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Derivatives And Hedging Activities (Tables)
 12 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amount of Forward Contracts
The aggregate U.S. dollar notional amount of forward contracts entered for these purposes during fiscal years 2017, 2016, and 2015 was as follows:
 
 
Fiscal Year Ended March 31,
(in millions)
 
2017
 
2016
 
2015
Tobacco purchases
 
$
70.7

 
$
43.1

 
$
105.6

Processing costs
 
24.0

 
13.2

 
22.9

Total
 
$
94.7

 
$
56.3

 
$
128.5
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 for the fiscal years ended March 31, 2017, 2016, and 2015.
 
 
Fiscal Year Ended March 31,
 
 
2017
 
2016
 
2015
Cash Flow Hedges - Interest Rate Swap Agreements
 
 
 
 
 
 
Derivative
 
 
 
 
 
 
Effective Portion of Hedge
 
 
 
 
 
 
Gain (loss) recorded in accumulated other comprehensive loss
 
$
8,999

 
$
(12,824
)
 
$
(4,044
)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings
 
$
(3,916
)
 
$
(5,108
)
 
$
(1,929
)
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 loans
 
 
 
 
 
 
 
Cash Flow Hedges - Forward Foreign Currency Exchange Contracts
 
 
 
 
 
 
Derivative
 
 
 
 
 
 
Effective Portion of Hedge
 
 
 
 
 
 
Gain (loss) recorded in accumulated other comprehensive loss
 
$
454

 
$
1,774

 
$
1,410

Gain (loss) reclassified from accumulated other comprehensive
loss into earnings
 
$
945

 
$
993

 
$
3,099

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
 
$
246

 
$
685

 
$
257

Location of gain (loss) recognized in earnings
 
Selling, general and administrative expenses
Hedged Item
 
 
 
 
 
 
Description of hedged item
 
 Forecast purchases of tobacco in Brazil
 
 
 
 
 
 
 
Derivatives Not Designated as Hedges -
Forward Foreign Currency Exchange Contracts
 
 
 
 
 
 
Gain (loss) recognized in earnings
 
$
(2,591
)
 
$
5,973

 
$
13,178

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 March 31, 2017 and 2016:
 
 
Derivatives in a Fair Value Asset Position
 
Derivatives in a Fair Value Liability Position
 
 
Balance
Sheet
Location
 
Fair Value as of March 31,
 
Balance
Sheet
Location
 
Fair Value as of March 31,
 
 
 
2017
 
2016
 
 
2017
 
2016
Derivatives Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
Other
non-current
assets
 
$
2,149

 
$
—

 
Other
long-term
liabilities
 
$
—

 
$
10,766

 
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
 
Other
current
assets
 
56

 
475

 
Accounts
payable and
accrued
expenses
 
55

 
—

Total
 
 
 
$
2,205

 
$
475

 
 
 
$
55

 
$
10,766

 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
 
Other
current
assets
 
$
917

 
$
297

 
Accounts
payable and
accrued
expenses
 
$
120

 
$
5

Total
 
 
 
$
917

 
$
297

 
 
 
$
120

 
$
5

Substantially all of the Company's forward foreign currency exchange contracts are subject to master netting arrangements, whereby the right to offset occurs in the event of default by a participating party. The Company has elected to present these contracts on a gross basis in the consolidated balance sheets.