Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | May 31, 2021 | Sep. 30, 2020 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000939930 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2021 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-13684 | ||
Entity Registrant Name | Pyxus International, Inc. | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 85-2386250 | ||
Entity Address, Address Line One | 8001 Aerial Center Parkway | ||
Entity Address, City or Town | Morrisville, | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27560 | ||
City Area Code | 919 | ||
Local Phone Number | 379-4300 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 57.9 | ||
Entity Common Stock, Shares Outstanding | 24,999,947 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||
Sales and other operating revenues | $ 447,600 | $ 884,328 | $ 1,527,261 | $ 1,801,593 |
Cost of goods and services sold | 402,594 | 767,855 | 1,302,582 | 1,550,779 |
Gross profit | 45,006 | 116,473 | 224,679 | 250,814 |
Selling, general, and administrative expenses | 87,858 | 110,007 | 199,016 | 172,831 |
Other (expense) income, net | (539) | (9,615) | 2,133 | 14,217 |
Restructuring and asset impairment charges | 566 | 11,817 | 5,646 | 4,946 |
Goodwill impairment | 0 | 1,082 | 33,759 | 0 |
Operating (loss) income | (43,957) | (16,048) | (11,609) | 87,254 |
Loss on deconsolidation of subsidiaries | 0 | 70,242 | 0 | 0 |
Debt retirement expense (benefit) | 828 | 0 | 0 | (1,753) |
Interest expense | 46,616 | 56,724 | 136,656 | 135,553 |
Interest income | 1,426 | 1,348 | 3,850 | 3,629 |
Reorganization items: | ||||
Gain on settlement of liabilities subject to compromise | 462,304 | 0 | 0 | 0 |
Professional fees | (30,526) | 0 | 0 | 0 |
United States trustee fees | (970) | 0 | 0 | 0 |
Write-off of unamortized debt issuance costs and discount | (5,303) | 0 | 0 | 0 |
Issuance of exit facility shares and DIP financing fees | (208,538) | 0 | 0 | 0 |
Other debt restructuring costs | (19,442) | 0 | 0 | 0 |
Fresh start reporting adjustments | (91,541) | 0 | 0 | 0 |
(Loss) income before income taxes and other items | 16,009 | (141,666) | (144,415) | (42,917) |
Income tax expense | 292 | 13,215 | 131,789 | 37,840 |
Income from unconsolidated affiliates, net | 2,358 | 11,875 | 5,885 | 9,589 |
Net (loss) income | 18,075 | (143,006) | (270,319) | (71,168) |
Net loss attributable to noncontrolling interests | (962) | (6,320) | (5,658) | (701) |
Net (loss) income attributable to Pyxus International, Inc. | $ 19,037 | $ (136,686) | $ (264,661) | $ (70,467) |
(Loss) earnings per share: | ||||
Basic (USD per share) | $ 1.91 | $ (5.47) | $ (28.93) | $ (7.78) |
Diluted (USD per share) | $ 1.91 | $ (5.47) | $ (28.93) | $ (7.78) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ 18,075 | $ (143,006) | $ (270,319) | $ (71,168) |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustment | 4,377 | (5,004) | (583) | (9,048) |
Pension and other postretirement benefit plans | 734 | 541 | (405) | (1,238) |
Cash flow hedges | (531) | (2,625) | 3,145 | (2,614) |
Total other comprehensive (loss) income, net of tax | 4,580 | (7,088) | 2,157 | (12,900) |
Total comprehensive (loss) income | 22,655 | (150,094) | (268,162) | (84,068) |
Comprehensive loss attributable to noncontrolling interests | (1,030) | (6,675) | (5,711) | (452) |
Comprehensive (loss) income attributable to Pyxus International, Inc. | $ 23,685 | $ (143,419) | $ (262,451) | $ (83,616) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 92,705 | $ 170,208 |
Restricted cash | 4,619 | 2,486 |
Trade receivables, net | 175,912 | 226,742 |
Other receivables | 12,445 | 12,997 |
Accounts receivable, related parties | 3,585 | 5,030 |
Notes receivable, related parties | 11,890 | 406 |
Inventories, net | 727,893 | 730,019 |
Advances to tobacco suppliers, net | 43,569 | 38,877 |
Recoverable income taxes | 4,781 | 7,562 |
Prepaid expenses | 29,532 | 23,383 |
Other current assets | 15,569 | 14,658 |
Total current assets | 1,122,500 | 1,232,368 |
Restricted cash | 389 | 389 |
Long-term notes receivable, related parties | 21 | 7,450 |
Investments in unconsolidated affiliates | 96,356 | 67,967 |
Goodwill | 36,853 | 0 |
Other intangible assets, net | 51,417 | 65,948 |
Deferred income taxes, net | 7,063 | 2 |
Long-term recoverable income taxes | 4,133 | 3,038 |
Other noncurrent assets | 40,334 | 48,434 |
Right-of-use assets | 40,259 | 41,471 |
Property, plant, and equipment, net | 140,137 | 295,996 |
Total assets | 1,539,462 | 1,763,063 |
Current liabilities | ||
Notes payable to banks | 372,174 | 540,157 |
Accounts payable | 103,500 | 67,094 |
Accounts payable, related parties | 22,376 | 11,820 |
Advances from customers | 12,120 | 18,810 |
Accrued expenses and other current liabilities | 71,656 | 89,928 |
Income taxes payable | 8,254 | 5,049 |
Operating leases payable | 9,529 | 11,160 |
Current portion of long-term debt | 2,122 | 45,048 |
Total current liabilities | 601,731 | 789,066 |
Long-term taxes payable | 7,623 | 8,543 |
Long-term debt | 551,235 | 904,316 |
Deferred income taxes | 12,944 | 22,903 |
Liability for unrecognized tax benefits | 14,835 | 12,311 |
Long-term leases | 29,508 | 27,843 |
Pension, postretirement, and other long-term liabilities | 67,646 | 74,389 |
Total liabilities | 1,285,522 | 1,839,371 |
Commitments and contingencies | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
250,000 authorized shares, 25,000 issued and outstanding (9,976 at March 31, 2020) | 391,089 | 469,677 |
Retained deficit | (136,686) | (488,545) |
Accumulated other comprehensive loss | (6,733) | (59,132) |
Total stockholders’ equity (deficit) of Pyxus International, Inc. | 247,670 | (78,000) |
Noncontrolling interests | 6,270 | 1,692 |
Total stockholders' equity (deficit) | 253,940 | (76,308) |
Total liabilities and stockholders' equity | $ 1,539,462 | $ 1,763,063 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value (USD per share) | $ 0 | $ 0 |
Common stock authorized (shares) | 250,000,000 | 250,000,000 |
Common stock issued (shares) | 25,000,000 | 9,976,000 |
Common stock outstanding (shares) | 25,000,000 | 9,976,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Retained (Deficit) Earnings | Retained (Deficit) EarningsCumulative Effect, Period of Adoption, Adjustment | Currency Translation Adjustment | Pensions, Net of Tax | Pensions, Net of TaxCumulative Effect, Period of Adoption, Adjustment | Derivatives, Net of Tax | Noncontrolling Interest |
Balance at beginning of period at Mar. 31, 2018 | $ 282,828 | $ 473,476 | $ (156,348) | $ (12,682) | $ (32,580) | $ 0 | $ 10,962 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (1,413) | (759) | (654) | |||||||
Stock-based compensation | 295 | 295 | ||||||||
Purchase of investment in subsidiary | 5,531 | 5,531 | ||||||||
Other comprehensive (loss) income, net of tax | (6,441) | (5,136) | 366 | (1,496) | (175) | |||||
Balance at end of period at Jun. 30, 2018 | 280,800 | 473,771 | (157,107) | (17,818) | (32,214) | (1,496) | 15,664 | |||
Balance at beginning of period at Mar. 31, 2018 | $ 282,828 | 473,476 | (156,348) | (12,682) | (32,580) | 0 | 10,962 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | |||||||||
Balance at end of period at Sep. 30, 2018 | $ 228,155 | $ 0 | 474,221 | (211,741) | $ 2,931 | (18,075) | (31,241) | $ (2,931) | (716) | 15,707 |
Balance at beginning of period at Mar. 31, 2018 | 282,828 | 473,476 | (156,348) | (12,682) | (32,580) | 0 | 10,962 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (71,168) | |||||||||
Other comprehensive (loss) income, net of tax | (12,900) | (9,297) | (4,169) | (2,614) | ||||||
Balance at end of period at Mar. 31, 2019 | 192,019 | 468,936 | (223,884) | (21,979) | (36,749) | (2,614) | 8,309 | |||
Balance at beginning of period at Jun. 30, 2018 | 280,800 | 473,771 | (157,107) | (17,818) | (32,214) | (1,496) | 15,664 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (54,842) | (54,634) | (208) | |||||||
Restricted stock surrender | (8) | (8) | ||||||||
Stock-based compensation | 458 | 458 | ||||||||
Other comprehensive (loss) income, net of tax | 1,747 | (257) | 973 | 780 | 251 | |||||
