Selling, general and administrative expenses

$ 2,103,601

$ 1,983,357

$ 1,909,979

Costs and expenses

Cost of goods sold

1,694,675

1,597,354

1,553,167

240,686

219,789

222,902

Other income

^[1]

(2,532)

(4,173)

0

Equity in pretax earnings of unconsolidated affiliates

10,457

22,577

7,543

Operating income

160,315

147,810

126,367

^[2]

6,095

2,985

4,211

Other non-operating income (expense)

2,687

(440)

986

Interest income

917

325

1,581

Interest expense

27,747

24,954

19,854

Income before income taxes

142,267

125,726

113,291

Income taxes

38,663

29,412

35,288

Net income

103,604

96,314

78,003

Less: net income attributable to noncontrolling interests in subsidiaries

(17,027)

(8,904)

(6,323)

Net income attributable to Universal Corporation

$ 86,577

$ 87,410

$ 71,680

Earnings per share:

Basic

$ 3.50

$ 3.55

$ 2.87

Diluted

$ 3.47

$ 3.53

$ 2.86

Weighted average common shares outstanding:

Basic

24,764,177

24,656,009

24,982,259

Diluted

24,922,896

24,788,566

25,106,351

[1]	Other income represents the reversal of the contingent consideration liability associated with the acquisition of FruitSmart. See Note 2 for additional information.
[2]	Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 103,604	$ 96,314	$ 78,003
Other comprehensive income (loss):
Foreign currency translation, net of income taxes	(6,367)	8,272	(3,066)
Pension and other postretirement benefit plans, net of income taxes	5,943	17,038	(14,766)
Total other comprehensive income (loss), net of income taxes	22,189	45,044	(56,150)
Total comprehensive income	125,793	141,358	21,853
Less: comprehensive income attributable to noncontrolling interests	(16,490)	(9,388)	(6,079)
Comprehensive income attributable to Universal Corporation	109,303	131,970	15,774
Foreign currency hedge, net of income taxes [Member]
Other comprehensive income (loss):
hedges, net of income tax	3,993	11,812	(11,850)
Interest rate hedge, net of income taxes [Member]
Other comprehensive income (loss):
hedges, net of income tax	$ 18,620	$ 7,922	$ (26,468)

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
ASSETS
Cash and cash equivalents	$ 81,648	$ 197,221
Accounts receivable, net	385,437	367,482
Advances to suppliers, net	129,838	121,618
Accounts receivable—unconsolidated affiliates	4,540	584
Inventories—at lower of cost or net realizable value:
Tobacco	822,513	640,653
Other	194,161	145,965
Prepaid income taxes	13,095	15,029
Other current assets	116,779	66,806
Total current assets	1,748,011	1,555,358
Property, plant and equipment
Land	23,959	22,400
Buildings	293,935	284,430
Machinery and equipment	668,451	658,826
Total property, plant and equipment	986,345	965,656
Less accumulated depreciation	(641,227)	(616,146)
Property, plant and equipment, net	345,118	349,510
Other assets
Operating lease right-of-use assets	40,243	31,230
Goodwill, net	213,998	173,051
Other intangibles, net	92,571	72,304
Investments in unconsolidated affiliates	81,006	84,218
Deferred income taxes	11,616	12,149
Pension asset	12,667	11,950
Other noncurrent assets	41,115	52,154
Total other assets	493,216	437,056
Total assets	2,586,345	2,341,924
Current liabilities
Notes payable and overdrafts	182,639	101,294
Accounts payable and accrued expenses	272,042	139,484
Accounts payable—unconsolidated affiliates	5,308	1,282
Customer advances and deposits	13,724	8,765
Accrued compensation	27,281	29,918
Income taxes payable	7,427	4,516
Current portion of operating lease liabilities	10,303	7,898
Current portion of long-term debt	0	0
Total current liabilities	518,724	293,157
Long-term debt	518,547	518,172
Pensions and other postretirement benefits	52,890	57,637
Long-term operating lease liabilities	29,617	19,725
Other long-term liabilities	34,464	59,814
Deferred income taxes	47,334	44,994
Total liabilities	1,201,576	993,499
Shareholders’ equity
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	330,662	326,673
Retained earnings	1,094,192	1,087,663
Accumulated other comprehensive loss	(84,311)	(107,037)
Total Universal Corporation shareholders' equity	1,340,543	1,307,299
Noncontrolling interests in subsidiaries	44,226	41,126
Total shareholders' equity	1,384,769	1,348,425
Total liabilities and shareholders' equity	$ 2,586,345	$ 2,341,924

Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2022	Mar. 31, 2021
Preferred stock, shares authorized	5,000,000
Preferred stock, shares outstanding	0
Common stock, shares authorized	100,000,000
Common stock, shares outstanding	24,550,019	24,514,867
Common Stock [Member]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	24,550,019	24,514,867
Common stock, shares outstanding	24,550,019	24,514,867
Series A Junior Participating Preferred Stock [Member]
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$ 103,604

$ 96,314

$ 78,003

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

52,521

44,733

38,379

Provision for losses (recoveries) on advances and guaranteed loans to suppliers

5,988

5,534

937

Inventory write-downs

19,944

13,463

10,319

Stock-based compensation expense

6,186

6,106

5,631

Foreign currency remeasurement loss (gain), net

19,029

(8,475)

16,422

Foreign currency exchange contracts

(13,210)

(1,567)

499

Deferred income taxes

(2,473)

(2,335)

(8,697)

Equity in net income of unconsolidated affiliates, net of dividends

(329)

(296)

1,101

Change in estimated fair value of contingent consideration for FruitSmart acquisition

^[1]

10,457

22,577

7,543

Restructuring payments

(4,134)

(8,283)

(2,787)

(2,532)

(4,173)

0

Other, net

513

(1,373)

(9,271)

Changes in operating assets and liabilities, net:

Accounts and notes receivable

(23,185)

(5,239)

16,267

Inventories and other assets

(261,911)

43,199

(94,538)

Income taxes

6,644

(4,516)

10,927

Accounts payable and other accrued liabilities

123,102

26,171

(48,534)

Customer advances and deposits

4,668

(1,426)

(11,304)

Net cash provided by operating activities

44,882

220,414

10,897

Cash Flows From Investing Activities:

Purchase of property, plant and equipment

(53,203)

(66,154)

(35,227)

Purchase of business, net of cash held by the business

(102,462)

(161,751)

(80,180)

Proceeds from sale of property, plant and equipment

13,004

11,436

8,547

Other

0

(800)

495

Net cash used by investing activities

(142,661)

(217,269)

(106,365)

Cash Flows From Financing Activities:

Issuance (repayment) of short-term debt, net

79,286

29,396

24,114

Issuance of long-term debt

0

150,000

0

Dividends paid to noncontrolling interests in subsidiaries

(13,390)

(10,881)

(6,251)

Repurchase of common stock

(3,053)

0

(33,457)

Dividends paid on common stock

(76,436)

(75,177)

(75,368)

Debt issuance costs and other

(3,167)

(1,949)

(3,184)

Net cash provided/(used) by financing activities

(16,760)

91,389

(94,146)

Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

(1,034)

1,257

(512)

Net increase (decrease) in cash and cash equivalents

(115,573)

95,791

(190,126)

Cash, restricted cash and cash equivalents at beginning of year

203,221

107,430

297,556

Cash, Restricted Cash and Cash Equivalents at End of Year

87,648

203,221

107,430

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash and cash equivalents

81,648

197,221

107,430

Restricted cash (Other noncurrent assets)

6,000

0

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

87,648

203,221

107,430

Supplemental information—cash paid for:

Interest

27,113

24,198

19,376

Income taxes, net of refunds

$ 33,010

$ 36,443

$ 30,984

[1]	Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income (see Note 4)

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Forward Foreign Currency Exchange Contracts [Member]	Interest Rate Swap Agreements [Member]	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	AOCI Attributable to Parent [Member] Forward Foreign Currency Exchange Contracts [Member]	AOCI Attributable to Parent [Member] Interest Rate Swap Agreements [Member]	Noncontrolling Interest [Member]
Balance at beginning of year at Mar. 31, 2019	$ 1,379,878			$ 326,600	$ 1,106,178	$ (95,691)			$ 42,791
Balance at beginning of year, shares at Mar. 31, 2019	24,989,946
Changes in preferred and common stock
Repurchase of stock	$ (8,562)			(8,562)
Issuance of stock, shares	88,709
Repurchase of stock, shares	(656,820)
Accrual of stock-based compensation	$ 5,631			5,631
Withholding of shares from stock-based compensation for grantee income taxes	(3,183)			(3,183)
Dividend equivalents on RSUs	1,016			1,016
Changes in retained earnings
Net income	78,003				71,680				6,323
Cash dividends declared
Common stock	$ (75,187)				(75,187)
Common stock, cash dividends declared per share	$ 3.04
Stock Repurchased And Retired During Period Value Retained Earnings	$ 24,895				24,895
Dividend equivalents on RSUs	(1,016)				1,016
Other comprehensive income (loss)
Foreign currency translation, net of income taxes	(3,066)					(2,822)			(244)
hedges, net of income tax		$ (11,850)	$ (26,468)				$ (11,850)	$ (26,468)
Pension and other postretirement benefit plans, net of income taxes	(14,766)					(14,766)
Other changes in noncontrolling interests
Dividends paid to noncontrolling shareholders	(6,251)								(6,251)
Balance at end of year at Mar. 31, 2020	$ 1,289,284			321,502	1,076,760	(151,597)			42,619
Balance at end of year, shares at Mar. 31, 2020	24,421,835
Changes in preferred and common stock
Issuance of stock, shares	93,032
Repurchase of stock, shares	0
Accrual of stock-based compensation	$ 6,106			6,106
Withholding of shares from stock-based compensation for grantee income taxes	(1,949)			(1,949)
Dividend equivalents on RSUs	1,014			1,014
Changes in retained earnings
Net income	96,314				87,410				8,904
Cash dividends declared
Common stock	$ (75,493)				(75,493)
Common stock, cash dividends declared per share	$ 3.08
Dividend equivalents on RSUs	$ (1,014)				(1,014)
Other comprehensive income (loss)
Foreign currency translation, net of income taxes	8,272					7,788			484
hedges, net of income tax		11,812	7,922				11,812	7,922
Pension and other postretirement benefit plans, net of income taxes						17,038
Other changes in noncontrolling interests
Dividends paid to noncontrolling shareholders	(10,881)								(10,881)
Balance at end of year at Mar. 31, 2021	$ 1,348,425			326,673	1,087,663	(107,037)			41,126
Balance at end of year, shares at Mar. 31, 2021	24,514,867
Changes in preferred and common stock
Repurchase of stock	$ (782)			(782)
Issuance of stock, shares	93,416
Repurchase of stock, shares	(58,264)
Accrual of stock-based compensation	$ 6,187			6,187
Withholding of shares from stock-based compensation for grantee income taxes	(2,486)			(2,486)
Dividend equivalents on RSUs	1,070			1,070
Changes in retained earnings
Net income	103,604				86,577				17,027
Cash dividends declared
Common stock	$ (76,707)				(76,707)
Common stock, cash dividends declared per share	$ 3.12
Stock Repurchased And Retired During Period Value Retained Earnings	$ 2,271				2,271
Dividend equivalents on RSUs	(1,070)				(1,070)
Other comprehensive income (loss)
Foreign currency translation, net of income taxes	(6,367)					(5,830)			(537)
hedges, net of income tax		$ 3,993	$ 18,620				$ 3,993	$ 18,620
Pension and other postretirement benefit plans, net of income taxes	5,943					5,943
Other changes in noncontrolling interests
Dividends paid to noncontrolling shareholders	(13,390)								(13,390)
Balance at end of year at Mar. 31, 2022	$ 1,384,769			$ 330,662	$ 1,094,192	$ (84,311)			$ 44,226
Balance at end of year, shares at Mar. 31, 2022	24,550,019

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Common stock, cash dividends declared per share	$ 3.12	$ 3.08	$ 3.04

Nature Of Operations And Significant Accounting Policies

12 Months Ended

Mar. 31, 2022

Nature Of Operations And Significant Accounting Policies

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Universal Corporation, which together with its subsidiaries is referred to herein as “Universal” or the “Company,” is a global business-to-business agri-products supplier to consumer product manufacturers. The Company is the leading global leaf tobacco supplier and provides high-quality plant-based ingredients to food and beverage end markets. The Company conducts its leaf tobacco business in over 30 countries, primarily in major tobacco-producing regions of the world.

The extent to which the ongoing COVID-19 pandemic will impact the Company's financial condition, results of operations and demand for its products and services will depend on future developments, which are highly uncertain and cannot be predicted. Such developments may include the ongoing geographic spread and mutations of COVID-19, the severity of the pandemic, the duration of the COVID-19 outbreak and the type and duration of actions that may be taken by various governmental authorities in response to the COVID-19 pandemic and the impact on the U.S. and the global economies, markets and supply chains. At March 31, 2022, it is not possible to predict the overall impact of the ongoing COVID-19 pandemic on the Company's business, financial condition, results of operations and demand for its products and services.

Consolidation

The consolidated financial statements include the accounts of Universal Corporation and all domestic and foreign subsidiaries in which the Company maintains a controlling financial interest. Control is generally determined based on a voting interest of greater than 50%, such that Universal controls all significant corporate activities of the subsidiary. All significant intercompany accounts and transactions are eliminated in consolidation.

The equity method of accounting is used for investments in companies where Universal Corporation has a voting interest of 20% to 50%. These investments are accounted for under the equity method because Universal exercises significant influence over those companies, but not control. The Company received dividends totaling $4.3 million in fiscal year 2022, $2.9 million in fiscal year 2021, and $3.9 million in fiscal year 2020, from companies accounted for under the equity method. Investments where Universal has a voting interest of less than 20% are not significant and do not have readily determinable fair values. As such, the Company has elected the alternate method of measuring these investments at cost, less any impairment. The Company's 49% ownership interest in Socotab L.L.C. (“Socotab”), a leading supplier of oriental tobaccos with operations located principally in Eastern Europe and Turkey, is the primary investment accounted for under the equity method. The investment in Socotab is an important part of the Company's overall product and service arrangements with its major customers. The Company reviews the carrying value of its investments in Socotab and its other unconsolidated affiliates on a regular basis and considers whether any factors exist that might indicate an impairment in value that is other than temporary.

The Company's operations in Zimbabwe are deconsolidated under accounting requirements that apply under certain conditions to foreign subsidiaries that are subject to foreign exchange controls and other government restrictions. The investment in the Zimbabwe operations is accounted for at cost and was zero at March 31, 2022 and 2021. The Company has a net foreign currency translation loss associated with the Zimbabwe operations of approximately $7.2 million, which remains a component of accumulated other comprehensive loss at March 31, 2022. As a regular part of its reporting, the Company reviews the conditions that resulted in the deconsolidation of the Zimbabwe operations to confirm that such accounting treatment is still appropriate. Dividends from the Zimbabwe operations are recorded in income in the period received.

The Company holds less than a 100% financial interest in certain consolidated subsidiaries. The net income and shareholders’ equity attributable to the noncontrolling interests in these subsidiaries are reported on the face of the consolidated financial statements. There were no material changes in the Company’s ownership percentage in any of these subsidiaries during fiscal years 2022, 2021, or 2020.

Investments in Unconsolidated Affiliates

The Company’s investments in its unconsolidated affiliates, which include its Zimbabwe operations, are non-marketable securities. Universal reviews such investments for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recovered. For example, the Company would review such an investment for impairment if the investee were to lose a significant customer, suffer a large reduction in sales margins, experience a major change in its business environment, or undergo any other significant change in its normal business. In assessing the recoverability of these investments, the Company follows the applicable accounting guidance in determining the fair value of the investments. In most cases, this involves the use of undiscounted and discounted cash flow models (Level 3 of the fair value hierarchy under the accounting guidance). If the fair value of an unconsolidated investee is determined to be lower than its carrying value, an impairment loss is recognized. The determination of fair value using discounted cash flow models is normally not based on observable market data from independent sources and therefore requires significant management judgment with respect to estimates of future operating earnings and the selection of an appropriate discount rate. The use of different assumptions could increase or decrease estimated future operating cash flows, and the discounted value of those cash flows, and therefore could increase or decrease any impairment charge related to these investments. During the fiscal year ended March 31, 2022, the Company recognized an immaterial impairment of an investment in an equity method investee in Africa.

In its consolidated statements of income, the Company reports its proportional share of the earnings of unconsolidated affiliates accounted for on the equity method based on the pretax earnings of those affiliates, as permitted under the applicable accounting guidance. All applicable foreign and U.S. income taxes are provided on these earnings and reported as a component of consolidated income tax expense. For unconsolidated affiliates located in foreign jurisdictions, repatriation of the Company’s share of the earnings through dividends is assumed in determining consolidated income tax expense.

The following table provides a reconciliation of (1) equity in the pretax earnings of unconsolidated affiliates, as reported in the consolidated statements of income to (2) equity in the net income of unconsolidated affiliates, net of dividends, as reported in the consolidated statements of cash flows for the fiscal years ended March 31, 2022, 2021, and 2020:


	Fiscal Year Ended March 31,
	2022		2021		2020

Equity in pretax earnings reported in the consolidated statements of income	$	6,095	$	2,985	$	4,211
Less: Equity in income taxes	(1,481)		180		(1,390)
Equity in net income	4,614		3,165		2,821
Less: Dividends received on investments (1)	(4,285)		(2,869)		(3,922)
Equity in net income, net of dividends, reported in the consolidated statements of cash flows	$	329	$	296	$	(1,101)

(1) In accordance with the applicable accounting guidance, dividends received from unconsolidated affiliates accounted for on the equity method that represent a return on capital (i.e., a return of earnings on a cumulative basis) are presented as operating cash flows in the consolidated statements of cash flows.

Earnings Per Share

The Company calculates basic earnings per share based on earnings available to common shareholders. The calculation uses the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed in a similar manner using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential common shares include unvested restricted stock units and performance share units that are assumed to be fully vested and paid out in shares of common stock.

Calculations of earnings per share for the fiscal years ended March 31, 2022, 2021, and 2020, are provided in Note 5.

Cash, Restricted Cash, and Cash Equivalents

All highly liquid investments with a maturity of three months or less at the time of purchase are classified as cash equivalents. Restricted cash is associated with the acquisition of Silva International, Inc. ("Silva") and is recognized as a component of other noncurrent assets at March 31, 2022 and 2021.

Advances to Tobacco Suppliers

In many sourcing origins where the Company operates, it provides agronomy services and seasonal advances of seed, fertilizer, and other supplies to tobacco farmers for crop production, or makes seasonal cash advances to farmers for the procurement of those inputs. These advances are typically short term, are repaid upon delivery of tobacco to the Company, and are reported in advances to suppliers in the consolidated balance sheets. In several origins, the Company has made long-term advances to tobacco farmers to finance curing barns and other farm infrastructure. In some years, due to low crop yields and other factors, individual farmers may not deliver sufficient volumes of tobacco to fully repay their seasonal advances, and the Company may extend repayment of those advances into future crop years. The long-term portion of advances is included in other noncurrent assets in the consolidated balance sheets. Both the current and the long-term portions of advances to tobacco suppliers are reported net of allowances recorded when the Company determines that amounts outstanding are not likely to be collected. Short-term and long-term advances to tobacco suppliers totaled approximately $153 million at March 31, 2022 and $144 million at March 31, 2021. The related valuation allowances totaled $19 million at March 31, 2022, and $18 million at March 31, 2021, and were estimated based on the Company’s historical loss information and crop projections. The allowances were increased by net provisions for estimated uncollectible amounts of approximately $6.0 million in fiscal year 2022, $5.5 million in fiscal year 2021, and $1.0 million in fiscal year 2020. These net provisions are included in selling, general, and administrative expenses in the consolidated statements of income. Interest on advances is recognized in earnings upon the farmers’ delivery of tobacco in payment of principal and interest. Advances on which interest accrual had been discontinued totaled approximately $4 million at both March 31, 2022 and 2021.

Inventories

Inventories are valued at the lower of cost or net realizable value. Raw materials primarily consist of unprocessed leaf tobacco, which is clearly identified by type and grade at the time of purchase. The Company tracks the costs associated with this tobacco in the final product lots, and maintains this identification through the time of sale. This method of cost accounting is referred to as the specific cost or specific identification method. The predominant cost component of the Company’s inventories is the cost of the unprocessed tobacco. Direct and indirect processing costs related to these raw materials are capitalized and allocated to inventory in a systematic manner. The Company does not capitalize any interest or sales-related costs in inventory. Freight costs are recorded in cost of goods sold. Other inventories consist primarily of unprocessed and processed food and vegetable ingredients, extracts, seed, fertilizer, packing materials, and other supplies, and are valued using the specific cost method.

Recoverable Value-Added Tax Credits

In many foreign countries, the Company’s local operating subsidiaries pay significant amounts of value-added tax (“VAT”) on purchases of unprocessed and processed tobacco, crop inputs, packing materials, and various other goods and services. In some countries, VAT is a national tax, and in other countries it is assessed at the state level. Items subject to VAT vary from jurisdiction to jurisdiction, as do the rates at which the tax is assessed. When tobacco is sold to customers in the country of origin, the operating subsidiaries generally collect VAT on those sales. The subsidiaries are normally permitted to offset their VAT payments against the collections and remit only the incremental VAT collections to the tax authorities. When tobacco is sold for export, VAT is normally not assessed. In countries where tobacco sales are predominately for export markets, VAT collections generated on downstream sales are often not sufficient to fully offset the subsidiaries’ VAT payments. In those situations, unused VAT credits can accumulate. Some jurisdictions have procedures that allow companies to apply for refunds of unused VAT credits from the tax authorities, but the refund process often takes an extended period of time, and it is not uncommon for refund applications to be challenged or rejected in part on technical grounds. Other jurisdictions may permit companies to sell or transfer unused VAT credits to third parties in private transactions, although approval for such transactions must normally be obtained from the tax authorities, limits on the amounts that can be transferred may be imposed, and the proceeds realized may be heavily discounted from the face value of the credits. Due to these factors, local operating subsidiaries in some countries can accumulate significant balances of VAT credits over time. The Company reviews these balances on a regular basis and records valuation allowances on the credits to reflect amounts that are not expected to be recovered, as well as discounts anticipated on credits that are expected to be sold or transferred. At March 31, 2022 and 2021, the aggregate balances of recoverable tax credits held by the Company’s subsidiaries totaled approximately $67 million and $49 million, respectively, and the related valuation allowances totaled approximately $21 million and $19 million, respectively. The net balances are reported in other current assets and other noncurrent assets in the consolidated balance sheets.

Property, Plant and Equipment

Depreciation of property, plant and equipment is based upon historical cost and the estimated useful lives of the assets. Depreciation is calculated primarily using the straight-line method. Buildings include processing and blending facilities, offices, and warehouses. Machinery and equipment consists of processing and packing machinery and transport, office, and computer equipment. Estimated useful lives range as follows: buildings - 15 to 40 years; processing and packing machinery - 3 to 11 years; transport equipment - 3 to 10 years; and office and computer equipment - 3 to 12 years. Where applicable and material in amount, the Company capitalizes related interest costs during periods that property, plant and equipment are being constructed or made ready for service. No interest was capitalized in fiscal years 2022, 2021, or 2020.

Leases

The Company determines if an arrangement meets the definition of a lease at inception. The Company, as a lessee, enters into operating leases for land, buildings, equipment, and vehicles. For all operating leases with terms greater than 12 months and with fixed payment arrangements, a lease liability and corresponding right-of-use asset are recognized in the balance sheet for the term of the lease by calculating the net present value of future lease payments. On the date of lease commencement, the present value of lease liabilities is determined by discounting the future lease payments by the Company’s collateralized incremental borrowing rate, adjusted for the lease term and currency of the lease payments. If a lease contains a renewal option that the Company is reasonably certain to exercise, the Company accounts for the original lease term and expected renewal term in the calculation of the lease liability and right-of-use asset. Certain of the Company’s leases include both lease and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component, as the Company has elected the practical expedient to group lease and non-lease components for real estate leases.

Goodwill and Other Intangibles

Goodwill and other intangibles are disclosed in Note 7. Goodwill principally consists of the excess of the purchase price of acquired companies over the fair value of the net assets. Goodwill is carried at the lower of cost or fair value and is reviewed for potential impairment on an annual basis as of the end of the fiscal year. Accounting Standards Codification Topic 350 (“ASC 350”) permits companies to base their initial assessments of potential goodwill impairment on qualitative factors, and the Company elected to use that approach at March 31, 2022 and 2021. Those factors did not indicate that it was more likely than not that the fair value of any of the reporting units was less than their respective carrying value, therefore no potential impairment of the Company's recorded goodwill was noted as of those dates.

Reporting units are distinct operating subsidiaries or groups of subsidiaries that typically compose the Company’s business in a specific country or location. Goodwill is allocated to reporting units based on the country or location to which a specific acquisition relates, or by allocation based on expected future cash flows if the acquisition relates to more than one country or location. The majority of the Company’s goodwill relates to its reporting unit in Brazil and reporting units in the Ingredients operating segment. See Notes 2 and 7 for additional information. Significant adverse changes in the operations or estimated future cash flows for a reporting unit with recorded goodwill could result in an impairment charge.

Other intangibles principally consists of finite lived intangible assets including customer-related intangibles, trade names, developed technology, and noncompetition agreements. Intangible assets acquired in a business combination are recorded at fair value using a discounted cash flow approach. A discounted cash flow approach to value intangible assets requires assumptions about the timing, amount, and probability of future net cash flows, as well as the discount rate and market participant considerations. Other intangibles are amortized on a straight-line basis over the intangible asset's economic life.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment, disclosed in Note 4 and Note 12, whenever events, changes in business conditions, or other circumstances provide an indication that such assets may be impaired. Potential impairment is initially assessed by comparing management’s undiscounted estimates of future cash flows from the use or disposition of the assets to their carrying value. If the carrying value exceeds the undiscounted cash flows, an impairment charge is recorded to reduce the carrying value of the asset to its fair value determined in accordance with the accounting guidance. In many cases, this involves the use of discounted cash flow models that are not based on observable market data from independent sources (Level 3 of the fair value hierarchy under the accounting guidance).

Income Taxes

The Company provides deferred income taxes on temporary differences between the book and tax basis of its assets and liabilities. Those differences arise principally from employee benefit accruals, depreciation, deferred compensation, undistributed earnings of unconsolidated affiliates, undistributed earnings of foreign subsidiaries, goodwill, intangibles, and valuation allowances on farmer advances and VAT credits. Income taxes provided on pretax amounts recorded in accumulated other comprehensive income (loss) are released when the related pretax amounts are reclassified to earnings. Additional disclosures related to the Company's income taxes are disclosed in Note 6.

Fair Values of Financial Instruments

The fair value of the Company’s long-term debt, disclosed in Note 12, approximates the carrying amount since the variable interest rates in the underlying credit agreement reflect the market interest rates that were available to the Company at March 31, 2022. In periods when fixed-rate obligations are outstanding, fair values are estimated using market prices where they are available or discounted cash flow models based on current incremental borrowing rates for similar classes of borrowers and borrowing arrangements. The fair values of interest rate swap agreements designated as cash flow hedges and used to fix the variable benchmark rate on outstanding long-term debt are determined separately and recorded in other long-term liabilities. Except for interest rate swaps and forward foreign currency exchange contracts that are discussed below, the fair values of all other assets and liabilities that qualify as financial instruments approximate their carrying amounts.

