Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Jun. 30, 2023

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, 2023 and 2022:

	Three Months Ended June 30,
(in thousands of dollars)	2023		2022
Foreign currency translation:
Balance at beginning of year	$	(44,233)	$	(40,965)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation	(568)		(6,888)
Less: Net (gain) loss on foreign currency translation attributable to noncontrolling interests	144		329
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(424)		(6,559)
Balance at end of period	$	(44,657)	$	(47,524)
Foreign currency hedge:
Balance at beginning of year	$	4,899	$	3,579
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(15) and $25)	91		(1,611)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $188 and $218) (1)	(627)		(508)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(536)		(2,119)
Balance at end of period	$	4,363	$	1,460
Interest rate hedge:
Balance at beginning of year	$	5,253	$	(860)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(2,666) and $(819))	7,431		3,082
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $734 and $(337)) (2)	(2,045)		1,268
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	5,386		4,350
Balance at end of period	$	10,639	$	3,490
Pension and other postretirement benefit plans:
Balance at beginning of year	$	(42,976)	$	(46,065)
Other comprehensive income (loss) attributable to Universal Corporation:
Amortization included in earnings (net of tax expense (benefit) of $(14) and $(144))(3)	84		573
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	84		573
Balance at end of period	$	(42,892)	$	(45,492)
Total accumulated other comprehensive loss at end of period	$	(72,547)	$	(88,066)

(1)    Gain (loss) on foreign currency cash flow hedges related to forecast purchases of tobacco and crop input sales is reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the tobacco is sold to customers. See Note 7 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 7 for additional information.

(3)    This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 9 for additional information.