Balance at end of period at Sep. 30, 2018 | 228,155 | $ 0 | 474,221 | (211,741) | $ 2,931 | (18,075) | (31,241) | $ (2,931) | (716) | 15,707 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (5,002) | (5,095) | 93 | |||||||
Restricted stock surrender | (20) | (20) | ||||||||
Stock-based compensation | 402 | 402 | ||||||||
Dividends paid | (390) | (390) | ||||||||
Other comprehensive (loss) income, net of tax | (4,778) | (1,787) | (877) | (1,591) | (523) | |||||
Balance at end of period at Dec. 31, 2018 | 218,367 | 474,603 | (213,905) | (19,862) | (35,049) | (2,307) | 14,887 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (9,911) | (9,979) | 68 | |||||||
Stock-based compensation | 389 | 389 | ||||||||
Dividends paid | (330) | (330) | ||||||||
Change in investment in subsidiaries / purchase of noncontrolling interests in a subsidiary | (13,529) | (6,056) | (461) | (7,012) | ||||||
Other comprehensive (loss) income, net of tax | (2,967) | (1,656) | (1,700) | (307) | 696 | |||||
Balance at end of period at Mar. 31, 2019 | 192,019 | 468,936 | (223,884) | (21,979) | (36,749) | (2,614) | 8,309 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (62,163) | (61,797) | (366) | |||||||
Stock-based compensation | 429 | 429 | ||||||||
Other comprehensive (loss) income, net of tax | 280 | (430) | 311 | 369 | 30 | |||||
Balance at end of period at Jun. 30, 2019 | 130,565 | 469,365 | (285,681) | (22,409) | (36,438) | (2,245) | 7,973 | |||
Balance at beginning of period at Mar. 31, 2019 | 192,019 | 468,936 | (223,884) | (21,979) | (36,749) | (2,614) | 8,309 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (270,319) | |||||||||
Other comprehensive (loss) income, net of tax | 2,157 | (530) | (405) | 3,145 | ||||||
Balance at end of period at Mar. 31, 2020 | (76,308) | 469,677 | (488,545) | (22,509) | (37,154) | 531 | 1,692 | |||
Balance at beginning of period at Jun. 30, 2019 | 130,565 | 469,365 | (285,681) | (22,409) | (36,438) | (2,245) | 7,973 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (16,604) | (16,518) | (86) | |||||||
Restricted stock surrender | (12) | (12) | ||||||||
Stock-based compensation | 383 | 383 | ||||||||
Dividends paid | (480) | (480) | ||||||||
Other comprehensive (loss) income, net of tax | (2,217) | (1,925) | (1,701) | 1,428 | (19) | |||||
Balance at end of period at Sep. 30, 2019 | 111,635 | 469,736 | (302,199) | (24,334) | (38,139) | (817) | 7,388 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (22,446) | (21,993) | (453) | |||||||
Stock-based compensation | 242 | 242 | ||||||||
Change in investment in subsidiaries / purchase of noncontrolling interests in a subsidiary | (921) | (528) | 33 | (426) | ||||||
Other comprehensive (loss) income, net of tax | 3,524 | 1,789 | 1,111 | 576 | 48 | |||||
Balance at end of period at Dec. 31, 2019 | 92,034 | 469,450 | (324,192) | (22,512) | (37,028) | (241) | 6,557 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (169,106) | (164,353) | (4,753) | |||||||
Stock-based compensation | 227 | 227 | ||||||||
Other comprehensive (loss) income, net of tax | 537 | 3 | (126) | 772 | (112) | |||||
Balance at end of period at Mar. 31, 2020 | (76,308) | 469,677 | (488,545) | (22,509) | (37,154) | 531 | 1,692 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (92,809) | (92,161) | (648) | |||||||
Stock-based compensation | 117 | 117 | ||||||||
Dividends paid | (120) | (120) | ||||||||
Other comprehensive (loss) income, net of tax | (177) | (64) | 494 | (531) | (76) | |||||
Balance at end of period at Jun. 30, 2020 | (169,297) | 469,794 | (580,706) | (22,573) | (36,660) | 0 | 848 | |||
Balance at beginning of period at Mar. 31, 2020 | (76,308) | 469,677 | (488,545) | (22,509) | (37,154) | 531 | 1,692 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | 18,075 | |||||||||
Other comprehensive (loss) income, net of tax | 4,580 | 4,445 | 734 | (695) | ||||||
Balance at end of period at Aug. 31, 2020 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Balance at beginning of period at Jun. 30, 2020 | (169,297) | 469,794 | (580,706) | (22,573) | (36,660) | 0 | 848 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | 110,884 | 111,198 | (314) | |||||||
Stock-based compensation | 8 | 8 | ||||||||
Dividends paid | (180) | (180) | ||||||||
Change in investment in subsidiaries / purchase of noncontrolling interests in a subsidiary | (2,116) | (1,655) | (461) | |||||||
Other comprehensive (loss) income, net of tax | 4,757 | 4,509 | 240 | 8 | ||||||
Cancellation of Predecessor equity | 55,944 | (468,147) | 469,508 | 18,064 | 36,420 | 99 | ||||
Balance at end of period at Aug. 31, 2020 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of Successor common stock | 391,402 | 391,402 | ||||||||
Net (loss) income | (5,798) | (5,313) | (485) | |||||||
Dividends paid | (123) | (123) | ||||||||
Fresh start adjustments | 4,359 | 4,359 | ||||||||
Other comprehensive (loss) income, net of tax | (807) | (828) | 21 | |||||||
Balance at end of period at Sep. 30, 2020 | 389,033 | 391,402 | (5,313) | (828) | 0 | 0 | 3,772 | |||
Balance at beginning of period at Aug. 31, 2020 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (143,006) | |||||||||
Other comprehensive (loss) income, net of tax | (7,088) | (4,649) | 541 | (2,625) | ||||||
Balance at end of period at Mar. 31, 2021 | 253,940 | 391,089 | (136,686) | (4,649) | 541 | (2,625) | 6,270 | |||
Balance at beginning of period at Sep. 30, 2020 | 389,033 | 391,402 | (5,313) | (828) | 0 | 0 | 3,772 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (8,220) | (8,165) | (55) | |||||||
Fresh start adjustments | (559) | (313) | (246) | |||||||
Other comprehensive (loss) income, net of tax | (717) | (3) | 47 | (619) | (142) | |||||
Balance at end of period at Dec. 31, 2020 | 379,537 | 391,089 | (13,478) | (831) | 47 | (619) | 3,329 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (128,988) | (123,208) | (5,780) | |||||||
Dividends paid | (17) | (17) | ||||||||
Deconsolidation of subsidiaries | 8,972 | 8,972 | ||||||||
Other comprehensive (loss) income, net of tax | (5,564) | (3,818) | 494 | (2,006) | (234) | |||||
Balance at end of period at Mar. 31, 2021 | $ 253,940 | $ 391,089 | $ (136,686) | $ (4,649) | $ 541 | $ (2,625) | $ 6,270 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||||
Net (loss) income | $ 18,075 | $ (143,006) | $ (270,319) | $ (71,168) |
Adjustments to reconcile net (loss) income to net cash used by operating activities: | ||||
Depreciation and amortization | 16,580 | 11,839 | 35,828 | 35,747 |
Loss on deconsolidation of subsidiaries | 0 | 70,242 | 0 | 0 |
Debt amortization/interest | 4,862 | 11,272 | 12,875 | 11,843 |
(Gain) loss on foreign currency transactions | (11,077) | (4,512) | 14,105 | (2,383) |
Asset impairment charges | 213 | 4,001 | 34,813 | 891 |
Bad debt expenses (recovery) | (1,037) | 5,700 | 8,644 | 6,821 |
(Income) loss from unconsolidated affiliates, net of dividends | 2,915 | (11,735) | 820 | (3,936) |
Reorganization items | (130,215) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net: | ||||
Trade and other receivables | 10,101 | (128,114) | (186,334) | (258,984) |
Inventories and advances to tobacco suppliers | (123,833) | 112,062 | (82,639) | 32,725 |
Deferred items | 637 | 3,309 | 105,977 | 9,356 |
Recoverable income taxes | 1,737 | (1,189) | (2,955) | (884) |
Payables and accrued expenses | 3,821 | 44,923 | (15,607) | 7,435 |
Advances from customers | 562 | (4,801) | 3,354 | (5,703) |
Current derivative asset | 0 | (917) | 0 | (3,495) |
Prepaid expenses | (2,812) | 6,941 | (16,945) | (1,916) |
Income taxes | 4,188 | 457 | 2,462 | (2,302) |
Other operating assets and liabilities | 39,092 | (16,127) | (11,388) | (1,900) |
Other, net | (15,870) | (4,820) | 8,687 | (428) |
Net cash used by operating activities | (182,061) | (44,475) | (358,622) | (248,281) |
Investing activities: | ||||
Purchases of property, plant, and equipment | (7,757) | (16,628) | (61,063) | (47,539) |
Proceeds from sale of property, plant, and equipment | 311 | 947 | 9,677 | 5,148 |
Collections on beneficial interests on securitized trade receivables | 74,328 | 94,062 | 240,994 | 242,966 |
Loans to unconsolidated affiliates | 0 | 0 | (5,250) | 0 |