Derivative Financial Instruments

The Company recognizes all derivatives on the balance sheet at fair value. Interest rate swaps and forward foreign currency exchange contracts are used from time to time to manage interest rate risk and foreign currency risk. The Company enters into such contracts only with counterparties of good standing. The credit exposure related to non-performance by the counterparties and the Company is considered in determining the fair values of the derivatives, and the effect has not been material to the financial statements or operations of the Company. Additional disclosures related to the Company’s derivatives and hedging activities are provided in Note 11.

Translation and Remeasurement of Foreign Currencies

The financial statements of foreign subsidiaries having the local currency as the functional currency are translated into U.S. dollars using exchange rates in effect at period end for assets and liabilities and average exchange rates applicable to each reporting period for results of operations. Adjustments resulting from translation of financial statements are reflected as a separate component of other comprehensive income or loss. The financial statements of foreign subsidiaries having the U.S. dollar as the functional currency, with certain transactions denominated in a local currency, are remeasured into U.S. dollars. The remeasurement of local currency amounts into U.S. dollars creates remeasurement gains and losses that are included in earnings as a component of selling, general, and administrative expenses. The Company recognized net remeasurement losses of $19.0 million and $16.4 million in fiscal years 2022 and 2020 , and net remeasurement gains of $8.5 million in fiscal year 2021.

Foreign currency transactions and forward foreign currency exchange contracts that are not designated as hedges generate gains and losses when they are settled or when they are marked-to-market under the prescribed accounting guidance. These transaction gains and losses are also included in earnings as a component of selling, general, and administrative expenses. The Company recognized net foreign currency transaction gains of $18.0 million in fiscal year 2022 and net foreign currency transaction losses of $1.4 million and $2.9 million in fiscal years 2021 and 2020, respectively.

Revenue Recognition

Revenue is recognized when the Company completes its performance obligation for the transfer of products and services under its contractual arrangements with customers. For sales of tobacco, satisfaction of the performance obligation and recognition of the corresponding revenue is based on the transfer of the ownership and control of the product to the customer, which is substantially unchanged from the previous accounting guidance. A large percentage of the Company’s sales are to major multinational manufacturers of consumer tobacco products. The Company works closely with those customers to understand and plan for their requirements for volumes, styles, and grades of leaf tobacco from its various growing regions, and extensive coordination is maintained on an ongoing basis to determine and satisfy their requirements for transfer of ownership and physical shipment of processed tobacco. The customers typically specify, in sales contracts and in shipping documents, the precise terms for transfer of title and risk of loss for the tobacco. Customer returns and rejections are not significant, and the Company’s sales history indicates that customer-specific acceptance provisions are consistently met upon transfer of title and risk of loss.

While most of the Company’s revenue is derived from tobacco that is purchased from farmers, processed and packed in its factories, and then sold to customers, some revenue is earned from processing tobacco owned by customers and from other value-added services. The arrangements for processing services usually exist in specific markets where the customers contract directly with farmers for leaf production, and they have accounted for less than 5% of total revenue on an annual basis through the

fiscal year ended March 31, 2022. Processing and packing of leaf tobacco is a short-duration process. Under normal operating conditions, raw tobacco that is placed into the production line exits as processed and packed tobacco within one hour, and is then later transported to customer-designated storage facilities. The revenue for these services is recognized when the performance obligation is met upon the completion of processing, and the Company's operating history indicates that customer requirements for processed tobacco are consistently met upon completion of processing.

The Company has diversified its operations through acquisition of established companies that offer customers a wide range of both liquid and dehydrated fruit and vegetable ingredient products, as well as botanical extracts and flavors. These operations procure raw materials from domestic and international growers and suppliers and through a variety of processing steps (including sorting, cleaning, pressing, mixing, extracting, and blending), manufacture finished goods utilized in both human and pet food. The contracts for food ingredients with customers create a performance obligation to transfer the manufactured finished goods to the customer. Transaction prices for the sale of food ingredients are primarily based on negotiated fixed prices. At the point in time that the customer obtains control over the finished product, which is typically aligned with physical shipment under the contractual terms with the customer, the Company completes its performance obligation and recognizes the revenue for the sale.

Additional disclosures related to the Company's revenue from contracts with customers are provided in Note 3.

Stock-Based Compensation

Share-based payments, such as grants of restricted stock units, performance share units, restricted stock, stock appreciation rights, and stock options, are measured at fair value and reported as expense in the financial statements over the requisite service period. Additional disclosures related to stock-based compensation are included in Note 15.

Estimates and Assumptions

The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Accounting Pronouncements

Pronouncements Adopted in Fiscal Year 2021

The Company adopted FASB Accounting Standards Update No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) effective April 1, 2020. ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company determined that the update applied to trade receivables, but that there was no material impact to the consolidated financial statements from the adoption of ASU 2016-13.

The Company adopted FASB Accounting Standards Update No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of FASB Emerging Issues Task Force)” (“ASU 2018-15”) effective April 1, 2020. ASU 2018-15 aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. Under that model, implementation costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred. Capitalized implementation costs are amortized over the term of the associated hosted cloud computing arrangement service contract on a straight-line basis, unless another systematic and rational basis is more representative of the pattern in which the entity expects to benefit from its right to access the hosted software. Capitalized implementation costs would then be assessed for impairment in a manner similar to long-lived assets. There was no material impact to the consolidated financial statements from the adoption of ASU 2018-15.

Pronouncements Adopted in Fiscal Year 2022

The Company adopted FASB issued Accounting Standards Update No. 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) effective April 1, 2021. ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The updated guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. There was no material impact to the consolidated financial statements from the adoption of ASU 2019-12.

Pronouncements to be Adopted in Future Periods

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions related to contract modifications and hedge accounting to address the transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance permits an entity to consider contract modification due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. ASU 2020-04 also temporarily allows hedge relationships to continue without de-designation upon changes due to reference rate reform. The standard is effective upon issuance and can be applied as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that the guidance will have on its consolidated financial statements.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Business Combinations

12 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

BUSINESS COMBINATIONS

Acquisition of Shank's Extracts, LLC

On October 4, 2021, the Company acquired 100% of the capital stock of Shank's Extract's, LLC (“Shank's”), a flavors and extracts processing company, for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition. The acquisition of Shank's diversifies the Company's product offerings and generates new opportunities for its plant-based ingredients platform.

The goodwill and intangibles recognized for the Shank's acquisition are deductible for U.S. income tax purposes. The transaction was treated as an asset acquisition for U.S. Federal tax purposes, resulting in a step-up of tax basis to fair value.

For the fiscal year ended March 31, 2022, the Company incurred $2.3 million for acquisition-related transaction costs for the purchase of Shank's. The acquisition-related costs were expensed as incurred and recorded in selling, general, and administrative expense on the consolidated statements of income.

In November 2021, the Company acquired the land and buildings utilized by Shank's operations for $13.3 million. The purchase of the land and buildings resulted in the elimination of the $8.5 million operating lease right-of-use asset and lease liability recognized on the acquisition date for Shank's.

Acquisition of Silva International, Inc.

On October 1, 2020 the Company acquired 100% of the capital stock of Silva International, Inc. ("Silva"), a natural, specialty dehydrated vegetable, fruit, and herb processing company serving global markets, for approximately $164 million in cash and $5.9 million of additional working capital on-hand at the date of acquisition. The acquisition of Silva diversified the Company's product offerings and generates new opportunities for its plant-based ingredients platform. The tax basis of the assets acquired and liabilities assumed did not result in a step-up of tax basis and the related goodwill is not deductible for U.S. income tax purposes.

The Company continues to employ one of Silva's selling shareholders and as stipulated in the Silva purchase agreement has transferred $6.0 million to a third-party escrow account that may ultimately be earned by the selling shareholder upon completion of a post-combination service period. Since the compensation agreement for the selling shareholder who remains employed with the Company includes a post-combination service period, the Company excluded the entire $6.0 million in the purchase price to be allocated. The $6.0 million in escrow is recognized as restricted cash in other noncurrent assets on the consolidated balance sheet at March 31, 2022. The contingent consideration arrangement for the selling shareholder includes a post-combination service requirement and forfeitable payment provisions, therefore under ASC Topic 805, “Business Combinations,” must be treated as compensation expense and recognized ratably over the requisite service period in selling, general, and administrative expense on the consolidated statements of income.

For the fiscal year ended March 31, 2021, the Company incurred $3.9 million for acquisition-related transaction costs for the purchase of Silva. The acquisition-related costs were expensed as incurred and recorded in selling, general, and administrative expense on the consolidated statements of income.

The following table summarizes the final purchase price allocations of the assets acquired and liabilities assumed for the Shank's and Silva acquisitions.


	Shank's		Silva
Assets	October 4, 2021		October 1, 2020
Cash and cash equivalents	$	754	$	8,126
Accounts receivable, net	6,643		17,885
Advances to suppliers, net	—		3,011
Inventory	15,792		33,162
Other current assets	415		833
Property, plant and equipment	11,000		24,437
Operating lease right-of-use assets	8,531		—
Intangibles
Customer relationships	24,000		53,000
Developed technology	4,500		—
Trade names	—		7,800
Non-compete agreements	3,000		—
Goodwill	41,061		46,144
Total assets acquired	115,696		194,398

Liabilities
Accounts payable and accrued expenses	6,159		11,683
Customer advances and deposits	351		—
Accrued compensation	655		3,350
Income taxes payable	—		946
Current portion operating lease liabilities	8,531		—
Deferred income taxes	—		14,419
Total liabilities assumed	15,696		30,398

Total assets acquired and liabilities assumed	$	100,000	$	164,000

A portion of the goodwill recorded as part of the acquisitions was attributable to the assembled workforce of Shank's and Silva, respectively. The Company determined the Shank's and Silva operations were not material to the Company’s consolidated results. Therefore, pro forma information is not presented.

Revenue from Contracts with Customers Revenue from Contracts with Customers

12 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

REVENUE FROM CONTRACTS WITH CUSTOMERS

The majority of the Company’s consolidated revenue consists of sales of processed leaf tobacco to customers. The Company also earns revenue from processing leaf tobacco owned by customers and from various other services provided to customers. Additionally, the Company has fruit and vegetable processing operations, as well as flavor and extract services that provide customers with a range of food ingredient products. Payment terms with customers vary depending on customer creditworthiness, product types, services provided, and other factors. Contract durations and payment terms for all revenue categories generally do not exceed one year. Therefore, the Company has applied a practical expedient to not adjust the transaction price for the effects of financing components, as the Company expects that the period from the time the revenue for a transaction is recognized to the time the customer pays for the related good or service transferred will be one year or less. Below is a description of the major revenue-generating categories from contracts with customers.

Tobacco Sales

The majority of the Company’s business involves purchasing leaf tobacco from farmers in the origins where it is grown, processing and packing the tobacco in its factories, and then transferring ownership and control of the tobacco to customers. On a much smaller basis, the Company also sources processed tobacco from third-party suppliers for resale to customers. The contracts for tobacco sales with customers create a performance obligation to transfer tobacco to the customer. Transaction prices for the sale of tobaccos are primarily based on negotiated fixed prices, but the Company does have a small number of cost-plus contracts with certain customers. Cost-plus arrangements provide the Company reimbursement of the cost to purchase and process the

tobacco, plus a contractually agreed-upon profit margin. The Company utilizes the most likely amount methodology under the accounting guidance to recognize revenue for cost-plus arrangements with customers. Shipping and handling costs under tobacco sales contracts with customers are treated as fulfillment costs and included in the transaction price. Taxes assessed by government authorities on the sale of leaf tobacco products are excluded from the transaction price. At the point in time that the customer obtains control over the tobacco, which is typically aligned with physical shipment under the contractual terms with the customer, the Company completes its performance obligation and recognizes the revenue for the sale.

Ingredient Sales

In recent fiscal years, the Company has diversified operations through acquisition of established companies that offer customers a wide range of both liquid and dehydrated fruit and vegetable ingredient products, flavors, and extracts. These operations procure raw materials from domestic and international growers and suppliers and through a variety of processing steps including sorting, cleaning, pressing, mixing, extracting, and blending to manufacture finished goods utilized in both human and pet food. The contracts for food ingredients with customers create a performance obligation to transfer the manufactured finished goods to the customer. Transaction prices for the sale of food ingredients are primarily based on negotiated fixed prices. At the point in time that the customer obtains control over the finished product, which is typically aligned with physical shipment under the contractual terms with the customer, the Company completes its performance obligation and recognizes the revenue for the sale.

Processing Revenue

Processing and packing of customer-owned tobacco and ingredients is a short-duration process. Processing charges are primarily based on negotiated fixed prices per unit of weight processed. Under normal operating conditions, customer-owned raw materials that are placed into the production line exits as processed and packed product and is then later transported to customer-designated transfer locations. The revenue for these services is recognized when the performance obligation is satisfied, which is generally when processing is completed. The Company’s operating history and contract analyses indicate that customer requirements for processed tobacco and food ingredients products are consistently met upon completion of processing.

Other Sales and Revenue from Contracts with Customers

From time to time, the Company enters into various arrangements with customers to provide other value-added services that may include blending, chemical and physical testing of products, storage, sorting, and tobacco cutting services for select manufacturers. These other arrangements and operations are a much smaller portion of the Company’s business, and are separate and distinct contractual agreements from the Company’s tobacco and food ingredients sales or third-party processing arrangements with customers. The transaction prices and timing of revenue recognition of these items are determined by the specifics of each contract.

Disaggregation of Revenue from Contracts with Customers

The following table disaggregates the Company’s revenue by significant revenue-generating category:


	Fiscal Year Ended March 31,
	2022		2021		2020
Tobacco sales	$	1,703,330	$	1,715,066	$	1,759,769
Ingredient sales	250,595		127,393		22,014
Processing revenue	77,048		73,021		76,123
Other sales and revenue from contracts with customers	60,177		49,983		33,971
Total revenue from contracts with customers	2,091,150		1,965,463		1,891,877
Other operating sales and revenues	12,451		17,894		18,102
Consolidated sales and other operating revenues	$	2,103,601	$	1,983,357	$	1,909,979

Other operating sales and revenues consists principally of interest on advances to tobacco suppliers and dividend income from unconsolidated affiliates.

Major CustomersA material part of the Company’s business is dependent upon a few customers. The Company’s seven largest customers are Altria Group, Inc, British American Tobacco plc, China Tobacco International, Inc., Imperial Brands plc, Japan Tobacco, Inc., Philip Morris International, Inc., and Swedish Match AB. In the aggregate, these customers have accounted for more than 60% of consolidated revenue for each of the past three fiscal years. For the fiscal years ended March 31, 2022, 2021, and 2020, revenue from Imperial Brands plc accounted for revenue of approximately $380 million, $340 million, and $320 million, respectively, Philip Morris International, Inc. accounted for revenue of approximately $320 million, $460 million, and $500 million, respectively, and British American Tobacco plc accounted for revenue of approximately $260 million, $210 million, and $190 million, respectively. These customers do business with various affiliates in the Company’s Tobacco Operations segment. The loss of, or substantial reduction in business from, any of these customers could have a material adverse effect on the Company.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Restructuring Costs

12 Months Ended

Mar. 31, 2022

Restructuring Costs [Abstract]

Restructuring Costs

RESTRUCTURING AND IMPAIRMENT COSTS

During the fiscal years ended March 31, 2022, 2021, and 2020 Universal recorded restructuring and impairment costs related to business changes and various initiatives to adjust certain operations and reduce costs.

Fiscal Year Ended March 31, 2022

Tobacco Operations

As a result of efforts to exit the idled tobacco operations in Tanzania, the Company reevaluated the carrying values of property, plant, and equipment associated with the Tanzania operations. During the fiscal year ended March 31, 2022, the Company determined the carrying value exceeded the estimated fair value of those assets and recognized a $9.4 million impairment charge. See Note 19 for additional information.

During the fiscal year ended March 31, 2022, the Company also incurred $2.2 million of termination costs for the Tobacco Operations segment.

Ingredients Operations

During the fiscal year ended March 31, 2022, the Company recognized $1.2 million of net gains on the sale of the remaining property, plant, and equipment associated with the wind-down of the CIFI operations that was announced in fiscal year 2021.

Fiscal Year Ended March 31, 2021

Tobacco Operations

During the fiscal year ended March 31, 2021, the Company incurred $4.4 million of termination and impairment costs associated with the restructuring of tobacco buying and administrative operations in Africa, $1.2 million of combined termination costs in other regions, and a $0.9 million charge for the liquidation of an idled service entity in Tanzania. Total restructuring and impairments costs related to the Tobacco Operations segment were $6.5 million for the fiscal year ended March 31, 2021.

Ingredients Operations

In fiscal year 2021, the Company committed to a plan to wind-down its subsidiary, Carolina Innovative Food Ingredients, Inc. (“CIFI”), a sweet potato processing operation located in Nashville, North Carolina. The CIFI operation was a start-up project initially undertaken by the Company in fiscal year 2015. The decision to wind down CIFI was consistent with the Company’s capital allocation strategy to focus on delivering shareholder value through building and enhancing a plant-based ingredients platform, which includes integrating and exploring the synergies of recently acquired businesses, FruitSmart and Silva. The Company determined that CIFI was not a strategic fit for the platform’s long-term objectives. CIFI’s single-product focused processing facility and ongoing international pricing pressures, among other factors, created challenges that proved insurmountable. As a result of the decision to wind down the CIFI operations, the Company paid termination benefits totaling approximately $0.6 million to employees whose permanent positions were eliminated. In addition to the termination costs, the Company recognized various other costs associated with the wind-down of the CIFI facility. These costs include impairments of property, plant, and equipment (including the factory building), as well as inventory and supply write-downs. The total restructuring and impairment charge incurred for the CIFI wind-down was $16.1 million for the fiscal year ended March 31, 2021.

Fiscal Year Ended March 31, 2020

Tobacco Operations

In fiscal year 2020, the Company recorded restructuring and impairment costs totaling $7.5 million, primarily related to $3.4 million of employee termination benefits for a voluntary workforce reduction at the Company's tobacco facilities in North Carolina, $1.8 million of employee termination benefits for the Company’s operations in Africa, and a $2.2 million impairment charge for machinery used by the Company's operations in Africa. Restructuring and impairment costs were also incurred in connection with downsizing efforts at several other locations around the Company.

A summary of the restructuring and impairment costs incurred during the fiscal years ended March 31, 2022, 2021, and 2020 is as follows:


	Fiscal Years Ended March 31,
	2022		2021		2020
Restructuring Costs:
Employee termination benefits	$	2,174	$	5,237	$	5,356
Other restructuring costs	(24)		3,468		—
	2,150		8,705		5,356
Impairment Costs:
Property, plant, and equipment and other noncurrent assets	8,307		13,872		2,187

	$	8,307	$	13,872	$	2,187
Total restructuring and impairment costs	$	10,457	$	22,577	$	7,543

A reconciliation of the Company’s liability for employee termination benefits and other restructuring costs for fiscal years 2020 through 2022 is as follows:


	Employee Termination Benefits	Other Costs	Total
Balance at April 1, 2019	$623	$223	$846
Fiscal Year 2020 Activity:
Costs charged to expense	5,356	—	5,356
Payments and write-offs	(2,564)	(223)	(2,787)
Balance at March 31, 2020	3,415	—	3,415
Fiscal Year 2021 Activity:
Costs charged to expense	5,237	3,468	8,705
Payments and write-offs	(7,282)	(2,855)	(10,137)
Balance at March 31, 2021	1,370	613	1,983
Fiscal Year 2022 Activity:
Costs charged to expense	2,174	(24)	2,150
Payments and write-offs	(3,544)	(589)	(4,133)
Balance at March 31, 2022	$—	$—	$—

Universal continually reviews its business for opportunities to realize efficiencies, reduce costs, and realign its operations in response to business changes. The Company may incur additional restructuring and impairment costs in future periods as business changes occur and additional cost savings initiatives are implemented.

Earnings Per Share

12 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


	Fiscal Year Ended March 31,
(in thousands, except share and per share data)	2022		2021		2020
Basic Earnings Per Share
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$	86,577	$	87,410	$	71,680




Denominator for basic earnings per share
Weighted average shares outstanding	24,764,177		24,656,009		24,982,259

Basic earnings per share	$	3.50	$	3.55	$	2.87

Diluted Earnings Per Share
Numerator for diluted earnings per share
Net income attributable to Universal Corporation	$	86,577	$	87,410	$	71,680




Denominator for diluted earnings per share:
Weighted average shares outstanding	24,764,177		24,656,009		24,982,259
Effect of dilutive securities

Employee and outside director share-based awards	158,719		132,557		124,092
Denominator for diluted earnings per share	24,922,896		24,788,566		25,106,351

Diluted earnings per share	$	3.47	$	3.53	$	2.86

Income Taxes

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company operates in the United States and many foreign countries and is subject to the tax laws of many jurisdictions. Changes in tax laws or the interpretation of tax laws can affect the Company’s earnings, as can the resolution of pending and contested tax issues. The Company's consolidated effective income tax rate is affected by a number of factors, including the mix of domestic and foreign earnings and the effect of exchange rate changes on local taxable income and deferred taxes in foreign countries.

For fiscal years ended March 31, 2022, 2021, and 2020 the Company's U.S. federal statutory tax rate is 21.0%. The U.S. tax system is primarily territorial based after the enactment of the Tax Cuts and Jobs Act of 2017. The U.S. tax law imposes a tax on U.S. shareholders on certain low-taxed income earned by controlled foreign corporations, referred to as global intangible low-taxed income ("GILTI”). The Company has made an accounting policy election to account for any additional tax resulting from the GILTI provisions in the year in which it is incurred and has not recorded any deferred taxes on temporary book-tax differences related to this income.

The Company continues to assume repatriation of all undistributed earnings of its consolidated foreign subsidiaries and has therefore provided for expected foreign withholding taxes on the distribution of those earnings where applicable, net of any U.S. tax credit attributable to those withholding taxes. The Company has asserted permanent reinvestment of the book basis of certain foreign subsidiaries, and accordingly, no deferred income tax liability has been recorded for any potential taxable gain that may be realized on a future disposition or liquidation of any of those subsidiaries. It is not practicable for the Company to quantify any deferred income tax liability that would be attributable to those events.

Income Tax Expense

Income taxes for the fiscal years ended March 31, 2022, 2021, and 2020 consisted of the following:


	Fiscal Year Ended March 31,
	2022		2021		2020
Current
United States	$	15,042	$	9,500	$	2,001
State and local	265		621		92
Foreign	25,828		21,626		41,892
	41,135		31,747		43,985
Deferred
United States	(498)		(5,938)		3,735
State and local	1,568		(314)		(16)
Foreign	(3,542)		3,917		(12,416)
	(2,472)		(2,335)		(8,697)
Total	$	38,663	$	29,412	$	35,288

Foreign taxes include any applicable U.S. tax expense on the earnings of foreign subsidiaries.

Consolidated Effective Income Tax Rate

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.0		0.2		0.1



Foreign earnings taxed at rates other than the U.S. federal statutory tax rate	3.7		(0.9)		(2.0)
Foreign dividend withholding taxes	2.3		5.3		5.1




Changes in uncertain tax positions	(0.3)		—		5.6
Other	(0.5)		(2.2)		1.3
Effective income tax rate	27.2	%	23.4	%	31.1	%

In fiscal year 2022, the Company recognized a $1.7 million benefit related to a final tax law ruling at a foreign subsidiary.

Final United States GILTI regulations published in July 2020 significantly changed from the proposed regulations published in 2019. The final regulations allow for an annual election for GILTI high-tax exclusion instead of a 5-year election and permitted retroactive application to years beginning after December 31, 2017. Universal elected to apply the final regulations to fiscal years 2019 and 2020 which resulted in a tax reduction of $2.7 million. In fiscal year 2021, the Company also recognized a $4.4 million net tax benefit for final U.S. tax regulations issued for hybrid dividends paid by foreign subsidiaries.

During fiscal year 2020, the Company resolved a transfer pricing matter related to a foreign subsidiary. The resolution of the uncertainty with the local country taxing authorities resulted in net additional current income tax expense of $2.8 million. The additional income tax expense for fiscal year 2020 increased the effective tax rate for the year by 2.4%

Components of Income Before Income Taxes

The U.S. and foreign components of income before income taxes were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
United States	$	74,553	$	30,060	$	22,916
Foreign	67,714		95,666		90,375
Total	$	142,267	$	125,726	$	113,291

Deferred Income Tax Liabilities and Assets

Significant components of deferred tax liabilities and assets were as follows:


	March 31,
	2022		2021
Liabilities
Foreign withholding taxes	$	19,353	$	21,711
Property, plant and equipment	10,567		8,726
Undistributed earnings	3,004		2,947
Operating lease right-of-use assets	6,621		6,856
Goodwill and other intangible assets	34,584		35,059
Local currency exchange gains of foreign subsidiaries	4,094		—
All other	3,414		4,876
Total deferred tax liabilities	$	81,637	$	80,175

Assets
Employee benefit plans	$	16,138	$	17,199
Reserves and accruals	9,844		7,603
Deferred income	4,127		3,521
Operating lease right-of-use liabilities	6,538		6,718
Currency translation losses of foreign subsidiaries	2,173		2,173
Local currency exchange losses of foreign subsidiaries	595		450
Interest rate swap	302		5,178


All other	9,384		8,568
Total deferred tax assets	49,101		51,410
Valuation allowance	(3,182)		(4,080)
Net deferred tax assets	$	45,919	$	47,330

At March 31, 2022, the Company had no material net operating loss carryforwards in either its domestic or foreign operations.

Combined Income Tax Expense (Benefit)

The combined income tax expense (benefit) allocable to continuing operations and other comprehensive income was as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Continuing operations	$	38,663	$	29,412	$	35,288
Other comprehensive loss	6,555		9,563		(14,392)

Total	$	45,218	$	38,975	$	20,896

Uncertain Tax Positions

A reconciliation of the beginning and ending balance of the gross liability for uncertain tax positions is as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Liability for uncertain tax positions, beginning of year	$	2,437	$	2,377	$	5,625
Additions:
Related to tax positions for the current year	48		49		1,746
Related to tax positions for prior years	328		—		4,369
Reductions:


Due to lapses of statutes of limitations	(56)		(135)		(81)
Due to tax settlements	(814)		—		(8,948)

Effect of currency rate changes	81		146		(334)
Liability for uncertain tax positions, end of year	$	2,024	$	2,437	$	2,377

The liability for uncertain tax positions at March 31, 2022 includes approximately $2.0 million that could have an effect on the consolidated effective tax rate if the tax benefits are recognized. The liability for uncertain tax positions includes $0.1 million related to tax positions for which it is reasonably possible that the amounts could change significantly before March 31, 2023. This amount reflects a possible decrease in the liability for uncertain tax positions that could result from the completion and resolution of tax audits and the expiration of open tax years in various tax jurisdictions. The $0.8 million settlement in fiscal year 2022 represents the resolution of a tax matter with a local country taxing authority. The Company accrued $0.5 million of the fiscal year 2022 settlement in prior fiscal years. The settlement in fiscal year 2020 represents the resolution of a tax matter with a local country taxing authority that resulted in a $8.9 million settlement of which $4.5 million was accrued in prior fiscal years.

For the fiscal year ended March 31, 2021, the Company recognized $1.8 million as a component of interest expense related to a settlement of an uncertain tax position at a foreign subsidiary. Amounts accrued or reversed for interest were not material for fiscal years 2022 or 2020. Amounts accrued or reversed for penalties were not material for fiscal years 2022 through 2020, and liabilities recorded for penalties at March 31, 2022 and 2021 also were not material.

