
	March 31,
	2023		2022
Foreign currency translation adjustment – net of tax	$	(32,352)	$	(28,080)
Pension liability – net of tax	(13,736)		(21,794)
Postretirement obligations – net of tax	1,769		1,836
Split-dollar life insurance arrangements – net of tax	(833)		(1,084)
Derivatives qualifying as hedges – net of tax	7,109		(777)

Accumulated other comprehensive loss	$	(38,043)	$	(49,899)

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 $(6,371,000), $(5,780,000), and $(13,305,000) for fiscal 2023, 2022, and 2021 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 Tax Cuts and Jobs Act (the "Act"), the Company recorded as an offsetting entry a $(7,251,000) 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 $7,605,000 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 $406,000 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.

Changes in accumulated other comprehensive income by component are as follows (in thousands):


	March 31, 2023
		Retirement Obligations		Foreign Currency		Change in Derivatives Qualifying as Hedges		Total
Beginning balance net of tax		$	(21,043)	$	(28,079)	$	(777)	(49,899)
Other comprehensive income (loss) before reclassification		7,755		(4,273)		12,385		15,867
Amounts reclassified from other comprehensive loss to net income		488		—		(4,499)		(4,011)
Net current period other comprehensive (loss) income		8,243		(4,273)		7,886		11,856
Ending balance net of tax		$	(12,800)	$	(32,352)	$	7,109	$	(38,043)


	March 31, 2022
		Retirement Obligations		Foreign Currency		Change in Derivatives Qualifying as Hedges		Total
Beginning balance net of tax		$	(37,356)	$	(21,776)	$	(854)	(59,986)
Other comprehensive income (loss) before reclassification		15,398		(6,303)		5,922		15,017
Amounts reclassified from other comprehensive loss to net income		915		—		(5,845)		(4,930)
Net current period other comprehensive (loss) income		16,313		(6,303)		77		10,087
Ending balance net of tax		$	(21,043)	$	(28,079)	$	(777)	$	(49,899)

Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2023 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
	$	652	(1)
	652		Total before tax
	(164)		Tax benefit
	$	488	Net of tax

Change in derivatives qualifying as hedges
	$	267	Cost of products sold
	(3,144)		Interest expense
	(3,096)		Foreign currency
	(5,973)		Total before tax
	1,474		Tax benefit
	$	(4,499)	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.)

Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2022 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
	$	1,237	(1)
	1,237		Total before tax
	(322)		Tax benefit
	$	915	Net of tax

Change in derivatives qualifying as hedges
	$	85	Cost of products sold
	2,868		Interest expense
	(11,250)		Foreign currency
	(8,297)		Total before tax
	2,452		Tax benefit
	$	(5,845)	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.)