±«ÓãÖ±²¥

Annual report pursuant to Section 13 and 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Mar. 30, 2024
Equity [Abstract] Ìý
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock

During the years ended March 2024 and 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. 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 2024, 2023 or 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 income (loss) consists of net income (loss) and specified components of other comprehensive income (loss), 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 other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
(In thousands) March 2024 March 2023
Foreign currency translation and other $ (868,439) $ (859,651)
Defined benefit pension plans (182,333) (167,692)
Derivative financial instruments (13,559) 7,825Ìý
Accumulated other comprehensive loss $ (1,064,331) $ (1,019,518)
The changes in accumulated OCL, net of related taxes, were as follows:
(In thousands) Foreign Currency Translation and Other Defined
Benefit
PensionÌýPlans		 Derivative
Financial
Instruments		 Total
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 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 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)
Other comprehensive income (loss) before reclassifications (8,788) (28,939) (6,443) (44,170)
Amounts reclassified from accumulated other comprehensive loss —Ìý 14,298Ìý (14,941) (643)
Net other comprehensive income (loss) (8,788) (14,641) (21,384) (44,813)
Balance, March 2024 $ (868,439) $ (182,333) $ (13,559) $ (1,064,331)
Ìý
Reclassifications out of accumulated OCL were as follows:
(In thousands) AffectedÌýLineÌýItemÌýinÌýthe ConsolidatedÌýStatementsÌýof Operations Year Ended March
Details About Accumulated Other
Comprehensive Loss Components
2024 2023 2022
Amortization of defined benefit pension plans:
Net deferred actuarial losses Other income (expense), net $ (16,195) $ (16,395) $ (11,310)
Deferred prior service credits Other income (expense), net 80Ìý 453Ìý 440Ìý
Pension settlement charges Other income (expense), net (3,538) (93,731) (7,466)
Total before tax (19,653) (109,673) (18,336)
TaxÌýbenefit 5,355Ìý 28,479Ìý 4,426Ìý
Net of tax (14,298) (81,194) (13,910)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts Net revenues (5,004) (6,843) (27,382)
Foreign exchange contracts Cost of goods sold 15,703Ìý 120,438Ìý (26,346)
Foreign exchange contracts Selling, general and administrative expenses 3,437Ìý 6,695Ìý (487)
Foreign exchange contracts Other income (expense), net (253) (10,365) (219)
Interest rate contracts Interest expense 4,238Ìý 235Ìý 108Ìý
Total before tax 18,121Ìý 110,160Ìý (54,326)
Tax (expense) benefit (3,180) (17,663) 7,656Ìý
Net of tax 14,941Ìý 92,497Ìý (46,670)
Total reclassifications for the period, net of tax $ 643Ìý $ 11,303Ìý $ (60,580)