| Schedule of 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 OCL are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
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| (In thousands) |
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June 2023 |
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March 2023 |
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June 2022 |
| Foreign currency translation and other |
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$ |
(872,800) |
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$ |
(859,651) |
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$ |
(833,166) |
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| Defined benefit pension plans |
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(161,211) |
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(167,692) |
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(174,139) |
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| Derivative financial instruments |
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(19,518) |
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7,825 |
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132,429 |
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| Accumulated other comprehensive loss |
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$ |
(1,053,529) |
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$ |
(1,019,518) |
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$ |
(874,876) |
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The changes in accumulated OCL, net of related taxes, were as follows:
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Three Months Ended June 2023 |
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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 2023 |
$ |
(859,651) |
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$ |
(167,692) |
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$ |
7,825
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$ |
(1,019,518) |
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Other comprehensive income (loss) before reclassifications |
(13,149) |
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1,088 |
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(18,602) |
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(30,663) |
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Amounts reclassified from accumulated other comprehensive loss |
— |
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5,393 |
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(8,741) |
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(3,348) |
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Net other comprehensive income (loss) |
(13,149) |
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6,481 |
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(27,343) |
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(34,011) |
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| Balance, June 2023 |
$ |
(872,800) |
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$ |
(161,211) |
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$ |
(19,518) |
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$ |
(1,053,529) |
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Three Months Ended June 2022 |
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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 2022 |
$ |
(751,632) |
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$ |
(230,290) |
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$ |
55,343
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$ |
(926,579) |
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Other comprehensive income (loss) before reclassifications |
(81,534) |
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(14,484) |
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84,055 |
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(11,963) |
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Amounts reclassified from accumulated other comprehensive loss |
— |
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70,635 |
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(6,969) |
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63,666 |
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Net other comprehensive income (loss) |
(81,534) |
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56,151 |
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77,086 |
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51,703 |
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| Balance, June 2022 |
$ |
(833,166) |
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$ |
(174,139) |
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$ |
132,429
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$ |
(874,876) |
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| Schedule of Reclassifications Out of Accumulated OCI |
Reclassifications out of accumulated OCL 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 Loss Components |
Affected Line Item in the Consolidated Statements of Operations |
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2023 |
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2022 |
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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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$ |
(4,232) |
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$ |
(3,721) |
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Deferred prior service credits |
Other income (expense), net |
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135 |
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112 |
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Pension settlement charges |
Other income (expense), net |
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(3,292) |
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(91,761) |
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Total before tax |
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(7,389) |
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(95,370) |
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Tax benefit |
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1,996 |
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24,735 |
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Net of tax |
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(5,393) |
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(70,635) |
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| Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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1,090 |
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(3,534) |
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Foreign exchange contracts |
Cost of goods sold |
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8,075 |
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11,356 |
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Foreign exchange contracts |
Selling, general and administrative expenses |
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1,301 |
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1,609 |
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Foreign exchange contracts |
Other income (expense), net |
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(511) |
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(1,216) |
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Interest rate contracts |
Interest expense |
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725 |
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27 |
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Total before tax |
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10,680 |
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8,242 |
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Tax expense |
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(1,939) |
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(1,273) |
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Net of tax |
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8,741 |
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6,969 |
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| Total reclassifications for the period, net of tax |
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$ |
3,348 |
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$ |
(63,666) |
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