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Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended
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Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of Accumulated Other Comprehensive Income (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 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) |
Reclassification out of Accumulated Other Comprehensive Income | 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.)

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