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Stockholders’ Equity
 12 Months Ended
Mar. 31, 2024
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, 2024 and 2023, 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, 2022, 2023 and 2024, respectively:
 
Shares outstanding as of March 31, 2021
42,753,020 
Purchase of treasury stock(1,996,334)
Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes229,972 
Shares outstanding as of March 31, 2022
40,986,658 
Purchase of treasury stock(358,365)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes272,766 
Shares outstanding as of March 31, 2023
40,901,059 
Purchase of treasury stock(1,002,415)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes373,292 
Shares outstanding as of March 31, 2024
40,271,936 



Treasury Stock

In fiscal 2024, the Company purchased 1,002,415 shares for $95,690. The Company purchased 358,365 shares for $22,907 in fiscal 2023 and 1,996,334 shares for $156,366 in fiscal 2022. At March 31, 2024 and 2023, the Company held 16,091,988 and 15,103,554 shares as treasury stock, respectively.
Treasury Stock Reissuance

During fiscal 2024, fiscal 2023 and fiscal 2022, the Company also issued 13,981, 17,077 and 13,858 shares out of its treasury stock, respectively, valued at $62.55 per share, on a FIFO 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, 2024
Pension funded status adjustment$(4,423)$(5,672)$297 $(9,798)
Net unrealized gain (loss) on derivative instruments1,411 6,283 (6,939)755 
Foreign currency translation adjustment (1)
(180,462)(15,346)— (195,808)
Accumulated other comprehensive loss$(183,474)$(14,735)$(6,642)$(204,851)
March 31, 2023
Pension funded status adjustment$(12,637)$7,872 $342 $(4,423)
Net unrealized gain (loss) on derivative instruments2,963 (2,453)901 1,411 
Foreign currency translation adjustment (1)
(133,821)(46,641)— (180,462)
Accumulated other comprehensive loss$(143,495)$(41,222)$1,243 $(183,474)
March 31, 2022
Pension funded status adjustment$(20,947)$7,374 $936 $(12,637)
Net unrealized gain (loss) on derivative instruments360 10,063 (7,460)2,963 
Foreign currency translation adjustment(95,296)(38,525)— (133,821)
Accumulated other comprehensive loss$(115,883)$(21,088)$(6,524)$(143,495)
(1) Foreign currency translation adjustment for the fiscal year ended March 31, 2024, March 31, 2023, March 31, 2022 and includes a $2,615 loss (net of taxes of $797), $19,491 gain (net of taxes of $4,557) and $228 gain (net of taxes $70), respectively, related to the Company's $300,000 and $150,000 cross-currency fixed interest rate swap contracts.

The following table presents reclassifications from AOCI during the twelve months ended March 31, 2024:
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$(9,057)Cost of goods sold
Tax expense2,118 
Net unrealized gain on derivative instruments, net of tax$(6,939)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments$(713)Interest expense
Tax expense167 
Net unrealized gain on derivative instruments, net of tax$(546)
Defined benefit pension costs:
Prior service costs and deferrals$326 Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit(29)
Net periodic benefit cost, net of tax$297 
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2023:

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$1,176 Cost of goods sold
Tax benefit(275)
Net unrealized loss on derivative instruments, net of tax$901 
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments$(3,587)Interest expense
Tax expense839 
Net unrealized gain on derivative instruments, net of tax$(2,748)
Defined benefit pension costs:
Prior service costs and deferrals$478 Net periodic benefit cost, included in other (income) expense, net - See Note 15
Tax benefit(136)
Net periodic benefit cost, net of tax$342 

The following table presents reclassifications from AOCI during the twelve months ended March 31, 2022:

Components of AOCIAmounts Reclassified from AOCILocation of (Gain) Loss Recognized on Income Statement
Derivatives in Cash Flow Hedging Relationships:
Net unrealized gain on derivative instruments$(9,742)Cost of goods sold
Tax benefit2,282 
Net unrealized gain on derivative instruments, net of tax$(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