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Accumulated Other Comprehensive Loss
 12 Months Ended
Mar. 31, 2017
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,
 
 
2017
 
2016
Foreign currency translation adjustment – net of tax
 
$
(30,364
)
 
$
(20,985
)
Pension liability – net of tax
 
(61,936
)
 
(71,389
)
Postretirement obligations – net of tax
 
888

 
364

Split-dollar life insurance arrangements – net of tax
 
(1,668
)
 
(1,799
)
Derivatives qualifying as hedges – net of tax
 
(5,078
)
 
(1,564
)
Net unrealized investment gain – net of tax
 
694

 
626

Accumulated other comprehensive loss
 
$
(97,464
)
 
$
(94,747
)

 
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 $(5,579,000), $4,753,000, and $13,406,000 for fiscal 2017, 2016, and 2015 respectively.  Refer to Note 16 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 recording of a deferred tax asset valuation allowance in fiscal 2011, the Company recorded as an offsetting entry a $10,006,000 charge in the minimum pension liability component, $935,000 benefit in the other post retirement obligations component, $747,000 charge in the split dollar life insurance arrangement component, and a $557,000 charge in the net unrealized investment gain 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. This is in accordance with ASC Topic 740, “Income Taxes,” even though the valuation allowance was initially established by a charge against comprehensive income. These amounts will remain indefinitely as a component of accumulated other comprehensive loss.

As a result of the recording of a deferred tax asset valuation allowance in fiscal 2005, the Company recorded as an offsetting entry a $534,000 charge in the minimum pension liability component of other comprehensive income. With the reversal of that valuation allowance in fiscal 2006, the Company recorded the reversal of the valuation allowance as a reduction of income taxes in the consolidated statement of operations. This is in accordance with ASC Topic 740, “Income Taxes,” even though the valuation allowance was initially established by a charge against comprehensive income. This amount will remain indefinitely as a component of accumulated other comprehensive loss.

The activity by year related to investments, including reclassification adjustments for activity included in earnings are as follows (all items shown net of tax):

 
 
Year Ended March 31,
 
 
2017
 
2016
 
2015
Net unrealized investment gain (loss) at beginning of year
 
$
626

 
$
859

 
$
1,768

Unrealized holdings gain (loss) arising during the period
 
173

 
(79
)
 
433

Reclassification adjustments for gain included in earnings
 
(105
)
 
(154
)
 
(1,342
)
Net change in unrealized gain (loss) on investments
 
68

 
(233
)
 
(909
)
Net unrealized investment gain at end of year
 
$
694

 
$
626

 
$
859




 

Changes in accumulated other comprehensive income by component for the year ended March 31, 2017 are as follows (in thousands):

 
 
March 31, 2017
 
 
Unrealized Investment Gain
 
Retirement Obligations
 
Foreign Currency
 
Change in Derivatives Qualifying as Hedges
 
Total
Beginning balance net of tax
 
$
626

 
$
(72,824
)
 
$
(20,985
)
 
$
(1,564
)
 
(94,747
)
Other comprehensive income (loss) before reclassification
 
173

 
8,035

 
(9,379
)
 
(3,205
)
 
(4,376
)
Amounts reclassified from other comprehensive loss to net income
 
(105
)
 
2,073

 
—

 
(309
)
 
1,659

Net current period other comprehensive (loss) income
 
68

 
10,108

 
(9,379
)
 
(3,514
)
 
(2,717
)
Ending balance
 
$
694

 
$
(62,716
)
 
$
(30,364
)
 
$
(5,078
)
 
$
(97,464
)



Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2017 are as follows (in thousands):


Details of AOCL Components
 
Amount reclassified from AOCL
 
Affected line item on consolidated statement of operations
Unrealized gain on investments
 
 
 
 
 
 
$
(161
)
 
Investment income
 
 
(161
)
 
Total before tax
 
 
56

 
Tax expense
 
 
$
(105
)
 
Net of tax
 
 
 
 
 
Net pension amount unrecognized
 
 

 
 
 
 
$
3,190

 
(1)
 
 
3,190

 
Total before tax
 
 
1,117

 
Tax benefit
 
 
$
2,073

 
Net of tax
 
 
 
 
 
Change in derivatives qualifying as hedges
 
 
 
 
 
 
$
50

 
Cost of products sold
 
 
1,024

 
Interest expense
 
 
(1,460
)
 
Foreign currency
 
 
(386
)
 
Total before tax
 
 
77

 
Tax benefit
 
 
$
(309
)
 
Net of tax

(1)
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 12 — Pensions and Other Benefit Plans for additional details.)