DIP loan to deconsolidated subsidiary | 0 | (5,790) | 0 | 0 |
Payments to acquire businesses, net of cash acquired | (4,805) | 0 | 0 | 0 |
Payments to acquire additional interests, net of cash acquired | 0 | 0 | 0 | (8,692) |
Other, net | (420) | (767) | (3,005) | 3,391 |
Net cash provided by investing activities | 61,657 | 71,824 | 181,353 | 195,274 |
Financing activities: | ||||
Net proceeds (repayments) of short-term borrowings | (99,969) | (83,895) | 122,524 | 23,043 |
Repayments of notes / long-term borrowings | (93) | (119) | (335) | (25,132) |
Proceeds from long-term borrowings | 2,568 | 670 | 500 | 0 |
Share repurchases | (1,000) | 0 | 0 | 0 |
Debt issuance costs | (8,486) | (3,291) | (6,313) | (5,285) |
Additional investment in consolidated affiliates | 0 | 0 | (921) | (13,470) |
DIP financing fees | (9,344) | 0 | 0 | 0 |
Other debt restructuring costs | (7,574) | 0 | 0 | 0 |
Other, net | (472) | (183) | (480) | (788) |
Net cash (used) provided by financing activities | 63,669 | (49,318) | 159,875 | (21,632) |
Effect of exchange rate changes on cash | 1,628 | 1,706 | (7,333) | 4,416 |
Decrease in cash, cash equivalents, and restricted cash | (55,107) | (20,263) | (24,727) | (70,223) |
Cash and cash equivalents at beginning of period | 93,138 | 170,208 | 192,043 | |
Restricted cash at beginning of period | 24,838 | 5,008 | 2,875 | 5,767 |
Cash, cash equivalents, and restricted cash at end of period | 117,976 | 97,713 | 173,083 | 197,810 |
Other information: | ||||
Cash paid for income taxes, net | 5,560 | 11,724 | 20,549 | 26,634 |
Cash paid for interest | 54,233 | 44,314 | 121,179 | 125,055 |
Cash received from interest | (1,356) | (1,444) | (4,066) | (3,845) |
Cash paid for reorganization items | 7,314 | 0 | 0 | 0 |
Noncash investing and financing activities: | ||||
Purchases of property, plant, and equipment included in accounts payable | 1,759 | 1,060 | 2,087 | 7,095 |
Sales of property, plant, and equipment included in notes receivable | 304 | 81 | 334 | 1,957 |
Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction | 66,821 | 105,118 | 229,751 | 247,386 |
Cancellation of second lien notes | (634,487) | 0 | 0 | 0 |
DIP Facility | ||||
Financing activities: | ||||
Proceeds from credit facilities | 206,700 | 0 | 0 | 0 |
Repayment of credit facilities | (213,418) | 0 | 0 | 0 |
Term Loan Facility | ||||
Financing activities: | ||||
Proceeds from credit facilities | 213,418 | 0 | 0 | 0 |
10.0% Senior Secured First Lien Notes due 2024 | ||||
Financing activities: | ||||
Proceeds from 10.0% first lien notes | 280,844 | 0 | 0 | 0 |
8.5% Senior Secured First Lien Notes due 2021 | ||||
Financing activities: | ||||
Repayments of notes / long-term borrowings | (280,844) | 0 | 0 | 0 |
Revolving Line of Credit | ||||
Financing activities: | ||||
Proceeds from credit facilities | 27,438 | 37,500 | 44,900 | 0 |
Repayment of credit facilities | (44,900) | 0 | 0 | 0 |
9.875% Senior Secured Second Lien Notes due 2021 | ||||
Financing activities: | ||||
Repayments of notes / long-term borrowings | $ (1,199) | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | Mar. 31, 2021 |
10.0% Senior Secured First Lien Notes due 2024 | |
Interest rate (as a percent) | 10.00% |
8.5% Senior Secured First Lien Notes due 2021 | |
Interest rate (as a percent) | 8.50% |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Pyxus International, Inc. (the “Company” or “Pyxus”) is a global agricultural company with more than 145 years of experience delivering value-added products and services to businesses and customers. The Company is a trusted provider of responsibly sourced, independently verified, sustainable, and traceable products and ingredients. As the context requires, the “Company” and “Pyxus” also includes the consolidated subsidiaries of Pyxus International, Inc. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission applicable to annual reporting on Form 10-K. The Company applied Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852, Reorganizations (“ASC 852”) in preparing the consolidated financial statements. For periods subsequent to the Chapter 11 filing, ASC 852 requires distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Upon the effectiveness of the Plan and the emergence of the Debtors from the Chapter 11 Cases, the Company determined it qualified for fresh start reporting under ASC 852, which resulted in the Company becoming a new entity for financial reporting purposes on the Effective Date (as defined below). The Company elected to apply fresh start reporting using a convenience date of August 31, 2020 (the “Fresh Start Reporting Date”). The Company evaluated and concluded that the events between August 24, 2020 and August 31, 2020 were not material to the Company's financial reporting on both a quantitative or qualitative basis. Refer to “ Note 4. Fresh Start Reporting ” for additional information. Due to the application of fresh start reporting, the pre-emergence and post-emergence periods are not comparable. The lack of comparability is emphasized by the use of a “black line” to separate the Predecessor and Successor periods in the consolidated financial statements and footnote tables. References to “Successor” relate to our financial position and results of operations after August 31, 2020. References to “Predecessor” relate to our financial position and results of operations on or before August 31, 2020. Bankruptcy Proceedings On June 15, 2020 (the "Petition Date"), Old Holdco, Inc. (then named Pyxus International, Inc.) (“Old Pyxus”) and its then subsidiaries Alliance One International, LLC, Alliance One North America, LLC, Alliance One Specialty Products, LLC, and GSP Properties, LLC (collectively, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code with the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to implement a prepackaged Chapter 11 plan of reorganization to effectuate a financial restructuring (the “Restructuring”) of Old Pyxus’ secured debt. On August 21, 2020, the Bankruptcy Court issued an order (the “Confirmation Order”) confirming the Amended Joint Prepackaged Chapter 11 Plan of Reorganization (the “Plan”) filed by the Debtors in the Chapter 11 Cases. On August 24, 2020 (the “Effective Date”), the Plan became effective in accordance with its terms, and the Debtors emerged from the Chapter 11 Cases. In connection with the satisfaction of the conditions to effectiveness as set forth in the Confirmation Order and the Plan, Old Pyxus completed a series of transactions pursuant to which the business assets and operations of Old Pyxus were vested in a new Virginia corporation, Pyxus Holdings, Inc., which is a subsidiary of the Company. Pursuant to the Confirmation Order and the Plan, at the effectiveness of the plan all outstanding shares of common stock, and rights to acquire the common stock, of Old Pyxus were cancelled and the shares of common stock of the Company were delivered to certain creditors of Old Pyxus. Refer to “ Note 3. Emergence from Voluntary Reorganization under Chapter 11 ” for additional information. Reorganization Items Expenditures, gains, and losses that were realized or incurred by the Debtors subsequent to the Petition Date and as a direct result of the Chapter 11 Cases are reported as reorganization items in the consolidated statements of operations. Reorganization items are primarily composed of write-off of unamortized debt issuance costs and discount, fresh start reporting adjustments, legal, valuation, and consulting professional fees pertaining to the Chapter 11 Cases, United States trustee fees, DIP financing fees, other debt restructuring costs, gain on settlement of liabilities subject to compromise, and the issuance of exit facility shares. COVID-19 We continue to monitor the impact of the COVID-19 outbreak on our Company and our workforce. In March 2020, the World Health Organization recognized the COVID-19 outbreak as a global pandemic. The COVID-19 pandemic and government actions implemented to contain further spread of COVID-19 have severely restricted economic activity around the world. Our production facilities are still operating but, in some instances, at lower