Derivatives And Hedging Activities (Tables)

12 Months Ended

Mar. 31, 2022

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 2022, 2021, and 2020 was as follows:

	Fiscal Year Ended March 31,
(in millions)	2022		2021		2020
Tobacco purchases	$	134.7	$	101.3	$	123.2
Processing costs	32.5		27.8		35.1
Crop input sales	65.3		23.5		21.7
Total	$	232.5	$	152.6	$	180.0

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, 2022, 2021, and 2020.

	Fiscal Year Ended March 31,
	2022		2021		2020
Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	15,651	$	3,033	$	(32,389)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(8,907)	$	(8,411)	$	(1,577)
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$	1,061	$	1,416	$	2,691
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	$	13,879	$	(272)	$	(13,646)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	5,426	$	(13,926)	$	1,108
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	$	2,040	$	—	$	—
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	$	16,732	$	(872)	$	(4,013)
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, 2022 and 2021:

	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,
		2022		2021			2022		2021
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	—	Other long-term liabilities	$	1,161	$	25,719
Forward foreign currency exchange contracts	Other current assets	10,957		1,137		Accounts payable and accrued expenses	3,200		1,031
Total		$	10,957	$	1,137		$	4,361	$	26,750
Derivatives Not Designated as Hedging Instruments
Forward foreign currency exchange contracts	Other current assets	$	13,111	$	435	Accounts payable and accrued expenses	$	64	$	791
Total		$	13,111	$	435		$	64	$	791

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.