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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Preferred Stock
[1]
Additional Paid-In Capital
Retained (Deficit) Earnings
Accumulated Other Comprehensive (Loss) Income
Non-controlling interest
[2]
Beginning balance at Mar. 31, 2017 $ 1,070.6 $ 1.0 $ 0.0 $ 1,262.1 $ (55.5) $ (137.0) $ 0.0
Comprehensive income (loss):              
Net income 76.0       75.9   0.1
Foreign currency translation adjustments 57.1         57.1  
Change in unrealized loss on interest rate derivatives, net of income tax expense 5.8         5.8  
Change in pension and other post retirement defined benefit plans, net of income tax expense 0.0            
Total comprehensive income (loss) 138.9       75.9 62.9 0.1
Stock-based compensation expense 20.5     20.5      
Proceeds from exercise of stock options 7.2     7.2      
Taxes withheld and paid on employees' share-based payment awards (1.2)     (1.2)      
Preferred stock dividends (23.2)     (10.8) (12.4)    
Ending balance at Mar. 31, 2018 1,212.8 1.0 0.0 1,277.8 8.0 (74.1) 0.1
Comprehensive income (loss):              
Net income 34.3       34.3    
Foreign currency translation adjustments (17.9)         (17.9)  
Change in unrealized loss on interest rate derivatives, net of income tax expense 4.5         4.5  
Change in pension and other post retirement defined benefit plans, net of income tax expense (9.1)         (9.1)  
Total comprehensive income (loss) 11.8       34.3 (22.5) 0.0
Acquisition of non-controlling interest 2.3           2.3
Stock-based compensation expense 22.6     22.6      
Proceeds from exercise of stock options 7.9     7.9      
Taxes withheld and paid on employees' share-based payment awards (3.2)     (3.2)      
Preferred stock dividends (23.2)     (11.6) (11.6)    
Ending balance at Mar. 31, 2019 1,231.0 1.0 0.0 1,293.5 30.7 (96.6) 2.4
Comprehensive income (loss):              
Net income 180.4       180.1   0.3
Foreign currency translation adjustments (24.5)         (24.5)  
Change in unrealized loss on interest rate derivatives, net of income tax expense 0.0            
Change in pension and other post retirement defined benefit plans, net of income tax expense (3.3)         (3.3)  
Total comprehensive income (loss) 152.6       180.1 (27.8) 0.3
Acquisition of non-controlling interest (0.3)     (0.3)      
Stock-based compensation expense 26.9     26.9      
Proceeds from exercise of stock options 36.0     36.0      
Taxes withheld and paid on employees' share-based payment awards (7.6)     (7.6)      
Mandatory conversion of preferred stock to common stock [3] 0.0 0.2   (0.2)      
Repurchase of common stock [4] (100.7)       (100.7)    
Common stock dividends (9.8)       (9.8)    
Preferred stock dividends (14.4)       (14.4)    
Ending balance at Mar. 31, 2020 $ 1,313.7 $ 1.2 $ 0.0 $ 1,348.3 $ 85.9 $ (124.4) $ 2.7
[1] On December 7, 2016, the Company issued 8.1 million depository shares, each of which represented a 1/20th interest in a share of 5.75% Series A Mandatory Convertible Preferred Stock (the "Series A Preferred Stock"), for an offering price of $50 per depository share. Shares of Series A Preferred Stock had a par value of $0.01 per share.
[2] During fiscal 2018, represents a 30% non-controlling interest in two Process & Motion Control controlled subsidiaries. During fiscal 2019, represents a 30% non-controlling interest in two Process & Motion Control controlled subsidiaries and a 5% non-controlling interest in another Process & Motion Control joint venture relationship. During the second quarter of fiscal 2020, the Company acquired the remaining 30% non-controlling interest associated with one of the aforementioned Process & Motion Control joint ventures for a cash purchase price of $0.3 million. As a result of this transaction, fiscal 2020 represents a 30% non-controlling interest in the remaining Process & Motion Control controlled subsidiary and a 5% non-controlling interest in another Process & Motion Control joint venture relationship. Refer to Note 3, Acquisitions for further detail.
[3] During the third quarter of fiscal 2020, the Company issued 16.0 million shares of common stock upon the mandatory conversion of the Series A Preferred Stock; see Note 19 Common Stock Purchases and Public Offerings for additional information.
[4] During fiscal 2020, the Company repurchased and canceled 3.6 million shares of common stock at a total cost of $100.7 million at a weighted average price of $27.94 per share. See Note 19 Common Stock Purchases and Public Offerings for additional information