production levels than planned due to social distancing requirements and safety practices implemented in accordance with Company policy. We continue to monitor the measures we implemented to reduce the spread of COVID-19 and make updates and improvements, as necessary. While our supply chains and distribution channels continue to experience delays due to COVID-19, we currently have adequate supply of products to meet the near-term forecasted demand. In addition, we have experienced procedural delays during fulfillment of customer orders for leaf tobacco due to COVID-19. Broad economic factors from the COVID-19 pandemic, including increasing unemployment rates and reduced consumer spending, may extend billing and collection cycles. Deterioration in the collectability of accounts receivable from extended billing and collection cycles would adversely affect our results of operations, financial condition, and cash flows, leading to working capital constraints. If general economic conditions in the markets in which we operate continue to deteriorate or remain uncertain for an extended period of time, our business, results of operations, financial condition, and cash flows will be adversely affected. Due to the scope of our operations, including emerging markets, and our sale to customers around the world, the impact of the COVID-19 pandemic on our operations and the demand for our products may not coincide with impacts experienced in the United States in the event that the impacts in the United States improve over time due to increased vaccinations or improved medical treatments. Accordingly, to the extent that the impact of the COVID-19 pandemic in the United States may improve over time, results of operations may continue to be adversely affected by COVID-19 impacts in other areas of the world. We cannot predict the extent or duration of the COVID pandemic, the effects of the COVID pandemic on the global, national or local economy, or the effect of the COVID pandemic on our business, financial position, results of operations, and cash flows. CCAA Proceeding On January 21, 2021, Figr Norfolk Inc. (“Figr Norfolk”) and Figr Brands, Inc. (“Figr Brands”), which are indirect subsidiaries of the Company, and Canada’s Island Garden Inc. (“Figr East,” and together with Figr Norfolk and Figr Brands, the “Canadian Cannabis Subsidiaries”), which, prior to its sale on June 28, 2021 was an indirect subsidiary of the Company, applied for relief from their respective creditors pursuant to Canada’s Companies’ Creditors Arrangement Act (the “CCAA”) in the Ontario Superior Court of Justice (Commercial List) (the “Canadian Court”) in Ontario, Canada as Court File No. CV-21-00655373-00CL (the “CCAA Proceeding”). On January 21, 2021 (the “Order Date”), upon application by the Canadian Cannabis Subsidiaries, the Canadian Court issued an order for creditor protection of the Canadian Cannabis Subsidiaries pursuant to the provisions of the CCAA and the appointment of FTI Consulting Canada Inc. to serve as the Canadian Court-appointed monitor of the Canadian Cannabis Subsidiaries during the pendency of the CCAA Proceeding (the “Monitor”). The Canadian Cannabis Subsidiaries collectively operate businesses, under licenses issued by Health Canada, for the production and sale of cannabis products to retailers in Canada. The Canadian Cannabis Subsidiaries are the only subsidiaries of the Company engaged in such business. Refer to “ Note 5. CCAA Proceeding and Deconsolidation of Subsidiaries ” for additional information. Deconsolidation In accordance with ASC 810, Consolidation ("ASC 810"), a parent company must deconsolidate a subsidiary as of the date the parent ceases to have a controlling financial interest in that subsidiary, or if the parent no longer has the power to direct the activities that most significantly affect the subsidiary’s economic performance. Due to the CCAA Proceeding, the Company lost control of the Canadian Cannabis Subsidiaries and they were deconsolidated from the Company's financial statements as of the Order Date due to the CCAA Proceeding and the appointment of the Monitor. Prior to the deconsolidation of the Canadian Cannabis Subsidiaries, they comprised an operating segment within the Other Products and Services reportable segment. Refer to "Note 5. CCAA Proceeding and Deconsolidation of Subsidiaries" for additional information. Related Party Relationship The commencement of the CCAA Proceeding and the subsequent deconsolidation results in transactions with the Canadian Cannabis Subsidiaries no longer being eliminated in consolidation. As such, transactions between the Company and the Canadian Cannabis Subsidiaries are treated as related party transactions. Refer to "Note 28. Related Party Transactions" for transactions between the Company and the Canadian Cannabis Subsidiaries from January 21, 2021 to March 31, 2021. Discontinued Operations The Company determined the Canadian Cannabis Subsidiaries do not meet the qualifications as outlined under ASC 205-20, Discontinued Operations ("ASC 205-20") to be reported as discontinued operations. The Company reached this conclusion as the Canadian Cannabis Subsidiaries do not represent, individually or in the aggregate, a ‘strategic shift’ that has a major effect on the consolidated operations and financial results of the Company. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Intercompany accounts and transactions have been eliminated. Equity Method Investments The Company’s equity method investments and its cost method investments are non-marketable securities. When not required to consolidate its investment in another entity, the Company uses the equity method if it (i) can exercise significant influence over the other entity, and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus the Company’s equity in the increases or decreases of the investee’s net assets after the date of acquisition. The Company continually monitors its equity method investments for factors indicating other-than-temporary impairment. The Company's proportionate share of the net income or loss of these entities is included in income from unconsolidated affiliates, net within the consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Distributions from equity method investees are accounted for based on the cumulative earnings approach to determine whether they represent a return of investment, or a return on investment. Variable Interest Entities The Company holds variable interests in multiple variable interest entities, which primarily procure or process inventory on behalf of the Company or are securitization entities. These variable interests relate to equity investments, receivables, guarantees, and securitized receivables. The Company is not the primary beneficiary of the majority of these entities as it does not have the power to direct the activities that most significantly impact the economic performance of the entities, due to the entities’ management and board of directors’ structure. As a result, the majority of these variable interest entities are not consolidated. The Company holds a majority voting interest and is the primary beneficiary of its variable interest in Criticality and Humble Juice, consolidated entities for which the related intercompany accounts and transactions have been eliminated. Creditors of the Company’s variable interest entities do not have recourse against the general credit of the Company. The Company's investments in unconsolidated variable interest entities are classified as investments in unconsolidated affiliates in the consolidated balance sheets. The Company's receivables with variable interest entities are classified as long-term notes receivable, related parties and accounts receivable, related parties in the consolidated balance sheets. The Company's maximum exposure to loss in these variable interest entities is represented by the investments, receivables, guarantees, and the deferred purchase price on the sale of securitized receivables. Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the Company's estimates and assumptions. Estimates are used in accounting for, among other things, determining the entity's enterprise value upon emergence from the Chapter 11 Cases, revenue recognition, pension and postretirement health care benefits, inventory reserves, accounts receivable reserves, bank loan guarantees to suppliers and unconsolidated subsidiaries, useful lives for depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, deferred tax assets an d uncertain income tax positions, intrastate tax credits in Brazil, fair value determinations of financial assets and liabilities, including derivatives, securitized beneficial interests, and counterparty risk. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation in the consolidated statements of cash flows. Segment Information As a result of the deconsolidation of the Canadian Cannabis Subsidiaries, as of March 31, 2021, t he Company's operations are managed and reported in nine operating segments that are organized by product category and geographic area and aggregated into three reportable segments for financial reporting purposes: Leaf - North America, Leaf - Other Regions, and Other Products and Services. In reviewing operations, the Company concluded that the economic characteristics of Leaf - North America operations were dissimilar from the other Leaf geographic operating segments in Africa, Asia, Europe, and South America, which have been consolidated into one reportable segment, "Leaf - Other Regions". The four other operating segments are aggregated into the "Other Products and Services" reportable segment as they do not meet the quantitative thresholds to be individually reportable. The Other Products and Services segment included, for periods prior to the Order Date, the Canadian Cannabis Subsidiaries. These segment groupings are consistent with information used by the chief operating decision maker to assess performance and allocate resources. The types of products and services from which each reportable segment derived its revenues during the reported periods are as follows: • Leaf - North America ships tobacco to manufacturers of cigarettes and other consumer tobacco products around the world. Leaf - North America is more concentrated on processing and other activities compared to the rest of the world. • Leaf - Other Regions ships tobacco to manufacturers of cigarettes and other consumer tobacco products around the world. Leaf - Other Regions sells a small amount of processed but un-threshed flue-cured and burley tobacco in loose-leaf and bundle form to certain customers. • Other Products and Services primarily consists of e-liquid products and industrial hemp and included, for periods prior to the Order Date, the Canadian Cannabis Subsidiaries. E-liquids and industrial hemp products are sold through retailers and directly to consumers via e-commerce platforms and other distribution channels. The Canadian Cannabis Subsidiaries collectively operate businesses, under licenses issued by Health Canada, for the production and sale of cannabis products to retailers in Canada. The Company evaluates the operating performance of its segments based upon information included in management reports. Corporate general expenses are allocated to the segments based upon segment selling, general, and administrative expenses. Revenue Recognition The Company's revenue consists primarily of the sale of processed tobacco and fees charged for processing and related services to the manufacturers of tobacco products. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company’s performance obligations are satisfied when the transfer of control of the distinct product or service to the customer occurs. For products, control is transferred and revenue is recognized at a point in time, in accordance with the shipping terms of the contract. For services, control is transferred and revenue is recognized over time using the input method based on a kilogram of packed tobacco. A kilogram of processed tobacco (or tobacco processing services resulting in a kilogram of processed tobacco) is the only material and distinct performance obligation for the Company’s tobacco revenue streams. Consideration is attributed to the performance of this obligation. The Company does not disclose information related to its unsatisfied performance obligations with an expected duration of one year or less. Revenue is measured as the amount of consideration to which the Company expects to be entitled to receive in exchange for transferring goods or providing services. Contract costs primarily include labor, material, shipping and handling, and overhead expenses. Contract Balances The Company generally records a receivable when revenue is recognized as the timing of revenue recognition may differ from the timing of payment from customers. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 30 to 60 days. The Company's trade receivables do not bear interest, and they are recorded at the invoiced amount less an estimated allowance for expected credit losses. In addition to estimating an allowance based on specific identification of certain receivables that have a higher probability of not being paid, the Company also records an estimate for expected credit losses for the remaining receivables in the aggregate using a loss-rate method that considers historical bad debts, age of customer receivable balances, and current customer receivable balances. Additionally, the Company considers future reasonable and supportable forecasts of economic conditions to adjust historical loss rate percentages as necessary. Balances are written-off when determined to be uncollectible. T he provision for expected credit losses is recorded in selling, general, and administrative expenses in the consolidated statements of operations. Significant Judgments The Company has identified two main forms of variable consideration in its contracts with customers: warehousing fees for storing customer-controlled tobacco until the customer requests shipment and claims resulting from tobacco that does not meet customer specifications. Warehousing fees are either included in the price of tobacco based on the customers' best estimate of the date they will request shipment or separately charged using a per-day storage rate. When the Company enters into a contract with a customer, the price communicated is the amount of consideration the Company expects to receive. Price adjustments for tobacco not meeting customer specifications for shrinkage, improper blend, or chemical makeup, etc. are handled through a claims allowance that is assessed quarterly. Since the Company has a large number of customer contracts with similar characteristics, the volume of tobacco sold each year is substantial, and the Company has historical data related to claims, the Company is able to estimate the amount of expected claims using the expected value method. Taxes Collected from Customers Certain subsidiaries are subject to value-added taxes on local sales. Value-added taxes on local sales are recorded in sales and other operating revenues and cost of goods and services sold in the consolidated statements of operations. Shipping and Handling The Company elected to account for shipping and handling as activities to fulfill its performance obligations, regardless of when control transfers. Shipping and handling fees that are billed to customers are recognized in sales and other operating revenues and the associated shipping and handling costs are recognized in cost of goods and services sold in the statements of consolidated operations. Income Taxes The Company uses the asset and liability method to account for income taxes. The objective of the asset and liability method is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The Company’s annual tax rate is based on its income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which it operates. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company reviews its tax positions quarterly and adjusts the balances as new information becomes available. