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

9 Months Ended

Dec. 31, 2022

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


(In thousands)	December 2022		March 2022		December 2021
Foreign currency translation and other	$	(841,877)	$	(751,632)	$	(712,831)
Defined benefit pension plans	(164,346)		(230,290)		(248,971)
Derivative financial instruments	76,635		55,343		24,345
Accumulated other comprehensive income (loss)	$	(929,588)	$	(926,579)	$	(937,457)

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


	Three Months Ended December 2022
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2022	$	(883,846)	$	(166,545)	$	206,226	$	(844,165)
Other comprehensive income (loss) before reclassifications	41,969		(850)		(101,665)		(60,546)
Amounts reclassified from accumulated other comprehensive income (loss)	—		3,049		(27,926)		(24,877)
Net other comprehensive income (loss)	41,969		2,199		(129,591)		(85,423)
Balance, December 2022	$	(841,877)	$	(164,346)	$	76,635	$	(929,588)


	Three Months Ended December 2021
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, September 2021	$	(687,120)	$	(255,635)	$	1,921	$	(940,834)
Other comprehensive income (loss) before reclassifications	(25,711)		383		11,961		(13,367)
Amounts reclassified from accumulated other comprehensive income (loss)	—		6,281		10,463		16,744
Net other comprehensive income (loss)	(25,711)		6,664		22,424		3,377
Balance, December 2021	$	(712,831)	$	(248,971)	$	24,345	$	(937,457)


	Nine Months Ended December 2022
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2022	$	(751,632)	$	(230,290)	$	55,343	$	(926,579)
Other comprehensive income (loss) before reclassifications	(90,245)		(11,226)		68,719		(32,752)
Amounts reclassified from accumulated other comprehensive income (loss)	—		77,170		(47,427)		29,743
Net other comprehensive income (loss)	(90,245)		65,944		21,292		(3,009)
Balance, December 2022	$	(841,877)	$	(164,346)	$	76,635	$	(929,588)

	Nine Months Ended December 2021
(In thousands)	Foreign Currency Translation and Other		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, March 2021	$	(700,173)	$	(257,747)	$	(51,080)	$	(1,009,000)
Other comprehensive income (loss) before reclassifications	(12,658)		(2,355)		35,973		20,960
Amounts reclassified from accumulated other comprehensive income (loss)	—		11,131		39,452		50,583
Net other comprehensive income (loss)	(12,658)		8,776		75,425		71,543
Balance, December 2021	$	(712,831)	$	(248,971)	$	24,345	$	(937,457)

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

		2022		2021		2022		2021





Amortization of defined benefit pension plans:
Net deferred actuarial losses	Other income (expense), net	$	(3,858)	$	(2,858)	$	(11,532)	$	(8,569)
Deferred prior service credits	Other income (expense), net	112		117		335		352

Pension settlement charges	Other income (expense), net	(695)		(5,660)		(93,597)		(6,684)
Total before tax		(4,441)		(8,401)		(104,794)		(14,901)
Tax benefit		1,392		2,120		27,624		3,770
Net of tax		(3,049)		(6,281)		(77,170)		(11,131)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts	Net revenues	(2,759)		(9,284)		(18,243)		(16,045)
Foreign exchange contracts	Cost of goods sold	27,019		(3,974)		44,780		(26,644)
Foreign exchange contracts	Selling, general and administrative expenses	1,816		688		5,380		(418)
Foreign exchange contracts	Other income (expense), net	6,802		104		24,055		(2,958)
Interest rate contracts	Interest expense	27		27		81		81
Total before tax		32,905		(12,439)		56,053		(45,984)
Tax (expense) benefit		(4,979)		1,976		(8,626)		6,532
Net of tax		27,926		(10,463)		47,427		(39,452)
Total reclassifications for the period, net of tax		$	24,877	$	(16,744)	$	(29,743)	$	(50,583)