Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in the balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the fiscal years ended March 31, 2022, 2021, and 2020:

	Fiscal Year Ended March 31,
(in thousands of dollars)	2022		2021		2020
Foreign currency translation:
Balance at beginning of year	$	(35,135)	$	(42,923)	$	(40,101)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $180 in 2020)	(6,367)		8,272		(3,066)
Less: Net loss on foreign currency translation attributable to noncontrolling interests	537		(484)		244
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(5,830)		7,788		(2,822)
Balance at end of year	$	(40,965)	$	(35,135)	$	(42,923)
Foreign currency hedge:
Balance at beginning of year	$	(414)	$	(12,226)	$	(376)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(2,199), $(130) and $2,880)	6,679		1,791		(12,391)
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $1,115, $(2,726), and $136)(1)	(2,686)		10,021		541
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	3,993		11,812		(11,850)
Balance at end of year	$	3,579	$	(414)	$	(12,226)
Interest rate hedge:
Balance at beginning of year	$	(19,480)	$	(27,402)	$	(934)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(3,249), $(637), and $6,801)	12,402		2,396		(25,588)
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $(1,628), $(1,469), and $234)(2)	6,218		5,526		(880)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	18,620		7,922		(26,468)
Balance at end of year	$	(860)	$	(19,480)	$	(27,402)
Pension and other postretirement benefit plans:
Balance at beginning of year	$	(52,008)	$	(69,046)	$	(54,280)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) arising during the year (net of tax (expense) benefit of $(297), $(3,706), and $4,715(3)	2,799		13,627		(16,810)
Amortization included in earnings (net of tax benefit of $298, $895, and $554)(4)	3,144		3,411		2,044
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	5,943		17,038		(14,766)
Balance at end of year	$	(46,065)	$	(52,008)	$	(69,046)
Total accumulated other comprehensive income (loss) at end of year	$	(84,311)	$	(107,037)	$	(151,597)

(1)    Gains (losses) on foreign currency cash flow hedges related to forecast purchases of tobacco and crop input sales are reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the tobacco is sold to customers. See Note 11 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 debt for open interest rate swap agreements or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 11 for additional information.

(3)    These items arise from the remeasurement of the assets and liabilities of the Company's defined benefit pension and other postretirement benefit plans. Those remeasurements are made on an annual basis at the end of the fiscal year. See Note 13 for additional information.

(4)    This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 13 for additional information.