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise because of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as from net operating loss and tax credit carryforwards. The Company evaluates the recoverability of these future tax deductions by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and available tax planning strategies. As these sources of income inherently rely on estimates, the Company uses historical experience and short and long-range business forecasts to provide insight. The Company believes it is more likely than not that a portion of the deferred income tax assets may expire as unused and has established a valuation allowance against them. Although realization is not assured for the remaining deferred income tax assets, the Company believes it is more likely than not such remaining deferred tax assets will be fully recoverable within the applicable statutory expiration periods. However, deferred tax assets could be reduced in the near term if estimates of taxable income are significantly reduced or available tax planning strategies are no longer viable. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value. Inventories, Net Costs in inventory include processed tobacco inventory, unprocessed tobacco inventory, other tobacco related, and other inventory. Costs of unprocessed tobacco inventories are determined by the average cost method, which include the cost of green tobacco. Costs of processed tobacco inventories are determined by the average cost method, which include both the cost of unprocessed tobacco, as well as direct and indirect costs related to processing the product. Costs of other non-tobacco inventory are determined by the first-in, first-out method, which include costs of packing materials, non-tobacco agricultural products, and agricultural supplies including seed, fertilizer, herbicides, and pesticides. Inventories are carried at the lower of cost or net realizable value (“LCM”). The Company evaluates its inventories for LCM adjustments by country and type of inventory. Processed tobacco and unprocessed tobacco are evaluated separately for LCM purposes. The Company compares the cost of its processed tobacco to net realizable value based on the estimated selling price of similar grades when evaluating those balances for LCM adjustments. The Company also considers whether its processed tobacco is committed to a customer, whereby the expected sales price is utilized in determining the net realizable value for committed tobacco. In addition, the Company writes-down inventory balances for estimates of obsolescence. LCM and obsolescence inventory write-downs are recorded in cost of goods and services sold within the consolidated statements of operations. Advances to Tobacco Suppliers, Net The Company purchases seeds, fertilizer, pesticides, and other products related to growing tobacco and advances them to tobacco suppliers to assist in crop production. These seasonal advances are short term, represent prepaid inventory, and are recorded as advances to tobacco suppliers. Upon delivery of tobacco, part of the purchase price to the supplier is paid in cash and part through a reduction of the advance balance. The advances applied to the delivery are reclassified from advances to unprocessed inventory. The Company also has noncurrent advances, which generally represent the cost of advances to tobacco suppliers for infrastructure, such as curing barns, recovered through the delivery of tobacco to the Company by the tobacco suppliers. Tobacco suppliers may not be able to settle the entire amount of advances due in a given year. In these situations, the Company may allow the farmers to deliver tobacco over future crop years to recover its advances. Noncurrent advances to tobacco suppliers are recorded in other noncurrent assets in the consolidated balance sheets. The Company accounts for its advances to tobacco suppliers using a cost accumulation model, which reports advances at the lower of cost or recoverable amounts exclusive of the mark-up and interest. The mark-up and interest on its advances are recognized upon delivery of tobacco as a decrease in the cost of the current crop. Unrecovered advances are recorded in cost of goods and services sold in the consolidated statements of operations for abnormal yield adjustments or unrecovered advances from prior crops. Normal yield adjustments are capitalized into the cost of the current crop and are recorded in cost of goods and services sold as that crop is sold. Goodwill and Other Intangible Assets The Company's goodwill was primarily recorded upon emergence from the Chapter 11 Cases in accordance with ASC 852. Goodwill represents the excess of reorganization value over fair value of identified assets and liabilities allocated to the appropriate each reporting unit. A reporting unit is an operating segment, or one level below an operating segment, referred to as a component. The components within the Company’s operating segments are aggregated into nine reporting units due to their similar economic characteristics. Goodwill is not subject to amortization and is tested for impairment annually, on the first day of the fourth quarter of the fiscal year, or whenever events and circumstances indicate that impairment may have occurred. The Company utilizes a qualitative assessment to evaluate whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the Company's qualitative assessment indicates that it is more likely than not that the estimated fair value of a reporting unit exceeds its carrying value, no further analysis is performed. Otherwise, the Company performs a quantitative assessment using the discounted cash flow (“DCF”) method of the income approach. The future cash flows of the Company’s reporting units are projected based on estimates of future revenues, gross margins, operating income, excess net working capital, capital expenditures, and other factors. The Company utilizes estimated revenue growth rates and cash flow projections. The discount rates utilized in the DCF method are based on a weighted-average cost of capital determined from relevant market comparisons and adjusted for specific reporting unit risks, country risk premiums, and capital structure. A terminal value estimated growth rate is applied to the final year of the projected period and reflects the Company’s estimate of perpetual growth. The Company then calculates a present value of the respective cash flows for each reporting unit to arrive at an estimate of fair value under the income approach. The Company has intangible assets with definite useful lives. These intangible assets are assessed annually and tested for impairment whenever factors indicate that the carrying amount may not be recoverable. The trade name, customer relationship, technology, and license intangibles are amortized on a straight-line basis over twenty eight fifteen five three Leases The Company has operating leases for land, buildings, automobiles, and other equipment that expire at various dates through 2040. Leases for real estate generally have initial terms ranging from 2 to 15 years, excluding renewal options. Leases for equipment generally have initial terms ranging from 2 to 5 years excluding renewal options. