v3.26.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Mar. 31, 2026
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,
 20262025
Foreign currency translation adjustment – net of tax$(21,599)$(33,942)
Pension liability – net of tax14,442 12,661 
Postretirement obligations – net of tax1,527 1,573 
Split-dollar life insurance arrangements – net of tax502 526 
Derivatives qualifying as hedges – net of tax(1,620)(1,919)
Accumulated other comprehensive loss$(6,748)$(21,101)
 
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 $(478,758), $(6,530,121), and $636,000 for fiscal 2026, 2025, and 2024 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 Tax Cuts and Jobs Act (the "TCJA"), 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. As a result of the pension termination in fiscal 2025, $(7,050,000) of the stranded tax effect was released from accumulated other comprehensive loss and recorded as a decrease of income taxes in the consolidated statement of operations in fiscal 2025. The resulting stranded tax effect of $201,000 relates to the Company's remaining plans. 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 $(7,251,000) 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 pension termination in fiscal 2025, the stranded tax effect of $7,605,000 was released from accumulated other comprehensive loss and recorded as a decrease of income taxes in the consolidated statement of operations in fiscal 2025.

The stranded tax effects described above are in accordance with ASC 740, “Income Taxes” even though the impact of the TCJA 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.
Changes in accumulated other comprehensive income by component are as follows (in thousands):

 March 31, 2026
 Retirement ObligationsForeign CurrencyChange in Derivatives Qualifying as HedgesTotal
Beginning balance net of tax$14,760 $(33,942)$(1,919)(21,101)
Other comprehensive income (loss) before reclassification2,605 12,343 (1,155)13,793 
Amounts reclassified from other comprehensive loss to net income(894)— 1,454 560 
Net current period other comprehensive (loss) income1,711 12,343 299 14,353 
Ending balance net of tax$16,471 $(21,599)$(1,620)$(6,748)

 March 31, 2025
 Retirement ObligationsForeign CurrencyChange in Derivatives Qualifying as HedgesTotal
Beginning balance net of tax$(10,696)$(32,785)$3,804 (39,677)
Other comprehensive income (loss) before reclassification7,274 (1,157)2,243 8,360 
Amounts reclassified from other comprehensive loss to net income18,182 — (7,966)10,216 
Net current period other comprehensive (loss) income25,456 (1,157)(5,723)18,576 
Ending balance net of tax$14,760 $(33,942)$(1,919)$(21,101)

Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2026 are as follows (in thousands):

Details of AOCL ComponentsAmount reclassified from AOCLAffected line item on consolidated statement of operations
Net pension amount unrecognized
 $(1,205)(1)
 (1,205)Total before tax
 311 Tax benefit
 $(894)Net of tax
Change in derivatives qualifying as hedges 
 $(173)Cost of products sold
(1,114)Interest expense
3,217 Foreign currency
 1,930 Total before tax
 (476)Tax benefit
 $1,454 Net of tax
(1)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 for additional details.)
Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2025 are as follows (in thousands):
Details of AOCL ComponentsAmount reclassified from AOCLAffected line item on consolidated statement of operations
Net pension amount unrecognized
 $24,118 (1)
 24,118 Total before tax
 (5,936)Tax benefit
 $18,182 Net of tax
Change in derivatives qualifying as hedges 
 $36 Cost of products sold
(10,717)Interest expense
20 Foreign currency
 (10,661)Total before tax
 2,695 Tax benefit
 $(7,966)Net of tax
(1)These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 13 for additional details.)