Universal and its subsidiaries file a U.S. federal consolidated income tax return, as well as returns in several U.S. states and a number of foreign jurisdictions. As of March 31, 2022, the Company's earliest open tax year for U.S. federal income tax purposes was its fiscal year ended March 31, 2018. Open tax years in U.S. federal, state and foreign jurisdictions range from 3 to 6 years.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Oct. 01, 2020

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLES

The Company's changes in goodwill at March 31, 2022 and 2021 consisted of the following:


(in thousands)	Fiscal Year Ended March 31,
	2022		2021
Balance at beginning of year	$	173,051	$	126,826
Acquisition of business(1) (2)	41,061		46,144
Foreign currency translation adjustment	(114)		81

Balance at end of year	$	213,998	$	173,051

(1) On October 4, 2021, the Company acquired 100% of the capital stock of Shank's for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition.. The Shank's acquisition resulted in $41.1 million of goodwill. See Note 2 for additional information.

(2) On October 1, 2020, the Company acquired 100% of the capital stock of Silva for approximately $164.0 million in cash and $5.9 million of working capital on-hand at the date of acquisition. The Silva acquisition resulted in $46.1 million of goodwill. See Note 2 for additional information.

The Company's intangible assets primarily consist of capitalized customer-related intangibles, trade names, proprietary developed technology and noncompetition agreements. The Company's intangible assets subject to amortization consisted of the following at March 31, 2022 and 2021:


(in thousands, except useful life)				Fiscal Year Ended March 31,
				2022						2021
	Useful Life (Years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships(1)(2)	11	-	13	$	86,500	$	(9,963)	$	76,537	$	62,500	$	(3,323)	$	59,177
Trade names(1)(2)		5		11,100		(3,825)		7,275		11,100		(1,605)		9,495
Developed technology(1)		3		9,300		(3,773)		5,527		4,800		(2,000)		2,800
Noncompetition agreements(1)		5		4,000		(825)		3,175		1,000		(250)		750
Other		5		736		(679)		57		760		(678)		82
Total intangible assets				$	111,636	$	(19,065)	$	92,571	$	80,160	$	(7,856)	$	72,304

(1) The Shank's acquisition resulted in $31.5 million of intangibles. See Note 2 for additional information.

(2) The Silva acquisition resulted in $60.8 million of intangibles. See Note 2 for additional information.

Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life as noted above.

The Company's amortization expense for intangible assets for the years ended March 31, 2022, 2021, and 2020:


(in thousands)	Fiscal Year Ended March 31,
	2022		2021		2020
Amortization Expense	$	11,209	$	6,460	$	722

Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated income statements of income. The amortization expense for the other intangible assets is recorded in selling, general, and administrative expenses in the consolidated income statements of income.

As of March 31, 2022, the expected future amortization expense for intangible assets is as follows:


Fiscal Year
2023	$	12,494
2024	11,256
2025	11,812
2026	8,452
2027 and thereafter	48,557
Total expected future amortization expense	$	92,571

Credit Facilities	12 Months Ended
Credit Facilities	Mar. 31, 2022
Line of Credit Facility [Abstract]
Credit Facilities	CREDIT FACILITIES Bank Credit Agreement On December 20, 2018, the Company entered into a senior unsecured bank credit agreement that included a $430 million five-year revolving credit facility (expiring December 20, 2023), a $150 million five-year term loan (due December 20, 2023), and a $220 million seven-year term loan (due December 20, 2025). On December 17, 2020, the Company converted $150 million from the balance in the revolving credit facility into the existing term loans, splitting the balance equally between them. Additional information related to the term loans is provided in Note 9. Borrowings under the revolving credit facility bear interest at a variable rate based on either (1) LIBOR plus a margin that is based on the Company's credit measures or (2) the higher of the federal funds rate plus 0.5%, prime rate, or one-month LIBOR plus 1.0%, each plus a margin. In addition to interest, the Company pays a facility fee on the revolving credit facility. $100 million was outstanding under the revolving credit facility at March 31, 2022. The credit agreement provides for an expansion of the facility under certain conditions to allow additional borrowings of up to $200 million. The credit agreement includes financial covenants that require the Company to maintain a minimum level of tangible net worth and observe limits on debt levels. The Company was in compliance with those covenants at March 31, 2022. Short-Term Credit Facilities The Company maintains short-term uncommitted lines of credit in the United States and in a number of foreign countries. Foreign borrowings are generally in the form of overdraft facilities at rates competitive in the countries in which the Company operates. Generally, each foreign line is available only for borrowings related to operations of a specific country. As of March 31, 2022 and 2021, approximately $83 million and $101 million, respectively, were outstanding under these uncommitted lines of credit. The weighted-average interest rates on short-term borrowings outstanding as of March 31, 2022 and 2021 were approximately 2.7% and 4.2%, respectively. At March 31, 2022, the Company and its consolidated affiliates had unused uncommitted lines of credit totaling approximately $200 million.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Long-term Debt [Text Block]

Long-Term Debt

12 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

The Company's long-term debt at March 31, 2022 and 2021 consisted of the following:


	March 31,
	2022		2021
Senior bank term loans	$	520,000	$	520,000



Less: current portion	—		—
Less: unamortized debt issuance costs	(1,453)		(1,828)
Long-term debt	$	518,547	$	518,172

As discussed in Note 8, on December 20, 2018, the Company entered into a bank credit agreement. The credit agreement includes a five-year term loan maturing in December 2023 and a seven-year term loan maturing in December 2025. At inception, the five-year and seven-year term loans had balances of $150 million and $220 million, respectively. On December 17, 2020, the Company converted $150 million from the balance in the revolving credit facility, split equally between the two term loans. Both term loans were fully funded at closing, require no amortization, and are prepayable without penalty prior to maturity. Under the credit agreement, both term loans bear interest at variable rates plus a margin based on the Company's credit measures. Interest payments on the additional $150 million of new term loans in fiscal year 2021 remain unhedged at March 31, 2022.

As discussed in Note 11, the Company had receive-floating/pay-fixed interest rate swap agreements in place with respect to prior loans that were initially designated and carried over to hedge the variable interest payments on the new loans. Those swap agreements were subsequently terminated in February 2019 and concurrently replaced with new interest rate swap agreements that convert the variable benchmark rate to a fixed rate through December 20, 2023 for the five-year term loan and through December 20, 2025 for the seven-year term loan. The proceeds received for the fair value of the terminated interest rate swap agreements, approximately $5.4 million, was recognized in accumulated other comprehensive income, to be amortized into earnings as a reduction of interest expense through their original maturity dates. At March 31, 2022, the entire gain from the terminated interest rate swap agreements has been amortized into interest expense. With the swap agreements in place, the effective interest rates on the original $150 million five-year loan balance and the original $220 million seven-year loan balance were 4.19% and 4.51% at March 31, 2022, respectively. The weighted average effective interest rates, when taking into consideration both the hedged and unhedged interest payments for all outstanding long-term debt, were 3.36% and 3.84% at March 31, 2022 for the five-year and seven-year term loans, respectively. Changes in the effective interest rates could result from a change in interest rates on the unhedged interest payments or a change in the Company's credit measures that impact the applicable credit spreads specified in the underlying loan agreement.

Disclosures about the fair value of long-term debt are provided in Note 12.

Shelf Registration

In November 2020, the Company filed an undenominated automatic universal shelf registration statement with the U.S. Securities and Exchange Commission to provide for the future issuance of an undefined amount of additional debt or equity securities as determined by the Company and offered in one or more prospectus supplements prior to issuance.

Leases

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lessee, Operating Leases

LEASES

The Company, as a lessee, enters into operating leases for land, buildings, equipment, and vehicles. For all operating leases with terms greater than 12 months and with fixed payment arrangements, a lease liability and corresponding right-of-use asset are recognized in the balance sheet for the term of the lease by calculating the net present value of future lease payments. On the date of lease commencement, the present value of lease liabilities is determined by discounting the future lease payments by the Company’s collateralized incremental borrowing rate, adjusted for the lease term and currency of the lease payments. If a lease contains a renewal option that the Company is reasonably certain to exercise, the Company accounts for the original lease term and expected renewal term in the calculation of the lease liability and right-of-use asset.

The following table sets forth the right-of-use assets and lease liabilities for operating leases included in the Company’s consolidated balance sheet:


(in thousands)	March 31, 2022		March 31, 2021

Assets
Operating lease right-of-use assets	$	40,243	$	31,230

Liabilities
Current portion of operating lease liabilities	$	10,303	$	7,898
Long-term operating lease liabilities	29,617		19,725
Total operating lease liabilities	$	39,920	$	27,623

The following table sets forth the location and amount of operating lease costs included in the Company's consolidated statement of income:


	Fiscal Year Ended March 31,		Fiscal Year Ended March 31,
(in thousands)	2022		2021

Income Statement Location
Cost of goods sold	$	10,874	$	12,903
Selling, general, and administrative expenses	9,676		9,408
Total operating lease costs(1)	$	20,550	$	22,311

(1)Includes variable operating lease costs.

The following table reconciles the undiscounted cash flows to the operating lease liabilities in the Company’s consolidated balance sheet:


(in thousands)	March 31, 2022
Maturity of Operating Lease Liabilities
2023	$	11,977
2024	9,921
2025	7,783
2026	5,136
2027	3,895
2028 and thereafter	8,492
Total undiscounted cash flows for operating leases	$	47,204
Less: Imputed interest	(7,284)
Total operating lease liabilities	$	39,920

As of March 31, 2022, the Company had entered into no additional operating leases that have not yet commenced.

The following table sets forth supplemental information related to operating leases:


	Fiscal Year Ended March 31,			Fiscal Year Ended March 31,
(in thousands, except lease term and incremental borrowing rate)	2022			2021

Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities	$	12,018		$	12,855
Right-of-use assets obtained in exchange for new operating leases	22,506			10,970

Weighted Average Remaining Lease Term (years)	5.51			5.57

Weighted Average Collateralized Incremental Borrowing Rate	5.43		%	4.05		%

Derivatives And Hedging Activities

12 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives And Hedging Activities

DERIVATIVES AND HEDGING ACTIVITIES

Universal is exposed to various risks in its worldwide operations and uses derivative financial instruments to manage two specific types of risks – interest rate risk and foreign currency exchange rate risk. Interest rate risk has been managed by entering into interest rate swap agreements, and foreign currency exchange rate risk has been managed by entering into forward foreign currency exchange and option contracts. However, the Company’s policy also permits other types of derivative instruments. In addition, foreign currency exchange rate risk is also managed through strategies that do not involve derivative instruments, such as using local borrowings and other approaches to minimize net monetary positions in non-functional currencies. The disclosures below provide additional information about the Company’s hedging strategies, the derivative instruments used, and the effects of these activities on the consolidated statements of income and comprehensive income and the consolidated balance sheets. In the consolidated statements of cash flows, the cash flows associated with all of these activities are reported in net cash provided by operating activities.

Cash Flow Hedging Strategy for Interest Rate Risk

In February 2019, the Company entered into receive-floating/pay-fixed interest rate swap agreements that were designated and qualify as hedges of the exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on two outstanding non-amortizing bank term loans that were funded as part of a new bank credit facility in December 2018. Although no significant ineffectiveness is expected with this hedging strategy, the effectiveness of the interest rate swaps is evaluated on a quarterly basis. At March 31, 2022, the total notional amount of the interest rate swaps was $370 million, which corresponded with the former original outstanding balance of the term loans. During the third quarter of fiscal year 2021, the Company converted $150 million from the balance in its revolving credit line into the existing term loans, splitting the balance equally between them. At March 31, 2022, the Company is not hedging the interest payments on the additional $150

million of term loans. The increase to the principal balance of the term loans does not have an impact on the effectiveness analysis of the interest rate swap agreements.

Previously, the Company had receive-floating/pay-fixed interest rate swap agreements that were designated and qualified as cash flow hedges for two outstanding non-amortizing bank loans that were repaid concurrent with closing on the new bank credit facility. Those swap agreements were subsequently terminated in February 2019 concurrent with the inception of the new swap agreements. The fair value of the previous swap agreements, approximately $5.4 million, was received from the counterparties upon termination and was amortized from accumulated other comprehensive loss into earnings as a reduction of interest expense through the original maturity dates of those agreements. As of March 31, 2022, the entire deferred gain has been amortized.

Cash Flow Hedging Strategy for Foreign Currency Exchange Rate Risk Related to Forecast Purchases of Tobacco, Tobacco Processing Costs, and Crop Input Sales

The majority of the tobacco production in most countries outside the United States where Universal operates is sold in export markets at prices denominated in U.S. dollars. However, sales of crop inputs (such as seeds and fertilizers) to farmers, purchases of tobacco from farmers and most processing costs (such as labor and energy) in those countries are usually denominated in the local currency. Changes in exchange rates between the U.S. dollar and the local currencies where tobacco is grown and processed affect the ultimate U.S. dollar sales of crop inputs and cost of processed tobacco. From time to time, the Company enters into forward and option contracts to buy U.S. dollars and sell the local currency at future dates that coincide with the sale of crop inputs to farmers. In the case of forecast purchases of tobacco and the related processing costs, the Company enters into forward and option contracts to sell U.S. dollars and buy the local currency at future dates that coincide with the expected timing of a portion of the tobacco purchases and processing costs. These strategies offset the variability of future U.S. dollar cash flows for sales of crop inputs, tobacco purchases, and processing costs for the foreign currency notional amount hedged. These hedging strategies have been used mainly for tobacco purchases, processing costs, and sales of crop inputs in Brazil, although the Company has also entered into hedges for a portion of the tobacco purchases in Africa.

The aggregate U.S. dollar notional amount of forward and option contracts entered for these purposes during fiscal years 2022, 2021, and 2020 was as follows:


	Fiscal Year Ended March 31,
(in millions)	2022		2021		2020
Tobacco purchases	$	134.7	$	101.3	$	123.2
Processing costs	32.5		27.8		35.1
Crop input sales	65.3		23.5		21.7
Total	$	232.5	$	152.6	$	180.0

Fluctuations in exchange rates and in the amount and timing of fixed-price orders from customers for their purchases from individual crop years routinely cause variations in the U.S. dollar notional amount of forward contracts entered into from one year to the next. Contracts related to tobacco purchases and crop input sales were designated and qualified as hedges of the future cash flows associated with the forecast purchases of tobacco. As a result, changes in fair values of the forward contracts have been recognized in comprehensive income as they occurred, but only recognized in earnings as a component of cost of goods sold upon sale of the related tobacco to third-party customers. In fiscal year 2022, only non-deliverable forward contracts were utilized for the sale of 2023 and 2022 crop year inputs. Premium payments for option contracts entered into for the sale of crop inputs in fiscal year 2021 were expensed into earnings as incurred.

The table below presents the expected timing of when the remaining accumulated other comprehensive gains and losses as of March 31, 2022 for cash flows hedges of tobacco purchases and crop input sales will be recognized in earnings.


Hedging Program	Crop Year	Geographic Location(s)	Fiscal Year Earnings
Tobacco purchases	2023	Brazil	2024
Tobacco purchases	2022	Brazil, Africa	2023
Tobacco purchases	2021	Brazil	2023
Crop input sales	2023	Brazil	2024
Crop input sales	2022	Brazil	2023

Forward contracts related to processing costs have not been designated as hedges, and gains and losses on those contracts have been recognized in earnings on a mark-to-market basis.

Hedging Strategy for Foreign Currency Exchange Rate Risk Related to Net Local Currency Monetary Assets and Liabilities of Foreign Subsidiaries

Most of the Company’s foreign subsidiaries transact the majority of their sales in U.S. dollars and finance the majority of their operating requirements with U.S. dollar borrowings, and therefore use the U.S. dollar as their functional currency. These subsidiaries normally have certain monetary assets and liabilities on their balance sheets that are denominated in the local currency. Those assets and liabilities can include cash and cash equivalents, accounts receivable and accounts payable, advances to farmers and suppliers, deferred income tax assets and liabilities, recoverable VAT, operating lease liabilities, and other items. Net monetary assets and liabilities denominated in the local currency are remeasured into U.S. dollars each reporting period, generating gains and losses that the Company records in earnings as a component of selling, general, and administrative expenses. The level of net monetary assets or liabilities denominated in the local currency normally fluctuates throughout the year based on the operating cycle, but it is most common for monetary assets to exceed monetary liabilities, sometimes by a significant amount. When this situation exists and the local currency weakens against the U.S. dollar, remeasurement losses are generated. Conversely, remeasurement gains are generated on a net monetary asset position when the local currency strengthens against the U.S. dollar. To manage a portion of its exposure to currency remeasurement gains and losses, the Company enters into forward contracts to buy or sell the local currency at future dates coinciding with expected changes in the overall net local currency monetary asset position of the subsidiary. Gains and losses on the forward contracts are recorded in earnings as a component of selling, general, and administrative expenses for each reporting period as they occur, and thus directly offset the related remeasurement losses or gains in the consolidated statements of income for the notional amount hedged. The Company does not designate these contracts as hedges for accounting purposes. The contracts are generally arranged to hedge the subsidiary's projected exposure to currency remeasurement risk for specified periods of time, and new contracts are entered as necessary throughout the year to replace previous contracts as they mature. The Company is currently using forward currency contracts to manage its exposure to currency remeasurement risk in Brazil. The total notional amounts of contracts outstanding at March 31, 2022 and 2021, were approximately $59.5 million and $16.6 million, respectively. To further mitigate currency remeasurement exposure, the Company’s foreign subsidiaries may utilize short-term local currency financing during certain periods. This strategy, while not involving the use of derivative instruments, is intended to minimize the subsidiary’s net monetary position by financing a portion of the local currency monetary assets with local currency monetary liabilities, thus hedging a portion of the overall position.

Several of the Company’s foreign subsidiaries transact the majority of their sales and finance the majority of their operating requirements in their local currency, and therefore use their respective local currencies as the functional currency for reporting purposes. From time to time, these subsidiaries sell tobacco to customers in transactions that are not denominated in the functional currency. In those situations, the subsidiaries routinely enter into forward exchange contracts to offset currency risk for the period of time that a fixed-price order and the related trade account receivable are outstanding with the customer. The contracts are not designated as hedges for accounting purposes.

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, 2022, 2021, and 2020.


	Fiscal Year Ended March 31,
	2022		2021		2020









Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	15,651	$	3,033	$	(32,389)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(8,907)	$	(8,411)	$	(1,577)
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$	1,061	$	1,416	$	2,691
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	$	13,879	$	(272)	$	(13,646)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	5,426	$	(13,926)	$	1,108
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	$	2,040	$	—	$	—
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 - Forward Foreign Currency Exchange Contracts
Gain (loss) recognized in earnings	$	16,732	$	(872)	$	(4,013)
Location of gain (loss) recognized in earnings	Selling, general and administrative expenses

For the outstanding interest rate swap agreements, the effective portion of the gain or loss on the derivative is recorded in accumulated other comprehensive loss and any ineffective portion is recorded in selling, general and administrative expenses.

For the forward foreign currency exchange contracts designated as cash flow hedges of tobacco purchases in Brazil and Africa, as well as the crop input sales in Brazil, a net hedge gain of approximately $5.6 million remained in accumulated other comprehensive loss at March 31, 2022. That balance reflects gains and losses on contracts related to the 2023, 2022, and 2021 Brazil crops, the 2022 Africa crop, and the 2023 and 2022 Brazil crop input sales, less the amounts reclassified to earnings related to tobacco sold through March 31, 2022. Based on the hedging strategy, as the gain or loss is recognized in earnings, it is expected to be offset by a change in the direct cost for the tobacco or by a change in sales prices if the strategy has been mandated by the customer. Generally, margins on the sale of the tobacco will not be significantly affected.

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, 2022 and 2021:


	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,
		2022		2021			2022		2021
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	—	Other long-term liabilities	$	1,161	$	25,719

Forward foreign currency exchange contracts	Other current assets	10,957		1,137		Accounts payable and accrued expenses	3,200		1,031
Total		$	10,957	$	1,137		$	4,361	$	26,750

Derivatives Not Designated as Hedging Instruments
Forward foreign currency exchange contracts	Other current assets	$	13,111	$	435	Accounts payable and accrued expenses	$	64	$	791
Total		$	13,111	$	435		$	64	$	791

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.

Fair Value Measurements

12 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE MEASUREMENTS

Universal measures certain financial and nonfinancial assets and liabilities at fair value based on applicable accounting guidance. The financial assets and liabilities measured at fair value include money market funds, trading securities associated with deferred compensation plans, interest rate swap agreements, forward foreign currency exchange contracts, and guarantees of bank loans to tobacco growers. The application of the fair value guidance to nonfinancial assets and liabilities primarily includes the determination of fair values for goodwill and long-lived assets when indicators of potential impairment are present.

Under the accounting guidance, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The framework for measuring fair value is based on a fair value hierarchy that distinguishes between observable inputs and unobservable inputs. Observable inputs are based on market data obtained from independent sources. Unobservable inputs require the Company to make its own assumptions about the value placed on an asset or liability by market participants because little or no market data exists. There are three levels within the fair value hierarchy.


Level						Description

1						quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date;

2						quoted prices in active markets for similar assets or liabilities, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and

3						unobservable inputs for the asset or liability.

As permitted under the accounting guidance, the Company uses net asset value per share ("NAV") as a practical expedient to measure the fair value of its money market funds. The fair values for those funds are presented under the heading "NAV" in the tables that follow in this disclosure. In measuring the fair value of liabilities, the Company considers the risk of non-performance in determining fair value. Universal has not elected to report at fair value any financial instruments or any other assets or liabilities that are not required to be reported at fair value under current accounting guidance.

Recurring Fair Value Measurements

At March 31, 2022 and 2021, the Company had certain financial assets and financial liabilities that were required to be measured and reported at fair value on a recurring basis. These assets and liabilities are listed in the tables below and are classified based on how their values were determined under the fair value hierarchy or the NAV practical expedient:


	March 31, 2022
			Fair Value Hierarchy
	NAV		Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	334	$	—	$	—	$	—	$	334
Trading securities associated with deferred compensation plans	—		13,655		—		—		13,655

Forward foreign currency exchange contracts	—		—		24,068		—		24,068
Total financial assets measured and reported at fair value	$	334	$	13,655	$	24,068	$	—	$	38,057

Liabilities



Interest rate swap agreements	$	—	$	—	$	1,161	$	—	$	1,161
Forward foreign currency exchange contracts	—		—		3,264		—		3,264
Total financial liabilities measured and reported at fair value	$	—	$	—	$	4,425	$	—	$	4,425


	March 31, 2021
			Fair Value Hierarchy
	NAV		Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	1,992	$	—	$	—	$	—	$	1,992
Trading securities associated with deferred compensation plans	—		15,735		—		—		15,735

Forward foreign currency exchange contracts	—		—		1,572		—		1,572
Total financial assets measured and reported at fair value	$	1,992	$	15,735	$	1,572	$	—	$	19,299

Liabilities


Acquisition-related contingent consideration obligations - long-term	$	—	$	—	$	—	$	2,532	$	2,532
Interest rate swap agreements	—		—		25,719		—		25,719
Forward foreign currency exchange contracts	—		—		1,822		—		1,822
Total financial liabilities measured and reported at fair value	$	—	$	—	$	27,541	$	2,532	$	30,073

Money market funds

The fair value of money market funds, which are reported in cash and cash equivalents in the consolidated balance sheets, is based on NAV, which is the amount at which the funds are redeemable and is used as a practical expedient for fair value. These funds are not classified in the fair value hierarchy, but are disclosed as part of the fair value table above.

Trading securities associated with deferred compensation plans

Trading securities represent mutual fund investments that are matched to employee deferred compensation obligations. These investments are bought and sold as employees defer compensation, receive distributions, or make changes in the funds underlying their accounts. Quoted market prices (Level 1) are used to determine the fair values of the mutual funds.

Interest rate swap agreements

The fair values of interest rate swap agreements are determined based on dealer quotes using a discounted cash flow model matched to the contractual terms of each instrument. Since inputs to the model are observable and significant judgment is not required in determining the fair values, interest rate swaps are classified within Level 2 of the fair value hierarchy.

Forward foreign currency exchange contracts

The fair values of forward foreign currency exchange contracts are also determined based on dealer quotes using a discounted cash flow model matched to the contractual terms of each instrument. Since inputs to the model are observable and significant judgment is not required in determining the fair values, forward foreign currency exchange contracts are classified within Level 2 of the fair value hierarchy.

Acquisition-related contingent consideration obligations

The Company estimates the fair value of acquisition-related contingent consideration obligations by applying an income approach model that utilizes probability-weighted discounted cash flows. The Company acquired FruitSmart, Inc.("FruitSmart") in fiscal year 2020 and recognized a contingent consideration liability of $6.7 million on the date of acquisition. Each reporting period the Company evaluates the fair value of the acquisition-related contingent consideration obligations. In the quarter ended June 30, 2020, the evaluation resulted in the reduction of $4.2 million of contingent consideration of the original $6.7 million liability recorded. In the quarter ended September 30, 2021, an evaluation of the contingent liability resulted in a reduction of the remaining $2.5 million contingent liability recorded. Significant judgment is applied to this model and therefore the acquisition-related contingent consideration obligation is classified within Level 3 of the fair value hierarchy.

A reconciliation of the change in the balance of the acquisition-related contingent consideration obligation (Level 3) for the fiscal years ended March 31, 2022 and 2021 is provided below.


	Fiscal Year Ended March 31,
	2022		2021
Balance beginning of year	$	2,532	$	6,705


Change in fair value of contingent consideration liability	(2,532)		(4,173)
Balance at end of year	$	—	$	2,532

Long-term Debt

The following table summarizes the fair and carrying value of the Company’s long-term debt, including the current portion at each of the balance sheet dates March 31, 2022 and 2021:


	Fiscal Year Ended March 31,
(in millions of dollars)	2022		2021
Fair market value of long term obligations	$	517	$	517
Carrying value of long term obligations	$	520	$	520

The Company estimates the fair value of its long-term debt using Level 2 inputs which are based upon quoted market prices for the same or similar obligations or on calculations that are based on the current interest rates available to the Company for debt of similar terms and maturities. See Note 9 for more information regarding long-term debt.

Nonrecurring Fair Value Measurements

Assets and liabilities that are measured at fair value on a nonrecurring basis primarily relate to long-lived assets, right-of-use operating lease assets and liabilities, goodwill and intangibles, and other current and noncurrent assets. These assets and liabilities fair values are evaluated for impairment when potential indicators of impairment exist. Accordingly, the nonrecurring measurement of the fair value of these assets and liabilities are classified within Level 3 of the fair value hierarchy.

Acquisition Accounting for Business Combinations

The Company accounts for acquisitions qualifying under ASC 805, "Business Combinations," which requires, among other things, that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The fair values of consideration transferred and net assets acquired are determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, “Fair Value Measurements and Disclosures.” The Company believes that the fair values assigned to the assets acquired and liabilities assumed are based on reasonable assumptions. The significant assumptions used in determining the fair value include the discount rate and forecasted results (e.g., revenue growth rates and operating profit margins).

Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events, changes in business conditions, or other circumstances provide an indication that such assets may be impaired.

