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

9 Months Ended

Dec. 31, 2018

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 (loss) attributable to the Company for the nine months ended December 31, 2018 and 2017:

	Nine Months Ended December 31,
(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 $(6,019) in 2017)	(13,196		)	11,179
Less: Net loss on foreign currency translation attributable to noncontrolling interests	(3		)	(198		)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(13,199		)	10,981
Balance at end of period	$	(37,141	)	$	(22,157	)
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 (expense) benefit of $616 and $(100))	(5,493		)	1,721
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $(267) and $60)(1)	3,129			(1,037		)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(2,364		)	684
Balance at end of period	$	(2,399	)	$	426
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 $166 and $(398)	(626		)	738
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $293 and $(431))(2)	(1,102		)	800
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(1,728		)	1,538
Balance at end of period	$	4,800		$	2,936
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 $(448) and $(1,177)) (3)	1,688			912
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	1,688			912
Balance at end of period	$	(40,927	)	$	(36,649	)
Total accumulated other comprehensive loss at end of period	$	(75,667	)	$	(55,444	)

⁽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 8 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 8 for additional information.

⁽³⁾ This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 10 for additional information.