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Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

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.)