| CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Common Stock
During the three months ended June 2022, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by ±«ÓãÖ±²¥â€™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 June 2022, March 2022 or June 2021. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Accumulated Other Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. ±«ÓãÖ±²¥â€™s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
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| (In thousands) |
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June 2022 |
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March 2022 |
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June 2021 |
| Foreign currency translation and other |
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$ |
(833,166) |
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$ |
(751,632) |
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$ |
(663,120) |
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| Defined benefit pension plans |
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(174,139) |
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(230,290) |
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(257,431) |
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| Derivative financial instruments |
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132,429Ìý |
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55,343Ìý |
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(45,335) |
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| Accumulated other comprehensive income (loss) |
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$ |
(874,876) |
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$ |
(926,579) |
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$ |
(965,886) |
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The changes in accumulated OCI, net of related taxes, were as follows:
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| Ìý |
Three Months Ended June 2022 |
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| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit PensionÌýPlans |
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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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$ |
55,343Ìý
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$ |
(926,579) |
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Other comprehensive income (loss) before reclassifications |
(81,534) |
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(14,484) |
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84,055Ìý |
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(11,963) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
—Ìý |
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70,635Ìý |
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(6,969) |
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63,666Ìý |
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Net other comprehensive income (loss) |
(81,534) |
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56,151Ìý |
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77,086Ìý |
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51,703Ìý |
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| Balance, June 2022 |
$ |
(833,166) |
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$ |
(174,139) |
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$ |
132,429Ìý
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$ |
(874,876) |
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| Ìý |
Three Months Ended June 2021 |
| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit PensionÌýPlans |
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Derivative Financial Instruments |
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Total |
| 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 |
37,053Ìý |
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(2,411) |
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(4,371) |
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30,271Ìý |
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Amounts reclassified from accumulated other comprehensive income (loss) |
—Ìý |
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2,727Ìý |
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10,116Ìý |
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12,843Ìý |
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Net other comprehensive income (loss) |
37,053Ìý |
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316Ìý |
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5,745Ìý |
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43,114Ìý |
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| Balance, June 2021 |
$ |
(663,120) |
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$ |
(257,431) |
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$ |
(45,335) |
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$ |
(965,886) |
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Reclassifications out of accumulated OCI were as follows:
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| (In thousands) |
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Three Months Ended June |
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| Details About Accumulated Other Comprehensive Income (Loss) Components |
AffectedÌýLineÌýItemÌýinÌýthe Consolidated Statements of Operations |
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2022 |
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2021 |
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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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$ |
(3,721) |
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$ |
(2,840) |
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Deferred prior service credits |
Other income (expense), net |
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112Ìý |
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118Ìý |
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Pension settlement charges |
Other income (expense), net |
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(91,761) |
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(948) |
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TotalÌýbeforeÌýtax |
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(95,370) |
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(3,670) |
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TaxÌýbenefit |
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24,735Ìý |
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943Ìý |
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Net of tax |
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(70,635) |
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(2,727) |
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| Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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(4,750) |
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(1,798) |
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Foreign exchange contracts |
CostÌýofÌýgoodsÌýsold |
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5,924Ìý |
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(6,169) |
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Foreign exchange contracts |
Selling, general and administrative expenses |
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1,609Ìý |
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(917) |
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Foreign exchange contracts |
OtherÌýincomeÌý(expense),Ìýnet |
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5,432Ìý |
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(1,702) |
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Interest rate contracts |
Interest expense |
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27Ìý |
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27Ìý |
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Total before tax |
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8,242Ìý |
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(10,559) |
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TaxÌý(expense) benefit |
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(1,273) |
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443Ìý |
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Net of tax |
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6,969Ìý |
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(10,116) |
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| Total reclassifications for the period, net of tax |
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$ |
(63,666) |
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$ |
(12,843) |
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