Universal (UVV) 10-Q2 Nov 232024 Q2 Quarterly reportFinancial data

Company Profile

Document Information

Document Information - shares	6 Months Ended
Document Information - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-00652
Entity Registrant Name	UNIVERSAL CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0414210
Entity Address, Address Line One	9201 Forest Hill Avenue,
Entity Address, City or Town	Richmond,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23235
City Area Code	804
Local Phone Number	359-9311
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	UVV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,559,181
Entity Central Index Key	0000102037
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024

Consolidated Statements Of Inco

Consolidated Statements Of Income And Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Sales and other operating revenues		$ 638,484	$ 650,984	$ 1,156,206	$ 1,080,806
Costs and expenses
Cost of goods sold		506,767	540,725	937,977	890,829
Selling, general and administrative expenses		73,806	72,373	149,283	138,825
Restructuring and impairment costs	[1]	2,599	0	2,599	0
Operating income		55,312	37,886	66,347	51,152
Equity in pretax earnings (loss) of unconsolidated affiliates	[2]	(713)	416	(4,879)	(137)
Other non-operating income (expense)		728	(77)	1,453	(139)
Interest income		953	93	2,318	330
Interest expense		17,053	12,270	32,596	18,994
Income before income taxes and other items		39,227	26,048	32,643	32,212
Income taxes		8,439	6,642	7,016	10,005
Net income		30,788	19,406	25,627	22,207
Less: net loss (income) attributable to noncontrolling interests in subsidiaries		(2,660)	2,449	437	6,478
Net income attributable to Universal Corporation		$ 28,128	$ 21,855	$ 26,064	$ 28,685
Earnings per share:
Basic		$ 1.13	$ 0.88	$ 1.05	$ 1.16
Diluted		$ 1.12	$ 0.88	$ 1.04	$ 1.15
Weighted average common shares outstanding:
Basic		24,869,697	24,779,237	24,855,974	24,774,126
Diluted		25,015,369	24,939,427	24,997,899	24,937,491
Total comprehensive income (loss)
Total comprehensive income (loss), net of income taxes		$ 28,549	$ 17,578	$ 27,754	$ 16,295
Less: comprehensive (income) loss attributable to noncontrolling interests		(2,541)	2,737	700	7,095
Comprehensive income (loss) attributable to Universal Corporation		$ 26,008	$ 20,315	$ 28,454	$ 23,390
Dividends declared per common share		$ 0.80	$ 0.79	$ 1.60	$ 1.58

[1]Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. See Note 2 for additional information[2]Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
ASSETS
Cash and cash equivalents	$ 99,683	$ 64,690	$ 58,855
Accounts receivable, net	368,924	402,073	469,406
Advances to suppliers, net	105,637	170,801	106,475
Accounts receivable—unconsolidated affiliates	55,409	12,210	51,179
Inventories—at lower of cost or net realizable value:
Tobacco	1,086,240	833,876	968,167
Other	212,268	202,907	234,581
Prepaid income taxes	23,918	16,493	14,820
Other current assets	95,634	99,840	87,910
Total current assets	2,047,713	1,802,890	1,991,393
Property, plant and equipment
Land	26,262	24,926	23,998
Buildings	316,180	311,138	300,925
Machinery and equipment	705,977	689,220	659,409
Total property, plant and equipment	1,048,419	1,025,284	984,332
Less accumulated depreciation	(691,811)	(674,122)	(643,584)
Property, plant and equipment, net	356,608	351,162	340,748
Other assets
Operating lease right-of-use assets	36,318	40,505	43,278
Goodwill, net	213,856	213,922	213,803
Other intangibles, net	74,475	80,101	86,129
Investments in unconsolidated affiliates	70,618	76,184	70,878
Deferred income taxes	16,192	13,091	18,180
Pension asset	10,650	9,984	12,740
Other noncurrent assets	35,342	51,343	36,848
Total other assets	457,451	485,130	481,856
Total assets	2,861,772	2,639,182	2,813,997
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable and overdrafts	301,379	195,564	582,382
Accounts payable	70,737	83,213	63,823
Accounts payable—unconsolidated affiliates	166	5,830	0
Customer advances and deposits	166,505	3,061	12,644
Accrued compensation	26,772	33,108	20,944
Income taxes payable	4,494	3,274	4,589
Current portion of operating lease liabilities	10,469	11,404	10,735
Accrued expenses and other current liabilities	120,623	106,533	103,330
Current portion of long-term debt	0	0	0
Total current liabilities	701,145	441,987	798,447
Long-term debt	617,086	616,809	518,923
Pensions and other postretirement benefits	42,378	42,769	49,398
Long-term operating lease liabilities	22,804	25,540	27,905
Other long-term liabilities	15,769	32,512	15,302
Deferred income taxes	45,082	42,613	49,289
Total liabilities	1,444,264	1,202,230	1,459,264
Shareholders' equity
Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding	0	0	0
Common stock, no par value, 100,000,000 shares authorized 24,558,493 shares issued and outstanding at September 30, 2023 (24,555,361 at September 30, 2022 and 24,555,361 at March 31, 2023)	339,241	337,247	333,540
Retained earnings	1,119,615	1,136,898	1,080,920
Accumulated other comprehensive loss	(74,667)	(77,057)	(89,606)
Total Universal Corporation shareholders' equity	1,384,189	1,397,088	1,324,854
Noncontrolling interests in subsidiaries	33,319	39,864	29,879
Total shareholders' equity	1,417,508	1,436,952	1,354,733
Total liabilities and shareholders' equity	$ 2,861,772	$ 2,639,182	$ 2,813,997

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Common Stock [Member]
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	24,558,493	24,555,361	24,555,361
Common stock, shares outstanding	24,558,493	24,555,361	24,555,361
Series A Junior Participating Preferred Stock [Member]
Preferred stock, shares authorized	500,000	500,000	500,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 25,627	$ 22,207
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization		29,009	28,294
Net provision for losses (recoveries) on advances to suppliers		3,835	(1,034)
Inventory writedowns		2,870	7,654
Stock-based compensation expense		5,711	5,304
Foreign currency remeasurement (gain) loss, net		7,528	6,191
Foreign currency exchange contracts		2,563	13,562
Deferred income taxes		(3,560)	(7,144)
Equity in net loss (income) of unconsolidated affiliates, net of dividends		3,135	(18)
Restructuring and impairment costs	[1]	2,599	0
Restructuring payments		(806)	0
Other, net		1,012	1,913
Accounts and notes receivable		46,724	(88,858)
Inventories		(269,422)	(220,956)
Other assets		10,235	(8,052)
Accounts payable		(18,874)	(107,109)
Accrued expenses and other current liabilities		4,680	6,877
Income taxes		(5,995)	(6,408)
Customer advances and deposits		163,663	1,329
Net cash provided (used) by operating activities		10,534	(346,248)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(32,630)	(26,588)
Proceeds from sale of business, net of cash held by the business		3,757	1,168
Proceeds from sale of property, plant and equipment		713	1,644
Net cash used by investing activities		(28,160)	(23,776)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of short-term debt, net		105,649	399,924
Dividends paid to noncontrolling interests		(5,845)	(6,825)
Repurchase of common stock		(4,744)	(3,448)
Dividends paid on common stock		(39,108)	(38,594)
Other		(2,963)	(1,869)
Net cash provided (used) by financing activities		52,989	349,188
Effect of exchange rate changes on cash, restricted cash and cash equivalents		(370)	(1,957)
Net increase (decrease) in cash, restricted cash and cash equivalents		34,993	(22,793)
Cash, restricted cash and cash equivalents at beginning of year		64,690	87,648
Cash, restricted cash and cash equivalents at end of period		99,683	64,855
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents		99,683	58,855
Restricted cash (Other noncurrent assets)		0	6,000
Total cash, restricted cash and cash equivalents		$ 99,683	$ 64,855

[1]Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. See Note 2 for additional information

Basis Of Presentation

Basis Of Presentation	6 Months Ended
Basis Of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	BASIS OF PRESENTATION 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. Because of the seasonal nature of the Company’s business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the “2023 Annual Report on Form 10-K”) .

Restructuring and Related Activ

Restructuring and Related Activities	6 Months Ended
Restructuring and Related Activities	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Impairment Costs Disclosure	RESTRUCTURING AND IMPAIRMENT COSTS Universal continually reviews its business for opportunities to realize efficiencies, reduce costs, and realign its operations in response to business changes. Restructuring and impairment costs are periodically incurred in connection with those activities. There were no restructuring and impairment costs incurred for the three and six months ended September 30, 2022. Tobacco Operations During the three months ended September 30, 2023, the Company began restructuring operations at our Global Labs Services ("GLS") facility in Wilson, NC. GLS provides testing for crop protection agents and tobacco constituents in seed, leaf, and finished products, including e-cigarette liquids and vapors, and has capabilities for testing non-tobacco products. As a result of the restructuring of the GLS operations, the Company incurred $1.8 million of restructuring and impairment costs for the three and six months ended September 30, 2023. During the three months ended September 30, 2023, the Company also incurred $0.8 million of termination costs in other areas of the Tobacco Operations segment.