Assets Held for Sale

Tanzania

Due to business changes that affected the leaf tobacco market in Tanzania and the Company's operations there, an impairment charge of the long-lived assets in Tanzania was recorded in fiscal year 2019 to reduce their carrying value to fair value at March 31, 2019. As a result of efforts to sell the idled Tanzania operations, in the third quarter of fiscal year 2022 an additional impairment charge of $9.4 million was recorded. The remaining assets held for sales consist principally of receivables for VAT and the Company's office building, idled processing facility, and land. The aggregate fair value and carrying value of the assets held for sale following the impairment adjustments is approximately $7 million at March 31, 2022.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Pension And Other Postretirement Benefit Plans

Pension And Other Postretirement Benefit Plans

12 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

Defined Benefit Plans

Description of Plans

The Company sponsors several defined benefit pension plans covering salaried and certain hourly employees in the U.S., as well as certain foreign and other employee groups. These plans provide retirement benefits based primarily on employee compensation and years of service. Plan assets consist primarily of equity and fixed income investments. The Company also sponsors defined benefit plans that provide postretirement health and life insurance benefits for eligible U.S. employees and retirees who have attained specific age and service levels, although postretirement life insurance benefits were discontinued several years ago for all employees who were not already retired. The health benefits are funded by the Company as the costs of those benefits are incurred. The plan design includes cost-sharing features such as deductibles and coinsurance. The life insurance benefits are funded with deposits to a reserve account held by an insurance company. The Company has the right to amend or discontinue its pension and other postretirement benefit plans at any time.

In the following disclosures, the term “accumulated benefit obligation” (“ABO”) represents the actuarial present value of estimated future benefit payments earned by participants in the Company's defined benefit pension plans as of the balance sheet date without regard to the estimated effect of future compensation increases on those benefits. The term does not apply to other postretirement benefits. “Projected benefit obligation” refers to the projected benefit obligation (“PBO”) for pension benefits and the accumulated postretirement benefit obligation (“APBO”) for other postretirement benefits. These amounts represent the actuarial present value of estimated future benefit payments earned by participants in the benefit plans as of the balance sheet date. For pension benefits, the PBO includes the estimated effect of future compensation increases on those benefits.

Actuarial Assumptions

Assumptions used for financial reporting purposes to compute net periodic benefit cost and benefit obligations for the Company's primary defined benefit plans were as follows:


	Pension Benefits						Other Postretirement Benefits
	2022		2021		2020		2022		2021		2020
Discount rates:
Benefit cost for plan year	3.30	%	3.60	%	4.00	%	2.90	%	3.40	%	3.80	%
Benefit obligation at end of plan year	3.70	%	3.30	%	3.60	%	3.60	%	2.90	%	3.40	%
Expected long-term return on plan assets:
Benefit cost for plan year	5.50	%	6.00	%	6.75	%	3.00	%	3.00	%	3.00	%

Salary scale:
Benefit cost for plan year	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Benefit obligation at end of plan year	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Healthcare cost trend rate	N/A		N/A		N/A		6.17	%	6.17	%	7.34	%

Changes in the discount rates in the above table reflect prevailing market interest rates at the end of each fiscal year when the benefit obligations are actuarially measured. The expected long-term return on plan assets is developed from financial models used to project future returns on the underlying assets of the funded plans and is reviewed on an annual basis. The healthcare cost trend rate used by the Company is based on a study of medical cost inflation rates that is reviewed and updated annually for continued applicability. The trend assumption of 6.17% in 2022 declines gradually to 4.44% in 2031. The Company has caps in place on postretirement medical benefits that limit its cost for a large segment of the retiree population. As a result, changes to the healthcare cost trend rate have a limited impact on the postretirement medical plan liability and expense.

Benefit Obligations, Plan Assets, and Funded Status

The following table reflects the changes in benefit obligations and plan assets in fiscal years 2022 and 2021, as well as the funded status of the plans at March 31, 2022 and 2021:


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
Actuarial present value of benefit obligation:
Accumulated benefit obligation	$	269,758	$	289,901
Projected benefit obligation	277,050		297,090		$	24,957	$	28,926

Change in projected benefit obligation:
Projected benefit obligation, beginning of year	$	297,090	$	287,082	$	28,926	$	30,282
Service cost	6,674		6,618		170		172
Interest cost	8,754		9,571		950		1,141
Effect of discount rate change	(18,010)		12,990		(1,549)		1,126

Foreign currency exchange rate changes	(1,160)		776		566		(283)


Other	1,736		(3,626)		(1,245)		167
Benefit payments	(18,034)		(16,321)		(2,861)		(3,679)
Projected benefit obligation, end of year	$	277,050	$	297,090	$	24,957	$	28,926

Change in plan assets:
Plan assets at fair value, beginning of year	$	270,349	$	238,450	$	3,033	$	3,369
Actual return on plan assets	864		39,757		86		114
Employer contributions	6,147		8,472		2,448		3,229

Foreign currency exchange rate changes	(3,313)		(9)		—		—
Benefit payments	(18,034)		(16,321)		(2,861)		(3,679)
Plan assets at fair value, end of year	$	256,013	$	270,349	$	2,706	$	3,033

Funded status:
Funded status of the plans, end of year	$	(21,037)	$	(26,741)	$	(22,251)	$	(25,893)

The Company funds its non-regulated U.S. pension plan, one of its foreign pension plans, and its postretirement medical plans on a pay-as-you-go basis as the benefit payments are incurred. The unfunded PBO for those pension plans and postretirement benefit plans was $33.3 million and $20.5 million, respectively, at March 31, 2022.

The funded status of the Company’s plans at the end of fiscal years 2022 and 2021 was reported in the consolidated balance sheets as follows:


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
Noncurrent assets (included in Pension asset and other noncurrent assets)	$	12,667	$	11,950	$	—	$	—
Current liability (included in Accounts payable and accrued expenses)	(1,135)		(4,896)		(1,930)		(2,051)
Noncurrent liability (reported as pensions and other postretirement benefits)	(32,569)		(33,795)		(20,321)		(23,842)
Amounts recognized in the consolidated balance sheets	$	(21,037)	$	(26,741)	$	(22,251)	$	(25,893)

Additional information on the funded status of the Company’s plans as of the respective measurement dates for the fiscal years ended March 31, 2022 and 2021, is as follows:


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
For plans with a projected benefit obligation in excess of plan assets:
Aggregate projected benefit obligation (PBO)	$	39,988	$	44,742	$	24,957	$	28,926
Aggregate fair value of plan assets	6,284		6,051		2,706		3,033
For plans with an accumulated benefit obligation in excess of plan assets:
Aggregate accumulated benefit obligation (ABO)	38,722		42,923		N/A		N/A
Aggregate fair value of plan assets	6,284		6,051		N/A		N/A

Net Periodic Benefit Cost

The components of the Company’s net periodic benefit cost were as follows:


	Pension Benefits						Other Postretirement Benefits
	Fiscal Year Ended March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Components of net periodic benefit cost:
Service cost	$	6,674	$	6,618	$	5,990	$	170	$	172	$	199
Interest cost	8,754		9,571		10,747		950		1,141		1,306
Expected return on plan assets	(13,562)		(14,448)		(16,671)		(86)		(96)		(106)

Settlement cost	—		—		676		—		—		—
Net amortization and deferral	1,679		4,863		3,709		(422)		(591)		(647)
Net periodic benefit cost	$	3,545	$	6,604	$	4,451	$	612	$	626	$	752

A one-percentage-point increase or decrease in the assumed healthcare cost trend rate would not result in a significant change to the March 31, 2022 APBO or the aggregate service and interest cost components of the net periodic postretirement benefit expense for fiscal year 2023.

Amounts Included in Accumulated Other Comprehensive Loss

Amounts included in accumulated other comprehensive loss at the beginning of the year are amortized as a component of net periodic benefit cost during the year. The amounts recognized in other comprehensive income or loss for fiscal years 2022 and 2021 and the amounts included in accumulated other comprehensive loss at the end of those fiscal years are shown below. All amounts shown are before allocated income taxes.


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
Change in net actuarial loss (gain):
Net actuarial loss (gain), beginning of year	$	72,605	$	97,025	$	(4,395)	$	(5,365)
Losses (gains) arising during the year	(1,727)		(17,563)		(2,533)		520

Amortization included in net periodic benefit cost during the year	(3,598)		(6,857)		247		450
Net actuarial loss (gain), end of year	67,280		72,605		(6,681)		(4,395)

Change in prior service cost (benefit):
Prior service cost (benefit), beginning of year	(3,406)		(5,402)		(376)		(564)

Amortization included in net periodic benefit cost during the year	1,919		1,996		175		188
Prior service cost (benefit), end of year	(1,487)		(3,406)		(201)		(376)

Total amounts in accumulated other comprehensive loss at end of year, before income taxes	$	65,793	$	69,199	$	(6,882)	$	(4,771)

Amounts in the above table reflect the Company and its consolidated subsidiaries. The accumulated other comprehensive loss reported in the consolidated balance sheets also includes pension and other postretirement benefit amounts related to ownership interests in unconsolidated affiliates.

The Company expects to recognize approximately $3.7 million of the March 31, 2022 net actuarial loss and $1.2 million of the March 31, 2022 prior service benefit in net periodic benefit cost during fiscal year 2023.

Allocation of Pension Plan Assets

The Company has established, and periodically adjusts, target asset allocations for its investments in its U.S. ERISA-regulated defined benefit pension plan, which represents 98% of consolidated plan assets and 86% of consolidated PBO at March 31, 2022, to balance the needs of liquidity, total return, and risk control. The assets are required to be diversified across asset classes and investment styles to achieve that balance. During the year, the asset allocation is reviewed for adherence to the target policy and rebalanced to the targeted weights. The Company reviews the expected long-term returns of the asset allocation each year to help determine whether changes are needed. The return is evaluated on a weighted-average basis in relation to inflation. The assumed long-term rate of return used to calculate annual benefit expense is based on the asset allocation and expected market returns for the respective asset classes.

The weighted–average target pension asset allocation and target ranges at the March 31, 2022 measurement date and the actual asset allocations at the March 31, 2022 and 2021 measurement dates by major asset category were as follows:


							Actual Allocation
	Target Allocation						March 31,
Major Asset Category			Range				2022		2021
Equity securities	29.0	%	19	%	-	39%	31.1	%	32.0	%

Fixed income securities (1)	66.0	%	56	%	-	76%	63.8	%	64.1	%
Alternative investments	5.0	%	0	%	-	10%	5.1	%	3.9	%

Total	100.0	%					100.0	%	100.0	%

(1)Actual amounts include high yield securities and cash balances held for the payment of benefits.

Universal makes regular contributions to its pension and other postretirement benefit plans. As previously noted, for postretirement health benefits, contributions reflect funding of those benefits as they are incurred. The Company expects to make no contributions to its ERISA regulated defined benefit pension plan and $2.3 million to its non-ERISA regulated pension plans in fiscal year 2023.

Estimated future benefit payments to be made from the Company’s plans are as follows:


Fiscal Year	Pension Benefits		Other Postretirement Benefits
2023	$	15,456	$	2,392
2024	17,007		2,259
2025	23,499		2,130
2026	23,608		1,995
2027	14,937		1,898
2028 - 2032	82,147		8,243

Fair Values of Pension Plan Assets

Assets held by the Company's defined benefit pension plans primarily consist of equity securities, fixed income securities, and alternative investments. Equity securities are primarily invested in actively-traded mutual funds with underlying common stock investments in U.S. and foreign companies ranging in size from small to large corporations. Fixed income securities are also held primarily through actively-traded mutual funds with the underlying investments in both U.S. and foreign securities. The methodologies for determining the fair values of the plan assets are outlined below. Where the values are based on quoted prices for the securities in an active market, they are classified as Level 1 of the fair value hierarchy. Where secondary pricing sources are used, they are classified as Level 2 of the hierarchy. Pricing models that use significant unobservable inputs are classified as Level 3.

•Equity securities: Investments in equity securities through actively-traded mutual funds are valued based on the NAVs of the units held in the respective funds, which are determined by obtaining quoted prices on nationally recognized securities exchanges. These securities are classified as Level 1.

•Fixed income securities: Fixed income investments that are held through mutual funds are valued based on the NAVs of the units held in the respective funds, which are determined by obtaining quoted prices on nationally recognized securities exchanges. These securities are classified as Level 1. Other fixed income investments are valued at an estimated price that a dealer would pay for a similar security on the valuation date using observable market inputs and are classified as Level 2. These market inputs may include yield curves for similarly rated securities. Small amounts of cash are held in common collective trusts. Fixed income securities also include insurance assets, which are valued based on an actuarial calculation. Those securities are classified as Level 3.

•Alternative investments: Real estate assets are valued using valuation models that incorporate income and market approaches, including external appraisals, to derive fair values. The hedge fund allocation is a fund of hedge funds and is valued by the manager based on the NAV of each fund. These models use significant unobservable inputs and are classified as Level 3 within the fair value hierarchy.

Fair values of the assets of the Company’s pension plans as of March 31, 2022 and 2021, classified based on how their values were determined under the fair value hierarchy are as follows:


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Equity securities	$	77,175	$	—	$	—	$	77,175

Fixed income securities (1)	159,956		—		6,284		166,240
Alternative investments	—		—		12,598		12,598

Total investments	$	237,131	$	—	$	18,882	$	256,013


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Equity securities	$	83,135	$	—	$	—	$	83,135

Fixed income securities (1)	168,201		2,920		6,051		177,172
Alternative investments	—		—		10,042		10,042

Total investments	$	251,336	$	2,920	$	16,093	$	270,349

(1)Includes high yield securities and cash and cash equivalent balances.

Other Benefit Plans

Universal and several subsidiaries offer employer defined contribution savings plans. Amounts charged to expense for these plans were approximately $3.0 million for fiscal year 2022, $2.9 million for fiscal year 2021, and $2.7 million for fiscal year 2020.

The entire disclosure for retirement benefits.

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Class of Stock Disclosures [Abstract]

Common And Preferred Stock

12 Months Ended

Mar. 31, 2022

Common And Preferred Stock

COMMON AND PREFERRED STOCK

Common Stock

At March 31, 2022, the Company’s shareholders had authorized 100,000,000 shares of its common stock, and 24,550,019 shares were issued and outstanding. Holders of the common stock are entitled to one vote for each share held on all matters requiring a vote. Holders of the common stock are also entitled to receive dividends when, as, and if declared by the Company’s Board of Directors. The Board of Directors customarily declares and pays regular quarterly dividends on the outstanding common shares; however, such dividends are at the Board’s full discretion, and there is no obligation to continue them.

Preferred Stock

The Company is also authorized to issue up to 5,000,000 shares of preferred stock. No preferred stock was outstanding at March 31, 2022.

Share Repurchase Programs

Universal’s Board of Directors has authorized programs to repurchase outstanding shares of the Company’s capital stock (common and preferred stock). Under these programs, the Company has made and may continue to make share repurchases from time to time in the open market or in privately negotiated transactions at prices not exceeding prevailing market rates. Programs have been in place continuously throughout fiscal years 2020 through 2022. The current program, which replaced an expiring program, was authorized and became effective on November 5, 2020. It authorizes the purchase of up to $100 million of the Company's outstanding common stock and expires on the earlier of November 15, 2022, or when the funds authorized for the program have been exhausted. At March 31, 2022, $97 million of the authorization remained available for share repurchases under the current program.

Repurchases of common stock under the programs for fiscal years 2022, 2021, and 2020 were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Number of shares repurchased	58,264		—		656,820
Cost of shares repurchased (in thousands of dollars)	$	3,053	$	—	$	33,457
Weighted-average cost per share	$	52.41	$	—	$	50.94

Executive Stock Plans And Stock-Based Compensation

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Executive Stock Plans And Stock-Based Compensation

EXECUTIVE STOCK PLANS AND STOCK-BASED COMPENSATION

Executive Stock Plans

The Company’s shareholders have approved executive stock plans under which officers, directors, and employees of the Company may receive grants and awards of common stock, restricted stock, restricted stock units (“RSUs”), performance share units (“PSUs”), stock appreciation rights (“SARs”), incentive stock options, and non-qualified stock options. Currently, grants are outstanding under the 1997 Executive Stock Plan, the 2002 Executive Stock Plan, the 2007 Stock Incentive Plan, and the 2017 Stock Incentive Plan. Together, these plans are referred to in this disclosure as the “Plans.” Up to 1,000,000 shares may be issued under the 2017 Stock Incentive Plan, with no specific share limit for any of the award types. New awards may no longer be issued under the 1997, 2002, and 2007 Plans.

The Company’s practice is to award grants of stock-based compensation to officers at the first regularly-scheduled meeting of the Compensation Committee of the Board of Directors (the “Compensation Committee”) in the fiscal year following the public release of the Company’s financial results for the prior year. In recent years, the Compensation Committee has awarded only grants of RSUs and PSUs. Outside directors automatically receive restricted stock units following each annual meeting of shareholders.

RSUs awarded prior to fiscal year 2022 vest 5 years after the grant date and those awarded after fiscal year 2022 vest 3 years after the grant date. After vesting RSUs are paid out in shares of common stock. Under the terms of the RSU awards, grantees receive dividend equivalents in the form of additional RSUs that vest and are paid out on the same date as the original RSU grant. The PSUs vest 3 years from the grant date, are paid out in shares of common stock at the vesting date, and do not carry rights to dividends or dividend equivalents prior to vesting. Shares ultimately paid out under PSU grants are dependent on the achievement of predetermined performance measures established by the Compensation Committee and can range from zero to 150% of the stated award. RSUs awarded to outside directors prior to fiscal year 2020 vest 3 years after the grant date and those granted after fiscal year 2020 vest 1 year after the grant date. Additionally, restricted stock vests upon the individual’s retirement from service as a director.

RSUs, Restricted Stock, and PSUs

The following table summarizes the Company’s RSU, restricted stock, and PSU activity for fiscal years 2020 through 2022:


	RSUs			Restricted Stock			PSUs
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Fiscal Year Ended March 31, 2020:
Unvested at beginning of year	324,991	$	57.12	21,250	$	41.58	146,874	$	55.12
Granted	85,463	56.39		—	—		60,728	50.16
Vested	(74,518)	54.20		—	—		(67,402)	49.17
Forfeited	—	—		—	—		—	—
Unvested at end of year	335,936	57.89		21,250	41.58		140,200	55.73

Fiscal Year Ended March 31, 2021:
Granted	103,829	46.27		—	—		65,135	34.33
Vested	(97,297)	54.11		(9,650)	41.24		(40,410)	60.37
Forfeited	—	—		—	—		(3,778)	57.83
Unvested at end of year	342,468	55.44		11,600	41.86		161,147	46.20

Fiscal Year Ended March 31, 2022:
Granted	93,564	56.18		—	—		48,650	47.95
Vested	(86,488)	54.33		—	—		(50,242)	57.12
Forfeited	—	—		—	—		(1,555)	57.12
Unvested at end of year	349,544	$	55.86	11,600	$	41.86	158,000	$	43.16

Shares granted and vested in the above table include dividend equivalents on RSUs and any shares awarded above the base grant under the performance provisions of PSUs. Shares forfeited or canceled include any reductions from the base PSU grant under those same performance provisions. The fair values of RSUs, restricted stock, and PSUs are based on the market price of the common stock on the grant date.

Stock-Based Compensation Expense

Fair value expense for stock-based compensation is recognized ratably over the period from grant date to the earlier of (1) the vesting date of the award, or (2) the date the grantee is eligible to retire without forfeiting the award. For employees who are already eligible to retire at the date an award is granted, the total fair value of the award is recognized as expense at the date of grant. For the fiscal years ended March 31, 2022, 2021, and 2020, total stock-based compensation expense and the related income tax benefit recognized were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Total stock-based compensation expense	$	6,187	$	6,106	$	5,631
Income tax benefit recorded on stock-based compensation expense	$	1,389	$	1,282	$	1,182

At March 31, 2022, the Company had $4.5 million of unrecognized compensation expense related to stock-based awards, which will be recognized over a weighted-average period of approximately 0.9 years.

Commitments And Other Matters	12 Months Ended
Commitments And Other Matters	Mar. 31, 2022
Commitments And Other Matters [Abstract]
Commitments And Other Matters	COMMITMENTS, CONTINGENCIES, AND OTHER MATTERS Commitments The Company enters into contracts to purchase tobacco from farmers in a number of the countries where it operates. Contracts in most countries cover one annual growing season. Primarily with the farmer contracts in Brazil, Malawi, Mozambique, the Philippines, Guatemala, and Mexico, the Company provides seasonal financing to support the farmers’ production of their crops. At March 31, 2022, the Company had contracts to purchase approximately $599 million of tobacco to be delivered during the coming fiscal year and $124 million of tobacco to be delivered in subsequent years. These amounts are estimates since actual quantities purchased will depend on crop yields, and prices will depend on the quality of the tobacco delivered and other market factors. Tobacco purchase obligations have been partially funded by short-term advances to farmers and other suppliers, which totaled approximately $130 million, net of allowances, at March 31, 2022. The Company withholds payments due to farmers on delivery of the tobacco to satisfy repayment of the financing it provided to the farmers. In addition to its contractual obligations to purchase tobacco, the Company had commitments related to agricultural materials, approved capital expenditures, and various other requirements that approximated $132 million at March 31, 2022. Other Contingent Liabilities Other Contingent Liabilities (Letters of credit) The Company had other contingent liabilities totaling approximately $1 million at March 31, 2022, primarily under outstanding letters of credit. Value-Added Tax Assessments in Brazil As discussed in Note 1, the Company's local operating subsidiaries pay significant amounts of VAT in connection with their normal operations. In Brazil, VAT is assessed at the state level when green tobacco is transferred between states. The Company's operating subsidiary there pays VAT when tobaccos grown in the states of Santa Catarina and Parana are transferred to its factory in the state of Rio Grande do Sul for processing. The subsidiary has received assessments for additional VAT plus interest and penalties from the tax authorities for the states of Santa Catarina and Parana based on audits of the subsidiary's VAT filings for specified periods. In June 2011, tax authorities for the state of Santa Catarina issued assessments for tax, interest, and penalties for periods from 2006 through 2009 totaling approximately $9 million. In September 2014, tax authorities for the state of Parana issued an assessment for tax, interest, and penalties for periods from 2009 through 2014 totaling approximately $12 million. These amounts are based on the exchange rate for the Brazilian currency at March 31, 2022. Management of the operating subsidiary and outside counsel believe that errors were made by the tax authorities for both states in determining all or significant portions of these assessments and that various defenses support the subsidiary's positions. With respect to the Santa Catarina assessments, the subsidiary took appropriate steps to contest the full amount of the claims. As of March 31, 2022, a portion of the subsidiary's arguments had been accepted, and the outstanding assessment had been reduced, although interest on the remaining assessment has continued to accumulate. The reduced assessment, together with the related accumulated interest through the end of the current reporting period, totaled approximately $10 million at the March 31, 2022 exchange rate. The subsidiary is continuing to contest the full remaining amount of the assessment. While the range of reasonably possible loss is zero up to the full $10 million remaining assessment, based on the strength of the subsidiary's defenses, no loss within that range is considered probable at this time and no liability has been recorded at March 31, 2022. With respect to the Parana assessment, management of the subsidiary and outside counsel challenged the full amount of the claim. A significant portion of the Parana assessment was based on positions taken by the tax authorities that management and outside counsel believe deviate significantly from the underlying statutes and relevant case law. In addition, under the law, the subsidiary's tax filings for certain periods covered in the assessment were no longer open to any challenge by the tax authorities. In December 2015, the Parana tax authorities withdrew the initial claim and subsequently issued a new assessment covering the same tax periods. The new assessment totaled approximately $3 million at the March 31, 2022 exchange rate, reflecting a substantial reduction from the original $12 million assessment. Notwithstanding the reduction, management and outside counsel continue to believe that the new assessment is not supported by the underlying statutes and relevant case law and have challenged the full amount of the claim. The range of reasonably possible loss is considered to be zero up to the full $3 million assessment. However, based on the strength of the subsidiary's defenses, no loss within that range is considered probable at this time and no liability has been recorded at March 31, 2022. In both states, the process for reaching a final resolution to the assessments is expected to be lengthy, and management is not currently able to predict when either case will be concluded. Should the subsidiary ultimately be required to pay any tax, interest, or penalties in either case, the portion paid for tax would generate VAT credits that the subsidiary may be able to recover. Other Legal and Tax Matters Various subsidiaries of the Company are involved in other litigation and tax examinations incidental to their business activities. While the outcome of these matters cannot be predicted with certainty, management is vigorously defending the matters and does not currently expect that any of them will have a material adverse effect on the Company’s business or financial position. However, should one or more of these matters be resolved in a manner adverse to management’s current expectation, the effect on the Company’s results of operations for a particular fiscal reporting period could be material.

Operating Segments

12 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Operating Segments

OPERATING SEGMENTS

As a result of acquisitions of plant-based ingredients companies in fiscal year 2020 and 2021, during the fiscal year ended March 31, 2021 management evaluated the Company’s global business activities, including product and service offerings to its customers, as well as senior management’s operational and financial responsibilities. This assessment included an analysis of how its chief operating decision maker measures business performance and allocates resources. As a result of this analysis, senior management determined the Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations.

The Tobacco Operations segment activities involve contracting, procuring, processing, packing, storing, and shipping leaf tobacco for sale to, or for the account of, manufacturers of consumer tobacco products throughout the world. Through various operating subsidiaries located in tobacco-growing countries around the world and significant ownership interests in unconsolidated affiliates, the Company processes and/or sells flue-cured and burley tobaccos, dark air-cured tobaccos, and oriental tobaccos. Flue-cured, burley, and oriental tobaccos are used principally in the manufacture of cigarettes, and dark air-cured tobaccos are used mainly in the manufacture of cigars, pipe tobacco, and smokeless tobacco products. Some of these tobacco types are also increasingly used in the manufacture of next generation tobacco products that are intended to provide consumers with an alternative to traditional combustible products. The Tobacco Operations segment also provides physical and chemical product testing and smoke testing for tobacco customers. A substantial portion of the Company’s Tobacco Operations' revenues are derived from sales to a limited number of large, multinational cigarette and cigar manufacturers.

The Ingredients Operations segment provides its customers with a broad variety of plant-based ingredients for both human and pet consumption. The Ingredients Operations segment utilizes a variety of value-added manufacturing processes converting raw materials into a wide spectrum of fruit and vegetable juices, concentrates, dehydrated products, botanical extracts, and flavorings. Customers for the Ingredients Operations segment include large multinational food and beverage companies, smaller independent manufacturers, and retail organizations. FruitSmart, Silva, and Shank's are the primary operations for the Ingredients Operations segment. FruitSmart manufactures fruit and vegetable juices, purees, concentrates, essences, fibers, seeds, seed oils, and seed powders. Silva is primarily a dehydrated product manufacturer of fruit and vegetable based flakes, dices, granules, powders, and blends. Shank's manufactures botanical extracts and flavorings and also offers bottling and custom packaging for customers. In fiscal year 2021, the Company announced the wind-down of CIFI, a greenfield operation that primarily manufactured both dehydrated and liquid sweet potato products. See Note 4 for additional information about the wind-down of CIFI.

Universal incurs overhead expenses related to senior management, sales, finance, legal, and other functions that are centralized at its corporate headquarters, as well as functions performed at several sales and administrative offices around the world. These overhead expenses are currently allocated to the reportable operating segments, generally on the basis of projected annual financial and operational performance, including volumes planned to be purchased and/or processed. Management believes this method of allocation is currently representative of the value of the related services provided to the operating segments. The Company currently evaluates the performance of its segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings of unconsolidated affiliates.

