Annual report pursuant to Section 13 and 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

v3.23.1
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Apr. 01, 2023
Equity [Abstract]  
Schedule of Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity and Changes in AOCI The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands) March 2023 March 2022
Foreign currency translation and other $ (859,651) $ (751,632)
Defined benefit pension plans (167,692) (230,290)
Derivative financial instruments 7,825  55,343 
Accumulated other comprehensive income (loss) $ (1,019,518) $ (926,579)
The changes in accumulated OCI, net of related taxes, were as follows:
(In thousands) Foreign Currency Translation and Other Defined
Benefit
Pension Plans		 Derivative
Financial
Instruments		 Total
Balance, March 2020 $ (737,709) $ (262,472) $ 69,223  $ (930,958)
Other comprehensive income (loss) before reclassifications (4,828) (6,197) (100,448) (111,473)
Amounts reclassified from accumulated other comprehensive income (loss) 42,364  10,922  (19,855) 33,431 
Net other comprehensive income (loss) 37,536  4,725  (120,303) (78,042)
Balance, March 2021 (700,173) (257,747) (51,080) (1,009,000)
Other comprehensive income (loss) before reclassifications (51,459) 13,547  59,753  21,841 
Amounts reclassified from accumulated other comprehensive income (loss) —  13,910  46,670  60,580 
Net other comprehensive income (loss) (51,459) 27,457  106,423  82,421 
Balance, March 2022 (751,632) (230,290) 55,343  (926,579)
Other comprehensive income (loss) before reclassifications (108,019) (18,596) 44,979  (81,636)
Amounts reclassified from accumulated other comprehensive income (loss) —  81,194  (92,497) (11,303)
Net other comprehensive income (loss) (108,019) 62,598  (47,518) (92,939)
Balance, March 2023 $ (859,651) $ (167,692) $ 7,825  $ (1,019,518)
Schedule of Reclassifications Out of Accumulated OCI
Reclassifications out of accumulated OCI were as follows:
(In thousands) Affected Line Item in the Consolidated Statements of Operations Year Ended March
Details About Accumulated Other
Comprehensive Income (Loss) Components
2023 2022 2021
Losses on foreign currency translation and other:
Liquidation of foreign entities Other income (expense), net $ —  $ —  $ (42,364)
Total before tax —  —  (42,364)
Tax (expense) benefit —  —  — 
Net of tax —  —  (42,364)
Amortization of defined benefit pension plans:
Net deferred actuarial losses Other income (expense), net (16,395) (11,310) (11,911)
Deferred prior service credits Other income (expense), net 453  440  81 
Pension settlement charges Other income (expense), net (93,731) (7,466) (1,584)
Pension curtailment losses Other income (expense), net —  —  (920)
Total before tax (109,673) (18,336) (14,334)
Tax benefit 28,479  4,426  3,412 
Net of tax (81,194) (13,910) (10,922)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts Net revenues (6,843) (27,382) 2,596 
Foreign exchange contracts Cost of goods sold 120,438  (26,346) 19,485 
Foreign exchange contracts Selling, general and administrative expenses 6,695  (487) 2,797 
Foreign exchange contracts Other income (expense), net (10,365) (219) (137)
Interest rate contracts Interest expense 235  108  107 
Total before tax 110,160  (54,326) 24,848 
Tax (expense) benefit (17,663) 7,656  (4,993)
Net of tax 92,497  (46,670) 19,855 
Total reclassifications for the period, net of tax $ 11,303  $ (60,580) $ (33,431)