| 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 2021 |
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March 2020 |
| Foreign currency translation and other |
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$ |
(700,173) |
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$ |
(737,709) |
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| Defined benefit pension plans |
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(257,747) |
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|
(262,472) |
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| Derivative financial instruments |
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(51,080) |
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|
69,223Ìý |
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| Accumulated other comprehensive income (loss) |
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$ |
(1,009,000) |
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|
$ |
(930,958) |
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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
PensionÌýPlans |
|
Derivative
Financial
Instruments |
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Total |
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| Balance, March 2018 |
$ |
(476,869) |
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|
$ |
(289,618) |
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$ |
(97,543) |
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$ |
(864,030) |
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| Other comprehensive income (loss) before reclassifications |
(248,810) |
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|
10,444Ìý |
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|
137,218Ìý |
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|
(101,148) |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
—Ìý |
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|
35,990Ìý |
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27,113Ìý |
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63,103Ìý |
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| Net other comprehensive income (loss) |
(248,810) |
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|
46,434Ìý |
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|
164,331Ìý |
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|
|
(38,045) |
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| Balance, March 2019 |
(725,679) |
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|
(243,184) |
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|
66,788Ìý
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|
(902,075) |
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| Adoption of new accounting standard, ASU 2018-02 |
(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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|
76,797Ìý |
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|
(60,257) |
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| Amounts reclassified from accumulated other comprehensive income (loss) |
48,261Ìý |
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|
33,077Ìý |
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|
(63,396) |
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|
17,942Ìý |
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| Spin-off of Jeans Business |
83,094Ìý |
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|
794Ìý |
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|
(8,595) |
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|
75,293Ìý |
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| Net other comprehensive income (loss) |
(12,030) |
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|
(19,288) |
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|
2,435Ìý |
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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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|
69,223Ìý
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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) |
42,364Ìý |
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|
10,922Ìý |
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(19,855) |
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33,431Ìý |
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| Net other comprehensive income (loss) |
37,536Ìý |
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|
4,725Ìý |
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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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| Reclassifications Out of Accumulated OCI |
Reclassifications out of accumulated OCI are as follows:
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| (In thousands) |
AffectedÌýLineÌýItemÌýinÌýthe ConsolidatedÌýStatementsÌýof Operations |
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Year Ended March |
Details About Accumulated Other
Comprehensive Income (Loss) Components |
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2021 |
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2020 |
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2019 |
| Losses on foreign currency translation and other: |
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| Liquidation of foreign entities |
Other income (expense), net |
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$ |
(42,364) |
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$ |
(48,261) |
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$ |
—Ìý |
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| Total before tax |
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(42,364) |
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(48,261) |
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|
—Ìý |
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| Tax (expense) benefit |
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|
—Ìý |
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|
—Ìý |
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|
—Ìý |
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| Net of tax |
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|
(42,364) |
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(48,261) |
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|
—Ìý |
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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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(11,911) |
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|
(14,848) |
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(28,474) |
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| Deferred prior service (costs) credits |
Other income (expense), net |
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|
81Ìý |
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(1,887) |
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|
(494) |
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| Pension settlement charges |
Other income (expense), net |
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(1,584) |
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(27,443) |
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|
(8,856) |
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| Pension curtailment losses |
Other income (expense), net |
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(920) |
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—Ìý |
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(9,530) |
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| Total before tax |
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(14,334) |
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(44,178) |
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(47,354) |
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| TaxÌýbenefit |
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3,412Ìý |
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11,101Ìý |
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11,364Ìý |
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| Net of tax |
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(10,922) |
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(33,077) |
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(35,990) |
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| Gains (losses) on derivative financial instruments: |
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| Foreign exchange contracts |
Net revenues |
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2,596Ìý |
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(18,076) |
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|
1,774Ìý |
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| Foreign exchange contracts |
Cost of goods sold |
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19,485Ìý |
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94,376Ìý |
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(20,686) |
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| Foreign exchange contracts |
Selling, general and administrative expenses |
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2,797Ìý |
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|
5,084Ìý |
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(4,772) |
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| Foreign exchange contracts |
Other income (expense), net |
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(137) |
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10,304Ìý |
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|
355Ìý |
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| Interest rate contracts |
Interest expense |
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|
107Ìý |
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(13,177) |
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|
(5,012) |
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| Total before tax |
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24,848Ìý |
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78,511Ìý |
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(28,341) |
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| Tax (expense) benefit |
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(4,993) |
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|
|
(15,115) |
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|
1,228Ìý |
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| Net of tax |
|
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|
19,855Ìý |
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63,396Ìý |
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(27,113) |
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| Total reclassifications for the period, net of tax |
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$ |
(33,431) |
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$ |
(17,942) |
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$ |
(63,103) |
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