuarial loss
  27.1   35.6   0.1   0.5 
Benefits paid
  (12.6)  (13.8)  (0.2)  (0.5)
Settlement/curtailment adjustment
  -   -   -   0.2 
Currency translation adjustment
  (0.8)  (1.3)  -   - 
Benefit obligation at end of year
 $309.6  $281.8  $7.5  $7.2 
                  
Change in plan assets:
                
Fair value of plan assets at beginning of year
 $186.6  $182.1  $-  $- 
Actual return on plan assets
  16.2   5.5   -   - 
Benefits paid
  (12.6)  (13.8)  (0.2)  (0.5)
Employer contributions
  10.4   12.8   0.2   0.5 
Fair value of plan assets at end of year
 $200.6  $186.6  $-  $- 
Funded status at end of year
 $(109.0) $(95.2) $(7.5) $(7.2)
                  
Amounts recognized in the consolidated balance sheets consist of:
                
Current liability
 $(1.0) $(1.1) $(0.8) $(0.8)
Noncurrent liability
  (108.0)  (94.1)  (6.7)  (6.4)
   $(109.0) $(95.2) $(7.5) $(7.2)
Amounts recognized in accumulated other comprehensive loss consist of:
                
Net actuarial loss (gain)
 $176.4  $154.4  $(0.3) $(0.4)
Prior service credit
  -   -   (1.5)  (3.0)
   $176.4  $154.4  $(1.8) $(3.4)
Pension plans with accumulated benefit obligations in excess of plan assets
Pension plans with accumulated benefit obligations in excess of plan assets consist of the following:

March 31
 
2013
  
2012
 
        
Projected benefit obligation
 $309.6  $281.8 
Accumulated benefit obligation
  307.2   280.3 
Fair value of the plan assets
  200.6   186.6 
Pension and postretirement benefit plans
Costs for Modine's pension and postretirement benefit plans include the following components:
 
   
Pension Plans
  
Postretirement Plans
 
Years ended March 31
 
2013
  
2012
  
2011
  
2013
  
2012
  
2011
 
                    
Components of net periodic benefit costs:
                  
Service cost
 $0.6  $1.4  $1.9  $0.1  $-  $- 
Interest cost
  13.5   13.9   13.7   0.3   0.4   0.4 
Expected return on plan assets
  (16.1)  (15.7)  (15.2)  -   -   - 
Amortization of:
                        
Unrecognized net loss (gain)
  5.0   7.0   7.7   -   -   (0.1)
Unrecognized prior service cost (credit)
  -   -   0.4   (1.5)  (1.7)  (1.8)
Adjustment for settlement/curtailment
  -   -   1.6   -   (0.3)  (2.1)
Net periodic benefit cost (income)
 $3.0  $6.6  $10.1  $(1.1) $(1.6) $(3.6)
                          
Other changes in plan assets and benefit obligation recognized in other comprehensive loss (income):
                        
Net actuarial loss (gain)
 $27.0  $45.7  $(3.7) $-  $0.7  $(2.2)
Prior service (credits) costs
  -   -   (1.6)  -   0.3   2.3 
Reversal of amortization items:
                        
Net actuarial (gain) loss
  (5.0)  (7.0)  (7.7)  0.1   -   0.1 
Prior service (credit) costs
  -   -   (0.4)  1.5   1.7   1.8 
Total recognized in other comprehensive loss (income)
 $22.0  $38.7  $(13.4) $1.6  $2.7  $2.0 
                          
Total recognized in net periodic benefit costs and other comprehensive income
 $25.0  $45.3  $(3.3) $0.5  $1.1  $(1.6)
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:

Years ended March 31
 
2013
  
2012
 
   
U.S. Plans
  
Foreign Plans
  
U.S. Plans
  
Foreign Plans
 
Pension plans:
            
Discount rate
  4.4%  3.5%  4.9%  5.0%
Postretirement plans:
                
Discount rate
  3.7%  N/A   4.4%  N/A 
 
The weighted average assumptions used to determine Modine's costs under the plans were as follows:

Years ended March 31
 
2013
  
2012
  
2011
 
   
U.S. Plans
  
Foreign Plans
  
U.S. Plans
  
Foreign Plans
  
U.S. Plans
  
Foreign Plans
 
Pension plans:
                  
Discount rate
  4.9%  5.0%  5.8%  5.8%  5.9%  5.0%
Expected return on plan assets
  8.0%  N/A   8.0%  N/A   8.1%  N/A 
Postretirement plans:
                        
Discount rate
  4.4%  N/A   5.4%  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, 2013 and 2012 by category, and the target allocations are summarized below:

   
Target allocation
  
Plan assets
 
   
2013
  
2012
  
2013
  
2012
 
              
Equity securities
  55%  55%  57%  56%
Debt securities
  38%  38%  37%  37%
Alternative assets
  5%  5%  5%  5%
Cash
  2%  2%  1%  2%
    100%  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
 
2013
  
2012
 
        
Healthcare costs trend rate assumed for next year (pre-65)
  7.5%  7.5%
Healthcare costs trend rate assumed for next year (post-65)
  7.5%  7.5%
Ultimate trend rate
  5.0%  5.0%
Year the rate reaches the ultimate trend rate
  2019   2017 
Estimated future benefit payments
Estimated pension benefit payments for the next ten fiscal years are as follows:

Years ended March 31
   
   
Pension
 
2014
 $14.5 
2015
  15.1 
2016
  15.5 
2017
  16.2 
2018
  17.5 
2019-2023
  92.5