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Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Sep. 26, 2020
Equity [Abstract]
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the six months ended September 2020, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by ֱ’s Board of Directors. These are treated as treasury stock transactions when shares are repurchased.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of September 2020, March 2020 or September 2019. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Accumulated Other Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (“OCI”), which relates to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of
stockholders’ equity in the balance sheet. ֱ’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands) September 2020 March 2020 September 2019
Foreign currency translation and other $ (700,137) $ (737,709) $ (715,286)
Defined benefit pension plans (264,304) (262,472) (298,326)
Derivative financial instruments 4,783 69,223 82,887
Accumulated other comprehensive income (loss) $ (959,658) $ (930,958) $ (930,725)
The changes in accumulated OCI, net of related taxes, were as follows:
Three Months Ended September 2020
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionPlans Derivative Financial Instruments Total
Balance, June 2020 $ (685,236) $ (259,290) $ 46,985 $ (897,541)
Other comprehensive income (loss) before reclassifications
 (14,901) (7,629) (32,534) (55,064)
Amounts reclassified from accumulated other comprehensive income (loss)
 — 2,615 (9,668) (7,053)
Net other comprehensive income (loss)
 (14,901) (5,014) (42,202) (62,117)
Balance, September 2020 $ (700,137) $ (264,304) $ 4,783 $ (959,658)
Three Months Ended September 2019
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionPlans Derivative Financial Instruments Total
Balance, June 2019 $ (635,901) $ (290,468) $ 58,983 $ (867,386)
Other comprehensive income (loss) before reclassifications
 (79,385) (10,896) 44,348 (45,933)
Amounts reclassified from accumulated other comprehensive income (loss)
 — 3,038 (20,444) (17,406)
Net other comprehensive income (loss)
 (79,385) (7,858) 23,904 (63,339)
Balance, September 2019 $ (715,286) $ (298,326) $ 82,887 $ (930,725)
Six Months Ended September 2020
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionPlans Derivative Financial Instruments Total
Balance, March 2020 $ (737,709) $ (262,472) $ 69,223 $ (930,958)
Other comprehensive income (loss) before reclassifications
 (4,792) (6,642) (38,599) (50,033)
Amounts reclassified from accumulated other comprehensive income (loss)
 42,364 4,810 (25,841) 21,333
Net other comprehensive income (loss)
 37,572 (1,832) (64,440) (28,700)
Balance, September 2020 $ (700,137) $ (264,304) $ 4,783 $ (959,658)
Six Months Ended September 2019
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionPlans Derivative Financial Instruments Total
Balance, March 2019 $ (725,679) $ (243,184) $ 66,788 $ (902,075)
Adoption of new accounting standard, ASU 2018-02
 (9,088) (50,402) (2,371) (61,861)
Other comprehensive income (loss) before reclassifications
 (63,613) (11,719) 55,248 (20,084)
Amounts reclassified from accumulated other comprehensive income (loss)
 — 6,185 (28,183) (21,998)
Spin-off of Jeans Business
 83,094 794 (8,595) 75,293
Net other comprehensive income (loss)
 10,393 (55,142) 16,099 (28,650)
Balance, September 2019 $ (715,286) $ (298,326) $ 82,887 $ (930,725)
Reclassifications out of accumulated OCI were as follows:
(In thousands) Three Months Ended September Six Months Ended September
Details About Accumulated Other Comprehensive Income (Loss) Components AffectedLineIteminthe Consolidated Statements of Operations
2020 2019 2020 2019
Losses on foreign currency translation and other:
Liquidation of foreign entities
 Other income (expense), net $ — $ — $ (42,364) $ —
Total before tax
 — — (42,364) —
Tax (expense) benefit
 — — — —
Net of tax
 — — (42,364) —
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net (2,898) (4,014) (5,761) (8,033)
Deferred prior service (costs) credits
 Other income (expense), net 17 (12) 34 (25)
Pension settlement charges
 Other income (expense), net (572) (519) (572) (519)
Totalbeforetax
 (3,453) (4,545) (6,299) (8,577)
Taxbenefit
 838 1,507 1,489 2,392
Net of tax
 (2,615) (3,038) (4,810) (6,185)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues 2,135 (2,814) 2,306 (5,719)
Foreign exchange contracts
 Costofgoodssold 8,443 22,727 25,148 33,832
Foreign exchange contracts
 Selling, general and administrative expenses 741 1,382 2,348 2,098
Foreign exchange contracts
 Otherincome(expense),net 33 3,696 1,803 6,568
Interest rate contracts
 Interest expense 27 (1,303) 54 (2,596)
Total before tax
 11,379 23,688 31,659 34,183
Taxexpense
 (1,711) (3,244) (5,818) (6,000)
Net of tax
 9,668 20,444 25,841 28,183
Total reclassifications for the period, net of tax $ 7,053 $ 17,406 $ (21,333) $ 21,998