Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Jun. 30, 2022

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, 2022 and 2021:

	Three Months Ended June 30,
(in thousands of dollars)	2022		2021
Foreign currency translation:
Balance at beginning of year	$	(40,965)	$	(35,135)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation	(6,888)		1,719
Less: Net (gain) loss on foreign currency translation attributable to noncontrolling interests	329		(29)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(6,559)		1,690
Balance at end of period	$	(47,524)	$	(33,445)
Foreign currency hedge:
Balance at beginning of year	$	3,579	$	(414)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $25 and $(1,566))	(1,611)		5,698
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $218 and $(108)) (1)	(508)		284
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(2,119)		5,982
Balance at end of period	$	1,460	$	5,568
Interest rate hedge:
Balance at beginning of year	$	(860)	$	(19,480)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(819) and $293)	3,082		(1,103)
Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $(337) and $(392)) (2)	1,268		1,477
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	4,350		374
Balance at end of period	$	3,490	$	(19,106)
Pension and other postretirement benefit plans:
Balance at beginning of year	$	(46,065)	$	(52,008)
Other comprehensive income (loss) attributable to Universal Corporation:
Amortization included in earnings (net of tax expense (benefit) of $(144) and $(175))(3)	573		759
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	573		759
Balance at end of period	$	(45,492)	$	(51,249)
Total accumulated other comprehensive loss at end of period	$	(88,066)	$	(98,232)

(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 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 underlying debt, or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 11 for additional information.

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