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Stockholders' Equity and Noncontrolling Interests
 6 Months Ended
Sep. 29, 2024
Equity [Abstract]  
Stockholders' Equity and Noncontrolling Interests Stockholders’ Equity and Noncontrolling Interests
Common Stock

The following demonstrates the change in the number of shares of common stock outstanding during the six months ended September 29, 2024:
 
Shares outstanding as of March 31, 202440,271,936 
Purchase of treasury stock(780,849)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes322,817 
Shares outstanding as of September 29, 202439,813,904 

Treasury Stock

During the six months ended September 29, 2024, the Company purchased 780,849 shares for $75,187 and purchased 480,060 shares for $47,340 during the six months ended October 1, 2023. At September 29, 2024 and March 31, 2024, the Company held 16,866,664 and 16,091,988 shares as treasury stock, respectively. During the six months ended September 29, 2024, the Company also issued 6,173 shares out of its treasury stock, valued at $62.55 per share to participants under the Company's Employee Stock Purchase Plan. During the six months ended October 1, 2023, the Company issued 7,312 shares out of its treasury stock, valued at $62.55 per share, to participants under the Company's Employee Stock Purchase Plan.

Accumulated Other Comprehensive Income (“AOCI ”)

The components of AOCI, net of tax, as of September 29, 2024 and March 31, 2024, are as follows:
March 31, 2024Before ReclassificationsAmounts Reclassified from AOCISeptember 29, 2024
Pension funded status adjustment$(9,798)$— $197 $(9,601)
Net unrealized gain (loss) on derivative instruments755 (2,923)(1,257)(3,425)
Foreign currency translation adjustment (1)
(195,808)15,391 — (180,417)
Accumulated other comprehensive (loss) income$(204,851)$12,468 $(1,060)$(193,443)
(1) Foreign currency translation adjustment for the six months ended September 29, 2024 includes a $8,497 loss (net of taxes of $2,594) related to the Company's $300,000 cross-currency fixed interest rate swap contracts.
The following table presents reclassifications from AOCI during the second quarter ended September 29, 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$(2,258)Cost of goods sold
Tax expense527 
Net unrealized gain on derivative instruments, net of tax$(1,731)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments$(711)Interest expense
Tax expense166 
Net unrealized gain on derivative instruments, net of tax$(545)
Defined benefit pension costs:
Prior service costs and deferrals$133 Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit(32)
Net periodic benefit cost, net of tax$101 

The following table presents reclassifications from AOCI during the six months ended September 29, 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$(1,639)Cost of goods sold
Tax expense382 
Net unrealized gain on derivative instruments, net of tax$(1,257)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments$(975)Interest expense
Tax expense229 
Net unrealized gain on derivative instruments, net of tax$(746)
Defined benefit pension costs:
Prior service costs and deferrals$260 Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit(63)
Net periodic benefit cost, net of tax$197 
The following table presents reclassifications from AOCI during the second quarter ended October 1, 2023:


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$(218)Cost of goods sold
Tax expense51 
Net unrealized gain on derivative instruments, net of tax$(167)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments$— Interest expense
Tax expense— 
Net unrealized gain on derivative instruments, net of tax$— 
Defined benefit pension costs:
Prior service costs and deferrals$27 Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit(6)
Net periodic benefit cost, net of tax$21 

The following table presents reclassifications from AOCI during the six months ended October 1, 2023:


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$(4,114)Cost of goods sold
Tax expense962 
Net unrealized gain on derivative instruments, net of tax$(3,152)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments$(112)Interest expense
Tax expense26 
Net unrealized gain on derivative instruments, net of tax$(86)
Defined benefit pension costs:
Prior service costs and deferrals$56 Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit(15)
Net periodic benefit cost, net of tax$41