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

12 Months Ended

Apr. 03, 2021

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


(In thousands)	March 2021		March 2020
Foreign currency translation and other	$	(700,173)	$	(737,709)
Defined benefit pension plans	(257,747)		(262,472)
Derivative financial instruments	(51,080)		69,223
Accumulated other comprehensive income (loss)	$	(1,009,000)	$	(930,958)

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


(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2018	$	(476,869)	$	(289,618)	$	(97,543)	$	(864,030)
Other comprehensive income (loss) before reclassifications	(248,810)		10,444		137,218		(101,148)
Amounts reclassified from accumulated other comprehensive income (loss)	—		35,990		27,113		63,103
Net other comprehensive income (loss)	(248,810)		46,434		164,331		(38,045)
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	(134,297)		(2,757)		76,797		(60,257)
Amounts reclassified from accumulated other comprehensive income (loss)	48,261		33,077		(63,396)		17,942
Spin-off of Jeans Business	83,094		794		(8,595)		75,293
Net other comprehensive income (loss)	(12,030)		(19,288)		2,435		(28,883)
Balance, March 2020	(737,709)		(262,472)		69,223		(930,958)
Other comprehensive income (loss) before reclassifications	(4,828)		(6,197)		(100,448)		(111,473)
Amounts reclassified from accumulated other comprehensive income (loss)	42,364		10,922		(19,855)		33,431
Net other comprehensive income (loss)	37,536		4,725		(120,303)		(78,042)
Balance, March 2021	$	(700,173)	$	(257,747)	$	(51,080)	$	(1,009,000)

Reclassifications out of accumulated OCI are as follows:


(In thousands)	Affected Line Item in the Consolidated Statements of Operations	Year Ended March
Details About Accumulated Other Comprehensive Income (Loss) Components

		2021		2020		2019
Losses on foreign currency translation and other:
Liquidation of foreign entities	Other income (expense), net	$	(42,364)	$	(48,261)	$	—
Total before tax		(42,364)		(48,261)		—
Tax (expense) benefit		—		—		—
Net of tax		(42,364)		(48,261)		—
Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	(11,911)		(14,848)		(28,474)
Deferred prior service (costs) credits	Other income (expense), net	81		(1,887)		(494)
Pension settlement charges	Other income (expense), net	(1,584)		(27,443)		(8,856)
Pension curtailment losses	Other income (expense), net	(920)		—		(9,530)


Total before tax		(14,334)		(44,178)		(47,354)
Tax benefit		3,412		11,101		11,364
Net of tax		(10,922)		(33,077)		(35,990)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	2,596		(18,076)		1,774
Foreign exchange contracts	Cost of goods sold	19,485		94,376		(20,686)
Foreign exchange contracts	Selling, general and administrative expenses	2,797		5,084		(4,772)

Foreign exchange contracts	Other income (expense), net	(137)		10,304		355
Interest rate contracts	Interest expense	107		(13,177)		(5,012)
Total before tax		24,848		78,511		(28,341)
Tax (expense) benefit		(4,993)		(15,115)		1,228
Net of tax		19,855		63,396		(27,113)



Total reclassifications for the period, net of tax		$	(33,431)	$	(17,942)	$	(63,103)