大象传媒

Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Oct. 02, 2021
Equity [Abstract] 听
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock
During the six months ended September 2021, 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 2021, March 2021 or September 2020. 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 relate 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:
(In thousands) September 2021 March 2021 September 2020
Foreign currency translation and other $ (687,120) $ (700,173) $ (700,137)
Defined benefit pension plans (255,635) (257,747) (264,304)
Derivative financial instruments 1,921听 (51,080) 4,783听
Accumulated other comprehensive income (loss) $ (940,834) $ (1,009,000) $ (959,658)
The changes in accumulated OCI, net of related taxes, were as follows:
听 Three Months Ended September 2021
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension听Plans Derivative Financial Instruments Total
Balance, June 2021 $ (663,120) $ (257,431) $ (45,335) $ (965,886)
Other comprehensive income (loss) before reclassifications
 (24,000) (327) 28,383听 4,056听
Amounts reclassified from accumulated other comprehensive income (loss)
 鈥斕 2,123听 18,873听 20,996听
Net other comprehensive income (loss)
 (24,000) 1,796听 47,256听 25,052听
Balance, September 2021 $ (687,120) $ (255,635) $ 1,921听 $ (940,834)
听 Three Months Ended September 2020
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension听Plans Derivative Financial Instruments Total
Balance, June 2020 $ (685,236) $ (259,290) $ 46,985听 $ (897,541)
Other comprehensive income (loss) before reclassifications
 (14,901) (7,629) (32,534) (55,064)
Amounts reclassified from accumulated other comprehensive income (loss)
 鈥斕 2,615听 (9,668) (7,053)
Net other comprehensive income (loss)
 (14,901) (5,014) (42,202) (62,117)
Balance, September 2020 $ (700,137) $ (264,304) $ 4,783听 $ (959,658)
Six Months Ended September 2021
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension听Plans Derivative Financial Instruments Total
Balance, March 2021 $ (700,173) $ (257,747) $ (51,080) $ (1,009,000)
Other comprehensive income (loss) before reclassifications
 13,053听 (2,738) 24,012听 34,327听
Amounts reclassified from accumulated other comprehensive income (loss)
 鈥斕 4,850听 28,989听 33,839听
Net other comprehensive income (loss)
 13,053听 2,112听 53,001听 68,166听
Balance, September 2021 $ (687,120) $ (255,635) $ 1,921听 $ (940,834)
Six Months Ended September 2020
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension听Plans Derivative Financial Instruments Total
Balance, March 2020 $ (737,709) $ (262,472) $ 69,223听 $ (930,958)
Other comprehensive income (loss) before reclassifications
 (4,792) (6,642) (38,599) (50,033)
Amounts reclassified from accumulated other comprehensive income (loss)
 42,364听 4,810听 (25,841) 21,333听
Net other comprehensive income (loss)
 37,572听 (1,832) (64,440) (28,700)
Balance, September 2020 $ (700,137) $ (264,304) $ 4,783听 $ (959,658)
Reclassifications out of accumulated OCI were as follows:
(In thousands) Three Months Ended September 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
2021 2020 2021 2020
Losses on foreign currency translation and other:
Liquidation of foreign entities
 Other income (expense), net $ 鈥斕 $ 鈥斕 $ 鈥斕 $ (42,364)
Total before tax
 鈥斕 鈥斕 鈥斕 (42,364)
Tax (expense) benefit
 鈥斕 鈥斕 鈥斕 鈥斕
Net of tax
 鈥斕 鈥斕 鈥斕 (42,364)
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net (2,871) (2,898) (5,711) (5,761)
Deferred prior service credits
 Other income (expense), net 117听 17听 235听 34听
Pension settlement charges
 Other income (expense), net (76) (572) (1,024) (572)
Total听before听tax
 (2,830) (3,453) (6,500) (6,299)
Tax听benefit
 707听 838听 1,650听 1,489听
Net of tax
 (2,123) (2,615) (4,850) (4,810)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (4,963) 2,135听 (6,761) 2,306听
Foreign exchange contracts
 Cost听of听goods听sold (16,501) 8,443听 (22,670) 25,148听
Foreign exchange contracts
 Selling, general and administrative expenses (189) 741听 (1,106) 2,348听
Foreign exchange contracts
 Other听income听(expense),听net (1,360) 33听 (3,062) 1,803听
Interest rate contracts
 Interest expense 27听 27听 54听 54听
Total before tax
 (22,986) 11,379听 (33,545) 31,659听
Tax听(expense) benefit
 4,113听 (1,711) 4,556听 (5,818)
Net of tax
 (18,873) 9,668听 (28,989) 25,841听
Total reclassifications for the period, net of tax $ (20,996) $ 7,053听 $ (33,839) $ (21,333)