| 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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December 2024 |
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March 2024 |
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December 2023 |
| Foreign currency translation and other |
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$ |
(846,574) |
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$ |
(868,439) |
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$ |
(856,853) |
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| Defined benefit pension plans |
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(171,993) |
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(182,333) |
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(155,701) |
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| Derivative financial instruments |
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67,082Ìý |
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(13,559) |
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(38,819) |
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| Accumulated other comprehensive loss |
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$ |
(951,485) |
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$ |
(1,064,331) |
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$ |
(1,051,373) |
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The changes in accumulated OCL, net of related taxes, were as follows:
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| Ìý |
Three Months Ended December 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, 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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Other comprehensive income (loss) before reclassifications |
(51,873) |
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(99) |
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88,068Ìý |
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36,096Ìý |
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Amounts reclassified from accumulated other comprehensive loss |
75,293Ìý |
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3,193Ìý |
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4,513Ìý |
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82,999Ìý |
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Net other comprehensive income |
23,420Ìý |
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|
3,094Ìý |
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92,581Ìý |
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|
119,095Ìý |
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| Balance, December 2024 |
$ |
(846,574) |
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$ |
(171,993) |
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$ |
67,082Ìý
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$ |
(951,485) |
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| Ìý |
Three Months Ended December 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, 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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Other comprehensive income (loss) before reclassifications |
21,236Ìý |
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(3,002) |
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(61,585) |
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(43,351) |
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Amounts reclassified from accumulated other comprehensive loss |
—Ìý |
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2,939Ìý |
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|
744Ìý |
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3,683Ìý |
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Net other comprehensive income (loss) |
21,236Ìý |
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(63) |
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(60,841) |
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(39,668) |
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| Balance, December 2023 |
$ |
(856,853) |
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$ |
(155,701) |
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$ |
(38,819) |
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$ |
(1,051,373) |
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| Ìý |
Nine Months Ended December 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 income (loss) before reclassifications |
(53,428) |
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(135) |
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56,015Ìý |
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2,452Ìý |
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Amounts reclassified from accumulated other comprehensive loss |
75,293Ìý |
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10,475Ìý |
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24,626Ìý |
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110,394Ìý |
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Net other comprehensive income |
21,865Ìý |
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10,340Ìý |
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80,641Ìý |
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112,846Ìý |
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| Balance, December 2024 |
$ |
(846,574) |
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$ |
(171,993) |
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$ |
67,082Ìý
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$ |
(951,485) |
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| Ìý |
Nine Months Ended December 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 |
2,798Ìý |
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|
762Ìý |
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(30,144) |
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(26,584) |
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Amounts reclassified from accumulated other comprehensive loss |
—Ìý |
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11,229Ìý |
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(16,500) |
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(5,271) |
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Net other comprehensive income (loss) |
2,798Ìý |
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11,991Ìý |
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(46,644) |
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(31,855) |
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| Balance, December 2023 |
$ |
(856,853) |
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$ |
(155,701) |
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$ |
(38,819) |
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$ |
(1,051,373) |
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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 December |
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Nine Months Ended December |
| 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 |
| Losses on foreign currency translation and other: |
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Sale of Supreme |
Income (loss) from discontinued operations, net of tax (a)
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$ |
(75,293) |
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$ |
—Ìý |
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$ |
(75,293) |
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$ |
—Ìý |
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Total before tax |
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(75,293) |
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—Ìý |
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(75,293) |
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—Ìý |
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Tax benefit (expense) |
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—Ìý |
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—Ìý |
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—Ìý |
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—Ìý |
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Net of tax |
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(75,293) |
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—Ìý |
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(75,293) |
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—Ìý |
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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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(5,049) |
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(4,106) |
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(15,146) |
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(12,508) |
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Deferred prior service credits |
Other income (expense), net |
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148Ìý |
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136Ìý |
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442Ìý |
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408Ìý |
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Pension curtailment gains and settlement charges |
Other income (expense), net |
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|
638Ìý |
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(131) |
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638Ìý |
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(3,430) |
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TotalÌýbeforeÌýtax |
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(4,263) |
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(4,101) |
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(14,066) |
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(15,530) |
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TaxÌýbenefit |
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1,070Ìý |
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1,162Ìý |
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3,591Ìý |
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4,301Ìý |
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Net of tax |
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(3,193) |
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(2,939) |
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(10,475) |
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(11,229) |
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| Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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(9,580) |
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(794) |
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(21,762) |
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(220) |
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Foreign exchange contracts |
CostÌýofÌýgoodsÌýsold |
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4,648Ìý |
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(2,697) |
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(9,479) |
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14,777Ìý |
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Foreign exchange contracts |
SG&A expenses |
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166Ìý |
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833Ìý |
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(289) |
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3,141Ìý |
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Foreign exchange contracts |
OtherÌýincomeÌý(expense),Ìýnet |
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(970) |
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536Ìý |
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(973) |
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(725) |
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Interest rate contracts |
Interest expense |
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364Ìý |
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27Ìý |
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418Ìý |
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81Ìý |
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Interest rate contracts |
Income (loss) from discontinued operations, net of tax |
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—Ìý |
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1,183Ìý |
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2,299Ìý |
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2,952Ìý |
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Total before tax |
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(5,372) |
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(912) |
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(29,786) |
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20,006Ìý |
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Tax benefit (expense) |
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|
859Ìý |
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168Ìý |
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5,160Ìý |
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(3,506) |
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Net of tax |
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(4,513) |
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(744) |
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(24,626) |
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16,500Ìý |
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| Total reclassifications for the period, net of tax |
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$ |
(82,999) |
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$ |
(3,683) |
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$ |
(110,394) |
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$ |
5,271Ìý |
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(a)Foreign currency translation losses related to Supreme were included in the carrying value of the disposal group used in determining the estimated loss on sale recorded during the second quarter of Fiscal 2025. Upon completion of the sale of Supreme on October 1, 2024, these amounts were reclassified out of accumulated OCL into the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the three and nine months ended December 2024 and offset against the derecognition of the previously recorded allowance on the disposal group.
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