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

12 Months Ended

Mar. 31, 2019

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in the balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the fiscal years ended March 31, 2019, 2018, and 2017:



	Fiscal Year Ended March 31,
(in thousands of dollars)	2019			2018			2017
Foreign currency translation:
Balance at beginning of year	$	(23,942	)	$	(33,138	)	$	(26,992	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $(5,806) in 2018 and $3,715 in 2017)	(16,316		)	14,162			(6,899		)
Less: Net loss on foreign currency translation attributable to noncontrolling interests	157			372			753
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(16,159		)	14,534			(6,146		)
Other changes:
Reclassification to retained earnings⁽⁵⁾	—			(5,338		)	—
Balance at end of year	$	(40,101	)	$	(23,942	)	$	(33,138	)

Foreign currency hedge:
Balance at beginning of year	$	(35	)	$	(258	)	$	675
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $602, $(944), and $991)	(6,490		)	1,416			(1,841		)
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $(640), $827, and $(489))⁽¹⁾	6,149			(1,193		)	908
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(341		)	223			(933		)
Balance at end of year	$	(376	)	$	(35	)	$	(258	)

Interest rate hedge:
Balance at beginning of year	$	6,528		$	1,398		$	(6,997	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $1,574, $(1,182), and $(3,150)	(5,922		)	3,687			5,849
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $409, $(433), and $(1,370))⁽²⁾	(1,540		)	811			2,546
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(7,462		)	4,498			8,395
Other changes:
Reclassification to retained earnings⁽⁵⁾	—			632			—
Balance at end of year	$	(934	)	$	6,528		$	1,398

Pension and other postretirement benefit plans:
Balance at beginning of year	$	(42,615	)	$	(37,561	)	$	(39,036	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) arising during the year (net of tax (expense) benefit of $4,073, $(527), and $751)⁽³⁾	(13,927		)	295			(1,395		)
Amortization included in earnings (net of tax benefit of $(628), $(933), and $(1,546))⁽⁴⁾	2,262			2,318			2,870
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(11,665		)	2,613			1,475
Other changes:
Reclassification to retained earnings⁽⁵⁾	—			(7,667		)	—
Balance at end of year	$	(54,280	)	$	(42,615	)	$	(37,561	)

Total accumulated other comprehensive income (loss) at end of year	$	(95,691	)	$	(60,064	)	$	(69,559	)

⁽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 9 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 for open interest rate swap agreements, or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 9 for additional information.

⁽³⁾These items arise from the remeasurement of the assets and liabilities of the Company's defined benefit pension and other postretirement benefit plans. Those remeasurements are made on an annual basis at the end of the fiscal year. See Note 11 for additional information.

⁽⁴⁾This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 11 for additional information.

⁽⁵⁾In the fourth quarter of fiscal year 2018, the Company adopted FASB Accounting Standards Update 2018-02, which addressed the disproportionate income tax effects on pretax amounts recorded in accumulated other comprehensive income (loss) arising from the enactment of the Tax Cuts and Jobs Act of 2017. With the adoption of ASU 2018-02, the disproportionate tax effects were reclassified to retained earnings, and the resulting tax effects remaining in accumulated other comprehensive income (loss) are reflective of the rates which those amounts will ultimately be taxed.