| Stockholders' Equity and Noncontrolling Interests |
Stockholders’ Equity and Noncontrolling Interests
Preferred Stock and Common Stock
The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2017 and 2016, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance.
The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2015, 2016 and 2017, respectively: | | | | | | Shares outstanding as of March 31, 2014 | 46,942,126 |
| Purchase of treasury stock | (3,274,829 | ) | Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes | 401,291 |
| Shares outstanding as of March 31, 2015 | 44,068,588 |
| Purchase of treasury stock | (3,216,654 | ) | Shares issued from treasury stock to settle conversion premium on Convertible Notes | 1,889,431 |
| Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes | 448,137 |
| Shares outstanding as of March 31, 2016 | 43,189,502 |
| Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes | 258,034 |
| Shares outstanding as of March 31, 2017 | 43,447,536 |
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Treasury Stock
There were no repurchases of treasury stock during fiscal 2017. In fiscal 2016, the Company purchased 3,216,654 shares of its common stock for $178,244. Of the shares purchased in fiscal 2016, 2,961,444 were acquired through an accelerated share repurchase program for a total cash investment of $166,392 at an average price of $56.19. At March 31, 2017 and 2016, the Company held 10,923,274 shares as treasury stock.
Treasury Stock Reissuance
In fiscal 2016, the Company settled the conversion premium on the Convertible Notes by issuing 1,889,431 shares from its treasury stock. The reissuance was recorded on a last-in, first-out method, and the difference between the repurchase cost and the fair value at reissuance was recorded as an adjustment to stockholders' equity.
Accumulated Other Comprehensive Income ("AOCI")
The components of AOCI, net of tax, are as follows: | | | | | | | | | | | | | | | | | | | | Beginning Balance | | Before Reclassifications | | Amount Reclassified from AOCI | | Ending Balance | March 31, 2017 | | | | | | | | | Pension funded status adjustment | | $ | (21,861 | ) | | $ | (4,659 | ) | | $ | 965 |
| | $ | (25,555 | ) | Net unrealized gain (loss) on derivative instruments | | 388 |
| | 5,523 |
| | (3,936 | ) | | 1,975 |
| Foreign currency translation adjustment | | (75,876 | ) | | (53,368 | ) | | — |
| | (129,244 | ) | Accumulated other comprehensive loss | | $ | (97,349 | ) | | $ | (52,504 | ) | | $ | (2,971 | ) | | $ | (152,824 | ) | March 31, 2016 | | | | | | | | | Pension funded status adjustment | | $ | (23,719 | ) | | $ | 298 |
| | $ | 1,560 |
| | $ | (21,861 | ) | Net unrealized gain (loss) on derivative instruments | | (95 | ) | | (4,027 | ) | | 4,510 |
| | 388 |
| Foreign currency translation adjustment | | (85,161 | ) | | 9,285 |
| | — |
| | (75,876 | ) | Accumulated other comprehensive loss | | $ | (108,975 | ) | | $ | 5,556 |
| | $ | 6,070 |
| | $ | (97,349 | ) | March 31, 2015 | | | | | | | | | Pension funded status adjustment | | $ | (15,207 | ) | | $ | (9,259 | ) | | $ | 747 |
| | $ | (23,719 | ) | Net unrealized gain (loss) on derivative instruments | | (2,253 | ) | | 289 |
| | 1,869 |
| | (95 | ) | Foreign currency translation adjustment | | 85,305 |
| | (170,466 | ) | | — |
| | (85,161 | ) | Accumulated other comprehensive (loss) income | | $ | 67,845 |
| | $ | (179,436 | ) | | $ | 2,616 |
| | $ | (108,975 | ) |
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2017:
| | | | | | | | Components of AOCI | | Amounts Reclassified from AOCI | | Location of (Gain) Loss Recognized on Income Statement | Derivatives in Cash Flow Hedging Relationships: | | | | | Net unrealized gain on derivative instruments | | $ | (6,236 | ) | | Cost of goods sold | Tax expense | | 2,300 |
| | | Net unrealized gain on derivative instruments, net of tax | | $ | (3,936 | ) | | | | | | | | Defined benefit pension costs: | | | | | Prior service costs and deferrals | | $ | 1,431 |
| | Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 14 | Tax benefit | | (466 | ) | | | Net periodic benefit cost, net of tax | | $ | 965 |
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The following table presents reclassifications from AOCI during the twelve months ended March 31, 2016:
| | | | | | | | Components of AOCI | | Amounts Reclassified from AOCI | | Location of (Gain) Loss Recognized on Income Statement | Derivatives in Cash Flow Hedging Relationships: | | | | | Net unrealized loss on derivative instruments | | $ | 7,144 |
| | Cost of goods sold | Tax benefit | | (2,634 | ) | | | Net unrealized loss on derivative instruments, net of tax | | $ | 4,510 |
| | | | | | | | Defined benefit pension costs: | | | | | Prior service costs and deferrals | | $ | 2,043 |
| | Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 14 | Tax benefit | | (483 | ) | | | Net periodic benefit cost, net of tax | | $ | 1,560 |
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The following table presents reclassifications from AOCI during the twelve months ended March 31, 2015:
| | | | | | | | Components of AOCI | | Amounts Reclassified from AOCI | | Location of (Gain) Loss Recognized on Income Statement | Derivatives in Cash Flow Hedging Relationships: | | | | | Net unrealized loss on derivative instruments | | $ | 2,961 |
| | Cost of goods sold | Tax benefit | | (1,092 | ) | | | Net unrealized loss on derivative instruments, net of tax | | $ | 1,869 |
| | | | | | | | Defined benefit pension costs: | | | | | Prior service costs and deferrals | | $ | 1,007 |
| | Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 14 | Tax benefit | | (260 | ) | | | Net periodic benefit cost, net of tax | | $ | 747 |
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The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2015, 2016 and 2017, respectively: | | | | | | | Balance as of March 31, 2014 | $ | 8,047 |
| Net earnings attributable to redeemable noncontrolling interests | 191 |
| Redemption value adjustment | (292 | ) | Foreign currency translation adjustment | (990 | ) | Balance as of March 31, 2015 | $ | 6,956 |
| Net losses attributable to redeemable noncontrolling interests | (4,272 | ) | Redemption value adjustment | 4,272 |
| Other | 109 |
| Foreign currency translation adjustment | (1,068 | ) | Balance as of March 31, 2016 | $ | 5,997 |
| Net losses attributable to redeemable noncontrolling interests | (2,021 | ) | Deconsolidation of joint venture | (4,035 | ) | Foreign currency translation adjustment | 59 |
| Balance as of March 31, 2017 | $ | — |
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