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Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On Recurring Basis

At September 30, 2013 and 2012, and at March 31, 2013, the Company had certain financial assets and financial liabilities that were required to be measured and reported at fair value on a recurring basis. These assets and liabilities are listed in the tables below and are classified based on how their values were determined under the fair value hierarchy:

		September 30, 2013
(in thousands of dollars)		Level 1				Level 2				Level 3				Total
Assets
Money market funds		$	—			$	1,526			$	—			$	1,526
Trading securities associated with deferred compensation plans		19,174				—				—				19,174
Forward foreign currency exchange contracts		—				8				—				8
Total financial assets measured and reported at fair value		$	19,174			$	1,534			$	—			$	20,708
Liabilities
Guarantees of bank loans to tobacco growers		$	—			$	—			$	4,454			$	4,454
Interest rate swap agreements		—				1,170				—				1,170
Forward foreign currency exchange contracts		—				4,511				—				4,511
Total financial liabilities measured and reported at fair value		$	—			$	5,681			$	4,454			$	10,135

		September 30, 2012
(in thousands of dollars)		Level 1				Level 2				Level 3				Total
Assets
Money market funds		$	—			$	1,525			$	—			$	1,525
Trading securities associated with deferred compensation plans		18,881				—				—				18,881
Forward foreign currency exchange contracts		—				230				—				230
Total financial assets measured and reported at fair value		$	18,881			$	1,755			$	—			$	20,636
Liabilities
Guarantees of bank loans to tobacco growers		$	—			$	—			$	2,327			$	2,327
Interest rate swap agreements		—				2,117				—				2,117
Forward foreign currency exchange contracts		—				43				—				43
Total financial liabilities measured and reported at fair value		$	—			$	2,160			$	2,327			$	4,487

		March 31, 2013
(in thousands of dollars)		Level 1				Level 2				Level 3				Total
Assets
Money market funds		$	—			$	174,551			$	—			$	174,551
Trading securities associated with deferred compensation plans		19,168				—				—				19,168
Total financial assets measured and reported at fair value		$	19,168			$	174,551			$	—			$	193,719
Liabilities
Guarantees of bank loans to tobacco growers		$	—			$	—			$	4,235			$	4,235
Interest rate swap agreements		—				1,679				—				1,679
Forward foreign currency exchange contracts		—				1,141				—				1,141
Total financial liabilities measured and reported at fair value		$	—			$	2,820			$	4,235			$	7,055

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

A reconciliation of the change in the balance of the financial liability for guarantees of bank loans to tobacco growers (Level 3) for the six months ended September 30, 2013 and 2012 is provided below.

		Six Months Ended September 30,
(in thousands of dollars)		2013				2012
Balance at beginning of year		$	4,235			$	5,932
Payments under the guarantees and transfers to allowance for loss on direct loans to farmers (removal of prior crop year loans from portfolio)		(5,202		)		(5,651		)
Provision for loss or transfers from allowance for loss on direct loans to farmers (addition of current crop year loans)		5,498				2,197
Change in discount rate and estimated collection period		25				37
Currency remeasurement		(102		)		(188		)
Balance at end of period		$	4,454			$	2,327

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

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