Transition report pursuant to Rule 13a-10 or 15d-10

STOCKHOLDERS??? EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME

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STOCKHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME
 9 Months Ended
Dec. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME STOCKHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME
Share Repurchases
In September 2020, the Board authorized a stock repurchase program providing for the repurchase of up to $75.0 million of the Company’s common stock. In August 2022, the Board approved a new $40.0 million stock repurchase program (“August 2022 Stock Repurchase Program”) and terminated the prior program, under which $15.0 million remained available of the original $75.0 million authorized. Purchases of the Company’s common stock under the August 2022 Stock Repurchase Program may be made in the open market, including pursuant to a Rule 10b5-1 program, by block repurchases, in private transactions (including with related parties) or otherwise, from time to time, depending on market conditions.
The August 2022 Stock Repurchase Program has no expiration date and may be suspended or discontinued at any time without notice, subject to any changes in applicable law or regulations thereunder. As of December 31, 2022, $40.0 million remained available under the August 2022 Stock Repurchase Program.
During the nine months ended December 31, 2022, the Company repurchased 425,938 shares of common stock in open market transactions for gross consideration of $10.0 million, which is an average cost of $23.48. During the twelve months ended March 31, 2022, the Company repurchased 1,480,804 shares of common stock for gross consideration of $40.0 million, which is an average cost per share of $27.02.
Accumulated Other Comprehensive Income (Loss)
The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands):
  Currency Translation Adjustments
Pension Liability Adjustments (1)
Unrealized gain (loss) on cash flow hedges (2)
Total
Balance as of March 31, 2020 $ (16,440) $ 6,389  $ 1,410  $ (8,641)
Other comprehensive income (loss) before reclassification
 49,803  —  (4,677) 45,126 
Reclassified from accumulated other comprehensive income
 —  (45,071) 1,671  (43,400)
Net current period other comprehensive income (loss)
 49,803  (45,071) (3,006) 1,726 
Foreign exchange rate impact
 (717) 717  —  — 
Balance as of March 31, 2021 $ 32,646  $ (37,965) $ (1,596) $ (6,915)
Other comprehensive loss before reclassification (25,274) —  —  (25,274)
Reclassified from accumulated other comprehensive income
 —  5,962  2,777  8,739 
Net current period other comprehensive income (loss)
 (25,274) 5,962  2,777  (16,535)
Foreign exchange rate impact
 (1,729) 1,729  —  — 
Balance as of March 31, 2022 $ 5,643  $ (30,274) $ 1,181  $ (23,450)
Other comprehensive loss before reclassification (48,368) —  (455) (48,823)
Reclassified from accumulated other comprehensive income
 —  (12,441) 657  (11,784)
Net current period other comprehensive income (loss)
 (48,368) (12,441) 202  (60,607)
Foreign exchange rate impact
 (2,625) 2,625  —  — 
Balance as of December 31, 2022 $ (45,350) $ (40,090) $ 1,383  $ (84,057)
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(1)Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost.
(2)Reclassification of amounts related to cash flow hedges were included as operating expenses