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Stockholders’ Equity
 12 Months Ended
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, 201942,620,750 
Purchase of treasury stock(581,140)
Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes283,695 
Shares outstanding as of March 31, 202042,323,305 
Purchase of treasury stock— 
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes429,715 
Shares outstanding as of March 31, 202142,753,020 
Purchase of treasury stock(1,996,334)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes229,972 
Shares outstanding as of March 31, 202240,986,658 

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 ReclassificationsAmount Reclassified from AOCIEnding
Balance
March 31, 2022
Pension funded status adjustment$(20,947)$7,374 $936 $(12,637)
Net unrealized gain (loss) on derivative instruments360 10,063 (7,460)2,963 
Foreign currency translation adjustment (1)
(95,296)(38,525)— (133,821)
Accumulated other comprehensive loss$(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 AOCILocation of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships:
Net unrealized gain on derivative instruments$(9,742)Cost of goods sold
Tax expense2,282 
Net unrealized gain on derivative instruments, net of tax$(7,460)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments$(1,181)Interest expense
Tax expense276 
Net unrealized gain on derivative instruments, net of tax$(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 AOCILocation 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 AOCIAmounts Reclassified from AOCILocation 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