Revenue from Contract with Cust

Revenue from Contract with Customer	6 Months Ended
Revenue from Contract with Customer	Sep. 30, 2023
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. Shipping and handling costs under sales contracts with customers are treated as fulfillment costs and included in the transaction price. 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. 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 The Company has diversified operations through the 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, 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: Three Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Tobacco sales $ 525,534 $ 544,879 $ 940,890 $ 864,896 Ingredient sales 78,397 76,059 149,055 153,605 Processing revenue 18,830 14,038 37,894 33,530 Other sales and revenue from contracts with customers 13,046 15,028 24,338 27,095 Total revenue from contracts with customers 635,807 650,004 1,152,177 1,079,126 Other operating sales and revenues 2,677 980 4,029 1,680 Consolidated sales and other operating revenues $ 638,484 $ 650,984 $ 1,156,206 $ 1,080,806 Other operating sales and revenues consists principally of interest on advances to suppliers and dividend payments from deconsolidated affiliates.

Other Contingent Liabilities An

Other Contingent Liabilities And Other Matters	6 Months Ended
Other Contingent Liabilities And Other Matters	Sep. 30, 2023
Other Contingent Liabilities And Other Matters [Abstract]
Guarantees, Other Contingent Liabilities, And Other Matters	OTHER CONTINGENT LIABILITIES AND OTHER MATTERS Other Contingent Liabilities Other Contingent Liabilities (Letters of credit) The Company had other contingent liabilities totaling approximately $1 million at September 30, 2023, primarily related to outstanding letters of credit. Value-Added Tax Assessments in Brazil As further discussed below, the Company’s local operating subsidiaries pay significant amounts of value-added tax (“VAT”) in connection with their operations, which generate tax credits that they normally are entitled to recover through offset, refund, or sale to third parties. 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 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 $10 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 $11 million. Those amounts are based on the exchange rate for the Brazilian currency at September 30, 2023. 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 September 30, 2023, a portion of the subsidiary’s arguments had been accepted, and the outstanding assessment had been reduced. The reduced assessment, together with the related accumulated interest through the end of the current reporting period, totaled approximately $10 million (at the September 30, 2023 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 with interest, 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 September 30, 2023. 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, reflecting a substantial reduction from the original assessment. In fiscal year 2020, the Parana tax authorities acknowledged the statute of limitations related to claims prior to December 2010 had expired and reduced the assessment to $3 million (at the September 30, 2023 exchange rate). Notwithstanding the reduced assessment, 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 September 30, 2023. 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 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. Advances to Suppliers In many sourcing origins where the Company operates, it provides agronomy services and seasonal advances of seed, seedlings, 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 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 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 suppliers totaled $127 million at September 30, 2023, $122 million at September 30, 2022, and $199 million at March 31, 2023. The related valuation allowances totaled $20 million at September 30, 2023, $14 million at September 30, 2022, and $24 million at March 31, 2023, and were estimated based on the Company’s historical loss information and crop projections. The allowances were increased by net provisions of approximately $3.8 million in the six-month period ended September 30, 2023 and decreased by net recoveries of $1.0 million in the six-month period ended September 30, 2022. These net provisions and recoveries 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. Recoverable Value-Added Tax Credits In many foreign countries, the Company’s local operating subsidiaries pay significant amounts of 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 September 30, 2023, the aggregate balance of recoverable tax credits held by the Company’s subsidiaries totaled approximately $61 million ($70 million at September 30, 2022, and $64 million at March 31, 2023), and the related valuation allowances totaled approximately $21 million ($24 million at September 30, 2022, and $22 million at March 31, 2023). The net balances are reported in other current assets and other noncurrent assets in the consolidated balance sheets. Shelf Registration and Stock Repurchase Plan 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 securities as determined by the Company and offered in one or more prospectus supplements prior to issuance. A stock repurchase plan, which was authorized by the Company's Board of Directors, became effective and was publicly announced on November 2, 2022. This stock repurchase plan authorized the purchase of up to $100 million in common and/or preferred stock in open market or privately negotiated transactions through November 15, 2024 or when funds for the program have been exhausted, subject to market conditions and other factors. The program had $95 million of remaining capacity for repurchases of common and/or preferred stock at September 30, 2023. Sale of Idled Tanzania Operations During the six months ended June 30, 2022, the Company entered into a sales agreement to sell all outstanding shares of common stock, which included all properties, of the idled companies in Tanzania for $8.5 million, which had been paid in full as of September 30, 2023. Restricted Cash Release of Deferred Proceeds from Acquisition of Silva International, Inc. During the three months ended December 31, 2022, the Company released $6.0 million, held in a third-party escrow account, to one of Silva's selling shareholders. The amounts were held in escrow since the date of acquisition, as the employee had a post-combination service requirement with forfeitable payment provisions. Therefore, under ASC Topic 805, "Business Combinations," the amounts held in escrow were treated as a contingent consideration arrangement and expensed as compensation expense in selling, general, and administrative expense on the consolidated statements of income. As of December 31, 2022, all amounts have been released to the selling shareholder, who remains employed by the Company, and expensed in the Company's consolidated statements of income.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Six Months Ended September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Basic Earnings Per Share Numerator for basic earnings per share Net income attributable to Universal Corporation $ 28,128 $ 21,855 $ 26,064 $ 28,685 Denominator for basic earnings per share Weighted average shares outstanding 24,869,697 24,779,237 24,855,974 24,774,126 Basic earnings per share $ 1.13 $ 0.88 $ 1.05 $ 1.16 Diluted Earnings Per Share Numerator for diluted earnings per share Net income attributable to Universal Corporation $ 28,128 $ 21,855 $ 26,064 $ 28,685 Denominator for diluted earnings per share: Weighted average shares outstanding 24,869,697 24,779,237 24,855,974 24,774,126 Effect of dilutive securities Employee and outside director share-based awards 145,672 160,190 141,925 163,365 Denominator for diluted earnings per share 25,015,369 24,939,427 24,997,899 24,937,491 Diluted earnings per share $ 1.12 $ 0.88 $ 1.04 $ 1.15

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 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 various factors, including the mix and timing of domestic and foreign earnings, discrete items, and the effect of exchange rate changes on taxes. Three and six months ended September 30, 2023 The Company's consolidated effective income tax rate for both the three and six months ended September 30, 2023 was 21.5%. Three and six months ended September 30, 2022 The Company's consolidated effective income tax rate for the three and six months ended September 30, 2022 was 25.5% and 31.1%, respectively. In the six months ended September 30, 2022, the Company sold its idled Tanzania operations and recognized $1.1 million of income taxes. Without this item, the consolidated effective income tax rate for the six months ended September 30, 2022 would have been approximately 27.5%. Additionally, the sale of the Company's idled Tanzania operations resulted in a $1.8 million reduction to consolidated interest expense related to the removal of an uncertain tax position for the six months ended September 30, 2022.

Goodwill and Other Intangibles

Goodwill and Other Intangibles Goodwill and Other Intangibles	6 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	GOODWILL AND OTHER INTANGIBLES The Company's changes in goodwill at September 30, 2023 and 2022 consisted of the following: (in thousands of dollars) Six Months Ended September 30, 2023 2022 Balance at beginning of fiscal year $ 213,922 $ 213,998 Foreign currency translation adjustment (66) (195) Balance at end of period $ 213,856 $ 213,803 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 September 30, 2023 and 2022 and at March 31, 2023: (in thousands, except useful life) September 30, 2023 Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 11 — 13 $ 86,500 $ (21,559) $ 64,941 Trade names 5 11,100 (7,155) 3,945 Developed technology 13 9,300 (5,492) 3,808 Noncompetition agreements 4 — 5 4,000 (2,250) 1,750 Other 5 708 (677) 31 Total intangible assets $ 111,608 $ (37,133) $ 74,475 September 30, 2022 Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 11 — 13 $ 86,500 $ (13,828) $ 72,672 Trade names 5 11,100 (4,935) 6,165 Developed technology 3 — 13 9,300 (4,746) 4,554 Noncompetition agreements 4 — 5 4,000 (1,300) 2,700 Other 5 639 (601) 38 Total intangible assets $ 111,539 $ (25,410) $ 86,129 March 31, 2023 Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 11 — 13 $ 86,500 $ (17,693) $ 68,807 Trade names 5 11,100 (6,045) 5,055 Developed technology 3 — 13 9,300 (5,319) 3,981 Noncompetition agreements 4 — 5 4,000 (1,775) 2,225 Other 5 721 (688) 33 Total intangible assets $ 111,621 $ (31,520) $ 80,101 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 six months ended September 30, 2023 and 2022 was: (in thousands of dollars) Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Amortization Expense $ 2,786 $ 3,172 $ 5,613 $ 6,345 Amortization expense for the developed technology intangible asset is recorded in cost of goods sold in the consolidated statements of income. The amortization expense for other intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of income. As of September 30, 2023, the expected future amortization expense for intangible assets is as follows: Fiscal Year (in thousands of dollars) 2024 (excluding the six months ended September 30, 2023) $ 5,634 2025 11,052 2026 9,232 2027 8,077 2028 and thereafter 40,480 Total expected future amortization expense $ 74,475

