
	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.


	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	$	—	$	—	$	—


	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 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


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