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes. These lease terms may include optional renewals, terminations or purchases, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. The Company measures right-of-use assets and related lease liabilities based on the present value of remaining lease payments, including in-substance fixed payments, the current payment amount when payments depend on an index or rate (e.g., inflation adjustments, market renewals), and the amount the Company believes is probable to be paid to the lessor under residual value guarantees, when applicable. Lease contracts may include fixed payments for non-lease components, such as maintenance, which are included in the measurement of lease liabilities for certain asset classes based on the Company’s election to combine lease and non-lease components. The Company does not recognize short-term leases, those lease contracts with durations of twelve months or lease, in the consolidated balance sheets. As applicable borrowing rates are not typically implied within the lease arrangements, the Company discounts lease payments based on its estimated incremental borrowing rate at lease commencement, or modification, which is based on the Company’s estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. Property, Plant, and Equipment, Net Property, plant, and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over a range of nine two Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows at which the asset could be bought or sold in a current transaction between willing parties and |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 and its related amendments are intended to provide financial statement users with more decision-useful information about the expected credit losses on financial assets held at amortized cost and other commitments to extend credit held by a reporting entity at each reporting date. Based on the Company's scoping assessment, ASU 2016-13 primarily impacts trade receivables. This guidance was early adopted by the Company as of April 1, 2020 using the modified retrospective approach. The adoption of this new accounting standard did not have a material impact on the Company's financial condition, results of operations, or cash flows. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 updates disclosure requirements for defined benefit plans. This guidance was adopted using a retrospective approach and was effective beginning in the first quarter of fiscal year 2021. This new accounting standard did not have a material impact on the Company's financial condition, results of operations, or cash flows. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocations, the methodology for calculating income taxes during interim periods when there are changes in tax laws or when year-to-date losses exceed anticipated losses, and the recognition of deferred tax liabilities for outside basis differences in foreign investments. This guidance also simplifies aspects of the accounting for franchise taxes that are partially based on income, separate financial statements of legal entities not subject to tax, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance is effective for the Company on April 1, 2021, with early adoption permitted. This new accounting standard will not have a material impact on the Company's consolidated financial statements and related disclosures. |
Emergence from Voluntary Reorga
Emergence from Voluntary Reorganization under Chapter 11 | 12 Months Ended |
Mar. 31, 2021 | |
Reorganizations [Abstract] | |
Emergence from Voluntary Reorganization under Chapter 11 | Emergence from Voluntary Reorganization under Chapter 11 Bankruptcy Proceedings On June 15, 2020, the Debtors filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware to implement a prepackaged Chapter 11 plan of reorganization in order to effectuate a financial restructuring of the Debtors’ debt. On August 21, 2020, the Bankruptcy Court entered the Confirmation Order pursuant to the Bankruptcy Code, which approved and confirmed the Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Pyxus International, Inc. and Its Affiliated Debtors. Summary Features of the Plan of Reorganization On August 24, 2020 (the “Effective Date”), the Plan became effective in accordance with its terms, and the Debtors emerged from the Chapter 11 Cases. In connection with the satisfaction of the conditions to effectiveness as set forth in the Confirmation Order and the Plan, Old Pyxus completed a series of transactions pursuant to which the business assets and operations of Old Pyxus were vested in a new Virginia corporation, Pyxus Holdings, Inc. (“Pyxus Holdings”), which is a subsidiary of the Company. Under the Plan, all suppliers, vendors, employees, trade partners, foreign lenders, and landlords were unimpaired and were to be satisfied in full in the ordinary course of business, and the existing trade and customer contracts and terms of Old Pyxus were to be maintained by the Company and its subsidiaries. Commencing upon the Effective Date, the Company, through its subsidiaries, continued to operate the Old Pyxus business in the ordinary course. Old Pyxus, which retained no assets, has commenced a dissolution process and is being wound down. Treatment of Claims and Interests The Plan treated claims against and interest in Old Pyxus upon the effectiveness of the Plan as follows: • Other Secured Claims (as defined in the Plan) were either (i) paid in full in cash, (ii) satisfied by delivery of collateral securing any such Claim (as defined in the Plan) and payment of any required interest, or (iii) reinstated. • Other Priority Claims (as defined in the Plan) were paid in full in cash. • Holders of First Lien Notes Claims (as defined in the Plan) received (i) payment in full in cash of all accrued and unpaid interest on such First Lien Notes, and (ii) the Notes (as defined below). • Holders (as defined in the Plan) of Second Lien Notes Claims (as defined in the Plan) received, at the Holder’s election, (i) their pro rata share of the Company's common stock distributed in connection with the effectiveness of the Plan or (ii) cash equal to 2.00% of the principal amount of all Second Lien Notes beneficially owned by such Holder. • Lenders under Foreign Credit Lines (as defined in the Plan) were paid in the ordinary course of business in accordance with the terms of the relevant agreement. • General Unsecured Claims (as defined in the Plan) were paid in the ordinary course of business. • The existing common stock, and rights to acquire common stock, of Old Pyxus was discharged, cancelled, released, and extinguished and of no further force or effect. Third Party Releases Upon the effectiveness of the Plan, certain Holders of Claims and Interests (as such terms are defined in the Plan) with respect to the Debtors, except as otherwise specified in the Plan or Confirmation Order, were deemed to release and discharge the Released Parties (as defined in the Plan) from certain claims, obligations, rights, suits, damages, causes of action and liabilities in connection with the Chapter 11 Cases. Transactions in Connection with Emergence As contemplated by the Plan, certain transactions were effected on or prior to the effectiveness of the Plan, including the following: • Three new Virginia corporations (i.e., the Company (then known as “Pyxus One, Inc.”), Pyxus Parent, Inc. and Pyxus Holdings) were organized. • Pyxus Parent, Inc. issued all of its equity i nterests to the Company in exchange for 25,000 shares of common stock, no par value, of the Company (such common stock is referred to as “New Common Stock” and the 25,000 shares of which are referred to as the “Equity Consideration”). Pyxus Holdings then issued all of its equity interests to Pyxus Parent, Inc. in exchange for the Equity Consideration. • Pyxus Holdings entered into the ABL Credit Agreement (as defined below) to borrow cash under the ABL Credit Facility (as defined below) which together with cash on-hand was sufficient to fund (1) the distributions to holders of Allowed Second Lien Notes Claims (as defined in the Plan) that elected to take the Second Lien Notes Cash Option (as defined in the Plan) and (2) the Existing Equity Cash Pool (as defined in the Plan) (collectively such amount of cash is referred to as the “Cash Con sideration”). • Pursuant to an Asset Purchase Agreement, Old Pyxus transferred to Pyxus Holdings all of its assets (including by assuming and assigning all of Old Pyxus’ Executory Contracts and Unexpired Leases (as such terms are defined in the Plan) to Pyxus Holdings in accordance with the Plan, other than those Executory Contracts and Unexpired Leases that were rejected) and Pyxus Holdings assumed all of Old Pyxus’ obligations that are not discharged under the Plan (including all of Old Pyxus’ obligations to satisfy Allowed Administrative Claims, Allowed Professional Fee Claims, Allowed Other Secured Claims, Allowed Other Priority Claims, Allowed Foreign Credit Line Claims, Allowed General Unsecured Claims, Allowed Debtor Intercompany Claims, and Allowed Debtor Intercompany Claims as set forth in the Plan (as such terms are defined