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Stockholders’ Equity | 12 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Stockholders’ Equity | Stockholders’ Equity Preferred Stock and Common Stock The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2022 and 2021, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance. The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2020, 2021 and 2022, respectively:
Shares outstanding as of March 31, 2019 | 42,620,750 |
Purchase of treasury stock | (581,140) |
Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes | 283,695 |
Shares outstanding as of March 31, 2020 | 42,323,305 |
Purchase of treasury stock | — |
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes | 429,715 |
Shares outstanding as of March 31, 2021 | 42,753,020 |
Purchase of treasury stock | (1,996,334) |
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes | 229,972 |
Shares outstanding as of March 31, 2022 | 40,986,658 |
Treasury Stock In fiscal 2022, the Company purchased 1,996,334 shares for $156,366. The Company did not purchase any shares in fiscal 2021 but purchased 581,140 shares for $34,561 in fiscal 2020. At March 31, 2022 and 2021, the Company held 14,762,266 and 12,799,790 shares as treasury stock, respectively. Treasury Stock Reissuance During fiscal 2022, fiscal 2021 and fiscal 2020, the Company also issued 13,858, 13,465 and 17,410 shares out of its treasury stock, respectively, valued at $62.55 per share, on a LIFO basis, to participants under the Company's Employee Stock Purchase Plan. Accumulated Other Comprehensive Income (“AOCI”) The components of AOCI, net of tax, are as follows:
|  | Beginning Balance |  | Before Reclassifications |  | Amount Reclassified from AOCI |  | Ending Balance
March 31, 2022 |  |  |  |  |  |  |  |
Pension funded status adjustment |  | $ | (20,947) |  |  | $ | 7,374 |  |  | $ | 936 |  |  | $ | (12,637) |
Net unrealized gain (loss) on derivative instruments |  | 360 |  |  | 10,063 |  |  | (7,460) |  |  | 2,963 |
Foreign currency translation adjustment (1) |  | (95,296) |  |  | (38,525) |  |  | — |  |  | (133,821) |
Accumulated other comprehensive loss |  | $ | (115,883) |  |  | $ | (21,088) |  |  | $ | (6,524) |  |  | $ | (143,495) |
March 31, 2021 |  |  |  |  |  |  |  |
Pension funded status adjustment |  | $ | (22,794) |  |  | $ | 680 |  |  | $ | 1,167 |  |  | $ | (20,947) |
Net unrealized gain (loss) on derivative instruments |  | (5,923) |  |  | 250 |  |  | 6,033 |  |  | 360 |
Foreign currency translation adjustment |  | (186,289) |  |  | 90,993 |  |  | — |  |  | (95,296) |
Accumulated other comprehensive loss |  | $ | (215,006) |  |  | $ | 91,923 |  |  | $ | 7,200 |  |  | $ | (115,883) |
March 31, 2020 |  |  |  |  |  |  |  |
Pension funded status adjustment |  | $ | (20,791) |  |  | $ | (2,819) |  |  | $ | 816 |  |  | $ | (22,794) |
Net unrealized gain (loss) on derivative instruments |  | (130) |  |  | (6,672) |  |  | 879 |  |  | (5,923) |
Foreign currency translation adjustment |  | (121,761) |  |  | (64,528) |  |  | — |  |  | (186,289) |
Accumulated other comprehensive loss |  | $ | (142,682) |  |  | $ | (74,019) |  |  | $ | 1,695 |  |  | $ | (215,006) |
(1) Foreign currency translation adjustment for the fiscal year ended March 31, 2022 includes a $228 gain (net of taxes of $70) relating to the net investment hedges entered into by the Company on December 23, 2021. The following table presents reclassifications from AOCI during the twelve months ended March 31, 2022:
Components of AOCI |  | Amounts Reclassified from AOCI |  | Location of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships: |  |  |  |
Net unrealized gain on derivative instruments |  | $ | (9,742) |  |  | Cost of goods sold
Tax expense |  | 2,282 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (7,460) |  |  |
Derivatives in net investment hedging relationships: |  |  |  |
Net unrealized gain on derivative instruments |  | $ | (1,181) |  |  | Interest expense
Tax expense |  | 276 |  |  |
Net unrealized gain on derivative instruments, net of tax |  | $ | (905) |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 1,212 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit |  | (276) |  |  |
Net periodic benefit cost, net of tax |  | $ | 936 |  |  |
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2021:
Components of AOCI |  | Amounts Reclassified from AOCI |  | Location of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships: |  |  |  |
Net unrealized loss on derivative instruments |  | $ | 7,903 |  |  | Cost of goods sold
Tax benefit |  | (1,870) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 6,033 |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 1,529 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit |  | (362) |  |  |
Net periodic benefit cost, net of tax |  | $ | 1,167 |  |  |
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2020:
Components of AOCI |  | Amounts Reclassified from AOCI |  | Location of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships: |  |  |  |
Net unrealized loss on derivative instruments |  | $ | 1,151 |  |  | Cost of goods sold
Tax benefit |  | (272) |  |  |
Net unrealized loss on derivative instruments, net of tax |  | $ | 879 |  |  |
Defined benefit pension costs: |  |  |  |
Prior service costs and deferrals |  | $ | 1,098 |  |  | Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit |  | (282) |  |  |
Net periodic benefit cost, net of tax |  | $ | 816 |  |  |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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