Derivatives And Hedging Activities (Tables)

9 Months Ended

Dec. 31, 2021

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 into for these purposes during the nine-month periods in fiscal years 2022 and 2021 was as follows:

	Nine Months Ended December 31,
(in millions of dollars)	2021		2020
Tobacco purchases	$	134.7	$	89.4
Processing costs	32.5		24.6
Crop input sales	20.8		23.5
Total	$	188.0	$	137.5

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 December 31,				Nine Months Ended December 31,
(in thousands of dollars)	2021		2020		2021		2020
Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	3,967	$	953	$	2,318	$	(3,020)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(2,263)	$	(2,206)	$	(6,743)	$	(6,233)
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$	353	$	353	$	1,061	$	1,061
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	$	480	$	5,757	$	3,479	$	3,973
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	2,274	$	(2,362)	$	3,563	$	(9,575)
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	$	—	$	—	$	451	$	—
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 - Foreign Currency Exchange Contracts
Gain (loss) recognized in earnings	$	174	$	922	$	3,939	$	506
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 December 31, 2021 and 2020, and March 31, 2021:

	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)		December 31, 2021		December 31, 2020		March 31, 2021			December 31, 2021		December 31, 2020		March 31, 2021
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	—	$	—	Other long-term liabilities	$	16,658	$	33,950	$	25,719
Foreign currency exchange contracts	Other current assets	2,169		5,688		1,137		Accounts payable and accrued expenses	3,952		911		1,031
Total		$	2,169	$	5,688	$	1,137		$	20,610	$	34,861	$	26,750
Derivatives Not Designated as Hedging Instruments
Foreign currency exchange contracts	Other current assets	$	1,390	$	1,625	$	435	Accounts payable and accrued expenses	$	1,298	$	324	$	791
Total		$	1,390	$	1,625	$	435		$	1,298	$	324	$	791