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Derivatives And Hedging Activities (Tables)

3 Months Ended

Jun. 30, 2024

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 2025 and 2024 was as follows:

						Three Months Ended June 30,
(in millions of dollars)						2024						2023
Tobacco purchases						$	97.0					$	30.3
Processing costs						15.2						4.9
Total						$	112.2					$	35.2

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)																		2024						2023
Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss																		$	2,623					$	10,096
Gain (loss) reclassified from accumulated other comprehensive loss into earnings																		$	1,475					$	1,209
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings																		$	689					$	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																		$	(5,237)					$	2,080
Gain (loss) reclassified from accumulated other comprehensive loss into earnings																		$	592					$	806
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
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 - Foreign Currency Exchange Contracts
Gain (loss) recognized in earnings																		$	1,763					$	(2,486)
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, 2024 and 2023, and March 31, 2024:

						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, 2024						June 30, 2023						March 31, 2024												June 30, 2024						June 30, 2023						March 31, 2024
Derivatives Designated as Hedging Instruments
Interest rate swap agreements						Other non-current assets						$	7,854					$	5,810					$	6,706					Other long-term liabilities						$	—					$	—					$	—
Foreign currency exchange contracts						Other current assets						861						2,227						77						Accounts payable and accrued expenses						6,341						1,674						9
Total												$	8,715					$	8,037					$	6,783											$	6,341					$	1,674					$	9
Derivatives Not Designated as Hedging Instruments
Foreign currency exchange contracts						Other current assets						$	2,268					$	787					$	245					Accounts payable and accrued expenses						$	1,027					$	2,841					$	12
Total												$	2,268					$	787					$	245											$	1,027					$	2,841					$	12

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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