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Derivatives And Hedging Activities (Tables) | 3 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Amount of Forward Contracts | The aggregate U.S. dollar notional amount of forward and option contracts entered into for these purposes during the three-month periods in fiscal years 2024 and 2023 was as follows:
|  | Three Months Ended June 30,
(in millions of dollars) |  | 2023 |  | 2022
Tobacco purchases |  | $ | 30.3 |  |  | $ | — |
Processing costs |  | 4.9 |  |  | 1.0 |
Crop input sales |  | — |  |  | — |
Total |  | $ | 35.2 |  |  | $ | 1.0 |
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:
|  | Three Months Ended June 30, |  |
(in thousands of dollars) |  | 2023 |  | 2022 |  |  |  |
Cash Flow Hedges - Interest Rate Swap Agreements |  |  |  |  |  |  |  |
Derivative |  |  |  |  |  |  |  |
Effective Portion of Hedge |  |  |  |  |  |  |  |
Gain (loss) recorded in accumulated other comprehensive loss |  | $ | 10,096 |  |  | $ | 3,901 |  |  |  |  |
Gain (loss) reclassified from accumulated other comprehensive loss into earnings |  | $ | 1,209 |  |  | $ | (1,605) |  |  |  |  |
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings |  | $ | 1,570 |  |  | $ | — |  |  |  |  |
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 - Foreign Currency Exchange Contracts |  |  |  |  |  |  |  |
Derivative |  |  |  |  |  |  |  |
Effective Portion of Hedge |  |  |  |  |  |  |  |
Gain (loss) recorded in accumulated other comprehensive loss |  | $ | 2,080 |  |  | $ | (947) |  |  |  |  |
Gain (loss) reclassified from accumulated other comprehensive loss into earnings |  | $ | 806 |  |  | $ | 957 |  |  |  |  |
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 |  | $ | 1,910 |  |  | $ | (1,125) |  |  |  |  |
Location of gain (loss) recognized in earnings |  | Selling, general and administrative expenses |  |  |  |
Hedged Item |  |  |  |  |  |  |  |
Description of hedged item |  | Forecast purchases of tobacco in Brazil and Africa |  |  |  |
Derivatives Not Designated as Hedges - Foreign Currency Exchange Contracts |  |  |  |  |  |  |  |
Gain (loss) recognized in earnings |  | $ | (2,486) |  |  | $ | (1,007) |  |  |  |  |
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 June 30, 2023 and 2022, and March 31, 2023:
|  | Derivatives in a Fair Value Asset Position |  | Derivatives in a Fair Value Liability Position
|  | Balance Sheet Location |  | Fair Value as of |  | Balance Sheet Location |  | Fair Value as of
(in thousands of dollars) |  |  | June 30, 2023 |  | June 30, 2022 |  | March 31, 2023 |  |  | June 30, 2023 |  | June 30, 2022 |  | March 31, 2023
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  | Other non-current assets |  | $ | 5,810 |  |  | $ | 4,345 |  |  | $ | — |  |  | Other long-term liabilities |  | $ | — |  |  | $ | — |  |  | $ | 3,077 |
Foreign currency exchange contracts |  | Other current assets |  | 2,227 |  |  | 1,158 |  |  | 7,102 |  |  | Accounts payable and accrued expenses |  | 1,674 |  |  | 393 |  |  | 890 |
Total |  |  |  | $ | 8,037 |  |  | $ | 5,503 |  |  | $ | 7,102 |  |  |  |  | $ | 1,674 |  |  | $ | 393 |  |  | $ | 3,967 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | Other current assets |  | $ | 787 |  |  | $ | 7,531 |  |  | $ | 1,320 |  |  | Accounts payable and accrued expenses |  | $ | 2,841 |  |  | $ | 12 |  |  | $ | 435 |
Total |  |  |  | $ | 787 |  |  | $ | 7,531 |  |  | $ | 1,320 |  |  |  |  | $ | 2,841 |  |  | $ | 12 |  |  | $ | 435 |

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