Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Dec. 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 accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the nine months ended December 31, 2019 and 2018:

	Nine Months Ended December 31,
(in thousands of dollars)	2019			2018
Foreign currency translation:
Balance at beginning of year	$	(40,101	)	$	(23,942	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation	(960		)	(13,196		)
Less: Net (gain) loss on foreign currency translation attributable to noncontrolling interests	138			(3		)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(822		)	(13,199		)
Balance at end of period	$	(40,923	)	$	(37,141	)
Foreign currency hedge:
Balance at beginning of year	$	(376	)	$	(35	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(235) and $616)	1,348			(5,493		)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $54 and $(267)) (1)	(89		)	3,129
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	1,259			(2,364		)
Balance at end of period	$	883		$	(2,399	)
Interest rate hedge:
Balance at beginning of year	$	(934	)	$	6,528
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $2,196 and $166	(8,262		)	(626		)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $(175) and $293) (2)	(1,681		)	(1,102		)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(9,943		)	(1,728		)
Balance at end of period	$	(10,877	)	$	4,800
Pension and other postretirement benefit plans:
Balance at beginning of year	$	(54,280	)	$	(42,615	)
Other comprehensive income (loss) attributable to Universal Corporation:
Amortization included in earnings (net of tax expense (benefit) of $(304) and $(448) (3)	887			1,688
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	887			1,688
Balance at end of period	$	(53,393	)	$	(40,927	)
Total accumulated other comprehensive loss at end of period	$	(104,310	)	$	(75,667	)

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

⁽³⁾  

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