STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2015
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
STOCKHOLDERS’ EQUITY

Total non-stockholder changes in equity (comprehensive income) include all changes in equity during a period except those resulting from investments by, and distributions to, stockholders.  The specific components include: net income, deferred gains and losses resulting from foreign currency translation, pension liability adjustments, equity security adjustments and deferred gains and losses resulting from derivative hedging transactions.  Total non-stockholder changes in equity were as follows (in millions):
 
Three Months Ended
March 31,
 
2015
 
2014
Net income (loss)
$
1.6

 
$
33.9

Other comprehensive income (loss), net of tax:
 
 
 

Cumulative translation adjustment (CTA), net of (provision for) benefit from taxes of $6.8 and $0.5, respectively
(211.6
)
 
18.2

Derivative hedging adjustment, net of (provision for) benefit from taxes of $0.2 and $0.8, respectively
0.3

 
(2.7
)
Debt and equity securities adjustment, net of (provision for) benefit from taxes of $0.0 and $0.0, respectively
(3.1
)
 
—

Pension liability adjustment:
 
 
 
Amortization of actuarial (gain) loss, net of provision for (benefit from) taxes of $(0.4) and $(0.5), respectively
2.5

 
1.0

Foreign exchange and other effects, net of (provision for) benefit from taxes of $(2.4) and $0.0, respectively
12.1

 
(0.2
)
Total pension liability adjustment
14.6


0.8

Other comprehensive income (loss)
(199.8
)
 
16.3

Comprehensive income (loss)
(198.2
)
 
50.2

Comprehensive loss (income) attributable to noncontrolling interest
(0.6
)
 
1.3

Comprehensive income (loss) attributable to Terex Corporation
$
(198.8
)
 
$
51.5



Changes in Accumulated Other Comprehensive Income
The table below presents changes in AOCI by component for the three months ended March 31, 2015 and 2014. All amounts are net of tax (in millions).
 
Three months ended March 31, 2015
 
Three months ended March 31, 2014
 
CTA
Deriv. Hedging Adj.
Debt & Equity Securities Adj.
Pension Liability Adj.
Total
 
CTA
Deriv. Hedging Adj.
Debt & Equity Securities Adj.
Pension Liability Adj.
Total
Beginning balance
$
(245.5
)
$
(0.7
)
$
1.6

$
(185.2
)
$
(429.8
)
 
$
(7.9
)
$
2.7

$
—

$
(111.3
)
$
(116.5
)
Other comprehensive income before reclassifications
(211.6
)
(2.8
)
(3.1
)
12.1

(205.4
)
 
18.2

(0.5
)
—

(0.2
)
17.5

Amounts reclassified from AOCI
—

3.1

—

2.5

5.6

 
—

(2.2
)
—

1.0

(1.2
)
Net other comprehensive Income (Loss)
(211.6
)
0.3

(3.1
)
14.6

(199.8
)
 
18.2

(2.7
)
—

0.8

16.3

Ending balance
$
(457.1
)
$
(0.4
)
$
(1.5
)
$
(170.6
)
$
(629.6
)
 
$
10.3

$
—

$
—

$
(110.5
)
$
(100.2
)

 
 

Stock-Based Compensation

During the three months ended March 31, 2015, the Company granted 1.4 million shares of restricted stock to its employees with a weighted average grant date fair value of $26.47 per share.  Approximately 62% of these restricted stock awards vest ratably over a three year period and approximately 38% cliff vest at the end of a three year period.  Approximately 12% of the shares granted are based on performance targets containing a market condition and determined over either a two or three year period. The Company used the Monte Carlo method to determine grant date fair value of $28.10 and $25.60 per share, respectively, for the three and two year awards with a market condition granted on March 5, 2015.  The Monte Carlo method is a statistical simulation technique used to provide the grant date fair value of an award.  The following table presents the weighted-average assumptions used in the valuation:
 
Grant date
Grant date
 
March 5, 2015
March 5, 2015
Dividend yields
0.91
%
0.91
%
Expected volatility
45.48
%
37.00
%
Risk free interest rate
0.98
%
0.58
%
Expected life (in years)
3

2



Share Repurchases and Dividends

In February 2015, the Company announced authorization by its Board of Directors for the repurchase of up to $200 million of the Company’s outstanding shares of common stock. During the three months ended March 31, 2015 the Company repurchased approximately 1.9 million shares for approximately $48 million under this program. A portion of the share repurchases was executed prior to March 31, 2015 but cash settled in April. In the first quarter of 2015, the Company’s Board of Directors also declared a dividend of $0.06 per share, which was paid to its shareholders.

Redeemable Noncontrolling Interest
Noncontrolling interest with redemption features that are not solely within the Company’s control (“redeemable noncontrolling interest”) were previously presented separately from Total stockholders’ equity in the Condensed Consolidated Balance Sheet at the maximum redemption value. If the maximum redemption value is greater than carrying value, the increase is adjusted directly to additional paid in capital and does not impact net income.
In January 2014, the Company paid $71.3 million for the remaining outstanding shares of Terex Material Handling & Port Solutions AG (“TMHPS”), of which $53.7 million was recorded as a reduction of redeemable noncontrolling interest and $17.6 million was recorded as a reduction in additional paid-in capital for the excess of the purchase price over the carrying value of redeemable noncontrolling interest. The Company now owns 100% of TMHPS.