Derivatives And Hedging Activit

Derivatives And Hedging Activities	6 Months Ended
Derivatives And Hedging Activities	Sep. 30, 2023
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 and option foreign currency exchange 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 December 2022, 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 2022. Although no significant ineffectiveness is expected with this hedging strategy, the effectiveness of the interest rate swaps is evaluated on a quarterly basis. At September 30, 2023, the total notional amount of the interest rate swaps was $310 million, which corresponded to a portion of the aggregate outstanding balance of the term loans. Previously, the Company had receive-floating/pay-fixed interest rate swap agreements that were designated and qualified as cash flow hedges for two non-amortizing bank loans that were repaid concurrent with closing on the new bank credit facility in December 2022. Those swap agreements, which had an aggregate notional amount of $370 million corresponding to a portion of the principal balance on the repaid loans, were terminated concurrent with the inception of the new swap agreements. The fair value of the previous swap agreements, approximately $11.8 million, was received from the counterparties in December 2022 upon termination and is being amortized from accumulated other comprehensive loss into earnings as a reduction of interest expense through the original maturity dates of those agreements. Cash Flow Hedging Strategy for Foreign Currency Exchange Rate Risk Related to Sales of Crop Inputs, Forecast Purchases of Tobacco, and Related Processing Costs 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 periodically enters into hedges for a portion of tobacco purchases in Africa. The aggregate U.S. dollar notional amount of forward and option contracts entered into for these purposes during the six-month periods in fiscal years 2024 and 2023 was as follows: Six Months Ended September 30, (in millions of dollars) 2023 2022 Tobacco purchases $ 30.3 $ 30.4 Processing costs 4.9 5.4 Total $ 35.2 $ 35.8 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. All contracts related to tobacco purchases and crop input sales were initially 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. The Company de-designates ineffective tobacco purchases and crop input sales hedges to selling, general, and administrative expense when the forecasted tobacco purchases or crop input sales are no longer expected to occur. The table below presents the expected timing of when the remaining accumulated other comprehensive gains and losses as of September 30, 2023 for cash flows hedges of tobacco purchases and crop input sales are expected to be recognized in earnings. Hedging Program Crop Year Geographic Location(s) Fiscal Year Earnings Tobacco purchases 2022 Brazil 2024 Tobacco purchases 2023 Brazil 2024 Crop input sales 2023 Brazil 2024 Crop input sales 2024 Brazil 2025 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 value-added taxes, 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 September 30, 2023 and 2022, and March 31, 2023, were approximately $101.1 million, $112.3 million, and $42.8 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: Three Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Cash Flow Hedges - Interest Rate Swap Agreements Derivative Effective Portion of Hedge Gain (loss) recorded in accumulated other comprehensive loss $ 7,968 $ 9,348 $ 18,064 $ 13,249 Gain (loss) reclassified from accumulated other comprehensive loss into earnings $ 1,417 $ (266) $ 2,626 $ (1,871) Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings $ 1,569 $ — $ 3,139 $ — Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings Interest expense Ineffective Portion of Hedge Gain (loss) recognized in earnings $ — $ — $ — $ — Location of gain (loss) recognized in earnings Selling, general and administrative expenses Hedged Item Description of hedged item Floating rate interest payments on term loans Cash Flow Hedges - Foreign Currency Exchange Contracts Derivative Effective Portion of Hedge Gain (loss) recorded in accumulated other comprehensive loss $ (61) $ 943 $ 2,019 $ (4) Gain (loss) reclassified from accumulated other comprehensive loss into earnings $ 3,334 $ 2,084 $ 4,140 $ 3,041 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 $ (772) $ 605 $ 1,138 $ (520) Location of gain (loss) recognized in earnings Selling, general and administrative expenses Hedged Item Description of hedged item Forecast purchases of tobacco in Brazil and Africa Derivatives Not Designated as Hedges - Foreign Currency Exchange Contracts Gain (loss) recognized in earnings $ 1,717 $ (1,310) $ (769) $ (2,317) Location of gain (loss) recognized in earnings Selling, general and administrative expenses For the 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 and the crop input sales in Brazil, a net hedge gain of approximately $3.7 million remained in accumulated other comprehensive loss at September 30, 2023. That balance reflects gains and losses on contracts related to the 2023 and 2022 Brazil crops, and the 2024 and 2023 Brazil crop input sales, less the amounts reclassified to earnings related to tobacco sold through September 30, 2023. 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 September 30, 2023 and 2022, and March 31, 2023: Derivatives in a Fair Value Asset Position Derivatives in a Fair Value Liability Position Balance Fair Value as of Balance Fair Value as of (in thousands of dollars) September 30, 2023 September 30, 2022 March 31, 2023 September 30, 2023 September 30, 2022 March 31, 2023 Derivatives Designated as Hedging Instruments Interest rate swap agreements Other $ 12,361 $ 13,959 $ — Other $ — $ — $ 3,077 Foreign currency exchange contracts Other — 934 7,102 Accounts — — 890 Total $ 12,361 $ 14,893 $ 7,102 $ — $ — $ 3,967 Derivatives Not Designated as Hedging Instruments Foreign currency exchange contracts Other $ 1,081 $ 2,605 $ 1,320 Accounts $ 14 $ 181 $ 435 Total $ 1,081 $ 2,605 $ 1,320 $ 14 $ 181 $ 435 Substantially all of the Company's foreign exchange derivative instruments 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

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 acquisition-related contingent consideration obligations. 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 September 30, 2023 and 2022, and at March 31, 2023, 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: September 30, 2023 Fair Value Hierarchy (in thousands of dollars) NAV Level 1 Level 2 Level 3 Total Assets Money market funds $ 145 $ — $ — $ — $ 145 Trading securities associated with deferred compensation plans — 11,238 — — 11,238 Interest rate swap agreements — — 12,361 — 12,361 Foreign currency exchange contracts — — 1,081 — 1,081 Total financial assets measured and reported at fair value $ 145 $ 11,238 $ 13,442 $ — $ 24,825 Liabilities Foreign currency exchange contracts $ — $ — $ 14 $ — $ 14 Total financial liabilities measured and reported at fair value $ — $ — $ 14 $ — $ 14 September 30, 2022 Fair Value Hierarchy (in thousands of dollars) NAV Level 1 Level 2 Level 3 Total Assets Money market funds $ 334 $ — $ — $ — $ 334 Trading securities associated with deferred compensation plans — 10,845 — — 10,845 Interest rate swap agreements — — 13,959 — 13,959 Foreign currency exchange contracts — — 3,539 — 3,539 Total financial assets measured and reported at fair value $ 334 $ 10,845 $ 17,498 $ — $ 28,677 Liabilities Foreign currency exchange contracts $ — $ — $ 181 $ — $ 181 Total financial liabilities measured and reported at fair value $ — $ — $ 181 $ — $ 181 March 31, 2023 Fair Value Hierarchy (in thousands of dollars) NAV Level 1 Level 2 Level 3 Total Assets Money market funds $ 400 $ — $ — $ — $ 400 Trading securities associated with deferred compensation plans — 11,698 — — 11,698 Foreign currency exchange contracts — — 8,422 — 8,422 Total financial assets measured and reported at fair value $ 400 $ 11,698 $ 8,422 $ — $ 20,520 Liabilities Interest rate swap agreements $ — $ — $ 3,077 $ — $ 3,077 Foreign currency exchange contracts — — 1,325 — 1,325 Total financial liabilities measured and reported at fair value $ — $ — $ 4,402 $ — $ 4,402 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. Foreign currency exchange contracts The fair values of forward and option 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 and option foreign currency exchange contracts are classified within Level 2 of the fair value hierarchy. Long-term Debt The following table summarizes the fair and carrying value of the Company’s long-term debt, and if applicable any current portion, at each of the balance sheet dates September 30, 2023, and 2022 and March 31, 2023: (in millions of dollars) September 30, 2023 September 30, 2022 March 31, 2023 Fair market value of long term obligations $ 615 $ 517 $ 621 Carrying value of long term obligations $ 620 $ 520 $ 620 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. 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 also 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. Long-Lived Assets

