| 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:
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| (In thousands) |
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March 2023 |
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March 2022 |
| Foreign currency translation and other |
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$ |
(859,651) |
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$ |
(751,632) |
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| Defined benefit pension plans |
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(167,692) |
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(230,290) |
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| Derivative financial instruments |
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7,825 |
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|
55,343 |
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| Accumulated other comprehensive income (loss) |
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$ |
(1,019,518) |
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$ |
(926,579) |
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The changes in accumulated OCI, net of related taxes, were as follows:
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| (In thousands) |
Foreign Currency Translation and Other |
|
Defined
Benefit
Pension Plans |
|
Derivative
Financial
Instruments |
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Total |
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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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|
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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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| 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 income (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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| Schedule of Reclassifications Out of Accumulated OCI |
Reclassifications out of accumulated OCI 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 |
Details About Accumulated Other
Comprehensive Income (Loss) Components |
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2023 |
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2022 |
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2021 |
| 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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$ |
— |
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$ |
(42,364) |
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| Total before tax |
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— |
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— |
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(42,364) |
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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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— |
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(42,364) |
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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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(16,395) |
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(11,310) |
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(11,911) |
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| Deferred prior service credits |
Other income (expense), net |
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|
453 |
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|
440 |
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|
81 |
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| Pension settlement charges |
Other income (expense), net |
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(93,731) |
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(7,466) |
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(1,584) |
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| Pension curtailment losses |
Other income (expense), net |
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— |
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— |
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(920) |
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| Total before tax |
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(109,673) |
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(18,336) |
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(14,334) |
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| Tax benefit |
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28,479 |
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|
4,426 |
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|
3,412 |
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| Net of tax |
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(81,194) |
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(13,910) |
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(10,922) |
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| Gains (losses) on derivative financial instruments: |
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| Foreign exchange contracts |
Net revenues |
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(6,843) |
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(27,382) |
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|
2,596 |
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| Foreign exchange contracts |
Cost of goods sold |
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120,438 |
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(26,346) |
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|
19,485 |
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| Foreign exchange contracts |
Selling, general and administrative expenses |
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6,695 |
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(487) |
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|
2,797 |
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| Foreign exchange contracts |
Other income (expense), net |
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(10,365) |
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(219) |
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|
(137) |
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| Interest rate contracts |
Interest expense |
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|
235 |
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|
|
108 |
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|
107 |
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| Total before tax |
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110,160 |
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(54,326) |
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|
24,848 |
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| Tax (expense) benefit |
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(17,663) |
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7,656 |
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(4,993) |
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| Net of tax |
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92,497 |
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(46,670) |
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19,855 |
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| Total reclassifications for the period, net of tax |
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$ |
11,303
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$ |
(60,580) |
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$ |
(33,431) |
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