| Schedule of Deferred Components of Other Comprehensive Income (Loss) Reported and Changes in Accumulated OCL |
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:
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| (In thousands) |
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September 2024 |
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March 2024 |
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September 2023 |
| Foreign currency translation and other |
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$ |
(869,994) |
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$ |
(868,439) |
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$ |
(878,089) |
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| Defined benefit pension plans |
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(175,087) |
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(182,333) |
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(155,638) |
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| Derivative financial instruments |
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(25,499) |
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(13,559) |
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22,022Ìý |
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| Accumulated other comprehensive loss |
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$ |
(1,070,580) |
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$ |
(1,064,331) |
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$ |
(1,011,705) |
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The changes in accumulated OCL, net of related taxes, were as follows:
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| Ìý |
Three Months Ended September 2024 |
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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, June 2024 |
$ |
(887,892) |
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$ |
(178,701) |
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$ |
12,966Ìý
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$ |
(1,053,627) |
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Other comprehensive income (loss) before reclassifications |
17,898Ìý |
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(26) |
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(47,838) |
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(29,966) |
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Amounts reclassified from accumulated other comprehensive loss |
—Ìý |
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3,640Ìý |
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9,373Ìý |
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13,013Ìý |
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Net other comprehensive income (loss) |
17,898Ìý |
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3,614Ìý |
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(38,465) |
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(16,953) |
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| Balance, September 2024 |
$ |
(869,994) |
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$ |
(175,087) |
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$ |
(25,499) |
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$ |
(1,070,580) |
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| Ìý |
Three Months Ended September 2023 |
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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, June 2023 |
$ |
(872,800) |
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$ |
(161,211) |
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$ |
(19,518) |
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$ |
(1,053,529) |
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Other comprehensive income (loss) before reclassifications |
(5,289) |
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2,676Ìý |
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50,043Ìý |
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47,430Ìý |
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Amounts reclassified from accumulated other comprehensive loss |
—Ìý |
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2,897Ìý |
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(8,503) |
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(5,606) |
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Net other comprehensive income (loss) |
(5,289) |
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5,573Ìý |
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41,540Ìý |
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41,824Ìý |
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| Balance, September 2023 |
$ |
(878,089) |
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$ |
(155,638) |
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$ |
22,022Ìý
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$ |
(1,011,705) |
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| Ìý |
Six Months Ended September 2024 |
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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 2024 |
$ |
(868,439) |
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$ |
(182,333) |
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$ |
(13,559) |
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$ |
(1,064,331) |
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| Other comprehensive loss before reclassifications |
(1,555) |
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(36) |
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(32,053) |
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(33,644) |
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Amounts reclassified from accumulated other comprehensive loss |
—Ìý |
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7,282Ìý |
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20,113Ìý |
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27,395Ìý |
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Net other comprehensive income (loss) |
(1,555) |
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7,246Ìý |
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(11,940) |
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(6,249) |
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| Balance, September 2024 |
$ |
(869,994) |
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$ |
(175,087) |
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$ |
(25,499) |
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$ |
(1,070,580) |
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| Ìý |
Six Months Ended September 2023 |
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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 2023 |
$ |
(859,651) |
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$ |
(167,692) |
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$ |
7,825Ìý
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$ |
(1,019,518) |
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Other comprehensive income (loss) before reclassifications |
(18,438) |
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3,764Ìý |
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31,441Ìý |
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16,767Ìý |
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Amounts reclassified from accumulated other comprehensive loss |
—Ìý |
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8,290Ìý |
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(17,244) |
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(8,954) |
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Net other comprehensive income (loss) |
(18,438) |
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12,054Ìý |
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14,197Ìý |
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7,813Ìý |
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| Balance, September 2023 |
$ |
(878,089) |
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$ |
(155,638) |
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$ |
22,022Ìý
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$ |
(1,011,705) |
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| Schedule of Reclassifications Out of Accumulated OCL |
Reclassifications out of accumulated OCL were as follows:
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| (In thousands) |
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Three Months Ended September |
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Six Months Ended September |
| Details About Accumulated Other Comprehensive Loss Components |
AffectedÌýLineÌýItemÌýinÌýthe Consolidated Statements of Operations |
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2024 |
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2023 |
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2024 |
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2023 |
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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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$ |
(5,051) |
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$ |
(4,170) |
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$ |
(10,097) |
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$ |
(8,402) |
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Deferred prior service credits |
Other income (expense), net |
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150Ìý |
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137Ìý |
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294Ìý |
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272Ìý |
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Pension settlement charges |
Other income (expense), net |
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—Ìý |
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(7) |
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—Ìý |
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(3,299) |
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TotalÌýbeforeÌýtax |
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(4,901) |
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(4,040) |
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(9,803) |
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(11,429) |
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TaxÌýbenefit |
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1,261Ìý |
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1,143Ìý |
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2,521Ìý |
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3,139Ìý |
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Net of tax |
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(3,640) |
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(2,897) |
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(7,282) |
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(8,290) |
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| Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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(7,851) |
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(516) |
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(12,182) |
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574Ìý |
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Foreign exchange contracts |
CostÌýofÌýgoodsÌýsold |
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(4,001) |
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9,399Ìý |
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(14,127) |
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17,474Ìý |
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Foreign exchange contracts |
Selling, general and administrative expenses |
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(47) |
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1,007Ìý |
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(455) |
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2,308Ìý |
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Foreign exchange contracts |
OtherÌýincomeÌý(expense),Ìýnet |
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53Ìý |
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(750) |
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(3) |
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(1,261) |
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Interest rate contracts |
Interest expense |
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27Ìý |
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27Ìý |
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54Ìý |
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54Ìý |
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Interest rate contracts |
Income (loss) from discontinued operations, net of tax |
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1,134Ìý |
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1,071Ìý |
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2,299Ìý |
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1,769Ìý |
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Total before tax |
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(10,685) |
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10,238Ìý |
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(24,414) |
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20,918Ìý |
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Tax benefit (expense) |
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1,312Ìý |
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(1,735) |
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4,301Ìý |
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(3,674) |
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Net of tax |
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(9,373) |
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8,503Ìý |
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(20,113) |
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17,244Ìý |
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| Total reclassifications for the period, net of tax |
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$ |
(13,013) |
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$ |
5,606Ìý |
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$ |
(27,395) |
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$ |
8,954Ìý |
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