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

6 Months Ended

Sep. 30, 2014

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

Accumulated Other Comprehensive Income (Loss), Net of Tax

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 six months ended September 30, 2014 and 2013:

	Six Months Ended September 30,
(in thousands of dollars)	2014			2013
Foreign currency translation:
Balance at beginning of year	$	(8,476	)	$	(15,555	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $4,921 and $(3,007))	(9,138		)	5,582
Less: Net loss (gain) on foreign currency translation attributable to noncontrolling interests	(37		)	337
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(9,175		)	5,919
Balance at end of period	$	(17,651	)	$	(9,636	)
Foreign currency hedge:
Balance at beginning of year	$	769		$	(855	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net loss on derivative instruments (net of tax benefit of $571 and $339)	(1,060		)	(631		)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $385 and $(859))(1)	(715		)	1,596
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(1,775		)	965
Balance at end of period	$	(1,006	)	$	110
Interest rate hedge:
Balance at beginning of year	$	(608	)	$	(1,091	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $38 and $(19))	(69		)	36
Reclassification of loss to earnings (net of tax benefit of $(142) and $(159))(2)	263			295
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	194			331
Balance at end of period	$	(414	)	$	(760	)
Pension and other postretirement benefit plan:
Balance at beginning of year	$	(26,017	)	$	(58,039	)
Other comprehensive income (loss) attributable to Universal Corporation:
Gains arising during the period (net of tax expense of $5,600) (3)	—			10,400
Prior service credit arising during the period (net of tax expense of $6,809) (3)	—			12,646
Amortization included in earnings (net of tax benefit of $(550) and $(1,493)) (4)	1,087			2,774
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	1,087			25,820
Balance at end of period	$	(24,930	)	$	(32,219	)
Total accumulated other comprehensive income (loss) at end of period	$	(44,001	)	$	(42,505	)

⁽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 7 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 7 for additional information.

⁽³⁾ The Company remeasured the assets and liabilities of its U.S. pension plans during the quarter ended September 30, 2013 to reflect the impact of the plan amendments adopted during the quarter. These items arise from the plan remeasurement. See Note 9 for additional information.

⁽⁴⁾This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 9 for additional information.