Pension And Other Postretiremen

Pension And Other Postretirement Benefit Plans	6 Months Ended
Pension And Other Postretirement Benefit Plans	Sep. 30, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The Company sponsors several defined benefit pension plans covering eligible U.S. salaried employees and certain foreign and other employee groups. These plans provide retirement benefits based primarily on employee compensation and years of service. The Company also sponsors defined benefit plans that provide postretirement health and life insurance benefits for eligible U.S. employees attaining specific age and service levels, although postretirement life insurance is no longer provided for active employees. The components of the Company’s net periodic benefit cost were as follows: Pension Benefits Other Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Service cost $ 1,286 $ 1,503 $ 24 $ 32 Interest cost 2,898 2,351 266 235 Expected return on plan assets (3,888) (3,324) (16) (19) Net amortization and deferral 203 1,001 (191) (167) Net periodic benefit cost $ 499 $ 1,531 $ 83 $ 81 Pension Benefits Other Postretirement Benefits Six Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Service cost $ 2,568 $ 3,048 $ 49 $ 64 Interest cost 5,799 4,686 530 476 Expected return on plan assets (7,776) (6,648) (32) (38) Net amortization and deferral 406 2,002 (380) (339) Net periodic benefit cost $ 997 $ 3,088 $ 167 $ 163 During the six months ended September 30, 2023, the Company made contributions of approximately $0.7 million to its pension plans. Additional contributions of $3.2 million are expected during the remaining six months of fiscal year 2024.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The Company's shareholders have approved the Universal Corporation 2023 Stock Incentive Plan (“Plan”) 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, incentive stock options, and non-qualified stock options. The Company’s practice is to award grants of stock-based compensation to officers on an annual basis 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. The Compensation Committee administers the Company’s Plan consistently, following previously defined guidelines. In recent years, the Compensation Committee has awarded only grants of RSUs and PSUs. Awards of restricted stock, RSUs, and PSUs are currently outstanding under the Plan. RSUs awarded prior to fiscal year 2022 vest 5 years after the grant date and those awarded beginning in 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 at the end of a performance period of three years that begins with the year of the grant, are paid out in shares of common stock shortly after 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. The Company’s outside directors receive RSUs following the annual meeting of shareholders. RSUs awarded to outside directors vest 1 year after the grant date. Restricted shares vest upon the individual’s retirement from service as a director. During the six-month periods ended September 30, 2023 and 2022, the Company issued the following stock-based awards, representing the regular annual grants to officers and outside directors of the Company: Six Months Ended September 30, 2023 2022 RSUs: Number granted 93,300 79,405 Grant date fair value $ 51.34 $ 62.17 PSUs: Number granted 54,700 48,315 Grant date fair value $ 43.01 $ 54.46 Fair value expense for restricted stock units 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 all non-forfeitable awards is recognized as expense at the date of grant. As a result, Universal typically incurs higher stock compensation expense in the first quarter of each fiscal year when grants are awarded to officers than in the other three quarters. For PSUs, the Company generally recognizes fair value expense ratably over the performance and vesting period based on management’s judgment of the ultimate award that is likely to be paid out based on the achievement of the predetermined performance measures. The Company accounts for forfeitures of stock-based awards as they occur. For the six-month periods ended September 30, 2023 and 2022, the Company recorded total stock-based compensation expense of approximately $5.7 million and $5.3 million, respectively. The Company expects to recognize stock-based compensation expense of approximately $2.9 million during the remaining six months of fiscal year 2024.

Operating Segments

Operating Segments	6 Months Ended
Operating Segments	Sep. 30, 2023
Segment Reporting [Abstract]
Operating Segments	OPERATING SEGMENTS The Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations. The Tobacco Operations segment activities involve selecting, procuring, processing, packing, storing, shipping, and financing 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 non-combustible 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, flavors, and botanical extracts. 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 flavors and botanical extracts and also offers bottling and custom packaging for customers. The Company currently evaluates the performance of its segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings (loss) of unconsolidated affiliates. Operating results for the Company’s reportable segments for each period presented in the consolidated statements of income and comprehensive income were as follows. Three Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 SALES AND OTHER OPERATING REVENUES Tobacco Operations $ 554,653 $ 570,030 $ 998,561 $ 918,093 Ingredients Operations 83,831 80,954 157,645 162,713 Consolidated sales and other operating revenues $ 638,484 $ 650,984 $ 1,156,206 $ 1,080,806 OPERATING INCOME Tobacco Operations $ 52,387 $ 33,790 $ 61,270 $ 41,906 Ingredients Operations 4,811 4,512 2,797 9,109 Segment operating income 57,198 38,302 64,067 51,015 Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1) 713 (416) 4,879 137 Restructuring and impairment costs (2) (2,599) — (2,599) — Consolidated operating income $ 55,312 $ 37,886 $ 66,347 $ 51,152 (1) Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income. (2) Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. See Note 2 for additional information.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the six months ended September 30, 2023 and 2022: Six Months Ended September 30, (in thousands of dollars) 2023 2022 Foreign currency translation: Balance at beginning of year $ (44,233) $ (40,965) Other comprehensive income (loss) attributable to Universal Corporation: Net gain (loss) on foreign currency translation (3,481) (13,642) Less: Net (gain) loss on foreign currency translation attributable to noncontrolling interests 263 617 Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes (3,218) (13,025) Balance at end of period $ (47,451) $ (53,990) Foreign currency hedge: Balance at beginning of year $ 4,899 $ 3,579 Other comprehensive income (loss) attributable to Universal Corporation: Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(53) and $(158)) (812) (4,146) Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $908 and $600) (1) (2,817) (1,214) Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes (3,629) (5,360) Balance at end of period $ 1,270 $ (1,781) Interest rate hedge: Balance at beginning of year $ 5,253 $ (860) Other comprehensive income (loss) attributable to Universal Corporation: Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(4,769) and $(2,782)) 13,295 10,467 Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $1,522 and $(393)) (2) (4,243) 1,478 Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes 9,052 11,945 Balance at end of period $ 14,305 $ 11,085 Pension and other postretirement benefit plans: Balance at beginning of year $ (42,976) $ (46,065) Other comprehensive income (loss) attributable to Universal Corporation: Amortization included in earnings (net of tax expense (benefit) of $(33) and $(285)) (3) 185 1,145 Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes 185 1,145 Balance at end of period $ (42,791) $ (44,920) Total accumulated other comprehensive loss at end of period $ (74,667) $ (89,606) (1) Gain (loss) on foreign currency cash flow hedges related to forecast purchases of tobacco and crop input sales is reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the tobacco is sold to customers. See Note 8 for additional information. (2) Gain (loss) on interest rate cash flow hedges is reclassified from accumulated other comprehensive income (loss) to interest expense when the related interest payments are made on the underlying debt, or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 8 for additional information. (3) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 10 for additional information.

Changes In Shareholders' Equity

Changes In Shareholders' Equity And Noncontrolling Interests In Subsidiaries	6 Months Ended
	Sep. 30, 2023
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Changes In Shareholders' Equity And Noncontrolling Interests In Subsidiaries	CHANGES IN SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS IN SUBSIDIARIES A reconciliation of the changes in Universal Corporation shareholders’ equity and noncontrolling interests in subsidiaries for the three and six months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 (in thousands of dollars) Universal Corporation Non-controlling Interests Total Universal Corporation Non-controlling Interests Total Balance at beginning of three-month period $ 1,380,720 $ 32,459 $ 1,413,179 $ 1,325,763 $ 34,296 $ 1,360,059 Changes in common stock Repurchase of common stock (1,373) — (1,373) (893) — (893) Accrual of stock-based compensation 1,852 — 1,852 1,622 — 1,622 Dividend equivalents on RSUs 317 — 317 291 — 291 Changes in retained earnings Net income (loss) 28,128 2,660 30,788 21,855 (2,449) 19,406 Cash dividends declared Common stock (19,647) — (19,647) (19,398) — (19,398) Repurchase of common stock (3,371) — (3,371) (2,555) — (2,555) Dividend equivalents on RSUs (317) — (317) (291) — (291) Other comprehensive income (loss) (2,120) (119) (2,239) (1,540) (288) (1,828) Other changes in noncontrolling interests Dividends paid to noncontrolling shareholders — (1,681) (1,681) — (1,680) (1,680) Balance at end of period $ 1,384,189 $ 33,319 $ 1,417,508 $ 1,324,854 $ 29,879 $ 1,354,733 Six Months Ended September 30, 2023 Six Months Ended September 30, 2022 (in thousands of dollars) Universal Corporation Non-controlling Interests Total Universal Corporation Non-controlling Interests Total Balance at beginning of year $ 1,397,088 $ 39,864 $ 1,436,952 $ 1,340,543 $ 44,226 $ 1,384,769 Changes in common stock Repurchase of common stock (1,373) — (1,373) (893) — (893) Accrual of stock-based compensation 5,711 — 5,711 5,304 — 5,304 Withholding of shares from stock-based compensation for grantee income taxes (2,963) — (2,963) (2,090) — (2,090) Dividend equivalents on RSUs 619 — 619 557 — 557 Changes in retained earnings Net income 26,064 (437) 25,627 28,685 (6,478) 22,207 Cash dividends declared Common stock (39,357) — (39,357) (38,845) — (38,845) Repurchase of common stock (3,371) — (3,371) (2,555) — (2,555) Dividend equivalents on RSUs (619) — (619) (557) — (557) Other comprehensive income (loss) 2,390 (263) 2,127 (5,295) (617) (5,912) Other changes in noncontrolling interests Dividends paid to noncontrolling shareholders — (5,845) (5,845) — (6,825) (6,825) Other — — — — (427) (427) Balance at end of period $ 1,384,189 $ 33,319 $ 1,417,508 $ 1,324,854 $ 29,879 $ 1,354,733

Revenue from Contract with Cu_2

Revenue from Contract with Customer (Tables)	6 Months Ended
Revenue from Contract with Customer (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenue by significant revenue-generating category: Three Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Tobacco sales $ 525,534 $ 544,879 $ 940,890 $ 864,896 Ingredient sales 78,397 76,059 149,055 153,605 Processing revenue 18,830 14,038 37,894 33,530 Other sales and revenue from contracts with customers 13,046 15,028 24,338 27,095 Total revenue from contracts with customers 635,807 650,004 1,152,177 1,079,126 Other operating sales and revenues 2,677 980 4,029 1,680 Consolidated sales and other operating revenues $ 638,484 $ 650,984 $ 1,156,206 $ 1,080,806 Other operating sales and revenues consists principally of interest on advances to suppliers and dividend payments from deconsolidated affiliates.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Six Months Ended September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Basic Earnings Per Share Numerator for basic earnings per share Net income attributable to Universal Corporation $ 28,128 $ 21,855 $ 26,064 $ 28,685 Denominator for basic earnings per share Weighted average shares outstanding 24,869,697 24,779,237 24,855,974 24,774,126 Basic earnings per share $ 1.13 $ 0.88 $ 1.05 $ 1.16 Diluted Earnings Per Share Numerator for diluted earnings per share Net income attributable to Universal Corporation $ 28,128 $ 21,855 $ 26,064 $ 28,685 Denominator for diluted earnings per share: Weighted average shares outstanding 24,869,697 24,779,237 24,855,974 24,774,126 Effect of dilutive securities Employee and outside director share-based awards 145,672 160,190 141,925 163,365 Denominator for diluted earnings per share 25,015,369 24,939,427 24,997,899 24,937,491 Diluted earnings per share $ 1.12 $ 0.88 $ 1.04 $ 1.15

