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Derivatives And Hedging Activities (Tables)
6 Months Ended
Sep. 30, 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 the first six months of fiscal years 2015 and 2014, was as follows:

 
 
Six Months Ended September 30,
(in millions of dollars)
 
2014
 
2013
 
 
 
 
 
Tobacco purchases
 
$
53.8

 
$
82.8

Processing costs
 
12.3

 
18.5

Total
 
$
66.1

 
$
101.3

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 three- and six-month periods ended September 30, 2014 and 2013:
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
(in thousands of dollars)
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
Cash Flow Hedges - Interest Rate Swap Agreements
 
 
 
 
 
 
 
 
Derivative
 
 
 
 
 
 
 
 
Effective Portion of Hedge
 
 
 
 
 
 
 
 
Gain (loss) recorded in accumulated other comprehensive loss
 
$
50

 
$
(256
)
 
$
(109
)
 
$
54

Gain (loss) reclassified from accumulated other comprehensive loss into earnings
 
$
(199
)
 
$
(228
)
 
$
(406
)
 
$
(455
)
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
 
$
47

 
$
(20
)
 
$
1,700

 
$
(3,352
)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings
 
$
1,208

 
$
(2,362
)
 
$
1,459

 
$
(2,437
)
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
 
$
30

 
$
(71
)
 
$
257

 
$
(1,839
)
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
 
$
4,176

 
$
(4,282
)
 
$
2,881

 
$
(5,705
)
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 September 30, 2014 and 2013, and March 31, 2014:

 
 
Derivatives in a Fair Value Asset Position
 
Derivatives in a Fair Value Liability Position
 
 
Balance
Sheet
Location
 
Fair Value as of
 
Balance
Sheet
Location
 
Fair Value as of
(in thousands of dollars)
 
 
Sept. 30, 2014
 
Sept. 30, 2013
 
March 31, 2014
 
 
Sept. 30, 2014
 
Sept. 30, 2013
 
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
Other
non-current
assets
 
$

 
$

 
$

 
Other
long-term
liabilities
 
$
638

 
$
1,170

 
$
936

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency
exchange contracts
 
Other
current
assets
 

 

 
1,731

 
Accounts
payable and
accrued
expenses
 

 

 
13

Total
 
 
 
$

 
$

 
$
1,731

 
 
 
$
638

 
$
1,170

 
$
949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency
exchange contracts
 
Other
current
assets
 
$
5,172

 
$
8

 
$
343

 
Accounts
payable and
accrued
expenses
 
$
109

 
$
4,511

 
$
3,960

Total
 
 
 
$
5,172

 
$
8

 
$
343

 
 
 
$
109

 
$
4,511

 
$
3,960