Reportable segment data as of, or for, the fiscal years ended March 31, 2022, 2021, and 2020, is as follows, including a recast of fiscal year 2020 for the current reportable operating segment presentation:


	Sales and Other Operating Revenues						Operating Income
	Fiscal Year Ended March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	1,835,790	$	1,841,837	$	1,887,084	$	157,754	$	168,832	$	146,637
Ingredients Operations	267,811		141,520		22,895		16,581		367		(8,516)
Subtotal	2,103,601		1,983,357		1,909,979		174,335		169,199		138,121
Deduct: Equity in pretax earnings of unconsolidated affiliates (1)							(6,095)		(2,985)		(4,211)
Restructuring and impairment costs (2)							(10,457)		(22,577)		(7,543)
Add: Other income (3)							2,532		4,173		—
Consolidated total	$	2,103,601	$	1,983,357	$	1,909,979	$	160,315	$	147,810	$	126,367

	Segment Assets						Accounts Receivable, net
	March 31,						March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	2,109,845	$	2,002,059	$	1,985,732	$	336,638	$	336,876	$	330,367
Ingredients Operations	476,500		339,865		135,189		48,799		30,606		10,344
Consolidated total	$	2,586,345	$	2,341,924	$	2,120,921	$	385,437	$	367,482	$	340,711

	Goodwill, net						Intangibles, net
	March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	97,930	$	98,044	$	97,963	$	57	$	82	$	59
Ingredients Operations	116,068		75,007		28,863		92,514		72,222		17,802
Consolidated total	$	213,998	$	173,051	$	126,826	$	92,571	$	72,304	$	17,861

	Capital Expenditures						Depreciation and Amortization
	Fiscal Year Ended March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	34,237	$	46,037	$	35,175	$	36,272	$	33,895	$	35,251
Ingredients Operations	18,966		20,117		52		16,249		10,838		3,128
Consolidated total	$	53,203	$	66,154	$	35,227	$	52,521	$	44,733	$	38,379

(1)Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income.

(2)Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income (see Note 4).

(3)Other income represents the reversal of the contingent consideration liability associated with the acquisition of FruitSmart. See Note 2 for additional information.

Geographic data as of, or for, the fiscal years ended March 31, 2022, 2021, and 2020, is presented below. Sales and other operating revenues are attributed to individual countries based on the final destination of the shipment. Long-lived assets generally consist of net property, plant, and equipment, goodwill, and other intangibles.


Geographic Data	Sales and Other Operating Revenues
	Fiscal Year Ended March 31,
	2022		2021		2020
United States	$	495,322	$	369,074	$	221,428
Belgium	283,072		366,476		361,889
Philippines	147,876		94,493		68,143
China	97,826		52,837		105,683
Germany	93,057		94,519		104,525
Poland	90,270		97,001		84,011
Netherlands	45,297		40,754		55,532

All other countries	850,881		868,203		908,768
Consolidated total	$	2,103,601	$	1,983,357	$	1,909,979

	Long-Lived Assets
	March 31,
	2022		2021		2020
United States	$	344,276	$	266,258	$	145,764
Brazil	136,653		134,909		138,157
Mozambique	40,228		44,206		42,964
All other countries	130,530		149,492		132,955
Consolidated total	$	651,687	$	594,865	$	459,840

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Mar. 31, 2022

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, 2022, 2021, and 2020:


	Fiscal Year Ended March 31,
(in thousands of dollars)	2022		2021		2020
Foreign currency translation:
Balance at beginning of year	$	(35,135)	$	(42,923)	$	(40,101)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $180 in 2020)	(6,367)		8,272		(3,066)

Less: Net loss on foreign currency translation attributable to noncontrolling interests	537		(484)		244
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(5,830)		7,788		(2,822)


Balance at end of year	$	(40,965)	$	(35,135)	$	(42,923)

Foreign currency hedge:
Balance at beginning of year	$	(414)	$	(12,226)	$	(376)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(2,199), $(130) and $2,880)	6,679		1,791		(12,391)
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $1,115, $(2,726), and $136)(1)	(2,686)		10,021		541
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	3,993		11,812		(11,850)
Balance at end of year	$	3,579	$	(414)	$	(12,226)

Interest rate hedge:
Balance at beginning of year	$	(19,480)	$	(27,402)	$	(934)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(3,249), $(637), and $6,801)	12,402		2,396		(25,588)
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $(1,628), $(1,469), and $234)(2)	6,218		5,526		(880)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	18,620		7,922		(26,468)


Balance at end of year	$	(860)	$	(19,480)	$	(27,402)

Pension and other postretirement benefit plans:
Balance at beginning of year	$	(52,008)	$	(69,046)	$	(54,280)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) arising during the year (net of tax (expense) benefit of $(297), $(3,706), and $4,715(3)	2,799		13,627		(16,810)

Amortization included in earnings (net of tax benefit of $298, $895, and $554)(4)	3,144		3,411		2,044
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	5,943		17,038		(14,766)


Balance at end of year	$	(46,065)	$	(52,008)	$	(69,046)

Total accumulated other comprehensive income (loss) at end of year	$	(84,311)	$	(107,037)	$	(151,597)

(1) Gains (losses) on foreign currency cash flow hedges related to forecast purchases of tobacco and crop input sales are reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the tobacco is sold to customers. See Note 11 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 for open interest rate swap agreements or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 11 for additional information.

(3) These items arise from the remeasurement of the assets and liabilities of the Company's defined benefit pension and other postretirement benefit plans. Those remeasurements are made on an annual basis at the end of the fiscal year. See Note 13 for additional information.

(4) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 13 for additional information.

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn April 1, 2022, the Company entered into a sales agreement to sell all outstanding common stock of the idled tobacco companies operating in Tanzania for $8.5 million. The sale is expected to close during fiscal year 2023 and is subject to various governmental and regulatory approvals.

Schedule II - Valuation And Qualifying Accounts

12 Months Ended

Mar. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation And Qualifying Accounts

Schedule II - Valuation and Qualifying Accounts

Universal Corporation

Fiscal Years Ended March 31, 2022, 2021, and 2020


Description	Balance at Beginning of Year		Net Additions (Reversals) Charged to Expense		Additions Charged to Other Accounts		Deductions (1)		Balance at End of Year
(in thousands of dollars)

Fiscal Year Ended March 31, 2020:
Allowance for doubtful accounts (deducted from accounts receivable)	$	2,985	$	(128)	$	—	$	(463)	$	2,394

Allowance for supplier accounts (deducted from advances to suppliers and other noncurrent assets)	18,105		937		—		(2,614)		16,428

Allowance for recoverable taxes (deducted from other current assets and other noncurrent assets)	17,181		(2,586)		—		4,183		18,778


Fiscal Year Ended March 31, 2021:
Allowance for doubtful accounts (deducted from accounts receivable)	$	2,394	$	304	$	—	$	(1,446)	$	1,252

Allowance for supplier accounts (deducted from advances to suppliers and other noncurrent assets)	16,428		5,534		—		(4,145)		17,817

Allowance for recoverable taxes (deducted from other current assets and other noncurrent assets)	18,778		799		—		(408)		19,169


Fiscal Year Ended March 31, 2022:
Allowance for doubtful accounts (deducted from accounts receivable)	$	1,252	$	1,004	$	—	$	(468)	$	1,788

Allowance for supplier accounts (deducted from advances to suppliers and other noncurrent assets)	17,817		5,988		—		(4,833)		18,972

Allowance for recoverable taxes (deducted from other current assets and other noncurrent assets)	19,169		895		—		1,271		21,335

(1) Includes direct write-offs of assets and currency remeasurement.

Nature Of Operations And Significant Accounting Policies Nature of Operations and Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2022

Nature Of Operations [Policy Text Block]

Nature of Operations

Universal Corporation, which together with its subsidiaries is referred to herein as “Universal” or the “Company,” is a global business-to-business agri-products supplier to consumer product manufacturers. The Company is the leading global leaf tobacco supplier and provides high-quality plant-based ingredients to food and beverage end markets. The Company conducts its leaf tobacco business in over 30 countries, primarily in major tobacco-producing regions of the world.

The extent to which the ongoing COVID-19 pandemic will impact the Company's financial condition, results of operations and demand for its products and services will depend on future developments, which are highly uncertain and cannot be predicted. Such developments may include the ongoing geographic spread and mutations of COVID-19, the severity of the pandemic, the duration of the COVID-19 outbreak and the type and duration of actions that may be taken by various governmental authorities in response to the COVID-19 pandemic and the impact on the U.S. and the global economies, markets and supply chains. At March 31, 2022, it is not possible to predict the overall impact of the ongoing COVID-19 pandemic on the Company's business, financial condition, results of operations and demand for its products and services.

Consolidation, Policy [Policy Text Block]

Consolidation

The consolidated financial statements include the accounts of Universal Corporation and all domestic and foreign subsidiaries in which the Company maintains a controlling financial interest. Control is generally determined based on a voting interest of greater than 50%, such that Universal controls all significant corporate activities of the subsidiary. All significant intercompany accounts and transactions are eliminated in consolidation.

The equity method of accounting is used for investments in companies where Universal Corporation has a voting interest of 20% to 50%. These investments are accounted for under the equity method because Universal exercises significant influence over those companies, but not control. The Company received dividends totaling $4.3 million in fiscal year 2022, $2.9 million in fiscal year 2021, and $3.9 million in fiscal year 2020, from companies accounted for under the equity method. Investments where Universal has a voting interest of less than 20% are not significant and do not have readily determinable fair values. As such, the Company has elected the alternate method of measuring these investments at cost, less any impairment. The Company's 49% ownership interest in Socotab L.L.C. (“Socotab”), a leading supplier of oriental tobaccos with operations located principally in Eastern Europe and Turkey, is the primary investment accounted for under the equity method. The investment in Socotab is an important part of the Company's overall product and service arrangements with its major customers. The Company reviews the carrying value of its investments in Socotab and its other unconsolidated affiliates on a regular basis and considers whether any factors exist that might indicate an impairment in value that is other than temporary.

The Company's operations in Zimbabwe are deconsolidated under accounting requirements that apply under certain conditions to foreign subsidiaries that are subject to foreign exchange controls and other government restrictions. The investment in the Zimbabwe operations is accounted for at cost and was zero at March 31, 2022 and 2021. The Company has a net foreign currency translation loss associated with the Zimbabwe operations of approximately $7.2 million, which remains a component of accumulated other comprehensive loss at March 31, 2022. As a regular part of its reporting, the Company reviews the conditions that resulted in the deconsolidation of the Zimbabwe operations to confirm that such accounting treatment is still appropriate. Dividends from the Zimbabwe operations are recorded in income in the period received.

The Company holds less than a 100% financial interest in certain consolidated subsidiaries. The net income and shareholders’ equity attributable to the noncontrolling interests in these subsidiaries are reported on the face of the consolidated financial statements. There were no material changes in the Company’s ownership percentage in any of these subsidiaries during fiscal years 2022, 2021, or 2020.

Investment, Policy [Policy Text Block]

Investments in Unconsolidated Affiliates

The Company’s investments in its unconsolidated affiliates, which include its Zimbabwe operations, are non-marketable securities. Universal reviews such investments for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recovered. For example, the Company would review such an investment for impairment if the investee were to lose a significant customer, suffer a large reduction in sales margins, experience a major change in its business environment, or undergo any other significant change in its normal business. In assessing the recoverability of these investments, the Company follows the applicable accounting guidance in determining the fair value of the investments. In most cases, this involves the use of undiscounted and discounted cash flow models (Level 3 of the fair value hierarchy under the accounting guidance). If the fair value of an unconsolidated investee is determined to be lower than its carrying value, an impairment loss is recognized. The determination of fair value using discounted cash flow models is normally not based on observable market data from independent sources and therefore requires significant management judgment with respect to estimates of future operating earnings and the selection of an appropriate discount rate. The use of different assumptions could increase or decrease estimated future operating cash flows, and the discounted value of those cash flows, and therefore could increase or decrease any impairment charge related to these investments. During the fiscal year ended March 31, 2022, the Company recognized an immaterial impairment of an investment in an equity method investee in Africa.

In its consolidated statements of income, the Company reports its proportional share of the earnings of unconsolidated affiliates accounted for on the equity method based on the pretax earnings of those affiliates, as permitted under the applicable accounting guidance. All applicable foreign and U.S. income taxes are provided on these earnings and reported as a component of consolidated income tax expense. For unconsolidated affiliates located in foreign jurisdictions, repatriation of the Company’s share of the earnings through dividends is assumed in determining consolidated income tax expense.

The following table provides a reconciliation of (1) equity in the pretax earnings of unconsolidated affiliates, as reported in the consolidated statements of income to (2) equity in the net income of unconsolidated affiliates, net of dividends, as reported in the consolidated statements of cash flows for the fiscal years ended March 31, 2022, 2021, and 2020:


	Fiscal Year Ended March 31,
	2022		2021		2020

Equity in pretax earnings reported in the consolidated statements of income	$	6,095	$	2,985	$	4,211
Less: Equity in income taxes	(1,481)		180		(1,390)
Equity in net income	4,614		3,165		2,821
Less: Dividends received on investments (1)	(4,285)		(2,869)		(3,922)
Equity in net income, net of dividends, reported in the consolidated statements of cash flows	$	329	$	296	$	(1,101)

(1) In accordance with the applicable accounting guidance, dividends received from unconsolidated affiliates accounted for on the equity method that represent a return on capital (i.e., a return of earnings on a cumulative basis) are presented as operating cash flows in the consolidated statements of cash flows.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

The Company calculates basic earnings per share based on earnings available to common shareholders. The calculation uses the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed in a similar manner using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential common shares include unvested restricted stock units and performance share units that are assumed to be fully vested and paid out in shares of common stock.

Calculations of earnings per share for the fiscal years ended March 31, 2022, 2021, and 2020, are provided in Note 5.

Cash and Cash Equivalents [Policy Text Block]

Cash, Restricted Cash, and Cash Equivalents All highly liquid investments with a maturity of three months or less at the time of purchase are classified as cash equivalents. Restricted cash is associated with the acquisition of Silva International, Inc. ("Silva") and is recognized as a component of other noncurrent assets at March 31, 2022 and 2021.

Advances to Suppliers [Policy Text Block]

Advances to Tobacco Suppliers

In many sourcing origins where the Company operates, it provides agronomy services and seasonal advances of seed, fertilizer, and other supplies to tobacco farmers for crop production, or makes seasonal cash advances to farmers for the procurement of those inputs. These advances are typically short term, are repaid upon delivery of tobacco to the Company, and are reported in advances to suppliers in the consolidated balance sheets. In several origins, the Company has made long-term advances to tobacco farmers to finance curing barns and other farm infrastructure. In some years, due to low crop yields and other factors, individual farmers may not deliver sufficient volumes of tobacco to fully repay their seasonal advances, and the Company may extend repayment of those advances into future crop years. The long-term portion of advances is included in other noncurrent assets in the consolidated balance sheets. Both the current and the long-term portions of advances to tobacco suppliers are reported net of allowances recorded when the Company determines that amounts outstanding are not likely to be collected. Short-term and long-term advances to tobacco suppliers totaled approximately $153 million at March 31, 2022 and $144 million at March 31, 2021. The related valuation allowances totaled $19 million at March 31, 2022, and $18 million at March 31, 2021, and were estimated based on the Company’s historical loss information and crop projections. The allowances were increased by net provisions for estimated uncollectible amounts of approximately $6.0 million in fiscal year 2022, $5.5 million in fiscal year 2021, and $1.0 million in fiscal year 2020. These net provisions are included in selling, general, and administrative expenses in the consolidated statements of income. Interest on advances is recognized in earnings upon the farmers’ delivery of tobacco in payment of principal and interest. Advances on which interest accrual had been discontinued totaled approximately $4 million at both March 31, 2022 and 2021.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are valued at the lower of cost or net realizable value. Raw materials primarily consist of unprocessed leaf tobacco, which is clearly identified by type and grade at the time of purchase. The Company tracks the costs associated with this tobacco in the final product lots, and maintains this identification through the time of sale. This method of cost accounting is referred to as the specific cost or specific identification method. The predominant cost component of the Company’s inventories is the cost of the unprocessed tobacco. Direct and indirect processing costs related to these raw materials are capitalized and allocated to inventory in a systematic manner. The Company does not capitalize any interest or sales-related costs in inventory. Freight costs are recorded in cost of goods sold. Other inventories consist primarily of unprocessed and processed food and vegetable ingredients, extracts, seed, fertilizer, packing materials, and other supplies, and are valued using the specific cost method.

Recoverable Value-Added Tax Credits [Policy Text Block]

Recoverable Value-Added Tax Credits

In many foreign countries, the Company’s local operating subsidiaries pay significant amounts of value-added tax (“VAT”) on purchases of unprocessed and processed tobacco, crop inputs, packing materials, and various other goods and services. In some countries, VAT is a national tax, and in other countries it is assessed at the state level. Items subject to VAT vary from jurisdiction to jurisdiction, as do the rates at which the tax is assessed. When tobacco is sold to customers in the country of origin, the operating subsidiaries generally collect VAT on those sales. The subsidiaries are normally permitted to offset their VAT payments against the collections and remit only the incremental VAT collections to the tax authorities. When tobacco is sold for export, VAT is normally not assessed. In countries where tobacco sales are predominately for export markets, VAT collections generated on downstream sales are often not sufficient to fully offset the subsidiaries’ VAT payments. In those situations, unused VAT credits can accumulate. Some jurisdictions have procedures that allow companies to apply for refunds of unused VAT credits from the tax authorities, but the refund process often takes an extended period of time, and it is not uncommon for refund applications to be challenged or rejected in part on technical grounds. Other jurisdictions may permit companies to sell or transfer unused VAT credits to third parties in private transactions, although approval for such transactions must normally be obtained from the tax authorities, limits on the amounts that can be transferred may be imposed, and the proceeds realized may be heavily discounted from the face value of the credits. Due to these factors, local operating subsidiaries in some countries can accumulate significant balances of VAT credits over time. The Company reviews these balances on a regular basis and records valuation allowances on the credits to reflect amounts that are not expected to be recovered, as well as discounts anticipated on credits that are expected to be sold or transferred. At March 31, 2022 and 2021, the aggregate balances of recoverable tax credits held by the Company’s subsidiaries totaled approximately $67 million and $49 million, respectively, and the related valuation allowances totaled approximately $21 million and $19 million, respectively. The net balances are reported in other current assets and other noncurrent assets in the consolidated balance sheets.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

Depreciation of property, plant and equipment is based upon historical cost and the estimated useful lives of the assets. Depreciation is calculated primarily using the straight-line method. Buildings include processing and blending facilities, offices, and warehouses. Machinery and equipment consists of processing and packing machinery and transport, office, and computer equipment. Estimated useful lives range as follows: buildings - 15 to 40 years; processing and packing machinery - 3 to 11 years; transport equipment - 3 to 10 years; and office and computer equipment - 3 to 12 years. Where applicable and material in amount, the Company capitalizes related interest costs during periods that property, plant and equipment are being constructed or made ready for service. No interest was capitalized in fiscal years 2022, 2021, or 2020.

Lessee, Leases [Policy Text Block]

LeasesThe Company determines if an arrangement meets the definition of a lease at inception. The Company, as a lessee, enters into operating leases for land, buildings, equipment, and vehicles. For all operating leases with terms greater than 12 months and with fixed payment arrangements, a lease liability and corresponding right-of-use asset are recognized in the balance sheet for the term of the lease by calculating the net present value of future lease payments. On the date of lease commencement, the present value of lease liabilities is determined by discounting the future lease payments by the Company’s collateralized incremental borrowing rate, adjusted for the lease term and currency of the lease payments. If a lease contains a renewal option that the Company is reasonably certain to exercise, the Company accounts for the original lease term and expected renewal term in the calculation of the lease liability and right-of-use asset. Certain of the Company’s leases include both lease and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component, as the Company has elected the practical expedient to group lease and non-lease components for real estate leases.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Other Intangibles

Goodwill and other intangibles are disclosed in Note 7. Goodwill principally consists of the excess of the purchase price of acquired companies over the fair value of the net assets. Goodwill is carried at the lower of cost or fair value and is reviewed for potential impairment on an annual basis as of the end of the fiscal year. Accounting Standards Codification Topic 350 (“ASC 350”) permits companies to base their initial assessments of potential goodwill impairment on qualitative factors, and the Company elected to use that approach at March 31, 2022 and 2021. Those factors did not indicate that it was more likely than not that the fair value of any of the reporting units was less than their respective carrying value, therefore no potential impairment of the Company's recorded goodwill was noted as of those dates.

Reporting units are distinct operating subsidiaries or groups of subsidiaries that typically compose the Company’s business in a specific country or location. Goodwill is allocated to reporting units based on the country or location to which a specific acquisition relates, or by allocation based on expected future cash flows if the acquisition relates to more than one country or location. The majority of the Company’s goodwill relates to its reporting unit in Brazil and reporting units in the Ingredients operating segment. See Notes 2 and 7 for additional information. Significant adverse changes in the operations or estimated future cash flows for a reporting unit with recorded goodwill could result in an impairment charge.

Other intangibles principally consists of finite lived intangible assets including customer-related intangibles, trade names, developed technology, and noncompetition agreements. Intangible assets acquired in a business combination are recorded at fair value using a discounted cash flow approach. A discounted cash flow approach to value intangible assets requires assumptions about the timing, amount, and probability of future net cash flows, as well as the discount rate and market participant considerations. Other intangibles are amortized on a straight-line basis over the intangible asset's economic life.

Impairment or Disposal of Long-Lived Intangible Assets, Impairment, Policy [Policy Text Block]

Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment, disclosed in Note 4 and Note 12, whenever events, changes in business conditions, or other circumstances provide an indication that such assets may be impaired. Potential impairment is initially assessed by comparing management’s undiscounted estimates of future cash flows from the use or disposition of the assets to their carrying value. If the carrying value exceeds the undiscounted cash flows, an impairment charge is recorded to reduce the carrying value of the asset to its fair value determined in accordance with the accounting guidance. In many cases, this involves the use of discounted cash flow models that are not based on observable market data from independent sources (Level 3 of the fair value hierarchy under the accounting guidance).

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company provides deferred income taxes on temporary differences between the book and tax basis of its assets and liabilities. Those differences arise principally from employee benefit accruals, depreciation, deferred compensation, undistributed earnings of unconsolidated affiliates, undistributed earnings of foreign subsidiaries, goodwill, intangibles, and valuation allowances on farmer advances and VAT credits. Income taxes provided on pretax amounts recorded in accumulated other comprehensive income (loss) are released when the related pretax amounts are reclassified to earnings. Additional disclosures related to the Company's income taxes are disclosed in Note 6.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Values of Financial Instruments

The fair value of the Company’s long-term debt, disclosed in Note 12, approximates the carrying amount since the variable interest rates in the underlying credit agreement reflect the market interest rates that were available to the Company at March 31, 2022. In periods when fixed-rate obligations are outstanding, fair values are estimated using market prices where they are available or discounted cash flow models based on current incremental borrowing rates for similar classes of borrowers and borrowing arrangements. The fair values of interest rate swap agreements designated as cash flow hedges and used to fix the variable benchmark rate on outstanding long-term debt are determined separately and recorded in other long-term liabilities. Except for interest rate swaps and forward foreign currency exchange contracts that are discussed below, the fair values of all other assets and liabilities that qualify as financial instruments approximate their carrying amounts.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

The Company recognizes all derivatives on the balance sheet at fair value. Interest rate swaps and forward foreign currency exchange contracts are used from time to time to manage interest rate risk and foreign currency risk. The Company enters into such contracts only with counterparties of good standing. The credit exposure related to non-performance by the counterparties and the Company is considered in determining the fair values of the derivatives, and the effect has not been material to the financial statements or operations of the Company. Additional disclosures related to the Company’s derivatives and hedging activities are provided in Note 11.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Translation and Remeasurement of Foreign Currencies

The financial statements of foreign subsidiaries having the local currency as the functional currency are translated into U.S. dollars using exchange rates in effect at period end for assets and liabilities and average exchange rates applicable to each reporting period for results of operations. Adjustments resulting from translation of financial statements are reflected as a separate component of other comprehensive income or loss. The financial statements of foreign subsidiaries having the U.S. dollar as the functional currency, with certain transactions denominated in a local currency, are remeasured into U.S. dollars. The remeasurement of local currency amounts into U.S. dollars creates remeasurement gains and losses that are included in earnings as a component of selling, general, and administrative expenses. The Company recognized net remeasurement losses of $19.0 million and $16.4 million in fiscal years 2022 and 2020 , and net remeasurement gains of $8.5 million in fiscal year 2021.

Foreign currency transactions and forward foreign currency exchange contracts that are not designated as hedges generate gains and losses when they are settled or when they are marked-to-market under the prescribed accounting guidance. These transaction gains and losses are also included in earnings as a component of selling, general, and administrative expenses. The Company recognized net foreign currency transaction gains of $18.0 million in fiscal year 2022 and net foreign currency transaction losses of $1.4 million and $2.9 million in fiscal years 2021 and 2020, respectively.

Revenue [Policy Text Block]

Revenue Recognition

Revenue is recognized when the Company completes its performance obligation for the transfer of products and services under its contractual arrangements with customers. For sales of tobacco, satisfaction of the performance obligation and recognition of the corresponding revenue is based on the transfer of the ownership and control of the product to the customer, which is substantially unchanged from the previous accounting guidance. A large percentage of the Company’s sales are to major multinational manufacturers of consumer tobacco products. The Company works closely with those customers to understand and plan for their requirements for volumes, styles, and grades of leaf tobacco from its various growing regions, and extensive coordination is maintained on an ongoing basis to determine and satisfy their requirements for transfer of ownership and physical shipment of processed tobacco. The customers typically specify, in sales contracts and in shipping documents, the precise terms for transfer of title and risk of loss for the tobacco. Customer returns and rejections are not significant, and the Company’s sales history indicates that customer-specific acceptance provisions are consistently met upon transfer of title and risk of loss.

While most of the Company’s revenue is derived from tobacco that is purchased from farmers, processed and packed in its factories, and then sold to customers, some revenue is earned from processing tobacco owned by customers and from other value-added services. The arrangements for processing services usually exist in specific markets where the customers contract directly with farmers for leaf production, and they have accounted for less than 5% of total revenue on an annual basis through the

fiscal year ended March 31, 2022. Processing and packing of leaf tobacco is a short-duration process. Under normal operating conditions, raw tobacco that is placed into the production line exits as processed and packed tobacco within one hour, and is then later transported to customer-designated storage facilities. The revenue for these services is recognized when the performance obligation is met upon the completion of processing, and the Company's operating history indicates that customer requirements for processed tobacco are consistently met upon completion of processing.

The Company has diversified its operations through acquisition of established companies that offer customers a wide range of both liquid and dehydrated fruit and vegetable ingredient products, as well as botanical extracts and flavors. These operations procure raw materials from domestic and international growers and suppliers and through a variety of processing steps (including sorting, cleaning, pressing, mixing, extracting, and blending), manufacture finished goods utilized in both human and pet food. The contracts for food ingredients with customers create a performance obligation to transfer the manufactured finished goods to the customer. Transaction prices for the sale of food ingredients are primarily based on negotiated fixed prices. At the point in time that the customer obtains control over the finished product, which is typically aligned with physical shipment under the contractual terms with the customer, the Company completes its performance obligation and recognizes the revenue for the sale.

Additional disclosures related to the Company's revenue from contracts with customers are provided in Note 3.

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

Share-based payments, such as grants of restricted stock units, performance share units, restricted stock, stock appreciation rights, and stock options, are measured at fair value and reported as expense in the financial statements over the requisite service period. Additional disclosures related to stock-based compensation are included in Note 15.

