ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the three months ended June 30, 2018 and 2017:



	Three Months Ended June 30,
(in thousands of dollars)	2018			2017
Foreign currency translation:
Balance at beginning of year	$	(23,942	)	$	(33,138	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax expense of $(3,311) in 2017)	(10,783		)	6,148
Less: Net loss on foreign currency translation attributable to noncontrolling interests	159			48
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(10,624		)	6,196
Balance at end of period	$	(34,566	)	$	(26,942	)

Foreign currency hedge:
Balance at beginning of year	$	(35	)	$	(258	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax benefit of $613 and $44)	(4,475		)	(81		)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $(4) and $27)⁽¹⁾	146			(50		)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(4,329		)	(131		)
Balance at end of period	$	(4,364	)	$	(389	)

Interest rate hedge:
Balance at beginning of year	$	6,528		$	1,398
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(327) and $529)	1,229			(983		)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $61 and $(197))⁽²⁾	(230		)	367
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	999			(616		)
Balance at end of period	$	7,527		$	782

Pension and other postretirement benefit plans:
Balance at beginning of year	$	(42,615	)	$	(37,561	)
Other comprehensive income (loss) attributable to Universal Corporation:
Amortization included in earnings (net of tax benefit of $(156) and $(209)) ⁽³⁾	576			387
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	576			387
Balance at end of period	$	(42,039	)	$	(37,174	)

Total accumulated other comprehensive loss at end of period	$	(73,442	)	$	(63,723	)


⁽¹⁾	Gain (loss) on foreign currency cash flow hedges related to forecast purchases of tobacco is reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the 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 underlying debt or upon termination of the interest rate swap agreements prior to their scheduled maturity dates. See Note 7 for additional information.


⁽³⁾	This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 9 for additional information.