Goodwill and Other Intangible_2

Goodwill and Other Intangibles Goodwill and Other Intangibles (Tables)	6 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	The Company's changes in goodwill at September 30, 2023 and 2022 consisted of the following: (in thousands of dollars) Six Months Ended September 30, 2023 2022 Balance at beginning of fiscal year $ 213,922 $ 213,998 Foreign currency translation adjustment (66) (195) Balance at end of period $ 213,856 $ 213,803
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The Company's intangible assets subject to amortization consisted of the following at September 30, 2023 and 2022 and at March 31, 2023: (in thousands, except useful life) September 30, 2023 Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 11 — 13 $ 86,500 $ (21,559) $ 64,941 Trade names 5 11,100 (7,155) 3,945 Developed technology 13 9,300 (5,492) 3,808 Noncompetition agreements 4 — 5 4,000 (2,250) 1,750 Other 5 708 (677) 31 Total intangible assets $ 111,608 $ (37,133) $ 74,475 September 30, 2022 Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 11 — 13 $ 86,500 $ (13,828) $ 72,672 Trade names 5 11,100 (4,935) 6,165 Developed technology 3 — 13 9,300 (4,746) 4,554 Noncompetition agreements 4 — 5 4,000 (1,300) 2,700 Other 5 639 (601) 38 Total intangible assets $ 111,539 $ (25,410) $ 86,129 March 31, 2023 Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 11 — 13 $ 86,500 $ (17,693) $ 68,807 Trade names 5 11,100 (6,045) 5,055 Developed technology 3 — 13 9,300 (5,319) 3,981 Noncompetition agreements 4 — 5 4,000 (1,775) 2,225 Other 5 721 (688) 33 Total intangible assets $ 111,621 $ (31,520) $ 80,101 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 six months ended September 30, 2023 and 2022 was: (in thousands of dollars) Three Months Ended September 30, Six Months Ended September 30, 2023 2022 2023 2022 Amortization Expense $ 2,786 $ 3,172 $ 5,613 $ 6,345
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	As of September 30, 2023, the expected future amortization expense for intangible assets is as follows: Fiscal Year (in thousands of dollars) 2024 (excluding the six months ended September 30, 2023) $ 5,634 2025 11,052 2026 9,232 2027 8,077 2028 and thereafter 40,480 Total expected future amortization expense $ 74,475

Derivatives And Hedging Activ_2

Derivatives And Hedging Activities (Tables)	6 Months Ended
Derivatives And Hedging Activities (Tables)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount of Forward Contracts	The aggregate U.S. dollar notional amount of forward and option contracts entered into for these purposes during the six-month periods in fiscal years 2024 and 2023 was as follows: Six Months Ended September 30, (in millions of dollars) 2023 2022 Tobacco purchases $ 30.3 $ 30.4 Processing costs 4.9 5.4 Total $ 35.2 $ 35.8
Effect Of Derivative Financial Instruments On The Consolidated Statements Of Income	The table below outlines the effects of the Company’s use of derivative financial instruments on the consolidated statements of income: Three Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Cash Flow Hedges - Interest Rate Swap Agreements Derivative Effective Portion of Hedge Gain (loss) recorded in accumulated other comprehensive loss $ 7,968 $ 9,348 $ 18,064 $ 13,249 Gain (loss) reclassified from accumulated other comprehensive loss into earnings $ 1,417 $ (266) $ 2,626 $ (1,871) Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings $ 1,569 $ — $ 3,139 $ — Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings Interest expense Ineffective Portion of Hedge Gain (loss) recognized in earnings $ — $ — $ — $ — Location of gain (loss) recognized in earnings Selling, general and administrative expenses Hedged Item Description of hedged item Floating rate interest payments on term loans Cash Flow Hedges - Foreign Currency Exchange Contracts Derivative Effective Portion of Hedge Gain (loss) recorded in accumulated other comprehensive loss $ (61) $ 943 $ 2,019 $ (4) Gain (loss) reclassified from accumulated other comprehensive loss into earnings $ 3,334 $ 2,084 $ 4,140 $ 3,041 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 $ (772) $ 605 $ 1,138 $ (520) Location of gain (loss) recognized in earnings Selling, general and administrative expenses Hedged Item Description of hedged item Forecast purchases of tobacco in Brazil and Africa Derivatives Not Designated as Hedges - Foreign Currency Exchange Contracts Gain (loss) recognized in earnings $ 1,717 $ (1,310) $ (769) $ (2,317) 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 September 30, 2023 and 2022, and March 31, 2023: Derivatives in a Fair Value Asset Position Derivatives in a Fair Value Liability Position Balance Fair Value as of Balance Fair Value as of (in thousands of dollars) September 30, 2023 September 30, 2022 March 31, 2023 September 30, 2023 September 30, 2022 March 31, 2023 Derivatives Designated as Hedging Instruments Interest rate swap agreements Other $ 12,361 $ 13,959 $ — Other $ — $ — $ 3,077 Foreign currency exchange contracts Other — 934 7,102 Accounts — — 890 Total $ 12,361 $ 14,893 $ 7,102 $ — $ — $ 3,967 Derivatives Not Designated as Hedging Instruments Foreign currency exchange contracts Other $ 1,081 $ 2,605 $ 1,320 Accounts $ 14 $ 181 $ 435 Total $ 1,081 $ 2,605 $ 1,320 $ 14 $ 181 $ 435

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value On Recurring Basis [Table Text Block]	At September 30, 2023 and 2022, and at March 31, 2023, 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: September 30, 2023 Fair Value Hierarchy (in thousands of dollars) NAV Level 1 Level 2 Level 3 Total Assets Money market funds $ 145 $ — $ — $ — $ 145 Trading securities associated with deferred compensation plans — 11,238 — — 11,238 Interest rate swap agreements — — 12,361 — 12,361 Foreign currency exchange contracts — — 1,081 — 1,081 Total financial assets measured and reported at fair value $ 145 $ 11,238 $ 13,442 $ — $ 24,825 Liabilities Foreign currency exchange contracts $ — $ — $ 14 $ — $ 14 Total financial liabilities measured and reported at fair value $ — $ — $ 14 $ — $ 14 September 30, 2022 Fair Value Hierarchy (in thousands of dollars) NAV Level 1 Level 2 Level 3 Total Assets Money market funds $ 334 $ — $ — $ — $ 334 Trading securities associated with deferred compensation plans — 10,845 — — 10,845 Interest rate swap agreements — — 13,959 — 13,959 Foreign currency exchange contracts — — 3,539 — 3,539 Total financial assets measured and reported at fair value $ 334 $ 10,845 $ 17,498 $ — $ 28,677 Liabilities Foreign currency exchange contracts $ — $ — $ 181 $ — $ 181 Total financial liabilities measured and reported at fair value $ — $ — $ 181 $ — $ 181 March 31, 2023 Fair Value Hierarchy (in thousands of dollars) NAV Level 1 Level 2 Level 3 Total Assets Money market funds $ 400 $ — $ — $ — $ 400 Trading securities associated with deferred compensation plans — 11,698 — — 11,698 Foreign currency exchange contracts — — 8,422 — 8,422 Total financial assets measured and reported at fair value $ 400 $ 11,698 $ 8,422 $ — $ 20,520 Liabilities Interest rate swap agreements $ — $ — $ 3,077 $ — $ 3,077 Foreign currency exchange contracts — — 1,325 — 1,325 Total financial liabilities measured and reported at fair value $ — $ — $ 4,402 $ — $ 4,402
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	The following table summarizes the fair and carrying value of the Company’s long-term debt, and if applicable any current portion, at each of the balance sheet dates September 30, 2023, and 2022 and March 31, 2023: (in millions of dollars) September 30, 2023 September 30, 2022 March 31, 2023 Fair market value of long term obligations $ 615 $ 517 $ 621 Carrying value of long term obligations $ 620 $ 520 $ 620

Pension And Other Postretirem_2

Pension And Other Postretirement Benefit Plans (Tables)	6 Months Ended
Pension And Other Postretirement Benefit Plans (Tables)	Sep. 30, 2023
Retirement Benefits [Abstract]
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 Three Months Ended September 30, Three Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Service cost $ 1,286 $ 1,503 $ 24 $ 32 Interest cost 2,898 2,351 266 235 Expected return on plan assets (3,888) (3,324) (16) (19) Net amortization and deferral 203 1,001 (191) (167) Net periodic benefit cost $ 499 $ 1,531 $ 83 $ 81 Pension Benefits Other Postretirement Benefits Six Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 Service cost $ 2,568 $ 3,048 $ 49 $ 64 Interest cost 5,799 4,686 530 476 Expected return on plan assets (7,776) (6,648) (32) (38) Net amortization and deferral 406 2,002 (380) (339) Net periodic benefit cost $ 997 $ 3,088 $ 167 $ 163

