| 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:
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| (In thousands) |
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March 2022 |
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March 2021 |
| Foreign currency translation and other |
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$ |
(751,632) |
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$ |
(700,173) |
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| Defined benefit pension plans |
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(230,290) |
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|
(257,747) |
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| Derivative financial instruments |
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55,343 |
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|
(51,080) |
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| Accumulated other comprehensive income (loss) |
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$ |
(926,579) |
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$ |
(1,009,000) |
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The changes in accumulated OCI, net of related taxes, are as follows:
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| (In thousands) |
Foreign Currency Translation and Other |
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Defined
Benefit
Pension Plans |
|
Derivative
Financial
Instruments |
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Total |
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| Balance, March 2019 |
$ |
(725,679) |
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|
$ |
(243,184) |
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$ |
66,788
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$ |
(902,075) |
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| Adoption of accounting standard related to reclassification of stranded tax effects |
(9,088) |
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|
(50,402) |
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|
(2,371) |
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|
(61,861) |
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| Other comprehensive income (loss) before reclassifications |
(134,297) |
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|
(2,757) |
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|
76,797 |
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|
(60,257) |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
48,261 |
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|
33,077 |
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|
(63,396) |
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|
17,942 |
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| Spin-off of Jeans Business |
83,094 |
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|
794 |
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|
(8,595) |
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|
75,293 |
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| Net other comprehensive income (loss) |
(12,030) |
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|
(19,288) |
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|
2,435 |
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(28,883) |
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| 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 |
(4,828) |
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(6,197) |
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|
(100,448) |
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|
(111,473) |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
42,364 |
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|
10,922 |
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|
(19,855) |
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33,431 |
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| Net other comprehensive income (loss) |
37,536 |
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|
4,725 |
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(120,303) |
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|
(78,042) |
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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 income (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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| Reclassifications Out of Accumulated OCI |
Reclassifications out of accumulated OCI are as follows:
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| (In thousands) |
Affected Line Item in the Consolidated Statements of Operations |
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Year Ended March |
Details About Accumulated Other
Comprehensive Income (Loss) Components |
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2022 |
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2021 |
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2020 |
| 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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$ |
(48,261) |
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| Total before tax |
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|
— |
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(42,364) |
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(48,261) |
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| Tax (expense) benefit |
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|
— |
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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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(48,261) |
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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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(11,310) |
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(11,911) |
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(14,848) |
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| Deferred prior service (costs) credits |
Other income (expense), net |
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|
440 |
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|
81 |
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(1,887) |
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| Pension settlement charges |
Other income (expense), net |
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(7,466) |
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(1,584) |
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(27,443) |
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| Pension curtailment losses |
Other income (expense), net |
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|
— |
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(920) |
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— |
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| Total before tax |
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(18,336) |
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(14,334) |
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(44,178) |
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| Tax benefit |
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4,426 |
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|
3,412 |
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|
11,101 |
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| Net of tax |
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(13,910) |
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(10,922) |
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(33,077) |
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| Gains (losses) on derivative financial instruments: |
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| Foreign exchange contracts |
Net revenues |
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(27,382) |
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|
2,596 |
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(18,076) |
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| Foreign exchange contracts |
Cost of goods sold |
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(26,346) |
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|
19,485 |
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|
94,376 |
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| Foreign exchange contracts |
Selling, general and administrative expenses |
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(487) |
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2,797 |
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5,084 |
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| Foreign exchange contracts |
Other income (expense), net |
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(219) |
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(137) |
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10,304 |
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| Interest rate contracts |
Interest expense |
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|
108 |
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|
107 |
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(13,177) |
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| Total before tax |
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(54,326) |
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24,848 |
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78,511 |
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| Tax (expense) benefit |
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7,656 |
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(4,993) |
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(15,115) |
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| Net of tax |
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(46,670) |
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19,855 |
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63,396 |
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| Total reclassifications for the period, net of tax |
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$ |
(60,580) |
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$ |
(33,431) |
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$ |
(17,942) |
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