CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Dec. 26, 2020

The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:


(In thousands)	December 2020		March 2020		December 2019
Foreign currency translation and other	$	(663,863)	$	(737,709)	$	(663,319)
Defined benefit pension plans	(264,966)		(262,472)		(249,530)
Derivative financial instruments	(67,134)		69,223		17,477
Accumulated other comprehensive income (loss)	$	(995,963)	$	(930,958)	$	(895,372)

The changes in accumulated OCI, net of related taxes, were as follows:


	Three Months Ended December 2020
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2020	$	(700,137)	$	(264,304)	$	4,783	$	(959,658)

Other comprehensive income (loss) before reclassifications	36,274		(3,541)		(68,373)		(35,640)
Amounts reclassified from accumulated other comprehensive income (loss)	—		2,879		(3,544)		(665)
Net other comprehensive income (loss)	36,274		(662)		(71,917)		(36,305)
Balance, December 2020	$	(663,863)	$	(264,966)	$	(67,134)	$	(995,963)


	Three Months Ended December 2019
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2019	$	(715,286)	$	(298,326)	$	82,887	$	(930,725)

Other comprehensive income (loss) before reclassifications	51,967		26,827		(46,536)		32,258
Amounts reclassified from accumulated other comprehensive income (loss)	—		21,969		(18,874)		3,095

Net other comprehensive income (loss)	51,967		48,796		(65,410)		35,353
Balance, December 2019	$	(663,319)	$	(249,530)	$	17,477	$	(895,372)


	Nine Months Ended December 2020
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2020	$	(737,709)	$	(262,472)	$	69,223	$	(930,958)

Other comprehensive income (loss) before reclassifications	31,482		(10,183)		(106,972)		(85,673)
Amounts reclassified from accumulated other comprehensive income (loss)	42,364		7,689		(29,385)		20,668
Net other comprehensive income (loss)	73,846		(2,494)		(136,357)		(65,005)
Balance, December 2020	$	(663,863)	$	(264,966)	$	(67,134)	$	(995,963)


	Nine Months Ended December 2019
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2019	$	(725,679)	$	(243,184)	$	66,788	$	(902,075)
Adoption of new accounting standard, ASU 2018-02	(9,088)		(50,402)		(2,371)		(61,861)
Other comprehensive income (loss) before reclassifications	(11,646)		15,108		8,712		12,174
Amounts reclassified from accumulated other comprehensive income (loss)	—		28,154		(47,057)		(18,903)
Spin-off of Jeans Business	83,094		794		(8,595)		75,293
Net other comprehensive income (loss)	62,360		(6,346)		(49,311)		6,703
Balance, December 2019	$	(663,319)	$	(249,530)	$	17,477	$	(895,372)

Reclassifications out of accumulated OCI were as follows:


(In thousands)		Three Months Ended December				Nine Months Ended December
Details About Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Consolidated Statements of Operations

		2020		2019		2020		2019
Losses on foreign currency translation and other:
Liquidation of foreign entities	Other income (expense), net	$	—	$	—	$	(42,364)	$	—
Total before tax		—		—		(42,364)		—
Tax (expense) benefit		—		—		—		—
Net of tax		—		—		(42,364)		—
Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	(3,020)		(4,203)		(8,781)		(12,236)
Deferred prior service (costs) credits	Other income (expense), net	19		(13)		53		(38)

Pension settlement charges	Other income (expense), net	(544)		(24,943)		(1,116)		(25,462)
Total before tax		(3,545)		(29,159)		(9,844)		(37,736)
Tax benefit		666		7,190		2,155		9,582
Net of tax		(2,879)		(21,969)		(7,689)		(28,154)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	4,048		(5,507)		6,354		(11,226)
Foreign exchange contracts	Cost of goods sold	224		27,157		25,372		60,989
Foreign exchange contracts	Selling, general and administrative expenses	586		1,231		2,934		3,329
Foreign exchange contracts	Other income (expense), net	(613)		1,006		1,190		7,574
Interest rate contracts	Interest expense	26		(1,324)		80		(3,920)
Total before tax		4,271		22,563		35,930		56,746
Tax expense		(727)		(3,689)		(6,545)		(9,689)
Net of tax		3,544		18,874		29,385		47,057
Total reclassifications for the period, net of tax		$	665	$	(3,095)	$	(20,668)	$	18,903