Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss is as follows:



	March 31,
	2018			2017
Foreign currency translation adjustment – net of tax	$	(8,647	)	$	(30,364	)
Pension liability – net of tax	(49,889		)	(61,936		)
Postretirement obligations – net of tax	1,372			888
Split-dollar life insurance arrangements – net of tax	(1,462		)	(1,668		)
Derivatives qualifying as hedges – net of tax	(1,515		)	(5,078		)
Net unrealized investment gain – net of tax	883			694
Accumulated other comprehensive loss	$	(59,258	)	$	(97,464	)

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 $(6,848,000), $(5,579,000), and $4,753,000 for fiscal 2018, 2017, and 2016 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 Act as described in Note 16, the Company recorded as an offsetting entry a ($9,477,000) stranded tax effect in the minimum pension liability component, ($194,000) stranded tax effect in the split dollar life insurance arrangement component, and a ($88,000) stranded tax effect in the net unrealized investment gain component of other comprehensive income. 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 $10,006,000 stranded tax effect in the minimum pension liability component, $935,000 stranded tax effect in the other post retirement obligations component, $747,000 stranded tax effect in the split dollar life insurance arrangement component, and a $557,000 stranded tax effect 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.

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 stranded tax effect 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.

The stranded tax effects described above are in accordance with ASC Topic 740, “Income Taxes” even though the impact of the act 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. As described in Note 21, the Company is evaluating the impact ASU 2018-02 will have accumulated other comprehensive income. Refer to Note 21 for additional information.

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,
	2018		2017			2016
Net unrealized investment gain (loss) at beginning of year	$	694	$	626		$	859
Unrealized holdings gain (loss) arising during the period	189		173			(79		)
Reclassification adjustments for gain included in earnings	—		(105		)	(154		)
Net change in unrealized gain (loss) on investments	189		68			(233		)
Net unrealized investment gain at end of year	$	883	$	694		$	626

Changes in accumulated other comprehensive income by component for the year ended March 31, 2018 are as follows (in thousands):



	March 31, 2018
	Unrealized Investment Gain		Retirement Obligations			Foreign Currency			Change in Derivatives Qualifying as Hedges			Total
Beginning balance net of tax	$	694	$	(62,716	)	$	(30,364	)	$	(5,078	)	(97,464		)
Other comprehensive income (loss) before reclassification	189		10,722			21,717			(23,718		)	8,910
Amounts reclassified from other comprehensive loss to net income	—		2,015			—			27,281			29,296
Net current period other comprehensive (loss) income	189		12,737			21,717			3,563			38,206
Ending balance	$	883	$	(49,979	)	$	(8,647	)	$	(1,515	)	$	(59,258	)

Details of amounts reclassified out of accumulated other comprehensive loss for the year ended March 31, 2018 are as follows (in thousands):



Details of AOCL Components	Amount reclassified from AOCL			Affected line item on consolidated statement of operations
Net pension amount unrecognized
	$	3,100		(1)
	3,100			Total before tax
	(1,085		)	Tax benefit
	$	2,015		Net of tax

Change in derivatives qualifying as hedges
	$	264		Cost of products sold
	2,530			Interest expense
	33,935			Foreign currency
	36,729			Total before tax
	(9,448		)	Tax benefit
	$	27,281		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.)