ÂÒÂ×°ÍÊ¿

Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

v3.24.3
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Sep. 28, 2024
Equity [Abstract] Ìý
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the six months ended September 2024, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by ÂÒÂ×°Íʿ’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 2024, March 2024 or September 2023. 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 deficit).
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. ÂÒÂ×°Íʿ’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 other comprehensive loss ("OCL") in stockholders’ equity, as follows:
(In thousands) September 2024 March 2024 September 2023
Foreign currency translation and other $ (869,994) $ (868,439) $ (878,089)
Defined benefit pension plans (175,087) (182,333) (155,638)
Derivative financial instruments (25,499) (13,559) 22,022Ìý
Accumulated other comprehensive loss $ (1,070,580) $ (1,064,331) $ (1,011,705)
The changes in accumulated OCL, net of related taxes, were as follows:
Ìý Three Months Ended September 2024
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionÌýPlans Derivative Financial Instruments Total
Balance, June 2024 $ (887,892) $ (178,701) $ 12,966Ìý $ (1,053,627)
Other comprehensive income (loss) before reclassifications
 17,898Ìý (26) (47,838) (29,966)
Amounts reclassified from accumulated other comprehensive loss
 —Ìý 3,640Ìý 9,373Ìý 13,013Ìý
Net other comprehensive income (loss)
 17,898Ìý 3,614Ìý (38,465) (16,953)
Balance, September 2024 $ (869,994) $ (175,087) $ (25,499) $ (1,070,580)
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 Six Months Ended September 2024
(In thousands) Foreign Currency Translation and Other Defined Benefit PensionÌýPlans Derivative Financial Instruments Total
Balance, March 2024 $ (868,439) $ (182,333) $ (13,559) $ (1,064,331)
Other comprehensive loss before reclassifications (1,555) (36) (32,053) (33,644)
Amounts reclassified from accumulated other comprehensive loss
 —Ìý 7,282Ìý 20,113Ìý 27,395Ìý
Net other comprehensive income (loss)
 (1,555) 7,246Ìý (11,940) (6,249)
Balance, September 2024 $ (869,994) $ (175,087) $ (25,499) $ (1,070,580)
Ìý 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)
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
2024 2023 2024 2023
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net $ (5,051) $ (4,170) $ (10,097) $ (8,402)
Deferred prior service credits
 Other income (expense), net 150Ìý 137Ìý 294Ìý 272Ìý
Pension settlement charges
 Other income (expense), net —Ìý (7) —Ìý (3,299)
TotalÌýbeforeÌýtax
 (4,901) (4,040) (9,803) (11,429)
TaxÌýbenefit
 1,261Ìý 1,143Ìý 2,521Ìý 3,139Ìý
Net of tax
 (3,640) (2,897) (7,282) (8,290)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (7,851) (516) (12,182) 574Ìý
Foreign exchange contracts
 CostÌýofÌýgoodsÌýsold (4,001) 9,399Ìý (14,127) 17,474Ìý
Foreign exchange contracts
 Selling, general and administrative expenses (47) 1,007Ìý (455) 2,308Ìý
Foreign exchange contracts
 OtherÌýincomeÌý(expense),Ìýnet 53Ìý (750) (3) (1,261)
Interest rate contracts
 Interest expense 27Ìý 27Ìý 54Ìý 54Ìý
Interest rate contracts
 Income (loss) from discontinued operations, net of tax 1,134Ìý 1,071Ìý 2,299Ìý 1,769Ìý
Total before tax
 (10,685) 10,238Ìý (24,414) 20,918Ìý
Tax benefit (expense)
 1,312Ìý (1,735) 4,301Ìý (3,674)
Net of tax
 (9,373) 8,503Ìý (20,113) 17,244Ìý
Total reclassifications for the period, net of tax $ (13,013) $ 5,606Ìý $ (27,395) $ 8,954Ìý