±«ÓãÖ±²¥

Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.23.3
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Sep. 30, 2023
Equity [Abstract] Ìý
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the six months ended September 2023, 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 September 2023, March 2023 or September 2022. 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 Loss
Comprehensive loss consists of net loss and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net 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 loss is presented in the Consolidated Statements of Comprehensive Loss. The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
(In thousands) September 2023 March 2023 September 2022
Foreign currency translation and other $ (878,089) $ (859,651) $ (883,846)
Defined benefit pension plans (155,638) (167,692) (166,545)
Derivative financial instruments 22,022Ìý 7,825Ìý 206,226Ìý
Accumulated other comprehensive loss $ (1,011,705) $ (1,019,518) $ (844,165)
The changes in accumulated OCL, net of related taxes, were as follows:
Ìý Three Months Ended September 2023
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionÌýPlans Derivative Financial Instruments Total
Balance, June 2023 $ (872,800) $ (161,211) $ (19,518) $ (1,053,529)
Other comprehensive income (loss) before reclassifications
 (5,289) 2,676Ìý 50,043Ìý 47,430Ìý
Amounts reclassified from accumulated other comprehensive loss
 —Ìý 2,897Ìý (8,503) (5,606)
Net other comprehensive income (loss)
 (5,289) 5,573Ìý 41,540Ìý 41,824Ìý
Balance, September 2023 $ (878,089) $ (155,638) $ 22,022Ìý $ (1,011,705)
Ìý Three Months Ended September 2022
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionÌýPlans Derivative Financial Instruments Total
Balance, June 2022 $ (833,166) $ (174,139) $ 132,429Ìý $ (874,876)
Other comprehensive income (loss) before reclassifications
 (50,680) 4,108Ìý 86,329Ìý 39,757Ìý
Amounts reclassified from accumulated other comprehensive loss
 —Ìý 3,486Ìý (12,532) (9,046)
Net other comprehensive income (loss)
 (50,680) 7,594Ìý 73,797Ìý 30,711Ìý
Balance, September 2022 $ (883,846) $ (166,545) $ 206,226Ìý $ (844,165)
Six Months Ended September 2023
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionÌýPlans Derivative Financial Instruments Total
Balance, March 2023 $ (859,651) $ (167,692) $ 7,825Ìý $ (1,019,518)
Other comprehensive income (loss) before reclassifications (18,438) 3,764Ìý 31,441Ìý 16,767Ìý
Amounts reclassified from accumulated other comprehensive loss —Ìý 8,290Ìý (17,244) (8,954)
Net other comprehensive income (loss) (18,438) 12,054Ìý 14,197Ìý 7,813Ìý
Balance, September 2023 $ (878,089) $ (155,638) $ 22,022Ìý $ (1,011,705)
Ìý Six Months Ended September 2022
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionÌýPlans Derivative Financial Instruments Total
Balance, March, 2022 $ (751,632) $ (230,290) $ 55,343Ìý $ (926,579)
Other comprehensive income (loss) before reclassifications (132,214) (10,376) 170,384Ìý 27,794Ìý
Amounts reclassified from accumulated other comprehensive loss —Ìý 74,121Ìý (19,501) 54,620Ìý
Net other comprehensive income (loss) (132,214) 63,745Ìý 150,883Ìý 82,414Ìý
Balance, September 2022 $ (883,846) $ (166,545) $ 206,226Ìý $ (844,165)
Reclassifications out of accumulated OCL were as follows:
(In thousands) Three Months Ended September Six Months Ended September
Details About Accumulated Other Comprehensive Loss Components AffectedÌýLineÌýItemÌýinÌýthe Consolidated Statements of Operations
2023 2022 2023 2022
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net $ (4,170) $ (3,953) $ (8,402) $ (7,674)
Deferred prior service credits
 Other income (expense), net 137Ìý 111Ìý 272Ìý 223Ìý
Pension settlement charges
 Other income (expense), net (7) (1,141) (3,299) (92,902)
TotalÌýbeforeÌýtax
 (4,040) (4,983) (11,429) (100,353)
TaxÌýbenefit
 1,143Ìý 1,497Ìý 3,139Ìý 26,232Ìý
Net of tax
 (2,897) (3,486) (8,290) (74,121)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (516) (6,421) 574Ìý (9,955)
Foreign exchange contracts
 CostÌýofÌýgoodsÌýsold 9,399Ìý 23,658Ìý 17,474Ìý 35,014Ìý
Foreign exchange contracts
 Selling, general and administrative expenses 1,007Ìý 1,955Ìý 2,308Ìý 3,564Ìý
Foreign exchange contracts
 OtherÌýincomeÌý(expense),Ìýnet (750) (4,313) (1,261) (5,529)
Interest rate contracts
 Interest expense 1,098Ìý 27Ìý 1,823Ìý 54Ìý
Total before tax
 10,238Ìý 14,906Ìý 20,918Ìý 23,148Ìý
TaxÌýexpense
 (1,735) (2,374) (3,674) (3,647)
Net of tax
 8,503Ìý 12,532Ìý 17,244Ìý 19,501Ìý
Total reclassifications for the period, net of tax $ 5,606Ìý $ 9,046Ìý $ 8,954Ìý $ (54,620)