Derivatives And Hedging Activities (Tables)

12 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount of Forward Contracts

The aggregate U.S. dollar notional amount of forward contracts entered for these purposes during fiscal years 2014, 2013, and 2012 was as follows:

	Fiscal Year Ended March 31,
(in millions)	2014		2013		2012
Tobacco purchases	$	126.1	$	158.9	$	182.5
Processing costs	26.8		34.3		48.3
Total	$	152.9	$	193.2	$	230.8

Effect Of Derivative Financial Instruments On The Consolidated Statements Of Income

The table below outlines the effects of the Company’s use of derivative financial instruments on the consolidated statements of income for the fiscal years ended March 31, 2014, 2013, and 2012.

	Fiscal Year Ended March 31,
	2014			2013			2012
Fair Value Hedges - Interest Rate Swap Agreements
Derivative
Gain (loss) recognized in earnings	$	—		$	—		$	3,195
Location of gain (loss) recognized in earnings	Interest expense
Hedged Item
Description of hedged item	Fixed rate long-term debt
Gain (loss) recognized in earnings	$	—		$	—		$	(3,195	)
Location of gain (loss) recognized in earnings	Interest expense
Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	(142	)	$	(1,470	)	$	(1,119	)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(886	)	$	(910	)	$	—
Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings	Interest expense
Ineffective Portion of Hedge
Gain (loss) recognized in earnings	$	—		$	—		$	—
Location of gain (loss) recognized in earnings	Selling, general and administrative expenses
Hedged Item
Description of hedged item	Floating rate interest payments on term loan
Cash Flow Hedges - Forward Foreign Currency Exchange Contracts
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	(1,635	)	$	(8,709	)	$	2,652
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(3,844	)	$	(8,741	)	$	5,882
Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings	Cost of goods sold
Ineffective Portion and Early De-designation of Hedges
Gain (loss) recognized in earnings	$	(1,839	)	$	(1,325	)	$	857
Location of gain (loss) recognized in earnings	Selling, general and administrative expenses
Hedged Item
Description of hedged item	Forecast purchases of tobacco in Brazil
Derivatives Not Designated as Hedges - Forward Foreign Currency Exchange Contracts
Gain (loss) recognized in earnings	$	(6,609	)	$	(3,115	)	$	1,829
Location of gain (loss) recognized in earnings	Selling, general and administrative expenses

Effect Of Derivative Financial Instruments On The Consolidated Balance Sheets

The table below outlines the effects of the Company’s derivative financial instruments on the consolidated balance sheets at March 31, 2014 and 2013:

	Derivatives in a Fair Value Asset Position					Derivatives in a Fair Value Liability Position
	Balance Sheet Location	Fair Value as of March 31,				Balance Sheet Location	Fair Value as of March 31,
		2014		2013			2014		2013
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	—	Other long-term liabilities	$	936	$	1,679
Forward foreign currency exchange contracts	Other current assets	1,731		—		Accounts payable and accrued expenses	13		810
Total		$	1,731	$	—		$	949	$	2,489
Derivatives Not Designated as Hedging Instruments
Forward foreign currency exchange contracts	Other current assets	$	343	$	—	Accounts payable and accrued expenses	$	3,960	$	331
Total		$	343	$	—		$	3,960	$	331

Substantially all of the Company's forward foreign exchange contracts are subject to master netting arrangements, whereby the right to offset occurs in the event of default by a participating party. The Company has elected to present these contracts on a gross basis in the consolidated balance sheets.