Derivatives And Hedging Activities (Tables)

3 Months Ended

Jun. 30, 2020

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 three-month periods in fiscal years 2021 and 2020 was as follows:

	Three Months Ended June 30,
(in millions of dollars)	2020		2019
Tobacco purchases	$	30.2	$	72.0
Processing costs	8.0		26.3
Crop input sales	23.5		21.7
Total	$	61.7	$	120.0

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:

	Three Months Ended June 30,
(in thousands of dollars)	2020			2019
Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	(3,697	)	$	(9,812	)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(1,838	)	$	(5	)
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$	354		$	779
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	$	(1,447	)	$	2,032
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(734	)	$	(11	)
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	$	—		$	—
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	$	(144	)	$	51
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 June 30, 2020 and 2019, and March 31, 2020:

	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)		June 30, 2020		June 30, 2019		March 31, 2020			June 30, 2020		June 30, 2019		March 31, 2020
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	—	$	—	Other long-term liabilities	$	39,022	$	16,158	$	37,163
Foreign currency exchange contracts	Other current assets	571		1,812		—		Accounts payable and accrued expenses	1,390		19		11,467
Total		$	571	$	1,812	$	—		$	40,412	$	16,177	$	48,630
Derivatives Not Designated as Hedging Instruments
Foreign currency exchange contracts	Other current assets	$	149	$	1,052	$	314	Accounts payable and accrued expenses	$	702	$	46	$	4,375
Total		$	149	$	1,052	$	314		$	702	$	46	$	4,375