| Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity and Changes in Accumulated OCI |
The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
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| (In thousands) |
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June 2021 |
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March 2021 |
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June 2020 |
| Foreign currency translation and other |
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$ |
(663,120) |
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$ |
(700,173) |
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$ |
(685,236) |
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| Defined benefit pension plans |
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(257,431) |
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(257,747) |
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(259,290) |
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| Derivative financial instruments |
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(45,335) |
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(51,080) |
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46,985 |
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| Accumulated other comprehensive income (loss) |
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$ |
(965,886) |
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$ |
(1,009,000) |
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$ |
(897,541) |
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The changes in accumulated OCI, net of related taxes, were as follows:
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Three Months Ended June 2021 |
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| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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Total |
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| Balance, March 2021 |
$ |
(700,173) |
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$ |
(257,747) |
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$ |
(51,080) |
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$ |
(1,009,000) |
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Other comprehensive income (loss) before reclassifications |
37,053 |
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(2,411) |
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(4,371) |
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30,271 |
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Amounts reclassified from accumulated other comprehensive income (loss) |
— |
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2,727 |
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10,116 |
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12,843 |
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Net other comprehensive income (loss) |
37,053 |
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|
316 |
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5,745 |
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43,114 |
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| Balance, June 2021 |
$ |
(663,120) |
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$ |
(257,431) |
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$ |
(45,335) |
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$ |
(965,886) |
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Three Months Ended June 2020 |
| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit Pension Plans |
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Derivative Financial Instruments |
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Total |
| Balance, March 2020 |
$ |
(737,709) |
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$ |
(262,472) |
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$ |
69,223
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$ |
(930,958) |
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Other comprehensive income (loss) before reclassifications |
10,109 |
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|
987 |
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(6,065) |
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5,031 |
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Amounts reclassified from accumulated other comprehensive income (loss) |
42,364 |
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2,195 |
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(16,173) |
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28,386 |
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Net other comprehensive income (loss) |
52,473 |
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3,182 |
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(22,238) |
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33,417 |
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| Balance, June 2020 |
$ |
(685,236) |
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$ |
(259,290) |
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$ |
46,985
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$ |
(897,541) |
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| Reclassifications Out of Accumulated OCI |
Reclassifications out of accumulated OCI were as follows:
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| (In thousands) |
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Three Months Ended June |
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| Details About Accumulated Other Comprehensive Income (Loss) Components |
Affected Line Item in the Consolidated Statements of Operations |
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2021 |
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2020 |
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| Losses on foreign currency translation and other: |
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Liquidation of foreign entities |
Other income (expense), net |
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$ |
— |
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$ |
(42,364) |
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Total before tax |
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— |
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(42,364) |
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Tax (expense) benefit |
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— |
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— |
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Net of tax |
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— |
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(42,364) |
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| Amortization of defined benefit pension plans: |
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Net deferred actuarial losses |
Other income (expense), net |
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(2,840) |
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(2,863) |
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Deferred prior service credits |
Other income (expense), net |
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118 |
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17 |
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Pension settlement charge |
Other income (expense), net |
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(948) |
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— |
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Total before tax |
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(3,670) |
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(2,846) |
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Tax benefit |
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943 |
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651 |
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Net of tax |
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(2,727) |
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(2,195) |
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| Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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(1,798) |
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171 |
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Foreign exchange contracts |
Cost of goods sold |
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(6,169) |
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16,705 |
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Foreign exchange contracts |
Selling, general and administrative expenses |
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(917) |
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1,607 |
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Foreign exchange contracts |
Other income (expense), net |
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(1,702) |
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1,770 |
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Interest rate contracts |
Interest expense |
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27 |
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27 |
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Total before tax |
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(10,559) |
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20,280 |
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Tax (expense) benefit |
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443 |
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(4,107) |
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Net of tax |
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(10,116) |
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16,173 |
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| Total reclassifications for the period, net of tax |
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$ |
(12,843) |
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$ |
(28,386) |
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