Use of Estimates, Policy [Policy Text Block]

Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Accounting Pronouncements [Policy Text Block]

Accounting Pronouncements

Pronouncements Adopted in Fiscal Year 2021

The Company adopted FASB Accounting Standards Update No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) effective April 1, 2020. ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company determined that the update applied to trade receivables, but that there was no material impact to the consolidated financial statements from the adoption of ASU 2016-13.

The Company adopted FASB Accounting Standards Update No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of FASB Emerging Issues Task Force)” (“ASU 2018-15”) effective April 1, 2020. ASU 2018-15 aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. Under that model, implementation costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred. Capitalized implementation costs are amortized over the term of the associated hosted cloud computing arrangement service contract on a straight-line basis, unless another systematic and rational basis is more representative of the pattern in which the entity expects to benefit from its right to access the hosted software. Capitalized implementation costs would then be assessed for impairment in a manner similar to long-lived assets. There was no material impact to the consolidated financial statements from the adoption of ASU 2018-15.

Pronouncements Adopted in Fiscal Year 2022

The Company adopted FASB issued Accounting Standards Update No. 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) effective April 1, 2021. ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The updated guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. There was no material impact to the consolidated financial statements from the adoption of ASU 2019-12.

Pronouncements to be Adopted in Future Periods

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions related to contract modifications and hedge accounting to address the transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance permits an entity to consider contract modification due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. ASU 2020-04 also temporarily allows hedge relationships to continue without de-designation upon changes due to reference rate reform. The standard is effective upon issuance and can be applied as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact that the guidance will have on its consolidated financial statements.

Reclassifications [Policy Text Block]

Reclassifications Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Nature Of Operations And Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2022

Reconciliation Of Equity In Unconsolidated Affiliates

The following table provides a reconciliation of (1) equity in the pretax earnings of unconsolidated affiliates, as reported in the consolidated statements of income to (2) equity in the net income of unconsolidated affiliates, net of dividends, as reported in the consolidated statements of cash flows for the fiscal years ended March 31, 2022, 2021, and 2020:


	Fiscal Year Ended March 31,
	2022		2021		2020

Equity in pretax earnings reported in the consolidated statements of income	$	6,095	$	2,985	$	4,211
Less: Equity in income taxes	(1,481)		180		(1,390)
Equity in net income	4,614		3,165		2,821
Less: Dividends received on investments (1)	(4,285)		(2,869)		(3,922)
Equity in net income, net of dividends, reported in the consolidated statements of cash flows	$	329	$	296	$	(1,101)

(1) In accordance with the applicable accounting guidance, dividends received from unconsolidated affiliates accounted for on the equity method that represent a return on capital (i.e., a return of earnings on a cumulative basis) are presented as operating cash flows in the consolidated statements of cash flows.

Business Combinations Business Combinations (Tables)

12 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the final purchase price allocations of the assets acquired and liabilities assumed for the Shank's and Silva acquisitions.


	Shank's		Silva
Assets	October 4, 2021		October 1, 2020
Cash and cash equivalents	$	754	$	8,126
Accounts receivable, net	6,643		17,885
Advances to suppliers, net	—		3,011
Inventory	15,792		33,162
Other current assets	415		833
Property, plant and equipment	11,000		24,437
Operating lease right-of-use assets	8,531		—
Intangibles
Customer relationships	24,000		53,000
Developed technology	4,500		—
Trade names	—		7,800
Non-compete agreements	3,000		—
Goodwill	41,061		46,144
Total assets acquired	115,696		194,398

Liabilities
Accounts payable and accrued expenses	6,159		11,683
Customer advances and deposits	351		—
Accrued compensation	655		3,350
Income taxes payable	—		946
Current portion operating lease liabilities	8,531		—
Deferred income taxes	—		14,419
Total liabilities assumed	15,696		30,398

Total assets acquired and liabilities assumed	$	100,000	$	164,000

Revenue from Contracts with Customers Revenue from Contract with Customer (Tables)

12 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by significant revenue-generating category:


	Fiscal Year Ended March 31,
	2022		2021		2020
Tobacco sales	$	1,703,330	$	1,715,066	$	1,759,769
Ingredient sales	250,595		127,393		22,014
Processing revenue	77,048		73,021		76,123
Other sales and revenue from contracts with customers	60,177		49,983		33,971
Total revenue from contracts with customers	2,091,150		1,965,463		1,891,877
Other operating sales and revenues	12,451		17,894		18,102
Consolidated sales and other operating revenues	$	2,103,601	$	1,983,357	$	1,909,979

Other operating sales and revenues consists principally of interest on advances to tobacco suppliers and dividend income from unconsolidated affiliates.

Restructuring Costs (Tables)

12 Months Ended

Mar. 31, 2022

Restructuring Costs [Abstract]

Cumulative Restructuring Costs

A summary of the restructuring and impairment costs incurred during the fiscal years ended March 31, 2022, 2021, and 2020 is as follows:


	Fiscal Years Ended March 31,
	2022		2021		2020
Restructuring Costs:
Employee termination benefits	$	2,174	$	5,237	$	5,356
Other restructuring costs	(24)		3,468		—
	2,150		8,705		5,356
Impairment Costs:
Property, plant, and equipment and other noncurrent assets	8,307		13,872		2,187

	$	8,307	$	13,872	$	2,187
Total restructuring and impairment costs	$	10,457	$	22,577	$	7,543

Reconciliation Of Company's Liability For The Restructuring Costs

A reconciliation of the Company’s liability for employee termination benefits and other restructuring costs for fiscal years 2020 through 2022 is as follows:


	Employee Termination Benefits	Other Costs	Total
Balance at April 1, 2019	$623	$223	$846
Fiscal Year 2020 Activity:
Costs charged to expense	5,356	—	5,356
Payments and write-offs	(2,564)	(223)	(2,787)
Balance at March 31, 2020	3,415	—	3,415
Fiscal Year 2021 Activity:
Costs charged to expense	5,237	3,468	8,705
Payments and write-offs	(7,282)	(2,855)	(10,137)
Balance at March 31, 2021	1,370	613	1,983
Fiscal Year 2022 Activity:
Costs charged to expense	2,174	(24)	2,150
Payments and write-offs	(3,544)	(589)	(4,133)
Balance at March 31, 2022	$—	$—	$—

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Fiscal Year Ended March 31,
(in thousands, except share and per share data)	2022		2021		2020
Basic Earnings Per Share
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$	86,577	$	87,410	$	71,680




Denominator for basic earnings per share
Weighted average shares outstanding	24,764,177		24,656,009		24,982,259

Basic earnings per share	$	3.50	$	3.55	$	2.87

Diluted Earnings Per Share
Numerator for diluted earnings per share
Net income attributable to Universal Corporation	$	86,577	$	87,410	$	71,680




Denominator for diluted earnings per share:
Weighted average shares outstanding	24,764,177		24,656,009		24,982,259
Effect of dilutive securities

Employee and outside director share-based awards	158,719		132,557		124,092
Denominator for diluted earnings per share	24,922,896		24,788,566		25,106,351

Diluted earnings per share	$	3.47	$	3.53	$	2.86

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule Of Components of Income Tax Expense

Income taxes for the fiscal years ended March 31, 2022, 2021, and 2020 consisted of the following:


	Fiscal Year Ended March 31,
	2022		2021		2020
Current
United States	$	15,042	$	9,500	$	2,001
State and local	265		621		92
Foreign	25,828		21,626		41,892
	41,135		31,747		43,985
Deferred
United States	(498)		(5,938)		3,735
State and local	1,568		(314)		(16)
Foreign	(3,542)		3,917		(12,416)
	(2,472)		(2,335)		(8,697)
Total	$	38,663	$	29,412	$	35,288

Foreign taxes include any applicable U.S. tax expense on the earnings of foreign subsidiaries.

Schedule Of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.0		0.2		0.1



Foreign earnings taxed at rates other than the U.S. federal statutory tax rate	3.7		(0.9)		(2.0)
Foreign dividend withholding taxes	2.3		5.3		5.1




Changes in uncertain tax positions	(0.3)		—		5.6
Other	(0.5)		(2.2)		1.3
Effective income tax rate	27.2	%	23.4	%	31.1	%

Schedule Of U.S. And Foreign Components Of Income Before Income Taxes And Other Items

The U.S. and foreign components of income before income taxes were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
United States	$	74,553	$	30,060	$	22,916
Foreign	67,714		95,666		90,375
Total	$	142,267	$	125,726	$	113,291

Schedule Of Deferred Tax Assets and Liabilities

Significant components of deferred tax liabilities and assets were as follows:


	March 31,
	2022		2021
Liabilities
Foreign withholding taxes	$	19,353	$	21,711
Property, plant and equipment	10,567		8,726
Undistributed earnings	3,004		2,947
Operating lease right-of-use assets	6,621		6,856
Goodwill and other intangible assets	34,584		35,059
Local currency exchange gains of foreign subsidiaries	4,094		—
All other	3,414		4,876
Total deferred tax liabilities	$	81,637	$	80,175

Assets
Employee benefit plans	$	16,138	$	17,199
Reserves and accruals	9,844		7,603
Deferred income	4,127		3,521
Operating lease right-of-use liabilities	6,538		6,718
Currency translation losses of foreign subsidiaries	2,173		2,173
Local currency exchange losses of foreign subsidiaries	595		450
Interest rate swap	302		5,178


All other	9,384		8,568
Total deferred tax assets	49,101		51,410
Valuation allowance	(3,182)		(4,080)
Net deferred tax assets	$	45,919	$	47,330

Schedule Of Combined Income Tax Expense (Benefit) Allocable To Continuing Operations, Other Comprehensive Income, And Adjustments To Shareholders' Equity

The combined income tax expense (benefit) allocable to continuing operations and other comprehensive income was as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Continuing operations	$	38,663	$	29,412	$	35,288
Other comprehensive loss	6,555		9,563		(14,392)

Total	$	45,218	$	38,975	$	20,896

Reconciliation Of The Gross Liability For Uncertain Tax Positions

A reconciliation of the beginning and ending balance of the gross liability for uncertain tax positions is as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Liability for uncertain tax positions, beginning of year	$	2,437	$	2,377	$	5,625
Additions:
Related to tax positions for the current year	48		49		1,746
Related to tax positions for prior years	328		—		4,369
Reductions:


Due to lapses of statutes of limitations	(56)		(135)		(81)
Due to tax settlements	(814)		—		(8,948)

Effect of currency rate changes	81		146		(334)
Liability for uncertain tax positions, end of year	$	2,024	$	2,437	$	2,377

Goodwill and Other Intangibles Goodwill and Other Intangibles (Tables)

12 Months Ended

Mar. 31, 2022

Goodwill and Other Intangibles [Abstract]

Schedule of Goodwill [Table Text Block]

The Company's changes in goodwill at March 31, 2022 and 2021 consisted of the following:


(in thousands)	Fiscal Year Ended March 31,
	2022		2021
Balance at beginning of year	$	173,051	$	126,826
Acquisition of business(1) (2)	41,061		46,144
Foreign currency translation adjustment	(114)		81

Balance at end of year	$	213,998	$	173,051

(1) On October 4, 2021, the Company acquired 100% of the capital stock of Shank's for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition.. The Shank's acquisition resulted in $41.1 million of goodwill. See Note 2 for additional information.

(2) On October 1, 2020, the Company acquired 100% of the capital stock of Silva for approximately $164.0 million in cash and $5.9 million of working capital on-hand at the date of acquisition. The Silva acquisition resulted in $46.1 million of goodwill. See Note 2 for additional information.

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The Company's intangible assets primarily consist of capitalized customer-related intangibles, trade names, proprietary developed technology and noncompetition agreements. The Company's intangible assets subject to amortization consisted of the following at March 31, 2022 and 2021:


(in thousands, except useful life)				Fiscal Year Ended March 31,
				2022						2021
	Useful Life (Years)			Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Customer relationships(1)(2)	11	-	13	$	86,500	$	(9,963)	$	76,537	$	62,500	$	(3,323)	$	59,177
Trade names(1)(2)		5		11,100		(3,825)		7,275		11,100		(1,605)		9,495
Developed technology(1)		3		9,300		(3,773)		5,527		4,800		(2,000)		2,800
Noncompetition agreements(1)		5		4,000		(825)		3,175		1,000		(250)		750
Other		5		736		(679)		57		760		(678)		82
Total intangible assets				$	111,636	$	(19,065)	$	92,571	$	80,160	$	(7,856)	$	72,304

(1) The Shank's acquisition resulted in $31.5 million of intangibles. See Note 2 for additional information.

(2) The Silva acquisition resulted in $60.8 million of intangibles. See Note 2 for additional information.

Intangible assets are amortized on a straight-line basis over the asset's estimated useful economic life as noted above.

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

The Company's amortization expense for intangible assets for the years ended March 31, 2022, 2021, and 2020:


(in thousands)	Fiscal Year Ended March 31,
	2022		2021		2020
Amortization Expense	$	11,209	$	6,460	$	722

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

As of March 31, 2022, the expected future amortization expense for intangible assets is as follows:


Fiscal Year
2023	$	12,494
2024	11,256
2025	11,812
2026	8,452
2027 and thereafter	48,557
Total expected future amortization expense	$	92,571

Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

The Company's long-term debt at March 31, 2022 and 2021 consisted of the following:


	March 31,
	2022		2021
Senior bank term loans	$	520,000	$	520,000



Less: current portion	—		—
Less: unamortized debt issuance costs	(1,453)		(1,828)
Long-term debt	$	518,547	$	518,172

Leases Leases of Lessees (Tables)

12 Months Ended

Mar. 31, 2022

Leases of Lessees [Abstract]

Schedule of supplemental balance sheet information related to leases [Table Text Block]

The following table sets forth the right-of-use assets and lease liabilities for operating leases included in the Company’s consolidated balance sheet:


(in thousands)	March 31, 2022		March 31, 2021

Assets
Operating lease right-of-use assets	$	40,243	$	31,230

Liabilities
Current portion of operating lease liabilities	$	10,303	$	7,898
Long-term operating lease liabilities	29,617		19,725
Total operating lease liabilities	$	39,920	$	27,623

Schedule of income statement information related to leases [Table Text Block]

The following table sets forth the location and amount of operating lease costs included in the Company's consolidated statement of income:


	Fiscal Year Ended March 31,		Fiscal Year Ended March 31,
(in thousands)	2022		2021

Income Statement Location
Cost of goods sold	$	10,874	$	12,903
Selling, general, and administrative expenses	9,676		9,408
Total operating lease costs(1)	$	20,550	$	22,311

(1)Includes variable operating lease costs.

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table reconciles the undiscounted cash flows to the operating lease liabilities in the Company’s consolidated balance sheet:


(in thousands)	March 31, 2022
Maturity of Operating Lease Liabilities
2023	$	11,977
2024	9,921
2025	7,783
2026	5,136
2027	3,895
2028 and thereafter	8,492
Total undiscounted cash flows for operating leases	$	47,204
Less: Imputed interest	(7,284)
Total operating lease liabilities	$	39,920

Supplemental information related to operating leases [Table Text Block]

The following table sets forth supplemental information related to operating leases:


	Fiscal Year Ended March 31,			Fiscal Year Ended March 31,
(in thousands, except lease term and incremental borrowing rate)	2022			2021

Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities	$	12,018		$	12,855
Right-of-use assets obtained in exchange for new operating leases	22,506			10,970

Weighted Average Remaining Lease Term (years)	5.51			5.57

Weighted Average Collateralized Incremental Borrowing Rate	5.43		%	4.05		%

Derivatives And Hedging Activities (Tables)

12 Months Ended

Mar. 31, 2022

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 for these purposes during fiscal years 2022, 2021, and 2020 was as follows:


	Fiscal Year Ended March 31,
(in millions)	2022		2021		2020
Tobacco purchases	$	134.7	$	101.3	$	123.2
Processing costs	32.5		27.8		35.1
Crop input sales	65.3		23.5		21.7
Total	$	232.5	$	152.6	$	180.0

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 for the fiscal years ended March 31, 2022, 2021, and 2020.


	Fiscal Year Ended March 31,
	2022		2021		2020









Cash Flow Hedges - Interest Rate Swap Agreements
Derivative
Effective Portion of Hedge
Gain (loss) recorded in accumulated other comprehensive loss	$	15,651	$	3,033	$	(32,389)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	(8,907)	$	(8,411)	$	(1,577)
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$	1,061	$	1,416	$	2,691
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	$	13,879	$	(272)	$	(13,646)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	$	5,426	$	(13,926)	$	1,108
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	$	2,040	$	—	$	—
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 - Forward Foreign Currency Exchange Contracts
Gain (loss) recognized in earnings	$	16,732	$	(872)	$	(4,013)
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, 2022 and 2021:


	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,
		2022		2021			2022		2021
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	Other non-current assets	$	—	$	—	Other long-term liabilities	$	1,161	$	25,719

Forward foreign currency exchange contracts	Other current assets	10,957		1,137		Accounts payable and accrued expenses	3,200		1,031
Total		$	10,957	$	1,137		$	4,361	$	26,750

Derivatives Not Designated as Hedging Instruments
Forward foreign currency exchange contracts	Other current assets	$	13,111	$	435	Accounts payable and accrued expenses	$	64	$	791
Total		$	13,111	$	435		$	64	$	791

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.

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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Financial Assets And Liabilities Measured At Fair Value On Recurring Basis

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

At March 31, 2022 and 2021, the Company had certain financial assets and financial liabilities that were required to be measured and reported at fair value on a recurring basis. These assets and liabilities are listed in the tables below and are classified based on how their values were determined under the fair value hierarchy or the NAV practical expedient:


	March 31, 2022
			Fair Value Hierarchy
	NAV		Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	334	$	—	$	—	$	—	$	334
Trading securities associated with deferred compensation plans	—		13,655		—		—		13,655

Forward foreign currency exchange contracts	—		—		24,068		—		24,068
Total financial assets measured and reported at fair value	$	334	$	13,655	$	24,068	$	—	$	38,057

Liabilities



Interest rate swap agreements	$	—	$	—	$	1,161	$	—	$	1,161
Forward foreign currency exchange contracts	—		—		3,264		—		3,264
Total financial liabilities measured and reported at fair value	$	—	$	—	$	4,425	$	—	$	4,425


	March 31, 2021
			Fair Value Hierarchy
	NAV		Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	1,992	$	—	$	—	$	—	$	1,992
Trading securities associated with deferred compensation plans	—		15,735		—		—		15,735

Forward foreign currency exchange contracts	—		—		1,572		—		1,572
Total financial assets measured and reported at fair value	$	1,992	$	15,735	$	1,572	$	—	$	19,299

Liabilities


Acquisition-related contingent consideration obligations - long-term	$	—	$	—	$	—	$	2,532	$	2,532
Interest rate swap agreements	—		—		25,719		—		25,719
Forward foreign currency exchange contracts	—		—		1,822		—		1,822
Total financial liabilities measured and reported at fair value	$	—	$	—	$	27,541	$	2,532	$	30,073

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

A reconciliation of the change in the balance of the acquisition-related contingent consideration obligation (Level 3) for the fiscal years ended March 31, 2022 and 2021 is provided below.


	Fiscal Year Ended March 31,
	2022		2021
Balance beginning of year	$	2,532	$	6,705


Change in fair value of contingent consideration liability	(2,532)		(4,173)
Balance at end of year	$	—	$	2,532

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table summarizes the fair and carrying value of the Company’s long-term debt, including the current portion at each of the balance sheet dates March 31, 2022 and 2021:


	Fiscal Year Ended March 31,
(in millions of dollars)	2022		2021
Fair market value of long term obligations	$	517	$	517
Carrying value of long term obligations	$	520	$	520

Pension And Other Postretirement Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Assumptions Used To Compute Net Periodic Benefit Cost And Benefit Obligations

Assumptions used for financial reporting purposes to compute net periodic benefit cost and benefit obligations for the Company's primary defined benefit plans were as follows:


	Pension Benefits						Other Postretirement Benefits
	2022		2021		2020		2022		2021		2020
Discount rates:
Benefit cost for plan year	3.30	%	3.60	%	4.00	%	2.90	%	3.40	%	3.80	%
Benefit obligation at end of plan year	3.70	%	3.30	%	3.60	%	3.60	%	2.90	%	3.40	%
Expected long-term return on plan assets:
Benefit cost for plan year	5.50	%	6.00	%	6.75	%	3.00	%	3.00	%	3.00	%

Salary scale:
Benefit cost for plan year	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Benefit obligation at end of plan year	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Healthcare cost trend rate	N/A		N/A		N/A		6.17	%	6.17	%	7.34	%

Benefit Obligations, Plan Assets, And Funded Status

The following table reflects the changes in benefit obligations and plan assets in fiscal years 2022 and 2021, as well as the funded status of the plans at March 31, 2022 and 2021:


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
Actuarial present value of benefit obligation:
Accumulated benefit obligation	$	269,758	$	289,901
Projected benefit obligation	277,050		297,090		$	24,957	$	28,926

Change in projected benefit obligation:
Projected benefit obligation, beginning of year	$	297,090	$	287,082	$	28,926	$	30,282
Service cost	6,674		6,618		170		172
Interest cost	8,754		9,571		950		1,141
Effect of discount rate change	(18,010)		12,990		(1,549)		1,126

Foreign currency exchange rate changes	(1,160)		776		566		(283)


Other	1,736		(3,626)		(1,245)		167
Benefit payments	(18,034)		(16,321)		(2,861)		(3,679)
Projected benefit obligation, end of year	$	277,050	$	297,090	$	24,957	$	28,926

Change in plan assets:
Plan assets at fair value, beginning of year	$	270,349	$	238,450	$	3,033	$	3,369
Actual return on plan assets	864		39,757		86		114
Employer contributions	6,147		8,472		2,448		3,229

Foreign currency exchange rate changes	(3,313)		(9)		—		—
Benefit payments	(18,034)		(16,321)		(2,861)		(3,679)
Plan assets at fair value, end of year	$	256,013	$	270,349	$	2,706	$	3,033

Funded status:
Funded status of the plans, end of year	$	(21,037)	$	(26,741)	$	(22,251)	$	(25,893)

Funded Status In Consolidated Balance Sheets

The funded status of the Company’s plans at the end of fiscal years 2022 and 2021 was reported in the consolidated balance sheets as follows:


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
Noncurrent assets (included in Pension asset and other noncurrent assets)	$	12,667	$	11,950	$	—	$	—
Current liability (included in Accounts payable and accrued expenses)	(1,135)		(4,896)		(1,930)		(2,051)
Noncurrent liability (reported as pensions and other postretirement benefits)	(32,569)		(33,795)		(20,321)		(23,842)
Amounts recognized in the consolidated balance sheets	$	(21,037)	$	(26,741)	$	(22,251)	$	(25,893)

Additional Information On Funded Status

Additional information on the funded status of the Company’s plans as of the respective measurement dates for the fiscal years ended March 31, 2022 and 2021, is as follows:


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
For plans with a projected benefit obligation in excess of plan assets:
Aggregate projected benefit obligation (PBO)	$	39,988	$	44,742	$	24,957	$	28,926
Aggregate fair value of plan assets	6,284		6,051		2,706		3,033
For plans with an accumulated benefit obligation in excess of plan assets:
Aggregate accumulated benefit obligation (ABO)	38,722		42,923		N/A		N/A
Aggregate fair value of plan assets	6,284		6,051		N/A		N/A

Components Of Company's Net Periodic Benefit Cost

The components of the Company’s net periodic benefit cost were as follows:


	Pension Benefits						Other Postretirement Benefits
	Fiscal Year Ended March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Components of net periodic benefit cost:
Service cost	$	6,674	$	6,618	$	5,990	$	170	$	172	$	199
Interest cost	8,754		9,571		10,747		950		1,141		1,306
Expected return on plan assets	(13,562)		(14,448)		(16,671)		(86)		(96)		(106)

Settlement cost	—		—		676		—		—		—
Net amortization and deferral	1,679		4,863		3,709		(422)		(591)		(647)
Net periodic benefit cost	$	3,545	$	6,604	$	4,451	$	612	$	626	$	752

Recognized In Accumulated Other Comprehensive Income (Loss) On Pretax Basis

The amounts recognized in other comprehensive income or loss for fiscal years 2022 and 2021 and the amounts included in accumulated other comprehensive loss at the end of those fiscal years are shown below. All amounts shown are before allocated income taxes.


	Pension Benefits				Other Postretirement Benefits
	March 31,				March 31,
	2022		2021		2022		2021
Change in net actuarial loss (gain):
Net actuarial loss (gain), beginning of year	$	72,605	$	97,025	$	(4,395)	$	(5,365)
Losses (gains) arising during the year	(1,727)		(17,563)		(2,533)		520

Amortization included in net periodic benefit cost during the year	(3,598)		(6,857)		247		450
Net actuarial loss (gain), end of year	67,280		72,605		(6,681)		(4,395)

Change in prior service cost (benefit):
Prior service cost (benefit), beginning of year	(3,406)		(5,402)		(376)		(564)

Amortization included in net periodic benefit cost during the year	1,919		1,996		175		188
Prior service cost (benefit), end of year	(1,487)		(3,406)		(201)		(376)

Total amounts in accumulated other comprehensive loss at end of year, before income taxes	$	65,793	$	69,199	$	(6,882)	$	(4,771)

Amounts in the above table reflect the Company and its consolidated subsidiaries. The accumulated other comprehensive loss reported in the consolidated balance sheets also includes pension and other postretirement benefit amounts related to ownership interests in unconsolidated affiliates.

