Derivatives And Hedging Activities (Tables)

6 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount of Forward Contracts

The aggregate U.S. dollar notional amount of forward and option contracts entered for these purposes during the first six months of fiscal years 2020 and 2019 was as follows:

	Six Months Ended September 30,
(in millions of dollars)	2019		2018
Tobacco purchases	$	72.0	$	59.8
Processing costs	26.3		18.1
Crop input sales	21.7		—
Total	$	120.0	$	77.9

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:

	Three Months Ended September 30,						Six Months Ended September 30,
(in thousands of dollars)	2019			2018			2019			2018
Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	(5,443	)	$	1,119		$	(15,255	)	$	2,675
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(220	)	$	441		$	(225	)	$	732
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$	779		$	—		$	1,558		$	—
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 - Foreign Currency Exchange Contracts
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	(1,993	)	$	101		$	39		$	(2,930	)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	276		$	(529	)	$	265		$	(554	)
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	$	—		$	—		$	—		$	—
Location of gain (loss) recognized in earnings	Selling, general and administrative expenses
Hedged Item
Description of hedged item	Forecast purchases of tobacco in Brazil and Mozambique
Derivatives Not Designated as Hedges - Foreign Currency Exchange Contracts
Gain (loss) recognized in earnings	$	(2	)	$	2,688		$	49		$	(2,757	)
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, 2019 and 2018, and March 31, 2019:

	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)		September 30, 2019		September 30, 2018		March 31, 2019			September 30, 2019		September 30, 2018		March 31, 2019
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	10,205	$	—	Other long-term liabilities	$	21,381	$	—	$	6,351
Foreign currency exchange contracts	Other current assets	—		—		307		Accounts payable and accrued expenses	762		—		—
Total		$	—	$	10,205	$	307		$	22,143	$	—	$	6,351
Derivatives Not Designated as Hedging Instruments
Foreign currency exchange contracts	Other current assets	$	45	$	142	$	233	Accounts payable and accrued expenses	$	532	$	384	$	386
Total		$	45	$	142	$	233		$	532	$	384	$	386