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Awards Issued During The Period	During the six-month periods ended September 30, 2023 and 2022, the Company issued the following stock-based awards, representing the regular annual grants to officers and outside directors of the Company: Six Months Ended September 30, 2023 2022 RSUs: Number granted 93,300 79,405 Grant date fair value $ 51.34 $ 62.17 PSUs: Number granted 54,700 48,315 Grant date fair value $ 43.01 $ 54.46

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
Operating Segments (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Operating Results For The Company's Reportable Segments	Operating results for the Company’s reportable segments for each period presented in the consolidated statements of income and comprehensive income were as follows. Three Months Ended September 30, Six Months Ended September 30, (in thousands of dollars) 2023 2022 2023 2022 SALES AND OTHER OPERATING REVENUES Tobacco Operations $ 554,653 $ 570,030 $ 998,561 $ 918,093 Ingredients Operations 83,831 80,954 157,645 162,713 Consolidated sales and other operating revenues $ 638,484 $ 650,984 $ 1,156,206 $ 1,080,806 OPERATING INCOME Tobacco Operations $ 52,387 $ 33,790 $ 61,270 $ 41,906 Ingredients Operations 4,811 4,512 2,797 9,109 Segment operating income 57,198 38,302 64,067 51,015 Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1) 713 (416) 4,879 137 Restructuring and impairment costs (2) (2,599) — (2,599) — Consolidated operating income $ 55,312 $ 37,886 $ 66,347 $ 51,152 (1) Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income. (2) Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. See Note 2 for additional information.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) attributable to the Company for the six months ended September 30, 2023 and 2022: Six Months Ended September 30, (in thousands of dollars) 2023 2022 Foreign currency translation: Balance at beginning of year $ (44,233) $ (40,965) Other comprehensive income (loss) attributable to Universal Corporation: Net gain (loss) on foreign currency translation (3,481) (13,642) Less: Net (gain) loss on foreign currency translation attributable to noncontrolling interests 263 617 Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes (3,218) (13,025) Balance at end of period $ (47,451) $ (53,990) Foreign currency hedge: Balance at beginning of year $ 4,899 $ 3,579 Other comprehensive income (loss) attributable to Universal Corporation: Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(53) and $(158)) (812) (4,146) Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $908 and $600) (1) (2,817) (1,214) Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes (3,629) (5,360) Balance at end of period $ 1,270 $ (1,781) Interest rate hedge: Balance at beginning of year $ 5,253 $ (860) Other comprehensive income (loss) attributable to Universal Corporation: Net gain (loss) on derivative instruments (net of tax (expense) benefit of $(4,769) and $(2,782)) 13,295 10,467 Reclassification of (gain) loss to earnings (net of tax expense (benefit) of $1,522 and $(393)) (2) (4,243) 1,478 Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes 9,052 11,945 Balance at end of period $ 14,305 $ 11,085 Pension and other postretirement benefit plans: Balance at beginning of year $ (42,976) $ (46,065) Other comprehensive income (loss) attributable to Universal Corporation: Amortization included in earnings (net of tax expense (benefit) of $(33) and $(285)) (3) 185 1,145 Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes 185 1,145 Balance at end of period $ (42,791) $ (44,920) Total accumulated other comprehensive loss at end of period $ (74,667) $ (89,606) (1) Gain (loss) on foreign currency cash flow hedges related to forecast purchases of tobacco and crop input sales is reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the tobacco is sold to customers. See Note 8 for additional information. (2) Gain (loss) on interest rate cash flow hedges is reclassified from accumulated other comprehensive income (loss) to interest expense when the related interest payments are made on the underlying debt, or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 8 for additional information. (3) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 10 for additional information.

Changes In Shareholders' Equi_2

Changes In Shareholders' Equity And Noncontrolling Interests In Subsidiaries (Tables)	6 Months Ended
	Sep. 30, 2023
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Reconciliation Of Changes In Shareholders' Equity And Noncontrolling Interests In Subsidiaries	A reconciliation of the changes in Universal Corporation shareholders’ equity and noncontrolling interests in subsidiaries for the three and six months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 (in thousands of dollars) Universal Corporation Non-controlling Interests Total Universal Corporation Non-controlling Interests Total Balance at beginning of three-month period $ 1,380,720 $ 32,459 $ 1,413,179 $ 1,325,763 $ 34,296 $ 1,360,059 Changes in common stock Repurchase of common stock (1,373) — (1,373) (893) — (893) Accrual of stock-based compensation 1,852 — 1,852 1,622 — 1,622 Dividend equivalents on RSUs 317 — 317 291 — 291 Changes in retained earnings Net income (loss) 28,128 2,660 30,788 21,855 (2,449) 19,406 Cash dividends declared Common stock (19,647) — (19,647) (19,398) — (19,398) Repurchase of common stock (3,371) — (3,371) (2,555) — (2,555) Dividend equivalents on RSUs (317) — (317) (291) — (291) Other comprehensive income (loss) (2,120) (119) (2,239) (1,540) (288) (1,828) Other changes in noncontrolling interests Dividends paid to noncontrolling shareholders — (1,681) (1,681) — (1,680) (1,680) Balance at end of period $ 1,384,189 $ 33,319 $ 1,417,508 $ 1,324,854 $ 29,879 $ 1,354,733 Six Months Ended September 30, 2023 Six Months Ended September 30, 2022 (in thousands of dollars) Universal Corporation Non-controlling Interests Total Universal Corporation Non-controlling Interests Total Balance at beginning of year $ 1,397,088 $ 39,864 $ 1,436,952 $ 1,340,543 $ 44,226 $ 1,384,769 Changes in common stock Repurchase of common stock (1,373) — (1,373) (893) — (893) Accrual of stock-based compensation 5,711 — 5,711 5,304 — 5,304 Withholding of shares from stock-based compensation for grantee income taxes (2,963) — (2,963) (2,090) — (2,090) Dividend equivalents on RSUs 619 — 619 557 — 557 Changes in retained earnings Net income 26,064 (437) 25,627 28,685 (6,478) 22,207 Cash dividends declared Common stock (39,357) — (39,357) (38,845) — (38,845) Repurchase of common stock (3,371) — (3,371) (2,555) — (2,555) Dividend equivalents on RSUs (619) — (619) (557) — (557) Other comprehensive income (loss) 2,390 (263) 2,127 (5,295) (617) (5,912) Other changes in noncontrolling interests Dividends paid to noncontrolling shareholders — (5,845) (5,845) — (6,825) (6,825) Other — — — — (427) (427) Balance at end of period $ 1,384,189 $ 33,319 $ 1,417,508 $ 1,324,854 $ 29,879 $ 1,354,733

Restructuring Costs (Narrative)

Restructuring Costs (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	[1]	$ 2,599	$ 0	$ 2,599	$ 0
Employee termination benefits		800
Tobacco Operations
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs		$ 1,800		$ 1,800

[1]Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. See Note 2 for additional information

Revenue from Contract with Cu_3

Revenue from Contract with Customer (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 635,807	$ 650,004	$ 1,152,177	$ 1,079,126
Other operating sales and revenues	2,677	980	4,029	1,680
Sales and other operating revenues	638,484	650,984	1,156,206	1,080,806
Manufactured Product [Member] \| Tobacco Sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	525,534	544,879	940,890	864,896
Manufactured Product [Member] \| Food Ingredient Sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	78,397	76,059	149,055	153,605
Processing revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	18,830	14,038	37,894	33,530
Other sales and revenue from contracts with customers [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 13,046	$ 15,028	$ 24,338	$ 27,095

Other Contingent Liabilities _2

Other Contingent Liabilities And Other Matters (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Other Contingent Liabilities and Other Matters [Line Items]
Other contingent liabilities	$ 1,000
Net provision for losses (recoveries) on advances to suppliers	3,835	$ (1,034)
Stock repurchase program authorized amount	100,000
Stock repurchase program remaining authorized repurchase amount	95,000
Sales agreement to sell common stock of subsidiary company, value	8,500
Restricted cash (Other noncurrent assets)	0	6,000	$ 6,000
Advances to suppliers [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Advances to suppliers current and non-current	127,000	122,000	199,000
Valuation allowances	20,000	14,000	24,000
Net provision for losses (recoveries) on advances to suppliers	3,800	(1,000)
Recoverable value added tax credits [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Aggregate balance of recoverable value added tax credits	61,000	70,000	64,000
Valuation allowances	21,000	$ 24,000	$ 22,000
Santa Catarina [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Brazil audit assessment for tax, penalties, and interest on recoverable value added tax credits	10,000
Reduced Brazil audit assessment for tax, penalties, and interest on recoverable value added tax credits	10,000
Loss contingency amount accrued	0
Santa Catarina [Member] \| Minimum [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	0
Santa Catarina [Member] \| Maximum [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	10,000
Parana [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Brazil audit assessment for tax, penalties, and interest on recoverable value added tax credits	11,000
Reduced Brazil audit assessment for tax, penalties, and interest on recoverable value added tax credits	3,000
Loss contingency amount accrued	0
Parana [Member] \| Minimum [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	0
Parana [Member] \| Maximum [Member]
Other Contingent Liabilities and Other Matters [Line Items]
Estimate of possible loss on remaining VAT audit assessment	$ 3,000

