Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Jun. 30, 2013

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income attributable to the Company for the three months ended June 30, 2013 and 2012:

	Three Months Ended June 30,
(in thousands of dollars)	2013			2012
Foreign currency translation:
Balance at beginning of year	$	(15,555	)	$	(11,850	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $(805) and $2,810)	1,494			(5,218		)
Less: Net loss (gain) on foreign currency translation attributable to noncontrolling interests	326			(89		)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	1,820			(5,307		)
Balance at end of period	$	(13,735	)	$	(17,157	)
Foreign currency hedge:
Balance at beginning of year	$	(855	)	$	(942	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax benefit of $976 and $3,389)	(1,811		)	(6,293		)
Reclassification to earnings (net of tax benefit of $38 and $260) (1)	70			483
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(1,741		)	(5,810		)
Balance at end of period	$	(2,596	)	$	(6,752	)
Interest rate hedge:
Balance at beginning of year	$	(1,091	)	$	(727	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(109) and $311)	201			(578		)
Reclassification to earnings (net of tax benefit of $79 and $80) (2)	148			149
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	349			(429		)
Balance at end of period	$	(742	)	$	(1,156	)
Pension and other postretirement benefit plan:
Balance at beginning of year	$	(58,039	)	$	(66,842	)
Other comprehensive income (loss) attributable to Universal Corporation:
Amortization included in earnings (net of tax benefit of $755 and $904) (3)	1,402			1,678
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	1,402			1,678
Balance at end of period	$	(56,637	)	$	(65,164	)
Total accumulated other comprehensive income (loss) at end of period	$	(73,710	)	$	(90,229	)

⁽¹⁾ Gain (loss) on foreign currency cash flow hedges is reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the related tobacco is sold to customers. See Note 6 for additional information.

⁽²⁾ Gain (loss) on interest rate cash flow hedges is reclassified from accumulated other comprehensive income (loss) to interest expense when the related interest payments are made on the debt. See Note 6 for additional information.

⁽³⁾This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 8 for additional information.