| 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 2025 |
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March 2024 |
| Foreign currency translation and other |
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$ |
(821,189) |
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$ |
(868,439) |
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| Defined benefit pension plans |
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(180,047) |
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(182,333) |
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| Derivative financial instruments |
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23,496 |
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(13,559) |
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| Accumulated other comprehensive loss |
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$ |
(977,740) |
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$ |
(1,064,331) |
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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 |
|
Defined
Benefit
Pension Plans |
|
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 |
(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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| Other comprehensive income (loss) before reclassifications |
(28,043) |
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|
(11,630) |
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|
10,028 |
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|
(29,645) |
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| Amounts reclassified from accumulated other comprehensive loss |
75,293 |
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13,916 |
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|
27,027 |
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|
116,236 |
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| Net other comprehensive income (loss) |
47,250 |
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|
2,286 |
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|
37,055 |
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|
86,591 |
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| Balance, March 2025 |
$ |
(821,189) |
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$ |
(180,047) |
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$ |
23,496
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$ |
(977,740) |
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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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2025 |
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2024 |
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2023 |
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| Losses on foreign currency translation and other: |
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| Sale of Supreme |
Income (loss) from discontinued operations, net of tax (a)
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$ |
(75,293) |
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$ |
— |
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$ |
— |
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| Total before tax |
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(75,293) |
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|
— |
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— |
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| Income tax effect |
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— |
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— |
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— |
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| Net of tax |
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(75,293) |
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|
— |
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— |
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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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(20,205) |
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(16,656) |
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(16,395) |
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| Deferred prior service credits |
Other income (expense), net |
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|
589 |
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|
541 |
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|
453 |
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| Pension curtailment gains and settlement charges |
Other income (expense), net |
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|
936 |
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(3,538) |
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(93,731) |
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| Total before tax |
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(18,680) |
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(19,653) |
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(109,673) |
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| Income tax effect |
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4,764 |
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5,355 |
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28,479 |
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| Net of tax |
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(13,916) |
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(14,298) |
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(81,194) |
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| Gains (losses) on derivative financial instruments: |
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| Foreign exchange contracts |
Revenues |
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(29,941) |
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(5,004) |
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(6,843) |
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| Foreign exchange contracts |
Cost of goods sold |
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(3,192) |
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15,703 |
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120,438 |
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| Foreign exchange contracts |
SG&A expenses |
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(518) |
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3,437 |
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6,695 |
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| Foreign exchange contracts |
Other income (expense), net |
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(1,688) |
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(253) |
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(10,365) |
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| Interest rate contracts |
Interest expense |
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|
445 |
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|
108 |
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|
108 |
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| Interest rate contracts |
Income (loss) from discontinued operations, net of tax |
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2,299 |
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|
4,130 |
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|
127 |
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| Total before tax |
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(32,595) |
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18,121 |
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110,160 |
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| Income tax effect |
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5,568 |
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(3,180) |
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(17,663) |
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| Net of tax |
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(27,027) |
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14,941 |
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92,497 |
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| Total reclassifications for the period, net of tax |
|
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$ |
(116,236) |
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$ |
643
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$ |
11,303
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(a)Foreign currency translation losses related to Supreme were included in the carrying value of the disposal group used in determining the estimated loss on sale recorded during the second quarter of Fiscal 2025. Upon completion of the sale of Supreme on October 1, 2024, these amounts were reclassified out of accumulated OCL into the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the year ended March 2025 and offset against the derecognition of the previously recorded allowance on the disposal group.
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