Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Dec. 31, 2014

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 nine months ended December 31, 2014 and 2013:

	Nine Months Ended December 31,
(in thousands of dollars)	2014			2013
Foreign currency translation:
Balance at beginning of year	$	(8,476	)	$	(15,555	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $6,928 and $(3,666))	(12,925		)	6,807
Less: Net loss (gain) on foreign currency translation attributable to noncontrolling interests	18			523
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(12,907		)	7,330
Balance at end of period	$	(21,383	)	$	(8,225	)
Foreign currency hedge:
Balance at beginning of year	$	769		$	(855	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net loss on derivative instruments (net of tax benefit of $1,001 and $478)	(1,858		)	(888		)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $118 and $(1,149))(1)	(219		)	2,135
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(2,077		)	1,247
Balance at end of period	$	(1,308	)	$	392
Interest rate hedge:
Balance at beginning of year	$	(608	)	$	(1,091	)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax benefit of $38 and $23)	(69		)	(42		)
Reclassification of loss to earnings (net of tax benefit of $(365) and $(237))(2)	677			439
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	608			397
Balance at end of period	$	—		$	(694	)
Pension and other postretirement benefit plan:
Balance at beginning of year	$	(26,017	)	$	(58,039	)
Other comprehensive income (loss) attributable to Universal Corporation:
Gains arising during the period (net of tax expense of $5,600) (3)	—			10,400
Prior service credit arising during the period (net of tax expense of $6,809) (3)	—			12,646
Amortization included in earnings (net of tax benefit of $(806) and $(1,823)) (4)	1,540			3,385
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	1,540			26,431
Balance at end of period	$	(24,477	)	$	(31,608	)
Total accumulated other comprehensive income (loss) at end of period	$	(47,168	)	$	(40,135	)

⁽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 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 debt or upon termination of the interest rate swap agreements prior to their scheduled maturity dates. See Note 7 for additional information.

⁽³⁾ The Company remeasured the assets and liabilities of its U.S. pension plans during the quarter ended September 30, 2013 to reflect the impact of the plan amendments adopted during the quarter. These items arise from the plan remeasurement. See Note 9 for additional information.

⁽⁴⁾ This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 9 for additional information.