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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Jun. 30, 2020
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 three months ended June 30, 2020 and 2019:
 
 
Three Months Ended June 30,
(in thousands of dollars)
 
2020
 
2019
Foreign currency translation:
 
 
 
 
Balance at beginning of year
 
$
(42,923
)
 
$
(40,101
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
Net gain (loss) on foreign currency translation
 
2,303

 
1,937

Less: Net (gain) loss on foreign currency translation attributable to noncontrolling interests
 
(156
)
 
(123
)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
2,147

 
1,814

Balance at end of period
 
$
(40,776
)
 
$
(38,287
)
 
 
 
 
 
Foreign currency hedge:
 
 
 
 
Balance at beginning of year
 
$
(12,226
)
 
$
(376
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $255 and $(378))
 
(601
)
 
3,109

Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $(152) and $(2)) (1)
 
560

 
(1,134
)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
(41
)
 
1,975

Balance at end of period
 
$
(12,267
)
 
$
1,599

 
 
 
 
 
Interest rate hedge:
 
 
 
 
Balance at beginning of year
 
$
(27,402
)
 
$
(934
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $776 and $2,061
 
(2,921
)
 
(7,752
)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $(312) and $(1)) (2)
 
1,172

 
(775
)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
(1,749
)
 
(8,527
)
Balance at end of period
 
$
(29,151
)
 
$
(9,461
)
 
 
 
 
 
Pension and other postretirement benefit plans:
 
 
 
 
Balance at beginning of year
 
$
(69,046
)
 
$
(54,280
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
Amortization included in earnings (net of tax expense (benefit) of $(193) and $(102) (3)
 
108

 
268

Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
108

 
268

Balance at end of period
 
$
(68,938
)
 
$
(54,012
)
 
 
 
 
 
Total accumulated other comprehensive loss at end of period
 
$
(151,132
)
 
$
(100,161
)
(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 10 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 10 for additional information.
(3)  
This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 12 for additional information.