Stockholders' Equity and Noncontrolling Interests

12 Months Ended

Mar. 31, 2017

Stockholders' Equity and Noncontrolling Interests [Abstract]

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

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

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

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

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	$	—