Weighted-Average Target Pension Asset Allocation And Target Ranges By Major Asset Category

The weighted–average target pension asset allocation and target ranges at the March 31, 2022 measurement date and the actual asset allocations at the March 31, 2022 and 2021 measurement dates by major asset category were as follows:


							Actual Allocation
	Target Allocation						March 31,
Major Asset Category			Range				2022		2021
Equity securities	29.0	%	19	%	-	39%	31.1	%	32.0	%

Fixed income securities (1)	66.0	%	56	%	-	76%	63.8	%	64.1	%
Alternative investments	5.0	%	0	%	-	10%	5.1	%	3.9	%

Total	100.0	%					100.0	%	100.0	%

Expected Future Benefit Payments

Estimated future benefit payments to be made from the Company’s plans are as follows:


Fiscal Year	Pension Benefits		Other Postretirement Benefits
2023	$	15,456	$	2,392
2024	17,007		2,259
2025	23,499		2,130
2026	23,608		1,995
2027	14,937		1,898
2028 - 2032	82,147		8,243

Fair Values Of The Assets Under Fair Value Hierarchy

Fair values of the assets of the Company’s pension plans as of March 31, 2022 and 2021, classified based on how their values were determined under the fair value hierarchy are as follows:


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Equity securities	$	77,175	$	—	$	—	$	77,175

Fixed income securities (1)	159,956		—		6,284		166,240
Alternative investments	—		—		12,598		12,598

Total investments	$	237,131	$	—	$	18,882	$	256,013


	March 31, 2021
	Level 1		Level 2		Level 3		Total
Equity securities	$	83,135	$	—	$	—	$	83,135

Fixed income securities (1)	168,201		2,920		6,051		177,172
Alternative investments	—		—		10,042		10,042

Total investments	$	251,336	$	2,920	$	16,093	$	270,349

Common And Preferred Stock Common and Preferred Stock (Tables)

12 Months Ended

Mar. 31, 2022

Schedule of Repurchases of Shares [Abstract]

Schedule Of Repurchases Of Shares [Table Text Block]

Repurchases of common stock under the programs for fiscal years 2022, 2021, and 2020 were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Number of shares repurchased	58,264		—		656,820
Cost of shares repurchased (in thousands of dollars)	$	3,053	$	—	$	33,457
Weighted-average cost per share	$	52.41	$	—	$	50.94

Executive Stock Plans And Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary Of RSU, Restricted Stock, And PSA Activity

The following table summarizes the Company’s RSU, restricted stock, and PSU activity for fiscal years 2020 through 2022:


	RSUs			Restricted Stock			PSUs
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Fiscal Year Ended March 31, 2020:
Unvested at beginning of year	324,991	$	57.12	21,250	$	41.58	146,874	$	55.12
Granted	85,463	56.39		—	—		60,728	50.16
Vested	(74,518)	54.20		—	—		(67,402)	49.17
Forfeited	—	—		—	—		—	—
Unvested at end of year	335,936	57.89		21,250	41.58		140,200	55.73

Fiscal Year Ended March 31, 2021:
Granted	103,829	46.27		—	—		65,135	34.33
Vested	(97,297)	54.11		(9,650)	41.24		(40,410)	60.37
Forfeited	—	—		—	—		(3,778)	57.83
Unvested at end of year	342,468	55.44		11,600	41.86		161,147	46.20

Fiscal Year Ended March 31, 2022:
Granted	93,564	56.18		—	—		48,650	47.95
Vested	(86,488)	54.33		—	—		(50,242)	57.12
Forfeited	—	—		—	—		(1,555)	57.12
Unvested at end of year	349,544	$	55.86	11,600	$	41.86	158,000	$	43.16

Stock-Based Compensation Expense And Related Income Tax Benefit Recognized

For the fiscal years ended March 31, 2022, 2021, and 2020, total stock-based compensation expense and the related income tax benefit recognized were as follows:


	Fiscal Year Ended March 31,
	2022		2021		2020
Total stock-based compensation expense	$	6,187	$	6,106	$	5,631
Income tax benefit recorded on stock-based compensation expense	$	1,389	$	1,282	$	1,182

Operating Segments (Tables)

12 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Operating Results For The Company's Reportable Segments

Reportable segment data as of, or for, the fiscal years ended March 31, 2022, 2021, and 2020, is as follows, including a recast of fiscal year 2020 for the current reportable operating segment presentation:


	Sales and Other Operating Revenues						Operating Income
	Fiscal Year Ended March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	1,835,790	$	1,841,837	$	1,887,084	$	157,754	$	168,832	$	146,637
Ingredients Operations	267,811		141,520		22,895		16,581		367		(8,516)
Subtotal	2,103,601		1,983,357		1,909,979		174,335		169,199		138,121
Deduct: Equity in pretax earnings of unconsolidated affiliates (1)							(6,095)		(2,985)		(4,211)
Restructuring and impairment costs (2)							(10,457)		(22,577)		(7,543)
Add: Other income (3)							2,532		4,173		—
Consolidated total	$	2,103,601	$	1,983,357	$	1,909,979	$	160,315	$	147,810	$	126,367

	Segment Assets						Accounts Receivable, net
	March 31,						March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	2,109,845	$	2,002,059	$	1,985,732	$	336,638	$	336,876	$	330,367
Ingredients Operations	476,500		339,865		135,189		48,799		30,606		10,344
Consolidated total	$	2,586,345	$	2,341,924	$	2,120,921	$	385,437	$	367,482	$	340,711

	Goodwill, net						Intangibles, net
	March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	97,930	$	98,044	$	97,963	$	57	$	82	$	59
Ingredients Operations	116,068		75,007		28,863		92,514		72,222		17,802
Consolidated total	$	213,998	$	173,051	$	126,826	$	92,571	$	72,304	$	17,861

	Capital Expenditures						Depreciation and Amortization
	Fiscal Year Ended March 31,						Fiscal Year Ended March 31,
	2022		2021		2020		2022		2021		2020
Tobacco Operations	$	34,237	$	46,037	$	35,175	$	36,272	$	33,895	$	35,251
Ingredients Operations	18,966		20,117		52		16,249		10,838		3,128
Consolidated total	$	53,203	$	66,154	$	35,227	$	52,521	$	44,733	$	38,379

(1)Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income.

(2)Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income (see Note 4).

(3)Other income represents the reversal of the contingent consideration liability associated with the acquisition of FruitSmart. See Note 2 for additional information.

Schedule Of Sales And Long-Lived Assets By Country


Geographic Data	Sales and Other Operating Revenues
	Fiscal Year Ended March 31,
	2022		2021		2020
United States	$	495,322	$	369,074	$	221,428
Belgium	283,072		366,476		361,889
Philippines	147,876		94,493		68,143
China	97,826		52,837		105,683
Germany	93,057		94,519		104,525
Poland	90,270		97,001		84,011
Netherlands	45,297		40,754		55,532

All other countries	850,881		868,203		908,768
Consolidated total	$	2,103,601	$	1,983,357	$	1,909,979

	Long-Lived Assets
	March 31,
	2022		2021		2020
United States	$	344,276	$	266,258	$	145,764
Brazil	136,653		134,909		138,157
Mozambique	40,228		44,206		42,964
All other countries	130,530		149,492		132,955
Consolidated total	$	651,687	$	594,865	$	459,840

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of 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, 2022, 2021, and 2020:


	Fiscal Year Ended March 31,
(in thousands of dollars)	2022		2021		2020
Foreign currency translation:
Balance at beginning of year	$	(35,135)	$	(42,923)	$	(40,101)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on foreign currency translation (net of tax (expense) benefit of $180 in 2020)	(6,367)		8,272		(3,066)

Less: Net loss on foreign currency translation attributable to noncontrolling interests	537		(484)		244
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	(5,830)		7,788		(2,822)


Balance at end of year	$	(40,965)	$	(35,135)	$	(42,923)

Foreign currency hedge:
Balance at beginning of year	$	(414)	$	(12,226)	$	(376)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(2,199), $(130) and $2,880)	6,679		1,791		(12,391)
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $1,115, $(2,726), and $136)(1)	(2,686)		10,021		541
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	3,993		11,812		(11,850)
Balance at end of year	$	3,579	$	(414)	$	(12,226)

Interest rate hedge:
Balance at beginning of year	$	(19,480)	$	(27,402)	$	(934)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(3,249), $(637), and $6,801)	12,402		2,396		(25,588)
Reclassification of net (gain) loss to earnings (net of tax expense (benefit) of $(1,628), $(1,469), and $234)(2)	6,218		5,526		(880)
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	18,620		7,922		(26,468)


Balance at end of year	$	(860)	$	(19,480)	$	(27,402)

Pension and other postretirement benefit plans:
Balance at beginning of year	$	(52,008)	$	(69,046)	$	(54,280)
Other comprehensive income (loss) attributable to Universal Corporation:
Net gain (loss) arising during the year (net of tax (expense) benefit of $(297), $(3,706), and $4,715(3)	2,799		13,627		(16,810)

Amortization included in earnings (net of tax benefit of $298, $895, and $554)(4)	3,144		3,411		2,044
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes	5,943		17,038		(14,766)


Balance at end of year	$	(46,065)	$	(52,008)	$	(69,046)

Total accumulated other comprehensive income (loss) at end of year	$	(84,311)	$	(107,037)	$	(151,597)

(1) Gains (losses) on foreign currency cash flow hedges related to forecast purchases of tobacco and crop input sales are reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the tobacco is sold to customers. See Note 11 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 for open interest rate swap agreements or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 11 for additional information.

(3) These items arise from the remeasurement of the assets and liabilities of the Company's defined benefit pension and other postretirement benefit plans. Those remeasurements are made on an annual basis at the end of the fiscal year. See Note 13 for additional information.

(4) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 13 for additional information.

Nature Of Operations And Significant Accounting Policies (Narrative) (Details)

12 Months Ended

Mar. 31, 2022

USD ($)

Mar. 31, 2021

USD ($)

Mar. 31, 2020

USD ($)

Nature Of Operations And Significant Accounting Policies [Line Items]

Number of countries in which entity operates

30

Dividends received on equity method investments

^[1]

$ 4,285,000

$ 2,869,000

$ 3,922,000

Advances to suppliers, current and non-current

153,000,000

144,000,000

Valuation allowance amount related to advances to suppliers

19,000,000

18,000,000

Provision (recoveries) for loss on uncollectible advances to suppliers

6,000,000

5,500,000

1,000,000

Advances to suppliers on which interest has been discontinued

4,000,000

Aggregate balance of recoverable value added tax credits

67,000,000

49,000,000

Valuation allowance on recoverable value added tax credits

21,000,000

Interest costs capitalized

0

Foreign currency remeasurement gain (loss)

19,000,000

(8,500,000)

16,400,000

Foreign currency transaction gain (loss)

$ (18,000,000)

1,400,000

$ 2,900,000

Percentage of revenue earned from processing tobacco owned by customers

5.00%

Operating lease right-of-use assets

$ 40,243,000

31,230,000

Operating Lease, Liability

39,920,000

$ 27,623,000

Zimbabwe [Member]

Nature Of Operations And Significant Accounting Policies [Line Items]

Investment in deconsolidated subsidiary

0

Net foreign currency translation loss

$ 7,200,000

Minimum [Member] | Buildings [Member]

Nature Of Operations And Significant Accounting Policies [Line Items]

Minimum [Member] | Processing And Packing Machinery [Member]

15 years

Nature Of Operations And Significant Accounting Policies [Line Items]

Minimum [Member] | Transport Equipment [Member]

3 years

Nature Of Operations And Significant Accounting Policies [Line Items]

Minimum [Member] | Computer Equipment [Member]

3 years

Nature Of Operations And Significant Accounting Policies [Line Items]

Maximum [Member] | Buildings [Member]

3 years

Nature Of Operations And Significant Accounting Policies [Line Items]

Maximum [Member] | Processing And Packing Machinery [Member]

40 years

Nature Of Operations And Significant Accounting Policies [Line Items]

Maximum [Member] | Transport Equipment [Member]

11 years

Nature Of Operations And Significant Accounting Policies [Line Items]

Maximum [Member] | Computer Equipment [Member]

10 years

Nature Of Operations And Significant Accounting Policies [Line Items]

12 years

[1]

In accordance with the applicable accounting guidance, dividends received from unconsolidated affiliates accounted for on the equity method that represent a return on capital (i.e., a return of earnings on a cumulative basis) are presented as operating cash flows in the consolidated statements of cash flows.

Nature Of Operations And Significant Accounting Policies (Reconciliation Of Equity In Unconsolidated Affiliates) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

Equity in pretax earnings reported in the consolidated statements of income

^[1]

$ 6,095

$ 2,985

$ 4,211

Less: Equity in income taxes

(1,481)

180

(1,390)

Equity in net income

4,614

3,165

2,821

Less: Dividends received on investments

^[2]

4,285

2,869

3,922

Equity in net income, net of dividends, reported in the consolidated statements of cash flows

$ 329

$ 296

$ (1,101)

[1]	Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income.
[2]	In accordance with the applicable accounting guidance, dividends received from unconsolidated affiliates accounted for on the equity method that represent a return on capital (i.e., a return of earnings on a cumulative basis) are presented as operating cash flows in the consolidated statements of cash flows.

Business Combinations Business Combinations (Narrative) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Oct. 04, 2021

Oct. 01, 2020

Dec. 31, 2021

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

Business Acquisition [Line Items]

Purchase of business, net of cash held by the business

$ 102,462

$ 161,751

$ 80,180

Restricted cash (Other noncurrent assets)

6,000

0

Other income

^[1]

2,532

4,173

0

Operating Lease, Liability

53,203

66,154

$ 35,227

39,920

27,623

Silva, International

Business Acquisition [Line Items]

Business acquisition percentage of capital stock acquired

100.00%

Purchase of business, net of cash held by the business

$ 164,000

Restricted cash (Other noncurrent assets)

$ 5,900

6,000

Business Combination, Acquisition Related Costs

$ 3,900

Shank's Extracts

Business Acquisition [Line Items]

Business acquisition percentage of capital stock acquired

100.00%

Purchase of business, net of cash held by the business

$ 100,000

Business Combination, Acquisition Related Costs

$ 2,400

$ 2,300

Operating Lease, Liability

$ 13,300

$ 8,500

[1]	Other income represents the reversal of the contingent consideration liability associated with the acquisition of FruitSmart. See Note 2 for additional information.

Business Combinations Business Combinations Assets Acquired and Liabilities Assumed (Table) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Oct. 04, 2021	Mar. 31, 2021	Oct. 01, 2020	Mar. 31, 2020
Business Acquisition [Line Items]
Goodwill, net	$ 213,998		$ 173,051		$ 126,826
Silva, International
Business Acquisition [Line Items]
Cash and cash equivalents				$ 8,126
Accounts receivable				17,885
Advances to suppliers, net				3,011
Inventory				33,162
Other current assets				833
Property, plant and equipment				24,437
Operating lease right-of-use assets				0
Customer relationships				53,000
Developed technology				0
Trade names				7,800
Noncompetition agreements				0
Goodwill, net				46,144
Total assets acquired				194,398
Accounts payable and accrued expenses				11,683
Customer advances and deposits				0
Accrued compensation				3,350
Income taxes payable				946
Current portion operating lease liabilities				0
Deferred income taxes				14,419
Total liabilities assumed				30,398
Total assets acquired and liabilities assumed				$ 164,000
Shank's Extracts
Business Acquisition [Line Items]
Cash and cash equivalents		$ 754
Accounts receivable		6,643
Advances to suppliers, net		0
Inventory		15,792
Other current assets		415
Property, plant and equipment		11,000
Operating lease right-of-use assets		8,531
Customer relationships		24,000
Developed technology		4,500
Trade names		0
Noncompetition agreements		3,000
Goodwill, net		41,061
Total assets acquired		115,696
Accounts payable and accrued expenses		6,159
Customer advances and deposits		351
Accrued compensation		655
Income taxes payable		0
Current portion operating lease liabilities		8,531
Deferred income taxes		0
Total liabilities assumed		15,696
Total assets acquired and liabilities assumed		$ 100,000

Revenue from Contracts with Customers Revenue from Contract with Customers (Narrative) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Five largest customers [Member]
Revenues	$ 0.60
Imperial Tobacco Group Plc [Member]
Revenues	380,000,000	$ 340,000,000	$ 320,000,000
Philip Morris International Inc [Member]
Revenues	320,000,000	460,000,000	500,000,000
British American Tobacco Plc [Member]
Revenues	$ 260,000,000	$ 210,000,000	$ 190,000,000

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Revenue from Contracts with Customers Revenue from Contract with Customer (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,091,150	$ 1,965,463	$ 1,891,877
Sales and other operating revenues	2,103,601	1,983,357	1,909,979
Manufactured Product, Other \| Tobacco Sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,703,330	1,715,066	1,759,769
Manufactured Product, Other \| Food Ingredient Sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	250,595	127,393	22,014
Service, Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	77,048	73,021	76,123
Product and Service, Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	60,177	49,983	33,971
Other sales and revenue [Member] [Member]
Disaggregation of Revenue [Line Items]
Other operating revenues	$ 12,451	$ 17,894	$ 18,102

Restructuring Costs (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

^[1]

$ 10,457

$ 22,577

$ 7,543

Tobacco Operations

2,200

6,500

7,500

Ingredients Operations

Impairment of Long-Lived Assets Held-for-use

600

16,100

Nonoperating Gains (Losses)

(1,200)

Africa | Tobacco Operations

Impairment of Long-Lived Assets Held-for-use

4,400

1,800

2,200

NORTH CAROLINA | Tobacco Operations

Non-US [Member] | Tobacco Operations

$ 3,400

Tanzania | Tobacco Operations

1,200

Impairment of Long-Lived Assets Held-for-use

$ 9,400

Business Exit Costs

$ 900

[1]	Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income (see Note 4)

Restructuring Costs (Cumulative Restructuring Costs) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

Restructuring costs

$ 2,150

$ 8,705

$ 5,356

Asset impairment charges

8,307

13,872

2,187

Employee Termination Benefits [Member]

^[1]

10,457

22,577

7,543

Other Restructuring [Member]

2,174

5,237

5,356

Other restructuring costs

(24)

3,468

0

Farmer loans and property and equipment

$ 8,307

$ 13,872

$ 2,187

[1]	Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income (see Note 4)

Restructuring Costs (Reconciliation Of Company's Liability For The Restructuring Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,150	$ 8,705	$ 5,356
Payments and write-offs for restructuring	4,133	10,137	2,787
Balance	0	1,983	3,415	$ 846
Employee Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Employee termination benefits	2,174	5,237	5,356
Payments and write-offs for restructuring	3,544	7,282	2,564
Balance	0	1,370	3,415	623
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Other restructuring costs	(24)	3,468	0
Payments and write-offs for restructuring	589	2,855	223
Balance	$ 0	$ 613	$ 0	$ 223

Earnings Per Share (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$ 86,577	$ 87,410	$ 71,680
Denominator for basic earnings per share
Weighted average shares outstanding	24,764,177	24,656,009	24,982,259
Basic earnings per share	$ 3.50	$ 3.55	$ 2.87
Numerator for diluted earnings per share
Net income attributable to Universal Corporation	$ 86,577	$ 87,410	$ 71,680
Denominator for diluted earnings per share:
Weighted average shares outstanding	24,764,177	24,656,009	24,982,259
Effect of dilutive securities (if conversion or exercise assumed) Employee share-based awards	158,719	132,557	124,092
Denominator for diluted earnings per share	24,922,896	24,788,566	25,106,351
Diluted earnings per share	$ 3.47	$ 3.53	$ 2.86

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Deferred tax liabilities on repatriated earnings	$ 0
Transfer pricing matter tax resolution additional tax expense	$ 328	$ 0	$ 4,369
Effective Income Tax Rate Reconciliation, Percent	27.20%	23.40%	31.10%
Unrecognized tax benefits that would impact effective tax rate	$ 2,000
Liability where a significant change in unrecognized tax benefits is reasonably possible	100
Tax settlement	814	$ 0	$ 8,948
Interest expense	27,747	24,954	19,854
Tax benefit - Hybrid Dividend
Income Tax [Line Items]
Federal Income Tax Expense (Benefit), Continuing Operations		4,400
Unresolved tax matter foreign jurisdiction
Income Tax [Line Items]
Interest expense		1,800
GILTI Tax Election
Income Tax [Line Items]
Tax settlement		$ 2,700
Judicial Ruling
Income Tax [Line Items]
Federal Income Tax Expense (Benefit), Continuing Operations	1,700
Transfer pricing issue [Member]
Income Tax [Line Items]
Transfer pricing matter tax resolution additional tax expense			$ 2,800
Effective Income Tax Rate Reconciliation, Percent			2.40%
Tax settlement	800		$ 8,900
Accrued Income Taxes	$ 500		$ 4,500
Minimum [Member] \| State And Foreign Jurisdictions [Member]
Income Tax [Line Items]
Open tax years	3 years
Maximum [Member] \| State And Foreign Jurisdictions [Member]
Income Tax [Line Items]
Open tax years	6 years

Income Taxes (Schedule Of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
United States, current	$ 15,042	$ 9,500	$ 2,001
State and local, current	265	621	92
Foreign, current	25,828	21,626	41,892
Total, current	41,135	31,747	43,985
United States, deferred	(498)	(5,938)	3,735
State and local, deferred	1,568	(314)	(16)
Foreign, deferred	(3,542)	3,917	(12,416)
Deferred income tax expense (benefit)	(2,472)	(2,335)	(8,697)
Total	$ 38,663	$ 29,412	$ 35,288

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	1.00%	0.20%	0.10%
Foreign earnings taxed at rates other than the U.S. federal statutory tax rate	3.70%	(0.90%)	(2.00%)
Foreign dividend withholding taxes	2.30%	5.30%	5.10%
Changes in uncertain tax positions	(0.30%)	0.00%	5.60%
Other	(0.50%)	(2.20%)	1.30%
Effective income tax rate	27.20%	23.40%	31.10%

Income Taxes (Schedule Of U.S. And Foreign Components Of Income Before Income Taxes And Other Items) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 74,553	$ 30,060	$ 22,916
Foreign	67,714	95,666	90,375
Total	$ 142,267	$ 125,726	$ 113,291

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Foreign withholding taxes	$ 19,353	$ 21,711
Property, plant and equipment	10,567	8,726
Undistributed earnings	3,004	2,947
Operating lease right-of-use assets	6,621	6,856
Goodwill and other intangible assets	34,584	35,059
Local currency exchange gains of foreign subsidiaries	4,094	0
All other	3,414	4,876
Total deferred tax liabilities	81,637	80,175
Employee benefit plans	16,138	17,199
Reserves and accruals	9,844	7,603
Deferred income	4,127	3,521
Operating lease right-of-use liabilities	6,538	6,718
Currency translation losses of foreign subsidiaries	2,173	2,173
Local currency exchange losses of foreign subsidiaries	595	450
Interest rate swap	302	5,178
All other	9,384	8,568
Total deferred tax assets	49,101	51,410
Valuation allowance	(3,182)	(4,080)
Net deferred tax assets	$ 45,919	$ 47,330

Income Taxes (Schedule Of Combined Income Tax Expense (Benefit) Allocable To Continuing Operations, Other Comprehensive Income, And Adjustments To Shareholders' Equity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Continuing operations	$ 38,663	$ 29,412	$ 35,288
Other comprehensive loss	6,555	9,563	(14,392)
Total	$ 45,218	$ 38,975	$ 20,896

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Purchase of business, net of cash held by the business

Income Taxes (Reconciliation Of the Gross Liability For Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Liability for uncertain tax positions, beginning of year	$ 2,437	$ 2,377	$ 5,625
Additions: Related to tax positions for the current year	48	49	1,746
Additions: Related to tax positions for prior years	328	0	4,369
Reductions: Due to lapses of statutes of limitations	(56)	(135)	(81)
Tax Adjustments, Settlements, and Unusual Provisions	(814)	0	(8,948)
Increase: Effect of currency rate movement	81	146
Reductions: Effect of currency rate movement			334
Liability for uncertain tax positions, end of year	$ 2,024	$ 2,437	$ 2,377

Goodwill and Other Intangibles Goodwill and Other Intangibles (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

Oct. 04, 2021

Oct. 01, 2020

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

Goodwill [Line Items]

$ 102,462

$ 161,751

$ 80,180

Business acquisition percentage of capital stock acquired

^[1],[2]

$ 41,061

$ 46,144

Shank's Extracts

Goodwill [Line Items]

100.00%

Purchase of business, net of cash held by the business

$ 100,000

2,400

Business combination finite-lived intangibles

41,100

$ 31,500

Silva, International

Goodwill [Line Items]

Business acquisition percentage of capital stock acquired

100.00%

Purchase of business, net of cash held by the business

$ 164,000

5,900

Business combination finite-lived intangibles

46,100

$ 60,800

[1]	(1) On October 4, 2021, the Company acquired 100% of the capital stock of Shank's for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition.. The Shank's acquisition resulted in $41.1 million of goodwill. See Note 2 for additional information.
[2]	(2) On October 1, 2020, the Company acquired 100% of the capital stock of Silva for approximately $164.0 million in cash and $5.9 million of working capital on-hand at the date of acquisition. The Silva acquisition resulted in $46.1 million of goodwill. See Note 2 for additional information.

Goodwill and Other Intangibles Change in Goodwill Balance (Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

$ 173,051

$ 126,826

Foreign currency translation adjustment

^[1],[2]

41,061

46,144

(114)

81

Balance at end of year

$ 213,998

$ 173,051

[1]	(1) On October 4, 2021, the Company acquired 100% of the capital stock of Shank's for approximately $100 million in cash and $2.4 million of additional working capital on-hand at the date of acquisition.. The Shank's acquisition resulted in $41.1 million of goodwill. See Note 2 for additional information.
[2]	(2) On October 1, 2020, the Company acquired 100% of the capital stock of Silva for approximately $164.0 million in cash and $5.9 million of working capital on-hand at the date of acquisition. The Silva acquisition resulted in $46.1 million of goodwill. See Note 2 for additional information.

Goodwill and Other Intangibles Intangible Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

$ 111,636

$ 80,160

(19,065)

(7,856)

Customer Relationships [Member]

92,571

72,304

^[1],[2]

86,500

62,500

^[1],[2]

(9,963)

(3,323)

Customer Relationships [Member] | Minimum [Member]

^[1],[2]

$ 76,537

59,177

Customer Relationships [Member] | Maximum [Member]

11 years

13 years

Trade Names [Member]

5 years

^[1],[2]

$ 11,100

11,100

^[1],[2]

(3,825)

(1,605)

Developed Technology Rights [Member]

^[1],[2]

$ 7,275

9,495

3 years

^[1]

$ 9,300

4,800

^[1]

(3,773)

(2,000)

Noncompete Agreements [Member]

^[1]

$ 5,527

2,800

5 years

^[1]

$ 4,000

1,000

^[1]

(825)

(250)

Other Intangible Assets [Member]

^[1]

$ 3,175

750

5 years

$ 736

760

(679)

(678)

$ 57

$ 82

[1]	The Shank's acquisition resulted in $31.5 million of intangibles. See Note 2 for additional information.
[2]	The Silva acquisition resulted in $60.8 million of intangibles. See Note 2 for additional information.

