Derivatives And Hedging Activities (Tables)

12 Months Ended

Mar. 31, 2020

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 fiscal years 2020, 2019, and 2018 was as follows:

	Fiscal Year Ended March 31,
(in millions)	2020		2019		2018
Tobacco purchases	$	123.2	$	76.9	$	43.3
Processing costs	35.1		19.8		17.1
Crop input sales	21.7		—		—
Total	$	180.0	$	96.7	$	60.4

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 for the fiscal years ended March 31, 2020, 2019, and 2018.

	Fiscal Year Ended March 31,
	2020			2019			2018
Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	(32,389	)	$	(7,496	)	$	4,869
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(1,577	)	$	1,689		$	(1,244	)
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$	2,691		$	260		$	—
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 loans
Cash Flow Hedges - Forward Foreign Currency Exchange Contracts
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	(13,646	)	$	(2,623	)	$	(1,204	)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	1,108		$	(3,034	)	$	(1,099	)
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	$	—		$	—		$	(5	)
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 Africa
Derivatives Not Designated as Hedges - Forward Foreign Currency Exchange Contracts
Gain (loss) recognized in earnings	$	(4,013	)	$	(4,671	)	$	(234	)
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 March 31, 2020 and 2019:

	Derivatives in a Fair Value Asset Position					Derivatives in a Fair Value Liability Position
	Balance Sheet Location	Fair Value as of March 31,				Balance Sheet Location	Fair Value as of March 31,
		2020		2019			2020		2019
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	—	Other long-term liabilities	$	37,163	$	6,351
Forward foreign currency exchange contracts	Other current assets	—		307		Accounts payable and accrued expenses	11,467		—
Total		$	—	$	307		$	48,630	$	6,351
Derivatives Not Designated as Hedging Instruments
Forward foreign currency exchange contracts	Other current assets	$	314	$	233	Accounts payable and accrued expenses	$	4,375	$	386
Total		$	314	$	233		$	4,375	$	386

Substantially all of the Company's forward foreign currency exchange contracts are subject to master netting arrangements, whereby the right to offset occurs in the event of default by a participating party. The Company has elected to present these contracts on a gross basis in the consolidated balance sheets.