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$ 28,128	$ 21,855	$ 26,064	$ 28,685
Denominator for basic earnings per share
Weighted average shares outstanding	24,869,697	24,779,237	24,855,974	24,774,126
Basic earnings per share	$ 1.13	$ 0.88	$ 1.05	$ 1.16
Numerator for diluted earnings per share
Net income attributable to Universal Corporation	$ 28,128	$ 21,855	$ 26,064	$ 28,685
Denominator for diluted earnings per share:
Weighted average shares outstanding	24,869,697	24,779,237	24,855,974	24,774,126
Employee and outside director share-based awards	145,672	160,190	141,925	163,365
Denominator for diluted earnings per share	25,015,369	24,939,427	24,997,899	24,937,491
Diluted earnings per share	$ 1.12	$ 0.88	$ 1.04	$ 1.15

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Line Items]
Effective income tax rate	21.50%	25.50%	21.50%	31.10%
Interest expense	$ 17,053	$ 12,270	$ 32,596	$ 18,994
Income taxes	$ 8,439	$ 6,642	$ 7,016	$ 10,005
Tax Expense - Sale of Business [Member]
Income Tax Disclosure [Line Items]
Effective income tax rate				27.50%
Interest expense				$ 1,800
Income taxes				$ 1,100

Goodwill and Other Intangible_3

Goodwill and Other Intangibles Change in Goodwill Balance (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of year	$ 213,922	$ 213,998
Foreign currency translation adjustment	(66)	(195)
Balance at end of period	$ 213,856	$ 213,803

Goodwill and Other Intangible_4

Goodwill and Other Intangibles Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 111,608	$ 111,621	$ 111,539
Accumulated amortization	(37,133)	(31,520)	(25,410)
Net carrying value	74,475	80,101	86,129
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	86,500	86,500	86,500
Accumulated amortization	(21,559)	(17,693)	(13,828)
Net carrying value	$ 64,941	$ 68,807	$ 72,672
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	11 years	11 years	11 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	13 years	13 years	13 years
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years	5 years
Gross carrying value	$ 11,100	$ 11,100	$ 11,100
Accumulated amortization	(7,155)	(6,045)	(4,935)
Net carrying value	$ 3,945	5,055	6,165
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	13 years
Gross carrying value	$ 9,300	9,300	9,300
Accumulated amortization	(5,492)	(5,319)	(4,746)
Net carrying value	3,808	$ 3,981	$ 4,554
Developed Technology Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life		3 years	3 years
Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life		13 years	13 years
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	4,000	$ 4,000	$ 4,000
Accumulated amortization	(2,250)	(1,775)	(1,300)
Net carrying value	$ 1,750	$ 2,225	$ 2,700
Noncompete Agreements [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	4 years	4 years	4 years
Noncompete Agreements [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years	5 years
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years	5 years
Gross carrying value	$ 708	$ 721	$ 639
Accumulated amortization	(677)	(688)	(601)
Net carrying value	$ 31	$ 33	$ 38

Amortization Expense (Details)

Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 2,786	$ 3,172	$ 5,613	$ 6,345

Goodwill and Other Intangible_5

Goodwill and Other Intangibles Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (excluding the six months ended September 30, 2023)	$ 5,634
2025	11,052
2026	9,232
2027	8,077
2028 and thereafter	40,480
Total expected future amortization expense	$ 74,475	$ 80,101	$ 86,129

Derivatives And Hedging Activ_3

Derivatives And Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Foreign Exchange Forward [Member]
Derivative [Line Items]
Notional amount of derivative contracts	$ 101,100	$ 42,800	$ 112,300
Cash Flow Hedging [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of derivative contracts	310,000	370,000
Proceeds from termination of interest rate swap agreements		$ 11,800
Cash Flow Hedging [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Net unrealized gain (loss) on foreign currency derivatives designated as cash flow hedges	$ 3,700

Notional Amount of Forward Cont

Notional Amount of Forward Contracts (Details) - Forward Foreign Currency Exchange Contract [Member] - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Notional amount of derivative contracts	$ 35.2	$ 35.8
Derivatives related to tobacco purchases [Member] \| Tobacco purchases [Member]
Derivative [Line Items]
Notional amount of derivative contracts	30.3	30.4
Derivatives related to processing costs [Member] \| Processing costs [Member]
Derivative [Line Items]
Notional amount of derivative contracts	$ 4.9	$ 5.4

Derivatives And Hedging Activ_4

Derivatives And Hedging Activities (Effect Of Derivative Financial Instruments On The Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives Designated As Hedges [Member] \| Interest Rate Swap Agreements [Member] \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 7,968	$ 9,348	$ 18,064	$ 13,249
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	1,417	(266)	2,626	(1,871)
Gain on terminated interest rate swaps amortized from accumulated other comprehensive loss into earnings	$ 1,569	$ 0	$ 3,139	$ 0
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense	Interest expense	Interest expense	Interest expense
Derivatives Designated As Hedges [Member] \| Interest Rate Swap Agreements [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	$ 0
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses
Derivatives Designated As 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	$ (61)	$ 943	$ 2,019	$ (4)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 3,334	$ 2,084	$ 4,140	$ 3,041
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods sold	Cost of goods sold	Cost of goods sold	Cost of goods sold
Derivatives Designated As 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	$ (772)	$ 605	$ 1,138	$ (520)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses
Derivatives Not Designated As Hedges [Member] \| Forward Foreign Currency Exchange Contracts [Member] \| Selling, General And Administrative Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 1,717	$ (1,310)	$ (769)	$ (2,317)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses

Derivatives And Hedging Activ_5

Derivatives And Hedging Activities (Effect Of Derivative Financial Instruments On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Derivative [Line Items]
Derivatives in a Fair Value Asset Position Designated as Hedging Instruments	$ 12,361	$ 7,102	$ 14,893
Derivatives in a Fair Value Liability Position Designated as Hedging Instruments	0	3,967	0
Derivatives in a Fair Value Asset Position Not Designated as Hedging Instruments	1,081	1,320	2,605
Derivatives in a Fair Value Liability Position Not Designated as Hedging Instruments	14	435	181
Interest Rate Swap Agreements [Member] \| Other Non-Current Assets [Member]
Derivative [Line Items]
Derivatives in a Fair Value Asset Position Designated as Hedging Instruments	12,361	0	13,959
Interest Rate Swap Agreements [Member] \| Other Long-Term Liabilities [Member]
Derivative [Line Items]
Derivatives in a Fair Value Liability Position Designated as Hedging Instruments	0	3,077	0
Forward Foreign Currency Exchange Contract [Member] \| Other Current Assets [Member]
Derivative [Line Items]
Derivatives in a Fair Value Asset Position Designated as Hedging Instruments	0	7,102	934
Derivatives in a Fair Value Asset Position Not Designated as Hedging Instruments	1,081	1,320	2,605
Forward Foreign Currency Exchange Contract [Member] \| Accounts Payable and Accrued Expenses [Member]
Derivative [Line Items]
Derivatives in a Fair Value Liability Position Designated as Hedging Instruments	0	890	0
Derivatives in a Fair Value Liability Position Not Designated as Hedging Instruments	$ 14	$ 435	$ 181

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Assets:
Money market funds	$ 145	$ 400	$ 334
Trading securities associated with deferred compensation plans	11,238	11,698	10,845
Interest Rate Derivative Assets, at Fair Value	12,361		13,959
Forward foreign currency exchange contracts	1,081	8,422	3,539
Total financial assets measured and reported at fair value	24,825	20,520	28,677
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value		3,077
Forward foreign currency exchange contracts	14	1,325	181
Total financial liabilities measured and reported at fair value	14	4,402	181
Net Asset Value [Member]
Assets:
Money market funds	145	400	334
Trading securities associated with deferred compensation plans	0	0	0
Interest Rate Derivative Assets, at Fair Value	0		0
Forward foreign currency exchange contracts	0	0	0
Total financial assets measured and reported at fair value	145	400	334
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value		0
Forward foreign currency exchange contracts	0	0	0
Total financial liabilities measured and reported at fair value	0	0	0
Level 1 [Member]
Assets:
Money market funds	0	0	0
Trading securities associated with deferred compensation plans	11,238	11,698	10,845
Interest Rate Derivative Assets, at Fair Value	0		0
Forward foreign currency exchange contracts	0	0	0
Total financial assets measured and reported at fair value	11,238	11,698	10,845
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value		0
Forward foreign currency exchange contracts	0	0	0
Total financial liabilities measured and reported at fair value	0	0	0
Level 2 [Member]
Assets:
Money market funds	0	0	0
Trading securities associated with deferred compensation plans	0	0	0
Interest Rate Derivative Assets, at Fair Value	12,361		13,959
Forward foreign currency exchange contracts	1,081	8,422	3,539
Total financial assets measured and reported at fair value	13,442	8,422	17,498
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value		3,077
Forward foreign currency exchange contracts	14	1,325	181
Total financial liabilities measured and reported at fair value	14	4,402	181
Level 3 [Member]
Assets:
Money market funds	0	0	0
Trading securities associated with deferred compensation plans	0	0	0
Interest Rate Derivative Assets, at Fair Value	0		0
Forward foreign currency exchange contracts	0	0	0
Total financial assets measured and reported at fair value	0	0	0
Liabilities:
Interest Rate Derivative Liabilities, at Fair Value		0
Forward foreign currency exchange contracts	0	0	0
Total financial liabilities measured and reported at fair value	$ 0	$ 0	$ 0