Goodwill and Other Intangibles Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 11,209	$ 6,460	$ 722

Goodwill and Other Intangibles Future Amortization Expense (Table) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 12,494
2024	11,256
2025	11,812
2026	8,452
2027 and thereafter	48,557
Total expected future amortization expense	$ 92,571	$ 72,304

Credit Facilities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Term loan	$ 150,000
Five-year revolving credit facility	$ 430,000
Revolving credit facility, term	5 years
Repayments of Lines of Credit	$ 150,000
Amounts outstanding under line of credit facility	100,000
Additional borrowings under present credit agreement	200,000
Outstanding uncommitted lines of credit	$ 182,639	$ 101,294
Weighted average interest rates on short-term borrowings outstanding	2.70%	4.20%
Prime Rate Or One Month Libor [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Federal funds rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Uncommitted lines of credit [Member]
Debt Instrument [Line Items]
Outstanding uncommitted lines of credit	$ 83,000	$ 101,000
Unused lines of Credit [Member]
Debt Instrument [Line Items]
Outstanding uncommitted lines of credit	200,000
Five-year term [Member]
Debt Instrument [Line Items]
Term loan	$ 150,000
Number of Years of Bank Credit Agreement	5 years
Seven-year term [Member]
Debt Instrument [Line Items]
Term loan	$ 220,000
Number of Years of Bank Credit Agreement	7 years

Long-Term Debt (Narrative) (Details) $ in Thousands	12 Months Ended
Long-Term Debt (Narrative) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Term loan	$ 150,000
Derivative, Fair Value, Net	5,400
Repayments of Lines of Credit	$ 150,000
Five-year term [Member]
Debt Instrument [Line Items]
Number of Years of Bank Credit Agreement	5 years
Term loan	$ 150,000
Debt Instrument, Interest Rate, Effective Percentage	4.19%
Debt, Weighted Average Interest Rate	3.36%
Seven-year term [Member]
Debt Instrument [Line Items]
Number of Years of Bank Credit Agreement	7 years
Term loan	$ 220,000
Debt Instrument, Interest Rate, Effective Percentage	4.51%
Debt, Weighted Average Interest Rate	3.84%

Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Senior bank term loans	$ 520,000	$ 520,000
Less: current portion	0	0
Less: unamortized debt issuance costs	(1,453)	(1,828)
Long-term debt	$ 518,547	$ 518,172

Leases of Lessees (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Oct. 04, 2021
Operating Lease, Expense	$ 0
Buildings [Member]
Current portion operating lease liabilities		$ 8,500

Leases Supplemental balance sheet information related to leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Operating lease right-of-use assets	$ 40,243	$ 31,230
Current portion of operating lease liabilities	10,303	7,898
Long-term operating lease liabilities	29,617	19,725
Operating Lease, Liability	$ 39,920	$ 27,623

Leases Supplemental income statement information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Lease, Cost	$ 20,550	$ 22,311
Cost of goods sold [Member]
Operating Lease, Cost	10,874	12,903
Selling, General and Administrative Expenses [Member]
Operating Lease, Cost	$ 9,676	$ 9,408

Leases Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
2023	$ 11,977
2024	9,921
2025	7,783
2026	5,136
2027	3,895
2028 and thereafter	8,492
Total undiscounted cash flows for operating leases	47,204
Less: Imputed interest	(7,284)
Operating Lease, Liability	$ 39,920	$ 27,623

Leases Supplemental information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of operating lease liabilities	$ 12,018	$ 12,855
Right-of-use assets obtained in exchange for new operating leases	$ 22,506	$ 10,970
Weighted Average Remaining Lease Term (years)	5 years 6 months 3 days	5 years 6 months 25 days
Weighted Average Collateralized Incremental Borrowing Rate	5.43%	4.05%

Derivatives And Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Term loan	$ 150,000
Repayments of Lines of Credit	150,000
Derivative, Fair Value, Net	5,400
Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Notional Amount	59,500	$ 16,600
Cash Flow Hedges [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	370,000
Cash Flow Hedges [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Unrealized Loss on Foreign Currency Derivatives, before Tax	$ 5,600

Derivatives And Hedging Activities Notional Amount of Forward Contracts (Details) - Foreign Exchange Contract [Member] - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount	$ 232.5	$ 152.6	$ 180.0
Tobacco purchases [Member] \| Derivatives Designated As Hedges [Member]
Derivative [Line Items]
Derivative, Notional Amount	134.7	101.3	123.2
Processing costs [Member] \| Derivatives Not Designated As Hedges [Member]
Derivative [Line Items]
Derivative, Notional Amount	32.5	27.8	35.1
Crop input sales [Member] \| Derivatives Not Designated As Hedges [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 65.3	$ 23.5	$ 21.7

Derivatives And Hedging Activities (Effect Of Derivative Financial Instruments On The Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Derivatives Designated As Hedges [Member] \| Cash Flow Hedges [Member] \| Interest Rate Swap [Member] \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 15,651	$ 3,033	$ (32,389)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	(8,907)	(8,411)	(1,577)
Amortization of Deferred Hedge Gains	1,061	1,416	2,691
Derivatives Designated As Hedges [Member] \| Cash Flow Hedges [Member] \| Interest Rate Swap [Member] \| Selling, General And Administrative Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings from ineffective portion and early de-designation of cash flow hedges	0	0	0
Derivatives Designated As Hedges [Member] \| Cash Flow Hedges [Member] \| Forward Foreign Currency Exchange Contracts [Member] \| Cost Of Goods Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	13,879	(272)	(13,646)
Gain (loss) reclassified from accumulated other comprehensive loss into earnings	5,426	(13,926)	1,108
Derivatives Designated As Hedges [Member] \| Cash Flow Hedges [Member] \| Forward Foreign Currency Exchange Contracts [Member] \| Selling, General And Administrative Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings from ineffective portion and early de-designation of cash flow hedges	2,040	0	0
Derivatives Not Designated As Hedges [Member] \| Forward Foreign Currency Exchange Contracts [Member] \| Selling, General And Administrative Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 16,732	$ (872)	$ (4,013)

Derivatives And Hedging Activities (Effect Of Derivative Financial Instruments On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Derivatives in a Fair Value Asset Position Designated as Hedging Instruments	$ 10,957	$ 1,137
Derivatives in a Fair Value Liability Position Designated as Hedging Instruments	4,361	26,750
Derivatives in a Fair Value Asset Position Not Designated as Hedging Instruments	13,111	435
Derivatives in a Fair Value Liability Position Not Designated as Hedging Instruments	64	791
Forward Foreign Currency Exchange Contracts [Member] \| Other Current Assets [Member]
Derivative [Line Items]
Derivatives in a Fair Value Asset Position Designated as Hedging Instruments	10,957	1,137
Derivatives in a Fair Value Asset Position Not Designated as Hedging Instruments	13,111	435
Forward Foreign Currency Exchange Contracts [Member] \| Accounts Payable And Accrued Expenses [Member]
Derivative [Line Items]
Derivatives in a Fair Value Liability Position Designated as Hedging Instruments	3,200	1,031
Derivatives in a Fair Value Liability Position Not Designated as Hedging Instruments	64	791
Cash Flow Hedges [Member] \| Interest Rate Swap Agreements [Member] \| Other Non-Current Assets [Member]
Derivative [Line Items]
Derivatives in a Fair Value Asset Position Designated as Hedging Instruments	0	0
Cash Flow Hedges [Member] \| Interest Rate Swap Agreements [Member] \| Other Noncurrent Liabilities [Member]
Derivative [Line Items]
Derivatives in a Fair Value Liability Position Designated as Hedging Instruments	$ 1,161	$ 25,719

Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2020
FruitSmart, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value contingent consideration liability			$ 2,500	$ 6,700
Change in contingent consideration liability	$ 4,200
Nonrecurring fair value measurements [Member] \| Tanzania
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges		$ 9,400
Impaired fixed assets		$ 7,000

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Assets:
Money market funds	$ 334	$ 1,992
Trading securities associated with deferred compensation plans	13,655	15,735
Forward foreign currency exchange contracts	24,068	1,572
Total financial assets measured and reported at fair value	38,057	19,299
Liabilities:
Acquisition-related contingent consideration obligations - long-term		2,532
Interest rate swap agreements	1,161	25,719
Forward foreign currency exchange contracts	3,264	1,822
Total financial liabilities measured and reported at fair value	4,425	30,073
Level 1 [Member]
Assets:
Money market funds	0	0
Trading securities associated with deferred compensation plans	13,655	15,735
Forward foreign currency exchange contracts	0	0
Total financial assets measured and reported at fair value	13,655	15,735
Liabilities:
Acquisition-related contingent consideration obligations - long-term		0
Interest rate swap agreements	0	0
Forward foreign currency exchange contracts	0	0
Total financial liabilities measured and reported at fair value	0	0
Level 2 [Member]
Assets:
Money market funds	0	0
Trading securities associated with deferred compensation plans	0	0
Forward foreign currency exchange contracts	24,068	1,572
Total financial assets measured and reported at fair value	24,068	1,572
Liabilities:
Acquisition-related contingent consideration obligations - long-term		0
Interest rate swap agreements	1,161	25,719
Forward foreign currency exchange contracts	3,264	1,822
Total financial liabilities measured and reported at fair value	4,425	27,541
Level 3 [Member]
Assets:
Money market funds	0	0
Trading securities associated with deferred compensation plans	0	0
Forward foreign currency exchange contracts	0	0
Total financial assets measured and reported at fair value	0	0
Liabilities:
Acquisition-related contingent consideration obligations - long-term		2,532
Interest rate swap agreements	0	0
Forward foreign currency exchange contracts	0	0
Total financial liabilities measured and reported at fair value	0	2,532
Fair Value Measured at Net Asset Value Per Share [Member]
Assets:
Money market funds	334	1,992
Trading securities associated with deferred compensation plans	0	0
Forward foreign currency exchange contracts	0	0
Total financial assets measured and reported at fair value	334	1,992
Liabilities:
Acquisition-related contingent consideration obligations - long-term		0
Interest rate swap agreements	0	0
Forward foreign currency exchange contracts	0	0
Total financial liabilities measured and reported at fair value	$ 0	$ 0

Fair Value Measurements Fair Value Measurements (Reconciliation of Contingent Consideration Liabilities Related to Acquisitions (Details) - Liability - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning of year	$ 2,532	$ 6,705
Change in contingent consideration liability	(2,532)	(4,173)
Balance at end of year	$ 0	$ 2,532

Fair Value Measurements - Long Term Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 517,000	$ 517,000
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	520,000	520,000
Long-term debt	$ 518,547	$ 518,172

Pension And Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2031
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss expected in net periodic benefit cost during next fiscal year	$ 3,700
Prior service benefit expected in net periodic benefit cost during next fiscal year	$ 1,200
Percentage of total plan assets	98.00%
Percentage of total projected benefit obligation	86.00%
Pension and Other Postretirement Benefits Cost (Reversal of Cost)	$ 3,000	$ 2,900	$ 2,700
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded status of the plans, end of year	$ 21,037	$ 26,741
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Revised healthcare cost trend assumption	6.17%	6.17%	7.34%
Year that rate reaches healthcare cost trend rate	2031
Funded status of the plans, end of year	$ 22,251	$ 25,893
Other Postretirement Benefits [Member] \| Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Revised healthcare cost trend assumption				4.44%
ERISA Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions in next fiscal year	0
Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions in next fiscal year	2,300
Nonqualified Plan [Member] \| Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded status of the plans, end of year	33,300
Nonqualified Plan [Member] \| Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded status of the plans, end of year	$ 20,500

Pension And Other Postretirement Benefit Plans (Assumptions Used To Compute Net Periodic Benefit Cost And Benefit Obligations) (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rates: Benefit cost for plan year	3.30%	3.60%	4.00%
Discount rates: Benefit obligation at end of plan year	3.70%	3.30%	3.60%
Expected long-term return on plan assets: Benefit cost for plan year	5.50%	6.00%	6.75%
Salary scale: Benefit cost for plan year	4.00%	4.00%	4.00%
Salary scale: Benefit obligation at end of plan year	4.00%	4.00%	4.00%
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rates: Benefit cost for plan year	2.90%	3.40%	3.80%
Discount rates: Benefit obligation at end of plan year	3.60%	2.90%	3.40%
Expected long-term return on plan assets: Benefit cost for plan year	3.00%	3.00%	3.00%
Salary scale: Benefit cost for plan year	4.00%	4.00%	4.00%
Salary scale: Benefit obligation at end of plan year	4.00%	4.00%	4.00%
Healthcare cost trend rate	6.17%	6.17%	7.34%

Pension And Other Postretirement Benefit Plans (Benefit Obligations, Plan Assets, And Funded Status) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value, beginning of year	$ 270,349
Plan assets at fair value, end of year	256,013	$ 270,349
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	269,758	289,901
Projected benefit obligation	277,050	297,090	$ 287,082
Projected benefit obligation, beginning of year	297,090	287,082
Service cost	6,674	6,618	5,990
Interest cost	8,754	9,571	10,747
Effect of discount rate change	(18,010)	12,990
Foreign currency exchange rate changes	(1,160)	776
Other	1,736	(3,626)
Benefit payments	(18,034)	(16,321)
Projected benefit obligation, end of year	277,050	297,090	287,082
Plan assets at fair value, beginning of year	270,349	238,450
Actual return on plan assets	864	39,757
Employer contributions	6,147	8,472
Foreign currency exchange rate changes	(3,313)	(9)
Plan assets at fair value, end of year	256,013	270,349	238,450
Funded status of the plans, end of year	(21,037)	(26,741)
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	24,957	28,926	30,282
Projected benefit obligation, beginning of year	28,926	30,282
Service cost	170	172	199
Interest cost	950	1,141	1,306
Effect of discount rate change	(1,549)	1,126
Foreign currency exchange rate changes	566	(283)
Other	(1,245)	167
Benefit payments	(2,861)	(3,679)
Projected benefit obligation, end of year	24,957	28,926	30,282
Plan assets at fair value, beginning of year	3,033	3,369
Actual return on plan assets	86	114
Employer contributions	2,448	3,229
Foreign currency exchange rate changes	0	0
Plan assets at fair value, end of year	2,706	3,033	$ 3,369
Funded status of the plans, end of year	$ (22,251)	$ (25,893)

Pension And Other Postretirement Benefit Plans (Funded Status In Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets (included in Pension asset and other noncurrent assets)	$ 12,667	$ 11,950
Noncurrent liability (reported as pensions and other postretirement benefits)	(52,890)	(57,637)
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets (included in Pension asset and other noncurrent assets)	12,667	11,950
Current liability (included in Accounts payable and accrued expenses)	(1,135)	(4,896)
Noncurrent liability (reported as pensions and other postretirement benefits)	(32,569)	(33,795)
Amounts recognized in the consolidated balance sheets	(21,037)	(26,741)
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets (included in Pension asset and other noncurrent assets)	0	0
Current liability (included in Accounts payable and accrued expenses)	(1,930)	(2,051)
Noncurrent liability (reported as pensions and other postretirement benefits)	(20,321)	(23,842)
Amounts recognized in the consolidated balance sheets	$ (22,251)	$ (25,893)

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

Pension And Other Postretirement Benefit Plans (Additional Information On Funded Status) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits [Member]
For Plans With A Projected Benefit Obligation In Excess Of Plan Assets:
Aggregate projected benefit obligation (PBO)	$ 39,988	$ 44,742
Aggregate fair value of plan assets	6,284	6,051
For Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets:
Aggregate accumulated benefit obligation (ABO)	38,722	42,923
Aggregate fair value of plan assets	6,284	6,051
Other Postretirement Benefits [Member]
For Plans With A Projected Benefit Obligation In Excess Of Plan Assets:
Aggregate projected benefit obligation (PBO)	24,957	28,926
Aggregate fair value of plan assets	$ 2,706	$ 3,033

Pension And Other Postretirement Benefit Plans (Components Of Company's Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6,674	$ 6,618	$ 5,990
Interest cost	8,754	9,571	10,747
Expected return on plan assets	(13,562)	(14,448)	(16,671)
Settlement cost	0	0	676
Net amortization and deferral	1,679	4,863	3,709
Net periodic benefit cost	3,545	6,604	4,451
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	170	172	199
Interest cost	950	1,141	1,306
Expected return on plan assets	(86)	(96)	(106)
Settlement cost	0	0	0
Net amortization and deferral	(422)	(591)	(647)
Net periodic benefit cost	$ 612	$ 626	$ 752

Pension And Other Postretirement Benefit Plans (Recognized In Accumulated Other Comprehensive Income (Loss) On Pretax Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain), beginning of year	$ 72,605	$ 97,025
Losses (gains) arising during the year	(1,727)	(17,563)
Amortization included in net periodic benefit cost during the year	3,598	6,857
Net actuarial loss (gain), end of year	67,280	72,605
Prior service cost (benefit), beginning of year	(3,406)	(5,402)
Amortization included in net periodic benefit cost during the year	1,919	1,996
Prior service cost (benefit), end of year	(1,487)	(3,406)
Total amounts in accumulated other comprehensive loss at end of year, before income taxes	65,793	69,199
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain), beginning of year	(4,395)	(5,365)
Losses (gains) arising during the year	(2,533)	520
Amortization included in net periodic benefit cost during the year	(247)	(450)
Net actuarial loss (gain), end of year	(6,681)	(4,395)
Prior service cost (benefit), beginning of year	(376)	(564)
Amortization included in net periodic benefit cost during the year	175	188
Prior service cost (benefit), end of year	(201)	(376)
Total amounts in accumulated other comprehensive loss at end of year, before income taxes	$ (6,882)	$ (4,771)

Pension And Other Postretirement Benefit Plans (Weighted-Average Target Pension Asset Allocation And Target Ranges By Major Asset Category) (Details)	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Actual Allocation	100.00%	100.00%
Domestic Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	29.00%
Actual Allocation	31.10%	32.00%
Domestic Equity Securities [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	19.00%
Domestic Equity Securities [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	39.00%
Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	66.00%
Actual Allocation	63.80%	64.10%
Fixed Income Securities [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	56.00%
Fixed Income Securities [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	76.00%
Real Estate Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	5.00%
Actual Allocation	5.10%	3.90%
Real Estate Funds [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	0.00%
Real Estate Funds [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	10.00%

Pension And Other Postretirement Benefit Plans (Estimated Future Benefit Payments) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Pension Benefits [Member]
2023	$ 15,456
2024	17,007
2025	23,499
2026	23,608
2027	14,937
2028 - 2032	82,147
Other Postretirement Benefits [Member]
2023	2,392
2024	2,259
2025	2,130
2026	1,995
2027	1,898
2028 - 2032	$ 8,243

Pension And Other Postretirement Benefit Plans (Fair Values Of Assets Under Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands

Mar. 31, 2022

Mar. 31, 2021

Equity Securities [Member]

$ 256,013

$ 270,349

Fixed Income Securities [Member]

77,175

83,135

Alternative Investments [Member]

166,240

177,172

^[1]

12,598

10,042

Level 1 [Member]

Level 1 [Member] | Equity Securities [Member]

237,131

251,336

Level 1 [Member] | Fixed Income Securities [Member]

77,175

83,135

Level 1 [Member] | Alternative Investments [Member]

159,956

168,201

^[1]

0

Level 2 [Member]

Level 2 [Member] | Equity Securities [Member]

0

2,920

Level 2 [Member] | Fixed Income Securities [Member]

0

Level 2 [Member] | Alternative Investments [Member]

0

2,920

^[1]

0

Level 3 [Member]

Level 3 [Member] | Equity Securities [Member]

18,882

16,093

Level 3 [Member] | Fixed Income Securities [Member]

0

Level 3 [Member] | Alternative Investments [Member]

6,284

6,051

^[1]

$ 12,598

$ 10,042

[1]	Includes high yield securities and cash and cash equivalent balances.

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

Common And Preferred Stock (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Class of Stock Disclosures [Abstract]
Common stock, shares authorized	100,000,000
Common Stock, Shares, Outstanding	24,550,019	24,514,867	24,421,835	24,989,946
Preferred stock, shares authorized	5,000,000
Stock Repurchase Program, Authorized Amount	$ 100,000
Preferred stock, shares outstanding	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 97,000

Common And Preferred Stock (Schedule Of Repurchases Of Shares) (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	58,264	0	656,820
Cost of shares repurchased (in thousands of dollars)	$ 3,053	$ 0	$ 33,457
Weighted-average cost per share	$ 52.41	$ 0	$ 50.94

Executive Stock Plans And Stock-Based Compensation (Narrative) (Details) $ in Millions	12 Months Ended
	Mar. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares	1,000,000
Unrecognized compensation expense related to stock-based awards \| $	$ 4.5
Unrecognized compensation expense related to stock-based awards, weighted-average period expected to recognized	10 months 24 days
Performance Share Awards Psas [Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, in years	3 years
Performance Share Awards Psas [Member \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award grant paid	0.00%
Performance Share Awards Psas [Member \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award grant paid	150.00%
Plans Before Fiscal 2020 [Member] \| Outside Directors [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, in years	3 years
Plans After Fiscal 2020 [Member] \| Outside Directors [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, in years	1 year
Plans before Fiscal 2022 [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, in years	5 years
Plans After Fiscal 2022 [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, in years	3 years

Executive Stock Plans And Stock-Based Compensation (Summary Of RSU, Restricted Stock, And PSA Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2018
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares	93,564	103,829	85,463
Vested, Shares	(86,488)	(97,297)	(74,518)
Forfeited, Shares	0	0	0
Unvested at end of year, Shares	349,544	342,468	335,936	324,991
Granted, Weighted- Average Grant Date Fair Value	$ 56.18	$ 46.27	$ 56.39
Vested, Weighted- Average Grant Date Fair Value	54.33	54.11	54.20
Forfeited, Weighted- Average Grant Date Fair Value	0	0	0
Unvested at end of year, Weighted- Average Grant Date Fair Value	$ 55.86	$ 55.44	$ 57.89	$ 57.12
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares	0	0	0
Vested, Shares	0	(9,650)	0
Forfeited, Shares	0	0	0
Unvested at end of year, Shares	11,600	11,600	21,250	21,250
Granted, Weighted- Average Grant Date Fair Value	$ 0	$ 0	$ 0
Vested, Weighted- Average Grant Date Fair Value	0	41.24	0
Forfeited, Weighted- Average Grant Date Fair Value	0	0	0
Unvested at end of year, Weighted- Average Grant Date Fair Value	$ 41.86	$ 41.86	$ 41.58	$ 41.58
Performance Share Awards Psas [Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares	48,650	65,135	60,728
Vested, Shares	(50,242)	(40,410)	(67,402)
Forfeited, Shares	(1,555)	(3,778)	0
Unvested at end of year, Shares	158,000	161,147	140,200	146,874
Granted, Weighted- Average Grant Date Fair Value	$ 47.95	$ 34.33	$ 50.16
Vested, Weighted- Average Grant Date Fair Value	57.12	60.37	49.17
Forfeited, Weighted- Average Grant Date Fair Value	57.12	57.83	0
Unvested at end of year, Weighted- Average Grant Date Fair Value	$ 43.16	$ 46.20	$ 55.73	$ 55.12

Executive Stock Plans And Stock-Based Compensation (Stock-Based Compensation Expense And Related Income Tax Benefit Recognized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total stock-based compensation expense	$ 6,187	$ 6,106	$ 5,631
Income tax benefit recorded on stock-based compensation expense	$ 1,389	$ 1,282	$ 1,182

Commitments And Other Matters (Narrative) (Details) $ in Millions	12 Months Ended
	Mar. 31, 2022 USD ($)
Commitments And Other Matters [Line Items]
Total amount of advances funded towards tobacco purchase	$ 130
Commitments relating to agricultural materials,capital expenditures	132
Other contingent liabilities	1
Santa Catarina [Member]
Commitments And Other Matters [Line Items]
Brazil Audit Assessment For Tax, Penalties, And Interest On Recoverable Value Added Tax Credits	9
Reduction of Brazil Audit Assessment For Tax, Penalties, And Interest On Recoverable Value Added Tax Credits	10
Santa Catarina [Member] \| Minimum [Member]
Commitments And Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	0
Santa Catarina [Member] \| Maximum [Member]
Commitments And Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	10
Parana [Member]
Commitments And Other Matters [Line Items]
Brazil Audit Assessment For Tax, Penalties, And Interest On Recoverable Value Added Tax Credits	12
Reduction of Brazil Audit Assessment For Tax, Penalties, And Interest On Recoverable Value Added Tax Credits	3
Parana [Member] \| Minimum [Member]
Commitments And Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	0
Parana [Member] \| Maximum [Member]
Commitments And Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	3
Next Fiscal Year [Member]
Commitments And Other Matters [Line Items]
Tobacco purchase contracts	599
After Next Fiscal Year [Member]
Commitments And Other Matters [Line Items]
Tobacco purchase contracts	$ 124

Operating Segments (Operating Results For The Company's Reportable Segments) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

$ 2,103,601

$ 1,983,357

$ 1,909,979

Equity in pretax earnings of unconsolidated affiliates

160,315

147,810

126,367

^[1]

(6,095)

(2,985)

(4,211)

Accounts Receivable, after Allowance for Credit Loss

^[2]

(10,457)

(22,577)

(7,543)

Other income

^[3]

2,532

4,173

0

Segment Assets

2,586,345

2,341,924

2,120,921

385,437

367,482

340,711

Goodwill, net

213,998

173,051

126,826

Other intangibles, net

92,571

72,304

17,861

Depreciation and Amortization

53,203

66,154

35,227

52,521

44,733

38,379

Tobacco Operations

1,835,790

1,841,837

1,887,084

157,754

168,832

146,637

Accounts Receivable, after Allowance for Credit Loss

(6,500)

(7,500)

Segment Assets

2,109,845

2,002,059

1,985,732

336,638

336,876

330,367

Goodwill, net

97,930

98,044

97,963

Other intangibles, net

57

82

59

Depreciation and Amortization

34,237

46,037

35,175

36,272

33,895

35,251

Ingredients Operations

267,811

141,520

22,895

Accounts Receivable, after Allowance for Credit Loss

16,581

367

(8,516)

Segment Assets

476,500

339,865

135,189

48,799

30,606

10,344

Goodwill, net

116,068

75,007

28,863

Other intangibles, net

92,514

72,222

17,802

Depreciation and Amortization

18,966

20,117

52

16,249

10,838

3,128

Total Operating Segments

Foreign currency translation: [Abstract]

$ 174,335

$ 169,199

$ 138,121

[1]	Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income.
[2]	Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income (see Note 4)
[3]	Other income represents the reversal of the contingent consideration liability associated with the acquisition of FruitSmart. See Note 2 for additional information.

Operating Segments (Schedule Of Sales And Long-Lived Assets By Country) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 2,103,601	$ 1,983,357	$ 1,909,979
Long-Lived Assets	651,687	594,865	459,840
United States [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	495,322	369,074	221,428
Long-Lived Assets	344,276	266,258	145,764
Belgium [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	283,072	366,476	361,889
Poland
Segment Reporting Information [Line Items]
Sales and other operating revenues	90,270	97,001	84,011
Germany [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	93,057	94,519	104,525
Philippines
Segment Reporting Information [Line Items]
Sales and other operating revenues	147,876	94,493	68,143
China [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	97,826	52,837	105,683
Netherlands
Segment Reporting Information [Line Items]
Sales and other operating revenues	45,297	40,754	55,532
Brazil [Member]
Segment Reporting Information [Line Items]
Long-Lived Assets	136,653	134,909	138,157
Mozambique [Member]
Segment Reporting Information [Line Items]
Long-Lived Assets	40,228	44,206	42,964
All Other Countries [Member]
Segment Reporting Information [Line Items]
Sales and other operating revenues	850,881	868,203	908,768
Long-Lived Assets	$ 130,530	$ 149,492	$ 132,955

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

Net gain (loss) on foreign currency translation, net of income taxes

$ (6,367)

$ 8,272

$ (3,066)

Pension and other postretirement benefit plan: [Abstract]

Pension and other postretirement benefit plans, net of income taxes

5,943

17,038

(14,766)

Total accumulated other comprehensive income (loss) at end of period

(84,311)

(107,037)

(151,597)

Forward Foreign Currency Exchange Contracts [Member]

Interest Rate Swap [Member]

3,993

11,812

(11,850)

Accumulated Translation Adjustment [Member]

18,620

7,922

(26,468)

Foreign currency translation: [Abstract]

Net gain (loss) on foreign currency translation, net of income taxes

(35,135)

(42,923)

(40,101)

(6,367)

8,272

(3,066)

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

537

(484)

244

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

(5,830)

7,788

(2,822)

Taxes on net gain (loss) on foreign currency translation

(40,965)

(35,135)

(42,923)

(180)

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Forward Foreign Currency Exchange Contracts [Member]

Net gain (loss) on derivative instruments, net of income taxes

(414)

(12,226)

(376)

6,679

1,791

(12,391)

Reclassification of net (gain) loss to earnings

^[1]

(2,686)

10,021

541

3,993

11,812

(11,850)

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax

3,579

(414)

(12,226)

(2,199)

(130)

2,880

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax

1,115

(2,726)

136

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member]

Net gain (loss) on derivative instruments, net of income taxes

(19,480)

(27,402)

(934)

12,402

2,396

(25,588)

Reclassification of net (gain) loss to earnings

^[2]

6,218

5,526

(880)

18,620

7,922

(26,468)

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax

(860)

(19,480)

(27,402)

(3,249)

(637)

6,801

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax

(1,628)

(1,469)

234

Accumulated Defined Benefit Plans Adjustment [Member]

Pension and other postretirement benefit plan: [Abstract]

Gains arising during period, net of income taxes

(52,008)

(69,046)

(54,280)

^[3]

2,799

13,627

(16,810)

Amortization included in earnings, net of income taxes

^[4]

3,144

3,411

2,044

Pension and other postretirement benefit plans, net of income taxes

5,943

17,038

(14,766)