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Pension and Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2014
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 for the fiscal years ended March 31, 2014 and 2013 were as follows:

 
 
Pension Plans
  
Postretirement Plans
 
 
 
2014
  
2013
  
2014
  
2013
 
Change in benefit obligation:
 
  
  
  
 
Benefit obligation at beginning of year
 
$
309.6
  
$
281.8
  
$
7.5
  
$
7.2
 
Service cost
  
0.6
   
0.6
   
0.1
   
0.1
 
Interest cost
  
13.0
   
13.5
   
0.2
   
0.3
 
Actuarial (gain) loss
  
(10.8
)
  
27.1
   
(1.4
)
  
0.1
 
Benefits paid
  
(18.6
)
  
(12.6
)
  
(0.5
)
  
(0.2
)
Effect of exchange rate changes
  
1.9
   
(0.8
)
  
-
   
-
 
Benefit obligation at end of year
 
$
295.7
  
$
309.6
  
$
5.9
  
$
7.5
 
 
                
Change in plan assets:
                
Fair value of plan assets at beginning of year
 
$
200.6
  
$
186.6
  
$
-
  
$
-
 
Actual return on plan assets
  
22.2
   
16.2
   
-
   
-
 
Benefits paid
  
(18.6
)
  
(12.6
)
  
(0.5
)
  
(0.2
)
Employer contributions
  
9.5
   
10.4
   
0.5
   
0.2
 
Fair value of plan assets at end of year
 
$
213.7
  
$
200.6
  
$
-
  
$
-
 
Funded status at end of year
 
$
(82.0
)
 
$
(109.0
)
 
$
(5.9
)
 
$
(7.5
)
 
                
Amounts recognized in the consolidated balance sheets:
                
Current liability
 
$
(1.0
)
 
$
(1.0
)
 
$
(0.5
)
 
$
(0.8
)
Noncurrent liability
  
(81.0
)
  
(108.0
)
  
(5.4
)
  
(6.7
)
 
 
$
(82.0
)
 
$
(109.0
)
 
$
(5.9
)
 
$
(7.5
)
 
                
Amounts recognized in accumulated other comprehensive loss:
                
Net actuarial loss (gain)
 
$
153.4
  
$
176.4
  
$
(1.7
)
 
$
(0.3
)
Prior service credit
  
-
   
-
   
(0.2
)
  
(1.5
)
 
 
$
153.4
  
$
176.4
  
$
(1.9
)
 
$
(1.8
)
Pension and postretirement benefit plans
Costs for Modine’s pension and postretirement benefit plans include the following components for the fiscal years ended March 31, 2014, 2013, and 2012:

 
 
Pension Plans
  
Postretirement Plans
 
 
 
2014
  
2013
  
2012
  
2014
  
2013
  
2012
 
Components of net periodic benefit costs:
 
  
  
  
  
  
 
Service cost
 
$
0.6
  
$
0.6
  
$
1.4
  
$
0.1
  
$
0.1
  
$
-
 
Interest cost
  
13.0
   
13.5
   
13.9
   
0.2
   
0.3
   
0.4
 
Expected return on plan assets
  
(15.7
)
  
(16.1
)
  
(15.7
)
  
-
   
-
   
-
 
Amortization of:
                        
Unrecognized net loss (gain)
  
6.3
   
5.0
   
7.0
   
(0.1
)
  
-
   
-
 
Unrecognized prior service credit
  
-
   
-
   
-
   
(1.2
)
  
(1.5
)
  
(1.7
)
Adjustment for curtailment
  
-
   
-
   
-
   
-
   
-
   
(0.3
)
Net periodic benefit cost (income)
 
$
4.2
  
$
3.0
  
$
6.6
  
$
(1.0
)
 
$
(1.1
)
 
$
(1.6
)
 
                        
Other changes in plan assets and benefit obligation recognized in other comprehensive (income) loss:
                        
Net actuarial (gain) loss
 
$
(17.3
)
 
$
27.0
  
$
45.7
  
$
(1.4
)
 
$
-
  
$
0.7
 
Prior service costs
  
-
   
-
   
-
   
-
   
-
   
0.3
 
Reversal of amortization items:
                        
Net actuarial (gain) loss
  
(6.3
)
  
(5.0
)
  
(7.0
)
  
0.1
   
0.1
   
-
 
Prior service costs
  
-
   
-
   
-
   
1.2
   
1.5
   
1.7
 
Total recognized in other comprehensive (income) loss
 
$
(23.6
)
 
$
22.0
  
$
38.7
  
$
(0.1
)
 
$
1.6
  
$
2.7
 
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:

 
 
2014
  
2013
 
 
 
U.S. Plans
  
Foreign Plans
  
U.S. Plans
  
Foreign Plans
 
Pension plans:
 
  
  
  
 
Discount rate
  
4.7
%
  
3.0
%
  
4.4
%
  
3.5
%
Postretirement plans:
                
Discount rate
  
4.3
%
  
N/
A
  
3.7
%
  
N/
A

The weighted average assumptions used to determine Modine's costs under the plans were as follows:

 
 
Years ended March 31,
 
 
 
2014
  
2013
  
2012
 
 
 
U.S. Plans
  
Foreign Plans
  
U.S. Plans
  
Foreign Plans
  
U.S. Plans
  
Foreign Plans
 
Pension plans:
 
  
  
  
  
  
 
Discount rate
  
4.4
%
  
3.5
%
  
4.9
%
  
5.0
%
  
5.8
%
  
5.8
%
Expected return on plan assets
  
8.0
%
  
N/
A
  
8.0
%
  
N/
A
  
8.0
%
  
N/
A
Postretirement plans:
                        
Discount rate
  
3.7
%
  
N/
A
  
4.4
%
  
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, 2014 and 2013 were as follows:

 
 
Target allocation
  
Plan assets
 
 
 
  
2014
  
2013
 
Equity securities
  
55
%
  
57
%
  
57
%
Debt securities
  
38
%
  
37
%
  
37
%
Alternative assets
  
5
%
  
5
%
  
5
%
Cash
  
2
%
  
1
%
  
1
%
 
  
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,
 
 
 
2014
  
2013
 
Healthcare costs trend rate
  
7.3
%
  
7.5
%
Ultimate trend rate
  
5.0
%
  
5.0
%
Year the rate reaches the ultimate trend rate
  
2019
   
2019
 
Estimated future benefit payments
Estimated pension benefit payments for the next ten fiscal years are as follows:

Fiscal Year
 
Estimated pension
benefit payments
 
2015
 
$
15.6
 
2016
  
15.7
 
2017
  
16.2
 
2018
  
17.6
 
2019
  
18.0
 
2020-2024
  
95.3