±«ÓãÖ±²¥

Annual report pursuant to Section 13 and 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Apr. 01, 2023
Equity [Abstract] Ìý
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock

During the years ended March 2023 and 2021, 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. During the year ended March 2022, the Company purchased 4.8 million shares of Common Stock in open market transactions for $350.0 million under its share repurchase program authorized by ±«ÓãÖ±²¥'s Board of Directors. These purchases were treated as treasury stock transactions.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the year ended March 2022, ±«ÓãÖ±²¥ restored 4.8 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of March 2023, 2022 or 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 consists of net income and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income 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 is presented in the Consolidated Statements of Comprehensive Income. The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands) March 2023 March 2022
Foreign currency translation and other $ (859,651) $ (751,632)
Defined benefit pension plans (167,692) (230,290)
Derivative financial instruments 7,825Ìý 55,343Ìý
Accumulated other comprehensive income (loss) $ (1,019,518) $ (926,579)
The changes in accumulated OCI, net of related taxes, were as follows:
(In thousands) Foreign Currency Translation and Other Defined
Benefit
PensionÌýPlans		 Derivative
Financial
Instruments		 Total
Balance, March 2020 $ (737,709) $ (262,472) $ 69,223Ìý $ (930,958)
Other comprehensive income (loss) before reclassifications (4,828) (6,197) (100,448) (111,473)
Amounts reclassified from accumulated other comprehensive income (loss) 42,364Ìý 10,922Ìý (19,855) 33,431Ìý
Net other comprehensive income (loss) 37,536Ìý 4,725Ìý (120,303) (78,042)
Balance, March 2021 (700,173) (257,747) (51,080) (1,009,000)
Other comprehensive income (loss) before reclassifications (51,459) 13,547Ìý 59,753Ìý 21,841Ìý
Amounts reclassified from accumulated other comprehensive income (loss) —Ìý 13,910Ìý 46,670Ìý 60,580Ìý
Net other comprehensive income (loss) (51,459) 27,457Ìý 106,423Ìý 82,421Ìý
Balance, March 2022 (751,632) (230,290) 55,343Ìý (926,579)
Other comprehensive income (loss) before reclassifications (108,019) (18,596) 44,979Ìý (81,636)
Amounts reclassified from accumulated other comprehensive income (loss) —Ìý 81,194Ìý (92,497) (11,303)
Net other comprehensive income (loss) (108,019) 62,598Ìý (47,518) (92,939)
Balance, March 2023 $ (859,651) $ (167,692) $ 7,825Ìý $ (1,019,518)
Ìý
Reclassifications out of accumulated OCI were as follows:
(In thousands) AffectedÌýLineÌýItemÌýinÌýthe ConsolidatedÌýStatementsÌýof Operations Year Ended March
Details About Accumulated Other
Comprehensive Income (Loss) Components
2023 2022 2021
Losses on foreign currency translation and other:
Liquidation of foreign entities Other income (expense), net $ —Ìý $ —Ìý $ (42,364)
Total before tax —Ìý —Ìý (42,364)
Tax (expense) benefit —Ìý —Ìý —Ìý
Net of tax —Ìý —Ìý (42,364)
Amortization of defined benefit pension plans:
Net deferred actuarial losses Other income (expense), net (16,395) (11,310) (11,911)
Deferred prior service credits Other income (expense), net 453Ìý 440Ìý 81Ìý
Pension settlement charges Other income (expense), net (93,731) (7,466) (1,584)
Pension curtailment losses Other income (expense), net —Ìý —Ìý (920)
Total before tax (109,673) (18,336) (14,334)
TaxÌýbenefit 28,479Ìý 4,426Ìý 3,412Ìý
Net of tax (81,194) (13,910) (10,922)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts Net revenues (6,843) (27,382) 2,596Ìý
Foreign exchange contracts Cost of goods sold 120,438Ìý (26,346) 19,485Ìý
Foreign exchange contracts Selling, general and administrative expenses 6,695Ìý (487) 2,797Ìý
Foreign exchange contracts Other income (expense), net (10,365) (219) (137)
Interest rate contracts Interest expense 235Ìý 108Ìý 107Ìý
Total before tax 110,160Ìý (54,326) 24,848Ìý
Tax (expense) benefit (17,663) 7,656Ìý (4,993)
Net of tax 92,497Ìý (46,670) 19,855Ìý
Total reclassifications for the period, net of tax $ 11,303Ìý $ (60,580) $ (33,431)