XML 172 R13.htm IDEA: XBRL DOCUMENT
v3.21.1

Accumulated Other Comprehensive Loss | 12 Months Ended
--- | ---
Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss is as follows:
|  | March 31,
|  | 2021 |  | 2020
Foreign currency translation adjustment – net of tax |  | $ | (21,776) |  |  | $ | (34,359) |
Pension liability – net of tax |  | (38,081) |  |  | (79,651) |
Postretirement obligations – net of tax |  | 1,989 |  |  | 1,950 |
Split-dollar life insurance arrangements – net of tax |  | (1,264) |  |  | (1,340) |
Derivatives qualifying as hedges – net of tax |  | (854) |  |  | (950) |
Accumulated other comprehensive loss |  | $ | (59,986) |  |  | $ | (114,350) |
The deferred taxes related to the adjustments associated with the items included in accumulated other comprehensive loss, net of deferred tax asset valuation allowances, were $(13,305,000), $7,445,000, and $2,566,000 for fiscal 2021, 2020, and 2019 respectively. Refer to Note 17 for discussion of the deferred tax asset valuation allowance. In the period subsequent to our initial recording of the valuation allowance in fiscal 2011, increases and decreases to both the deferred tax assets associated with items in accumulated other comprehensive loss, and the valuation allowance, have been recorded as offsets to comprehensive income. As a result of the Act as described in Note 17, the Company recorded as an offsetting entry a $(7,251,000) stranded tax effect in the minimum pension liability component and a $(194,000) stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income in fiscal 2018. The stranded tax effect related to the other post retirement obligations component was not material. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2011, the Company recorded as an offsetting entry a $7,605,000 stranded tax effect in the minimum pension liability component, $935,000 stranded tax effect in the other post retirement obligations component and a $747,000 stranded tax effect in the split dollar life insurance arrangement component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2013, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. As a result of the recording of a deferred tax asset valuation allowance in fiscal 2005, the Company recorded as an offsetting entry a $406,000 stranded tax effect in the minimum pension liability component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2006, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. The stranded tax effects described above are in accordance with ASC Topic 740, “Income Taxes” even though the impact of the act and the deferred tax asset valuation allowance described above were initially established as an adjustment to comprehensive income. This amount will remain indefinitely as a component of accumulated other comprehensive loss. The activity by year related to investments, including reclassification adjustments for activity included in earnings are as follows (all items shown net of tax):
|  | Year Ended March 31,
|  | 2021 |  | 2020 |  | 2019
Net unrealized investment gain (loss) at beginning of year |  | $ | — |  |  | $ | — |  |  | $ | 888 |
Unrealized holdings gain (loss) arising during the period |  | — |  |  | — |  |  | — |
Reclassification adjustments for gain included in earnings |  | — |  |  | — |  |  | — |
Adoption of ASU 2016-01 |  | — |  |  | — |  |  | (888) |
Net change in unrealized gain (loss) on investments |  | — |  |  | — |  |  | (888) |
Net unrealized investment gain at end of year |  | $ | — |  |  | $ | — |  |  | $ | — |
Changes in accumulated other comprehensive income by component are as follows (in thousands):
|  | March 31, 2021
|  |  | Retirement Obligations |  | Foreign Currency |  | Change in Derivatives Qualifying as Hedges |  | Total
Beginning balance net of tax |  |  | $ | (79,041) |  |  | $ | (34,359) |  |  | $ | (950) |  |  | (114,350) |
Other comprehensive income (loss) before reclassification |  |  | 24,999 |  |  | 12,583 |  |  | (8,552) |  |  | 29,030 |
Amounts reclassified from other comprehensive loss to net income |  |  | 16,686 |  |  | — |  |  | 8,648 |  |  | 25,334 |
Net current period other comprehensive (loss) income |  |  | 41,685 |  |  | 12,583 |  |  | 96 |  |  | 54,364 |
Ending balance net of tax |  |  | $ | (37,356) |  |  | $ | (21,776) |  |  | $ | (854) |  |  | $ | (59,986) |
|  | March 31, 2020
|  |  | Retirement Obligations |  | Foreign Currency |  | Change in Derivatives Qualifying as Hedges |  | Total
Beginning balance net of tax |  |  | $ | (55,145) |  |  | $ | (25,355) |  |  | $ | (2,552) |  |  | (83,052) |
Other comprehensive income (loss) before reclassification |  |  | (25,449) |  |  | (9,004) |  |  | 4,772 |  |  | (29,681) |
Amounts reclassified from other comprehensive loss to net income |  |  | 1,553 |  |  | — |  |  | (3,170) |  |  | (1,617) |
Net current period other comprehensive (loss) income |  |  | (23,896) |  |  | (9,004) |  |  | 1,602 |  |  | (31,298) |
Ending balance net of tax |  |  | $ | (79,041) |  |  | $ | (34,359) |  |  | $ | (950) |  |  | $ | (114,350) |
Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2021 are as follows (in thousands):
Details of AOCL Components |  | Amount reclassified from AOCL |  | Affected line item on consolidated statement of operations
Net pension amount unrecognized |  |  |  |
|  | $ | 22,009 |  |  | (1)
|  | 22,009 |  |  | Total before tax
|  | (5,323) |  |  | Tax benefit
|  | $ | 16,686 |  |  | Net of tax
Change in derivatives qualifying as hedges |  |  |  |
|  | $ | (90) |  |  | Cost of products sold
|  | 1,585 |  |  | Interest expense
|  | 7,874 |  |  | Foreign currency
|  | 9,369 |  |  | Total before tax
|  | (721) |  |  | Tax benefit
|  | $ | 8,648 |  |  | Net of tax
(1)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.) Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2020 are as follows (in thousands):
Details of AOCL Components |  | Amount reclassified from AOCL |  | Affected line item on consolidated statement of operations
Net pension amount unrecognized |  |  |  |
|  | $ | 2,074 |  |  | (1)
|  | 2,074 |  |  | Total before tax
|  | (521) |  |  | Tax benefit
|  | $ | 1,553 |  |  | Net of tax
Change in derivatives qualifying as hedges |  |  |  |
|  | $ | (54) |  |  | Cost of products sold
|  | (327) |  |  | Interest expense
|  | (3,907) |  |  | Foreign currency
|  | (4,288) |  |  | Total before tax
|  | 1,118 |  |  | Tax benefit
|  | $ | (3,170) |  |  | Net of tax
(1)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 — Pensions and Other Benefit Plans for additional details.)

X
- References No definition available. + Details
Name: | us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration