| 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 other comprehensive income (loss) 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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March 2024 |
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March 2023 |
| Foreign currency translation and other |
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$ |
(868,439) |
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$ |
(859,651) |
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| Defined benefit pension plans |
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(182,333) |
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(167,692) |
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| Derivative financial instruments |
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(13,559) |
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7,825 |
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| Accumulated other comprehensive loss |
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$ |
(1,064,331) |
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$ |
(1,019,518) |
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The changes in accumulated OCL, net of related taxes, were as follows:
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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 |
(51,459) |
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13,547 |
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59,753 |
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21,841 |
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| Amounts reclassified from accumulated other comprehensive loss |
— |
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13,910 |
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46,670 |
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60,580 |
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| Net other comprehensive income (loss) |
(51,459) |
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27,457 |
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|
106,423 |
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|
82,421 |
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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 |
(108,019) |
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|
(18,596) |
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44,979 |
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(81,636) |
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| Amounts reclassified from accumulated other comprehensive loss |
— |
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81,194 |
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(92,497) |
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(11,303) |
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| Net other comprehensive income (loss) |
(108,019) |
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|
62,598 |
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(47,518) |
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(92,939) |
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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 |
(8,788) |
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|
(28,939) |
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|
(6,443) |
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(44,170) |
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| Amounts reclassified from accumulated other comprehensive loss |
— |
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14,298 |
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(14,941) |
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(643) |
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| Net other comprehensive income (loss) |
(8,788) |
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|
(14,641) |
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(21,384) |
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(44,813) |
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| Balance, March 2024 |
$ |
(868,439) |
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$ |
(182,333) |
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$ |
(13,559) |
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$ |
(1,064,331) |
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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) |
Affected Line Item in the Consolidated Statements of Operations |
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Year Ended March |
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Details About Accumulated Other
Comprehensive Loss Components |
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2024 |
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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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$ |
(16,195) |
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$ |
(16,395) |
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$ |
(11,310) |
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| Deferred prior service credits |
Other income (expense), net |
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80 |
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|
453 |
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|
440 |
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| Pension settlement charges |
Other income (expense), net |
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(3,538) |
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(93,731) |
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(7,466) |
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| Total before tax |
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(19,653) |
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(109,673) |
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(18,336) |
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| Tax benefit |
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5,355 |
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28,479 |
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4,426 |
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| Net of tax |
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(14,298) |
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(81,194) |
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(13,910) |
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| Gains (losses) on derivative financial instruments: |
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| Foreign exchange contracts |
Net revenues |
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(5,004) |
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(6,843) |
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(27,382) |
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| Foreign exchange contracts |
Cost of goods sold |
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15,703 |
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120,438 |
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(26,346) |
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| Foreign exchange contracts |
Selling, general and administrative expenses |
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3,437 |
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6,695 |
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(487) |
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| Foreign exchange contracts |
Other income (expense), net |
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(253) |
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(10,365) |
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(219) |
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| Interest rate contracts |
Interest expense |
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4,238 |
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235 |
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108 |
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| Total before tax |
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18,121 |
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110,160 |
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(54,326) |
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| Tax (expense) benefit |
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(3,180) |
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(17,663) |
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7,656 |
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| Net of tax |
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14,941 |
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92,497 |
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(46,670) |
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| Total reclassifications for the period, net of tax |
|
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$ |
643
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$ |
11,303
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$ |
(60,580) |
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