Financial Assets And Liabilities Measured At Fair Value On Recurring Basis |
At December 31, 2014 and 2013, and at March 31, 2014, the Company had certain financial assets and financial liabilities that were required to be measured and reported at fair value on a recurring basis. These assets and liabilities are listed in the tables below and are classified based on how their values were determined under the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in thousands of dollars) | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | Assets | | | | | | | | | Money market funds | | $ | — |
| | $ | 1,546 |
| | $ | — |
| | $ | 1,546 |
| Trading securities associated with deferred compensation plans | | 20,417 |
| | — |
| | — |
| | 20,417 |
| Forward foreign currency exchange contracts | | — |
| | 6,075 |
| | — |
| | 6,075 |
| Total financial assets measured and reported at fair value | | $ | 20,417 |
| | $ | 7,621 |
| | $ | — |
| | $ | 28,038 |
| | | | | | | | | | Liabilities | | | | | | | | | Guarantees of bank loans to tobacco growers | | $ | — |
| | $ | — |
| | $ | 1,989 |
| | $ | 1,989 |
| Forward foreign currency exchange contracts | | — |
| | 270 |
| | — |
| | 270 |
| Total financial liabilities measured and reported at fair value | | $ | — |
| | $ | 270 |
| | $ | 1,989 |
| | $ | 2,259 |
|
| | | | | | | | | | | | | | | | | | | | December 31, 2013 | (in thousands of dollars) | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | Assets | | | | | | | | | Money market funds | | $ | — |
| | $ | 71,527 |
| | $ | — |
| | $ | 71,527 |
| Trading securities associated with deferred compensation plans | | 20,131 |
| | — |
| | — |
| | 20,131 |
| Forward foreign currency exchange contracts | | — |
| | 1,260 |
| | — |
| | 1,260 |
| Total financial assets measured and reported at fair value | | $ | 20,131 |
| | $ | 72,787 |
| | $ | — |
| | $ | 92,918 |
| | | | | | | | | | Liabilities | | | | | | | | | Guarantees of bank loans to tobacco growers | | $ | — |
| | $ | — |
| | $ | 3,450 |
| | $ | 3,450 |
| Interest rate swap agreements | | — |
| | 1,068 |
| | — |
| | 1,068 |
| Total financial liabilities measured and reported at fair value | | $ | — |
| | $ | 1,068 |
| | $ | 3,450 |
| | $ | 4,518 |
|
| | | | | | | | | | | | | | | | | | | | March 31, 2014 | (in thousands of dollars) | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | Assets | | | | | | | | | Money market funds | | $ | — |
| | $ | 1,527 |
| | $ | — |
| | $ | 1,527 |
| Trading securities associated with deferred compensation plans | | 19,754 |
| | — |
| | — |
| | 19,754 |
| Forward foreign currency exchange contracts | | — |
| | 2,074 |
| | — |
| | 2,074 |
| Total financial assets measured and reported at fair value | | $ | 19,754 |
| | $ | 3,601 |
| | $ | — |
| | $ | 23,355 |
| | | | | | | | | | Liabilities | | | | | | | | | Guarantees of bank loans to tobacco growers | | $ | — |
| | $ | — |
| | $ | 2,270 |
| | $ | 2,270 |
| Interest rate swap agreements | | — |
| | 936 |
| | — |
| | 936 |
| Forward foreign currency exchange contracts | | — |
| | 3,973 |
| | — |
| | 3,973 |
| Total financial liabilities measured and reported at fair value | | $ | — |
| | $ | 4,909 |
| | $ | 2,270 |
| | $ | 7,179 |
|
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
A reconciliation of the change in the balance of the financial liability for guarantees of bank loans to tobacco growers (Level 3) for the nine months ended December 31, 2014 and 2013 is provided below. | | | | | | | | | | | | Nine Months Ended December 31, | (in thousands of dollars) | | 2014 | | 2013 | | | | | | Balance at beginning of year | | $ | 2,270 |
| | $ | 4,235 |
| Payments under the guarantees and transfers to allowance for loss on direct loans to farmers (removal of prior crop year loans from portfolio) | | (2,392 | ) | | (6,152 | ) | Provision for loss or transfers from allowance for loss on direct loans to farmers (addition of current crop year loans) | | 2,332 |
| | 5,557 |
| Change in discount rate and estimated collection period | | 83 |
| | 85 |
| Currency remeasurement | | (304 | ) | | (275 | ) | Balance at end of period | | $ | 1,989 |
| | $ | 3,450 |
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