| OTHER COMPREHENSIVE INCOME (LOSS) The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands). | | | | | | | | | | | | | | | | | | March 31, | | | | 2024 | | 2023 | | Currency translation adjustments: | | | | | | Balance at beginning of period | | $ | (8,190) | | | $ | (4,438) | | | Foreign currency translation adjustments | | (1,947) | | | (3,752) | | | Balance at end of period | | $ | (10,137) | | | $ | (8,190) | | | Interest rate swaps: | | | | | | Balance at beginning of period | | $ | (114) | | | $ | (270) | | Unrealized gain, net of taxes of $(639) and $(60), respectively (a) | | 2,404 | | | 225 | | Reclassification of losses (gains) included in interest expense, net of taxes of $313 and $18, respectively | | (1,179) | | | (69) | | | | | | | | Other comprehensive income | | 1,225 | | | 156 | | | Balance at end of period | | $ | 1,111 | | | $ | (114) | | | Defined benefit plans: | | | | | | Balance at beginning of period | | $ | (105) | | | $ | (366) | | | | | | | Amortization of net loss, net of taxes of $(1) and $(9), respectively (b) | | 2 | | | 33 | | Net gain arising during the year, net of taxes of $(1) and $(24), respectively (b) | | 3 | | | 92 | | | | | | | Pension termination, net of taxes of $0 and $(34), respectively | | — | | | 127 | | | Currency translation impact | | — | | | 9 | | | Other comprehensive income | | 5 | | | 261 | | | Balance at end of period | | $ | (100) | | | $ | (105) | |
(a) Unrealized gains are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a gain of $0.9 million, net of deferred taxes, over the next twelve months related to a designated cash flow hedge based on its fair value as of March 31, 2024. (b) Amortization of actuarial losses out of accumulated other comprehensive loss are included in the computation of net periodic pension expense. See Note 14 for additional information.
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