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Accumulated Other Comprehensive Loss
 12 Months Ended
Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
 
The components of accumulated other comprehensive loss is as follows:

 
 
March 31,
 
 
2020
 
2019
Foreign currency translation adjustment – net of tax
 
$
(34,359
)
 
$
(25,355
)
Pension liability – net of tax
 
(79,651
)
 
(55,601
)
Postretirement obligations – net of tax
 
1,950

 
1,847

Split-dollar life insurance arrangements – net of tax
 
(1,340
)
 
(1,391
)
Derivatives qualifying as hedges – net of tax
 
(950
)
 
(2,552
)
Accumulated other comprehensive loss
 
$
(114,350
)
 
$
(83,052
)

 
The deferred taxes related to the adjustments associated with the items included in accumulated other comprehensive loss, net of deferred tax asset valuation allowances, were $7,445,000, $2,566,000, and $(6,848,000) for fiscal 2020, 2019, and 2018 respectively.  Refer to Note 17 for discussion of the deferred tax asset valuation allowance.  In the period subsequent to our initial recording of the valuation allowance in fiscal 2011, increases and decreases to both the deferred tax assets associated with items in accumulated other comprehensive loss, and the valuation allowance, have been recorded as offsets to comprehensive income.

As a result of the Act as described in Note 17, the Company recorded as an offsetting entry a $(9,477,000) stranded tax effect in the minimum pension liability component and a $(194,000) stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income in fiscal 2018. The stranded tax effect related to the other post retirement obligations component was not material.

As a result of the recording of a deferred tax asset valuation allowance in fiscal 2011, the Company recorded as an offsetting entry a $10,006,000 stranded tax effect in the minimum pension liability component, $935,000 stranded tax effect in the other post retirement obligations component and a $747,000 stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2013, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations.

As a result of the recording of a deferred tax asset valuation allowance in fiscal 2005, the Company recorded as an offsetting entry a $534,000 stranded tax effect in the minimum pension liability component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2006, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations.

The stranded tax effects described above are in accordance with ASC Topic 740, “Income Taxes” even though the impact of the act and the deferred tax asset valuation allowance described above were initially established as an adjustment to comprehensive income. This amount will remain indefinitely as a component of accumulated other comprehensive loss. As described in Note 22, the Company is evaluating the impact ASU 2018-02 will have accumulated other comprehensive income. Refer to Note 22 for additional information.


The activity by year related to investments, including reclassification adjustments for activity included in earnings are as follows (all items shown net of tax):

 
 
Year Ended March 31,
 
 
2020
 
2019
 
2018
Net unrealized investment gain (loss) at beginning of year
 
$
—

 
$
888

 
$
699

Unrealized holdings gain (loss) arising during the period
 
—

 
—

 
189

Reclassification adjustments for gain included in earnings
 
—

 
—

 
—

Adoption of ASU 2016-01
 
—

 
(888
)
 
—

Net change in unrealized gain (loss) on investments
 
—

 
(888
)
 
189

Net unrealized investment gain at end of year
 
$
—

 
$
—

 
$
888




Changes in accumulated other comprehensive income by component for the year ended March 31, 2020 are as follows (in thousands):

 
 
March 31, 2020
 
 
 
Retirement Obligations
 
Foreign Currency
 
Change in Derivatives Qualifying as Hedges
 
Total
Beginning balance net of tax
 
 
$
(55,145
)
 
$
(25,355
)
 
$
(2,552
)
 
(83,052
)
Other comprehensive income (loss) before reclassification
 
 
(25,449
)
 
(9,004
)
 
4,772

 
(29,681
)
Amounts reclassified from other comprehensive loss to net income
 
 
1,553

 
—

 
(3,170
)
 
(1,617
)
Net current period other comprehensive (loss) income
 
 
(23,896
)
 
(9,004
)
 
1,602

 
(31,298
)
Ending balance net of tax
 
 
$
(79,041
)
 
$
(34,359
)
 
$
(950
)
 
$
(114,350
)




Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2020 are as follows (in thousands):


Details of AOCL Components
 
Amount reclassified from AOCL
 
Affected line item on consolidated statement of operations
Net pension amount unrecognized
 
 

 
 
 
 
$
2,074

 
(1)
 
 
2,074

 
Total before tax
 
 
(521
)
 
Tax benefit
 
 
$
1,553

 
Net of tax
 
 
 
 
 
Change in derivatives qualifying as hedges
 
 
 
 
 
 
$
(54
)
 
Cost of products sold
 
 
(327
)
 
Interest expense
 
 
(3,907
)
 
Foreign currency
 
 
(4,288
)
 
Total before tax
 
 
1,118

 
Tax benefit
 
 
$
(3,170
)
 
Net of tax

(1)
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.)