| CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Common Stock
During the nine months ended December 2021, the Company purchased 4.0 million shares of Common Stock in open market transactions for $300.0听million under its share repurchase program authorized by 大象传媒鈥檚 Board of Directors. These transactions are treated as treasury stock transactions.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the nine months ended December 2021, 大象传媒 restored 4.0 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of December 2021, March 2021 or December 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 consists of net income 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 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 is presented in the Consolidated Statements of Comprehensive Income. The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders鈥 equity, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
December 2021 |
|
|
March 2021 |
|
December 2020 |
| Foreign currency translation and other |
|
$ |
(712,831) |
|
|
|
$ |
(700,173) |
|
|
$ |
(663,863) |
|
| Defined benefit pension plans |
|
(248,971) |
|
|
|
(257,747) |
|
|
(264,966) |
|
| Derivative financial instruments |
|
24,345听 |
|
|
|
(51,080) |
|
|
(67,134) |
|
| Accumulated other comprehensive income (loss) |
|
$ |
(937,457) |
|
|
|
$ |
(1,009,000) |
|
|
$ |
(995,963) |
|
The changes in accumulated OCI, net of related taxes, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 听 |
Three Months Ended December 2021 |
|
| (In thousands) |
Foreign Currency Translation and Other |
|
Defined Benefit Pension听Plans |
|
Derivative Financial Instruments |
|
Total |
|
| Balance, September 2021 |
$ |
(687,120) |
|
|
$ |
(255,635) |
|
|
$ |
1,921听
|
|
|
$ |
(940,834) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassifications |
(25,711) |
|
|
383听 |
|
|
11,961听 |
|
|
(13,367) |
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
鈥斕 |
|
|
6,281听 |
|
|
10,463听 |
|
|
16,744听 |
|
|
Net other comprehensive income (loss) |
(25,711) |
|
|
6,664听 |
|
|
22,424听 |
|
|
3,377听 |
|
|
| Balance, December 2021 |
$ |
(712,831) |
|
|
$ |
(248,971) |
|
|
$ |
24,345听
|
|
|
$ |
(937,457) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 听 |
Three Months Ended December 2020 |
| (In thousands) |
Foreign Currency Translation and Other |
|
Defined Benefit Pension听Plans |
|
Derivative Financial Instruments |
|
Total |
| Balance, September 2020 |
$ |
(700,137) |
|
|
$ |
(264,304) |
|
|
$ |
4,783听
|
|
|
$ |
(959,658) |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassifications |
36,274听 |
|
|
(3,541) |
|
|
(68,373) |
|
|
(35,640) |
|
Amounts reclassified from accumulated other comprehensive income (loss) |
鈥斕 |
|
|
2,879听 |
|
|
(3,544) |
|
|
(665) |
|
|
|
|
|
|
|
|
|
Net other comprehensive income (loss) |
36,274听 |
|
|
(662) |
|
|
(71,917) |
|
|
(36,305) |
|
| Balance, December 2020 |
$ |
(663,863) |
|
|
$ |
(264,966) |
|
|
$ |
(67,134) |
|
|
$ |
(995,963) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 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 |
(12,658) |
|
|
(2,355) |
|
|
35,973听 |
|
|
20,960听 |
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
鈥斕 |
|
|
11,131听 |
|
|
39,452听 |
|
|
50,583听 |
|
|
Net other comprehensive income (loss) |
(12,658) |
|
|
8,776听 |
|
|
75,425听 |
|
|
71,543听 |
|
|
| Balance, December 2021 |
$ |
(712,831) |
|
|
$ |
(248,971) |
|
|
$ |
24,345听
|
|
|
$ |
(937,457) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 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 |
31,482听 |
|
|
(10,183) |
|
|
(106,972) |
|
|
(85,673) |
|
|
Amounts reclassified from accumulated other comprehensive income (loss) |
42,364听 |
|
|
7,689听 |
|
|
(29,385) |
|
|
20,668听 |
|
|
Net other comprehensive income (loss) |
73,846听 |
|
|
(2,494) |
|
|
(136,357) |
|
|
(65,005) |
|
|
| Balance, December 2020 |
$ |
(663,863) |
|
|
$ |
(264,966) |
|
|
$ |
(67,134) |
|
|
$ |
(995,963) |
|
|
Reclassifications out of accumulated OCI were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
|
|
Three Months Ended December |
|
|
Nine Months Ended December |
| 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 |
|
|
(2,858) |
|
|
|
(3,020) |
|
|
|
(8,569) |
|
|
|
(8,781) |
|
Deferred prior service credits |
Other income (expense), net |
|
|
117听 |
|
|
|
19听 |
|
|
|
352听 |
|
|
|
53听 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension settlement charges |
Other income (expense), net |
|
|
(5,660) |
|
|
|
(544) |
|
|
|
(6,684) |
|
|
|
(1,116) |
|
Total听before听tax |
|
|
|
(8,401) |
|
|
|
(3,545) |
|
|
|
(14,901) |
|
|
|
(9,844) |
|
Tax听benefit |
|
|
|
2,120听 |
|
|
|
666听 |
|
|
|
3,770听 |
|
|
|
2,155听 |
|
Net of tax |
|
|
|
(6,281) |
|
|
|
(2,879) |
|
|
|
(11,131) |
|
|
|
(7,689) |
|
| Gains (losses) on derivative financial instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
Net revenues |
|
|
(9,284) |
|
|
|
4,048听 |
|
|
|
(16,045) |
|
|
|
6,354听 |
|
Foreign exchange contracts |
Cost听of听goods听sold |
|
|
(3,974) |
|
|
|
224听 |
|
|
|
(26,644) |
|
|
|
25,372听 |
|
Foreign exchange contracts |
Selling, general and administrative expenses |
|
|
688听 |
|
|
|
586听 |
|
|
|
(418) |
|
|
|
2,934听 |
|
Foreign exchange contracts |
Other听income听(expense),听net |
|
|
104听 |
|
|
|
(613) |
|
|
|
(2,958) |
|
|
|
1,190听 |
|
Interest rate contracts |
Interest expense |
|
|
27听 |
|
|
|
26听 |
|
|
|
81听 |
|
|
|
80听 |
|
Total before tax |
|
|
|
(12,439) |
|
|
|
4,271听 |
|
|
|
(45,984) |
|
|
|
35,930听 |
|
Tax听(expense) benefit |
|
|
|
1,976听 |
|
|
|
(727) |
|
|
|
6,532听 |
|
|
|
(6,545) |
|
Net of tax |
|
|
|
(10,463) |
|
|
|
3,544听 |
|
|
|
(39,452) |
|
|
|
29,385听 |
|
| Total reclassifications for the period, net of tax |
|
|
$ |
(16,744) |
|
|
|
$ |
665听 |
|
|
|
$ |
(50,583) |
|
|
|
$ |
(20,668) |
|
|