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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended
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Dec. 26, 2020
Equity [Abstract] |
Deferred Components of OCI Reported, Net of Related Income Taxes, in Accumulated OCI in Stockholders' Equity and Changes in Accumulated OCI | 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 | 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 |

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