| Schedule of Deferred Components of Other Comprehensive Income (Loss) Reported and Changes in Accumulated OCL |
The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated other comprehensive loss ("OCL") in stockholders’ equity, as follows:
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| (In thousands) |
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June 2024 |
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March 2024 |
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June 2023 |
| Foreign currency translation and other |
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$ |
(887,892) |
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$ |
(868,439) |
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$ |
(872,800) |
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| Defined benefit pension plans |
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(178,701) |
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(182,333) |
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(161,211) |
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| Derivative financial instruments |
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12,966 |
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(13,559) |
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(19,518) |
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| Accumulated other comprehensive loss |
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$ |
(1,053,627) |
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$ |
(1,064,331) |
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$ |
(1,053,529) |
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The changes in accumulated OCL, net of related taxes, were as follows:
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Three Months Ended June 2024 |
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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 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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Other comprehensive income (loss) before reclassifications |
(19,453) |
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(10) |
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15,785 |
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(3,678) |
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Amounts reclassified from accumulated other comprehensive loss |
— |
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3,642 |
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10,740 |
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14,382 |
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Net other comprehensive income (loss) |
(19,453) |
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3,632 |
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26,525 |
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10,704 |
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| Balance, June 2024 |
$ |
(887,892) |
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$ |
(178,701) |
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$ |
12,966
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$ |
(1,053,627) |
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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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| Schedule of Reclassifications Out of Accumulated OCL |
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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2024 |
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2023 |
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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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$ |
(5,046) |
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$ |
(4,232) |
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Deferred prior service credits |
Other income (expense), net |
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144 |
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135 |
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Pension settlement charges |
Other income (expense), net |
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— |
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(3,292) |
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Total before tax |
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(4,902) |
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(7,389) |
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Tax benefit |
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1,260 |
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1,996 |
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Net of tax |
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(3,642) |
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(5,393) |
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| Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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(4,331) |
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1,090 |
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Foreign exchange contracts |
Cost of goods sold |
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(10,126) |
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8,075 |
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Foreign exchange contracts |
Selling, general and administrative expenses |
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(408) |
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1,301 |
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Foreign exchange contracts |
Other income (expense), net |
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(56) |
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(511) |
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Interest rate contracts |
Interest expense |
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1,192 |
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725 |
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Total before tax |
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(13,729) |
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10,680 |
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Tax benefit (expense) |
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2,989 |
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(1,939) |
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Net of tax |
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(10,740) |
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8,741 |
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| Total reclassifications for the period, net of tax |
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$ |
(14,382) |
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$ |
3,348 |
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