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Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 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 balances for each component of accumulated other comprehensive income attributable to the Company for the fiscal years ended March 31, 2014, 2013, and 2012 :
 
 
Fiscal Year Ended March 31,
(in thousands of dollars)
 
2014
 
2013
 
2012
Foreign currency translation:
 
 
 
 
 
 
Balance at beginning of year
 
$
(15,555
)
 
$
(11,850
)
 
$
(3,611
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
 
 
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $(3,489), $1,815, and $3,230))
 
6,480

 
(3,370
)
 
(8,158
)
Less: Net loss (gain) on foreign currency translation attributable to noncontrolling interests
 
599

 
(335
)
 
(81
)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
7,079

 
(3,705
)
 
(8,239
)
Balance at end of year
 
$
(8,476
)
 
$
(15,555
)
 
$
(11,850
)
 
 
 
 
 
 
 
Foreign currency hedge:
 
 
 
 
 
 
Balance at beginning of year
 
$
(855
)
 
$
(942
)
 
$
2,482

Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
 
 
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(312), $3,234, and $608)
 
580

 
(6,006
)
 
(1,129
)
Reclassification to earnings (net of tax (expense) benefit of $(563), $(3,281), and $1,236) (1)
 
1,044

 
6,093

 
(2,295
)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
1,624

 
87

 
(3,424
)
Balance at end of year
 
$
769

 
$
(855
)
 
$
(942
)
 
 
 
 
 
 
 
Interest rate hedge:
 
 
 
 
 
 
Balance at beginning of year
 
$
(1,091
)
 
$
(727
)
 
$
—

Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
 
 
Net gain (loss) on derivative instruments (net of tax benefit of $49, $515, and $302)
 
(93
)
 
(955
)
 
(727
)
Reclassification to earnings (net of tax (expense) benefit of $(399) and $(319)) (2)
 
576

 
591

 
—

Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
483

 
(364
)
 
(727
)
Balance at end of year
 
$
(608
)
 
$
(1,091
)
 
$
(727
)
 
 
 
 
 
 
 
Pension and other postretirement benefit plans:
 
 
 
 
 
 
Balance at beginning of year
 
$
(58,039
)
 
$
(66,842
)
 
$
(43,647
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
 
 
Gains (losses) arising during the year (net of tax (expense) benefit of $(6,449), $96, and $14,596))(3)
 
11,977

 
(187
)
 
(26,517
)
Prior service (cost) credit arising during the year (net of tax (expense) benefit of $(7,751) and $250)) (3)
 
14,394

 
—

 
(500
)
Amortization included in earnings (net of tax benefit (expense) of $(3,042), $(4,841), and $(2,059)) (4)
 
5,651

 
8,990

 
3,822

Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
32,022

 
8,803

 
(23,195
)
Balance at end of year
 
$
(26,017
)
 
$
(58,039
)
 
$
(66,842
)
 
 
 
 
 
 
 
Total accumulated other comprehensive income (loss) at end of year
 
$
(34,332
)
 
$
(75,540
)
 
$
(80,361
)
(1) Gain (loss) on foreign currency cash flow hedges is reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the related tobacco is sold to customers. See Note 9 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. See Note 9 for additional information.
(3) These items arise from the remeasurement of the assets and liabilities of the Company's defined benefit pension plans. Those remeasurements are made on an annual basis at the end of the fiscal year. In addition, the assets and liabilities of the Company's U.S.-based pension plans were also remeasured on an interim basis during the second quarter of fiscal year 2014 to reflect the effect of plan amendments adopted during the period. See Note 11 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.