| CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Common Stock
During the six months ended September 2020, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by 大象传媒鈥檚 Board of Directors. These are treated as treasury stock transactions when shares are repurchased.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of September 2020, March 2020 or September 2019. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Accumulated Other Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (鈥淥CI鈥), which relates to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders鈥 equity in the balance sheet. 大象传媒鈥檚 comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders鈥 equity, as follows:
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| (In thousands) |
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September 2020 |
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March 2020 |
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September 2019 |
| Foreign currency translation and other |
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$ |
(700,137) |
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$ |
(737,709) |
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$ |
(715,286) |
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| Defined benefit pension plans |
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(264,304) |
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(262,472) |
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(298,326) |
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| Derivative financial instruments |
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4,783听 |
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69,223听 |
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82,887听 |
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| Accumulated other comprehensive income (loss) |
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$ |
(959,658) |
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$ |
(930,958) |
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$ |
(930,725) |
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The changes in accumulated OCI, net of related taxes, were as follows:
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| 听 |
Three Months Ended September 2020 |
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| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit Pension听Plans |
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Derivative Financial Instruments |
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Total |
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| Balance, June 2020 |
$ |
(685,236) |
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$ |
(259,290) |
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$ |
46,985听
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$ |
(897,541) |
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Other comprehensive income (loss) before reclassifications |
(14,901) |
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(7,629) |
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(32,534) |
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(55,064) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
鈥斕 |
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2,615听 |
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(9,668) |
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(7,053) |
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Net other comprehensive income (loss) |
(14,901) |
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(5,014) |
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(42,202) |
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(62,117) |
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| Balance, September 2020 |
$ |
(700,137) |
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$ |
(264,304) |
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$ |
4,783听
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$ |
(959,658) |
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| 听 |
Three Months Ended September 2019 |
| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit Pension听Plans |
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Derivative Financial Instruments |
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Total |
| Balance, June 2019 |
$ |
(635,901) |
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$ |
(290,468) |
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$ |
58,983听
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$ |
(867,386) |
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Other comprehensive income (loss) before reclassifications |
(79,385) |
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(10,896) |
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44,348听 |
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(45,933) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
鈥斕 |
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3,038听 |
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(20,444) |
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(17,406) |
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Net other comprehensive income (loss) |
(79,385) |
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(7,858) |
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23,904听 |
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(63,339) |
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| Balance, September 2019 |
$ |
(715,286) |
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$ |
(298,326) |
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$ |
82,887听
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$ |
(930,725) |
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| 听 |
Six Months Ended September 2020 |
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| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit Pension听Plans |
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Derivative Financial Instruments |
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Total |
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| Balance, March 2020 |
$ |
(737,709) |
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$ |
(262,472) |
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$ |
69,223听
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$ |
(930,958) |
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Other comprehensive income (loss) before reclassifications |
(4,792) |
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(6,642) |
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(38,599) |
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(50,033) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
42,364听 |
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4,810听 |
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(25,841) |
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21,333听 |
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Net other comprehensive income (loss) |
37,572听 |
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(1,832) |
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(64,440) |
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(28,700) |
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| Balance, September 2020 |
$ |
(700,137) |
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$ |
(264,304) |
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$ |
4,783听
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$ |
(959,658) |
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| 听 |
Six Months Ended September 2019 |
| (In thousands) |
Foreign Currency Translation and Other |
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Defined Benefit Pension听Plans |
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Derivative Financial Instruments |
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Total |
| Balance, March 2019 |
$ |
(725,679) |
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$ |
(243,184) |
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$ |
66,788听
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$ |
(902,075) |
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Adoption of new accounting standard, ASU 2018-02 |
(9,088) |
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(50,402) |
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(2,371) |
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(61,861) |
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Other comprehensive income (loss) before reclassifications |
(63,613) |
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(11,719) |
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55,248听 |
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(20,084) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
鈥斕 |
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6,185听 |
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(28,183) |
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(21,998) |
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Spin-off of Jeans Business |
83,094听 |
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|
794听 |
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(8,595) |
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75,293听 |
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Net other comprehensive income (loss) |
10,393听 |
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(55,142) |
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16,099听 |
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(28,650) |
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| Balance, September 2019 |
$ |
(715,286) |
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$ |
(298,326) |
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$ |
82,887听
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$ |
(930,725) |
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Reclassifications out of accumulated OCI were as follows:
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| (In thousands) |
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Three Months Ended September |
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Six Months Ended September |
| Details About Accumulated Other Comprehensive Income (Loss) Components |
Affected听Line听Item听in听the Consolidated Statements of Operations |
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2020 |
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2019 |
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2020 |
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2019 |
| Losses on foreign currency translation and other: |
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Liquidation of foreign entities |
Other income (expense), net |
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$ |
鈥斕 |
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$ |
鈥斕 |
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$ |
(42,364) |
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$ |
鈥斕 |
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Total before tax |
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鈥斕 |
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鈥斕 |
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(42,364) |
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鈥斕 |
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Tax (expense) benefit |
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鈥斕 |
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鈥斕 |
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鈥斕 |
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鈥斕 |
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Net of tax |
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鈥斕 |
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鈥斕 |
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(42,364) |
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鈥斕 |
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| Amortization of defined benefit pension plans: |
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Net deferred actuarial losses |
Other income (expense), net |
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(2,898) |
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(4,014) |
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(5,761) |
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(8,033) |
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Deferred prior service (costs) credits |
Other income (expense), net |
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17听 |
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(12) |
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34听 |
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(25) |
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Pension settlement charges |
Other income (expense), net |
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(572) |
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(519) |
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(572) |
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(519) |
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Total听before听tax |
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(3,453) |
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(4,545) |
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(6,299) |
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(8,577) |
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Tax听benefit |
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838听 |
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1,507听 |
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1,489听 |
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2,392听 |
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Net of tax |
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(2,615) |
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(3,038) |
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(4,810) |
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(6,185) |
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| Gains (losses) on derivative financial instruments: |
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Foreign exchange contracts |
Net revenues |
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2,135听 |
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(2,814) |
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2,306听 |
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(5,719) |
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Foreign exchange contracts |
Cost听of听goods听sold |
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8,443听 |
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22,727听 |
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25,148听 |
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33,832听 |
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Foreign exchange contracts |
Selling, general and administrative expenses |
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741听 |
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1,382听 |
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2,348听 |
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|
2,098听 |
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Foreign exchange contracts |
Other听income听(expense),听net |
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33听 |
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3,696听 |
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1,803听 |
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6,568听 |
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Interest rate contracts |
Interest expense |
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27听 |
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(1,303) |
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54听 |
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(2,596) |
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Total before tax |
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11,379听 |
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23,688听 |
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31,659听 |
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34,183听 |
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Tax听expense |
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(1,711) |
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(3,244) |
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(5,818) |
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(6,000) |
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Net of tax |
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9,668听 |
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20,444听 |
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25,841听 |
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28,183听 |
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| Total reclassifications for the period, net of tax |
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$ |
7,053听 |
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$ |
17,406听 |
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$ |
(21,333) |
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$ |
21,998听 |
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