Fair Value Measurements - Long

Fair Value Measurements - Long Term Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 615,000	$ 621,000	$ 517,000
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	620,000	620,000	520,000
Long-term debt	$ 617,086	$ 616,809	$ 518,923

Pension And Other Postretirem_3

Pension And Other Postretirement Benefit Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Sep. 30, 2023 USD ($)
Pension and Other Postretirement Benefits [Line Items]
Contributions to qualified and non-qualified pension plans	$ 0.7
Expected additional contributions in the current fiscal year	$ 3.2

Pension And Other Postretirem_4

Pension And Other Postretirement Benefit Plans (Components Of Company's Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,286	$ 1,503	$ 2,568	$ 3,048
Interest cost	2,898	2,351	5,799	4,686
Expected return on plan assets	(3,888)	(3,324)	(7,776)	(6,648)
Net amortization and deferral	203	1,001	406	2,002
Net periodic benefit cost	499	1,531	997	3,088
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	24	32	49	64
Interest cost	266	235	530	476
Expected return on plan assets	(16)	(19)	(32)	(38)
Net amortization and deferral	(191)	(167)	(380)	(339)
Net periodic benefit cost	$ 83	$ 81	$ 167	$ 163

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,700	$ 5,300
Expected stock based compensation for remaining fiscal year	$ 2,900
Restricted Stock Units (RSUs) [Member] \| Pre FY2022 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Restricted Stock Units (RSUs) [Member] \| FY2022 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Share Awards (PSAs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Minimum [Member] \| Performance Share Awards (PSAs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award grant paid	0%
Maximum [Member] \| Performance Share Awards (PSAs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award grant paid	150%
Outside Directors [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock-Based Awards Issued During The Period) (Details) - $ / shares	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number granted	93,300	79,405
Grant date fair value	$ 51.34	$ 62.17
Performance Share Awards (PSAs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number granted	54,700	48,315
Grant date fair value	$ 43.01	$ 54.46

Operating Segments (Operating R

Operating Segments (Operating Results For The Company's Reportable Segments) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Sales and other operating revenues		$ 638,484	$ 650,984	$ 1,156,206	$ 1,080,806
Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1)	[1]	713	(416)	4,879	137
Restructuring and impairment costs	[2]	2,599	0	2,599	0
Consolidated operating income		55,312	37,886	66,347	51,152
Tobacco Operations
Segment Reporting Information [Line Items]
Sales and other operating revenues		554,653	570,030	998,561	918,093
Restructuring and impairment costs		1,800		1,800
Consolidated operating income		52,387	33,790	61,270	41,906
Ingredients
Segment Reporting Information [Line Items]
Sales and other operating revenues		83,831	80,954	157,645	162,713
Consolidated operating income		4,811	4,512	2,797	9,109
Operating Segments [Member]
Segment Reporting Information [Line Items]
Consolidated operating income		$ 57,198	$ 38,302	$ 64,067	$ 51,015

[1]Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income.[2]Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income. See Note 2 for additional information

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Other Comprehensive Income (Loss), Tax [Abstract]
Accumulated other comprehensive loss		$ (74,667)	$ (89,606)	$ (77,057)
Accumulated Translation Adjustment [Member]
Foreign currency translation:
Balance at beginning of year		(44,233)	(40,965)
Net gain (loss) on foreign currency translation		(3,481)	(13,642)
Less: Net (gain) loss on foreign currency translation attributable to noncontrolling interests		263	617
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes		(3,218)	(13,025)
Balance at end of period		(47,451)	(53,990)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Forward Foreign Currency Exchange Contract [Member]
Cash flow hedges: [Abstract]
Balance at beginning of year		4,899	3,579
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax		(812)	(4,146)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	[1]	(2,817)	(1,214)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		(3,629)	(5,360)
Balance at the end of period		1,270	(1,781)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax		(53)	(158)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax		(908)	(600)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Interest Rate Swap [Member]
Cash flow hedges: [Abstract]
Balance at beginning of year		5,253	(860)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax		13,295	10,467
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	[2]	(4,243)	1,478
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		9,052	11,945
Balance at the end of period		14,305	11,085
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax		(4,769)	(2,782)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax		(1,522)	393
Accumulated Defined Benefit Plans Adjustment [Member]
Pension and other postretirement benefit plans:
Balance at beginning of year		(42,976)	(46,065)
Amortization included in earnings (net of tax expense (benefit) of $(33) and $(285))(3)	[3]	185	1,145
Other comprehensive income (loss) attributable to Universal Corporation, net of income taxes		185	1,145
Balance at end of period		(42,791)	(44,920)
Taxes on amortization included in net income		$ (33)	$ (285)

[1]Gain (loss) on foreign currency cash flow hedges related to forecast purchases of tobacco and crop input sales is reclassified from accumulated other comprehensive income (loss) to cost of goods sold when the tobacco is sold to customers. See Note 8 for additional information.[2]Gain (loss) on interest rate cash flow hedges is reclassified from accumulated other comprehensive income (loss) to interest expense when the related interest payments are made on the underlying debt, or as amortized to interest expense over the period to original maturity for terminated swap agreements. See Note 8 for additional information.[3]This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 10 for additional information.

Changes In Shareholders' Equi_3

Changes In Shareholders' Equity And Noncontrolling Interests In Subsidiaries (Reconciliation Of Changes In Shareholders' Equity And Noncontrolling Interests In Subsidiaries) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Capitalization, Equity [Line Items]
Total stockholders' equity attributable to parent, beginning balance			$ 1,397,088
Noncontrolling interests in subsidiaries, beginning balance			39,864
Total shareholders' equity, beginning balance	$ 1,413,179	$ 1,360,059	1,436,952	$ 1,384,769
Repurchase of common stock	(1,373)	(893)	(1,373)	(893)
Accrual of stock-based compensation	1,852	1,622	5,711	5,304
Dividend equivalents on RSUs	317	291	619	557
Net income (loss) attributable to parent	28,128	21,855	26,064	28,685
Net income attributable to noncontrolling interest	2,660	(2,449)	(437)	(6,478)
Net (income) loss	30,788	19,406	25,627	22,207
Common stock dividends declared	(19,647)	(19,398)	(39,357)	(38,845)
Repurchase of stock, retained earnings	(3,371)	(2,555)	(3,371)	(2,555)
Dividend equivalents on RSUs	(317)	(291)	(619)	(557)
Other comprehensive income (loss)	(2,239)	(1,828)	2,127	(5,912)
Dividends paid to noncontrolling interests	(1,681)	(1,680)	(5,845)	(6,825)
Total stockholders' equity attributable to parent, ending balance	1,384,189	1,324,854	1,384,189	1,324,854
Noncontrolling interest in subsidiaries, ending balance	33,319	29,879	33,319	29,879
Total shareholders' equity, ending balance	1,417,508	1,354,733	1,417,508	1,354,733
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation			2,963	2,090
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			0	427
Universal Corporation [Member]
Schedule of Capitalization, Equity [Line Items]
Total stockholders' equity attributable to parent, beginning balance	1,380,720	1,325,763	1,397,088	1,340,543
Repurchase of common stock	(1,373)	(893)	(1,373)	(893)
Accrual of stock-based compensation	1,852	1,622	5,711	5,304
Dividend equivalents on RSUs	317	291	619	557
Net income (loss) attributable to parent	28,128	21,855	26,064	28,685
Common stock dividends declared	(19,647)	(19,398)	(39,357)	(38,845)
Repurchase of stock, retained earnings	(3,371)	(2,555)	(3,371)	(2,555)
Dividend equivalents on RSUs	(317)	(291)	(619)	(557)
Other comprehensive income (loss) attributable to parent	(2,120)	(1,540)	2,390	(5,295)
Dividends paid to noncontrolling interests	0	0	0	0
Total stockholders' equity attributable to parent, ending balance	1,384,189	1,324,854	1,384,189	1,324,854
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation			2,963	2,090
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			0	0
Noncontrolling Interests [Member]
Schedule of Capitalization, Equity [Line Items]
Noncontrolling interests in subsidiaries, beginning balance	32,459	34,296	39,864	44,226
Repurchase of common stock	0	0	0	0
Accrual of stock-based compensation	0	0	0	0
Dividend equivalents on RSUs	0	0	0	0
Net income attributable to noncontrolling interest	2,660	(2,449)	(437)	(6,478)
Common stock dividends declared	0	0	0	0
Repurchase of stock, retained earnings	0	0	0	0
Dividend equivalents on RSUs	0	0	0	0
Other comprehensive income (loss) attributable to noncontrolling interest	(119)	(288)	(263)	(617)
Dividends paid to noncontrolling interests	(1,681)	(1,680)	(5,845)	(6,825)
Noncontrolling interest in subsidiaries, ending balance	$ 33,319	$ 29,879	33,319	29,879
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation			0	0
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			$ 0	$ 427