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Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 31, 2016
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 (loss) attributable to the Company for the fiscal years ended March 31, 2016, 2015, and 2014:
 
 
Fiscal Year Ended March 31,
(in thousands of dollars)
 
2016
 
2015
 
2014
Foreign currency translation:
 
 
 
 
 
 
Balance at beginning of year
 
$
(31,138
)
 
$
(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 $(2,119), $12,181, and $(3,489))
 
3,934

 
(22,625
)
 
6,480

Less: Net loss (gain) on foreign currency translation attributable to noncontrolling interests
 
212

 
(37
)
 
599

Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
4,146

 
(22,662
)
 
7,079

Balance at end of year
 
$
(26,992
)
 
$
(31,138
)
 
$
(8,476
)
 
 
 
 
 
 
 
Foreign currency hedge:
 
 
 
 
 
 
Balance at beginning of year
 
$
(1,834
)
 
$
769

 
$
(855
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
 
 
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(1,060), $2,304, and $(312))
 
1,969

 
(4,280
)
 
580

Reclassification of net loss to earnings (net of tax benefit of $(291), $(903), and $(563)) (1) 
 
540

 
1,677

 
1,044

Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
2,509

 
(2,603
)
 
1,624

Balance at end of year
 
$
675

 
$
(1,834
)
 
$
769

 
 
 
 
 
 
 
Interest rate hedge:
 
 
 
 
 
 
Balance at beginning of year
 
$
(1,982
)
 
$
(608
)
 
$
(1,091
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
 
 
Net loss on derivative instruments (net of tax benefit of $4,489, $1,416, and $49)
 
(8,335
)
 
(2,628
)
 
(93
)
Reclassification of net loss to earnings (net of tax benefit of $(1,788), $(675), and $(310)) (2) 
 
3,320

 
1,254

 
576

Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
(5,015
)
 
(1,374
)
 
483

Balance at end of year
 
$
(6,997
)
 
$
(1,982
)
 
$
(608
)
 
 
 
 
 
 
 
Pension and other postretirement benefit plans:
 
 
 
 
 
 
Balance at beginning of year
 
$
(40,040
)
 
$
(26,017
)
 
$
(58,039
)
Other comprehensive income (loss) attributable to Universal Corporation:
 
 
 
 
 
 
Gains (losses) arising during the year (net of tax (expense) benefit of $1,035, $9,719, and $(6,449))(3) 
 
(1,921
)
 
(18,049
)
 
11,977

Prior service credit arising during the year (net of tax expense of $7,751) (3) 
 
—

 
—

 
14,394

Amortization included in earnings (net of tax benefit of $(1,576), $(2,163), and $(3,042)) (4) 
 
2,925

 
4,026

 
5,651

Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes
 
1,004

 
(14,023
)
 
32,022

Balance at end of year
 
$
(39,036
)
 
$
(40,040
)
 
$
(26,017
)
 
 
 
 
 
 
 
Total accumulated other comprehensive income (loss) at end of year
 
$
(72,350
)
 
$
(74,994
)
 
$
(34,332
)
(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 8 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 8 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 10 for additional information.
(4) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 10 for additional information.