Subsequent Events
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6 Months Ended |
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Sep. 30, 2014
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 23, 2014, the Company executed two spot starting 3% interest rate caps (maturing in October 2018) covering a total notional value of $750 million to further mitigate the Company's exposure to increasing interest rates on its variable rate term loans. When combined with the Company's existing interest rate swaps described in Note 12, the Company has effectively hedged approximately 73% of its outstanding variable rate term loans with a weighted average interest rate that cannot exceed 2.79% plus the applicable margin of 3%. In executing the interest rate caps, the Company paid a premium of $5.8 million and has designated the interest rate caps as effective cash flow hedges in accordance with ASC 815. The interest rate caps did not have any impact on the Company's statements of results of operations, financial position or cash flows in the second quarter of fiscal 2015. On October 30, 2014, the Company acquired Tollok S.p.A. ("Tollok") for a total cash purchase price of $38.3 million ($33.2 million paid at closing and $5.1 million to be paid in two equal annual installments on October 30, 2015 and October 30, 2016), excluding transaction costs and net of cash acquired, plus contingent payments of up to $3.8 million that will be paid two years from the acquisition date dependent on the achievement of certain performance targets during the two years following the acquisition. Tollok, based in Ferrara, Italy, is a supplier of highly engineered shaft locking devices for the power generation and process industries, as well as general industrial applications. The acquisition of Tollok will add complementary product lines to the Company's existing Process & Motion Control platform. The Company's financial position and results from operations will include Tollok subsequent to October 30, 2014. As of the date of this filing, the Company has not completed the preliminary allocation of the purchase price to the assets acquired and liabilities assumed. On October 31, 2014, the Company entered into a definitive agreement to acquire Euroflex Transmissions (India) Private Limited ("Euroflex") for a total cash purchase price of approximately $77 million. Euroflex, based in Hyderabad, India, is a supplier of high performance disc couplings, used in power generation, gas compression and industrial process machinery applications. The acquisition of Euroflex, which is expected to close in the third quarter of fiscal 2015, will add complementary product lines to the Company's existing Process & Motion Control platform. The Company's financial position and results from operations will include Euroflex subsequent to the transaction closing date. |