in the Plan)) in exchange for (i) Pyxus Holdings transferring the Equity Consideration to Old Pyxus, (ii) Pyxus Holdings transferring the Cash Consideration to Old Pyxus, (iii) Pyxus Holdings issuing the Notes (as defined below) under the Indenture (as defined below) which, on behalf of Old Pyxus, was issued to the Holders of Allowed First Lien Notes Claims (as defined in the Plan) as set forth in the Plan, and (iv) Pyxus Holdings issuing the Term Loans (as defined below) under the Term Loan Credit Facility (as defined below) which, on behalf of Old Pyxus, was issued to the holders of the DIP Facility Claims (as defined in the Plan) as set forth in the Plan. In addition to the transfer of assets to Pyxus Holdings, Pyxus Holdings made an offer of employment to all employees of Old Pyxus and all such employees became employed by Pyxus Holdings, or a designated subsidiary, upon the effectiveness of the Plan on the same terms and conditions existing immediately prior to the effectiveness of the Plan. • The Company and Pyxus Parent, Inc., along with each applicable subsidiary of the Company, guaranteed the Notes, the Term Loan Credit Facility, and the ABL Credit Facility. • Old Pyxus provided for the distribution of (i) the Notes to the Holders of Allowed First Lien Notes Claims pursuant to the Plan, (ii) approximately 12,500 shares of New Common Stock to Holders of Allowed Second Lien Notes Claims (as defined in the Plan) that elected to receive New Common Stock under the Second Lien Notes Stock Option (as defined in the Plan) pursuant to the Plan, (iii) cash to the Holders of Allowed Second Lien Notes Claims that elected to take or are deemed to elect to take the Second Lien Notes Cash Option (as defined in the Plan), (iv) cash to the Qualifying Holders (as defined in the Plan) of the common stock of Old Pyxus pursuant to the Plan, (v) the Term Loans under the Term Loan Credit Facility and approximately 11,100 shares of New Common Stock to the Holders of the DIP Facility Claims pursuant to the Plan, and (vi) approximately 1,400 shares of New Common Stock in satisfaction of the Second Lien Notes RSA Fee Shares (as defined in the Plan) and in satisfaction of the Backstop Fee Shares (as defined in the Plan) to the persons entitled thereto pursuant to the terms and conditions of the Restructuring Support Agreement, dated June 14, 2020, by and among Old Pyxus and certain of its creditors party thereto, which was filed as Exhibit 10.1 • Old Pyxus changed its name to Old Holdco, Inc., and the Company changed its name to Pyxus International, Inc. • The Company elected a Board of Directors, initially comprising J. Pieter Sikkel, Holly Kim, and Patrick Fallon, and appointed as its officers the individuals serving as officers of Old Pyxus to the same offices held immediately prior to the effectiveness of the Old Plan. The Company as Successor Issuer As a result of these transactions, the Company is deemed to be the successor issuer to Old Pyxus under Rule 12g‑3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result, the shares of New Common Stock were deemed to be registered under Section 12(g) of the Exchange Act and the Company was thereby deemed to be subject to the informational requirements of the Exchange Act, and the rules and regulations promulgated thereunder and, in accordance therewith, is required to file reports and other information with the Securities and Exchange Commission. ABL Credit Facility On the Effective Date, Pyxus Holdings entered into an Exit ABL Credit Agreement (the “ABL Credit Agreement”), dated as of August 24, 2020 by and among, amongst others, Pyxus Holdings, certain lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent to establish an asset-based revolving credit facility (the “ABL Credit Facility”). The ABL Credit Facility may be used for revolving credit loans and letters of credit from time to time up to an initial maximum principal amount of $75,000, subject to certain limitations. The ABL Credit Facility matures on February 24, 2023, subject to potential extension on terms and conditions set forth in the ABL Credit Agreement. Refer to “Note 20. Debt Arrangements” for a description of the ABL Credit Agreement and the ABL Credit Facility. Term Loan Credit Facility On the Effective Date, Pyxus Holdings entered into an Exit Term Loan Credit Agreement (the “Term Loan Credit Agreement”), dated as of August 24, 2020 by and among, amongst others, Pyxus Holdings, certain lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent to establish a term loan credit facility in an aggregate principal amount of approximately $213,418 (the “Term Loan Credit Facility”). The aggregate principal amount of loans outstanding under Debtors’ debtor-in-possession financing facility (the "DIP Facility”), and related fees, were converted into, or otherwise satisfied with the proceeds of, the Term Loan Credit Facility. The loans made under the Term Loan Credit Facility (the “Term Loans”) and the Term Loan Credit Facility mature on February 24, 2025. Re fer to “Note 20. Debt Arrangements” for a description of the Term Loan Credit Agreement, the Term Loan Credit Facility and the Term Loans. Senior Secured First Lien Notes On the Effective Date, Pyxus Holdings issued approximately $280,844 in aggregate principal amount of its 10.00% Senior Secured First Lien Notes due 2024 (the “Notes”) to holders of Allowed First Lien Notes Claims (as defined in the Plan) pursuant to an Indenture (the “Indenture”) dated as of the Effective Date among Pyxus Holdings, the initial guarantors party thereto, and Wilmington Trust, National Association, as trustee, and collateral agent. The Notes mature on August 24, 2024. Refer to “Note 20. Debt Arrangements” for a description of the Notes and the Indenture. Shareholders Agreement On August 24, 2020, the Company entered into a Shareholders Agreement (the “Shareholders Agreement”), among the Company and the investors listed therein, each other beneficial owner of the Company's common stock as of the date of the Shareholder Agreement deemed to be a party thereto pursuant to the Plan and other persons that may from time to time become parties thereto (collectively, the “Investors”). The Shareholders Agreement provides that each of Glendon Capital Management LP (together with its affiliates, the “Glendon Investor”) and Monarch Alternative Capital LP (together with its affiliates, the “Monarch Investor”) shall be entitled to nominate two individuals to serve on the seven-member Board of Directors of the Company so long as it beneficially owns at least 20% of the outstanding shares of the Company's common stock, or one individual to serve as such a director if it beneficially owns fewer than 20% of the outstanding shares but at least 10% of the outstanding shares. The Shareholders Agreement provides that the Investors shall take all necessary action to elect such nominees of each of the Glendon Investor and the Monarch Investor as directors, as well as the election of the chief executive officer of the Company as a director and other individuals qualifying as independent directors to be selected by Investors that beneficially own 5% or more of the outstanding shares of common stock of the Company, as determined by a majority of the shares of the Company's common stock beneficially owned by such Investors. The Shareholders Agreement provides that the chairperson of the Board of Directors of the Company is to be elected by a majority of the directors that had been nominated by the Glendon Investor (the “Glendon Directors”) and those that had been nominated by the Monarch Investor (the “Monarch Directors”), with the chairperson of such Board to be elected by the Board of Directors of the Company if the Glendon Directors and Monarch Directors are together fewer than three in number or fail to appoint a chairperson. The Shareholders Agreement also includes provisions for the removal and replacement of the Glendon Directors at the request of the Glendon Investor and the removal and replacement of the Monarch Directors at the request of the Monarch Director, as well as provisions with respect to the calling and quorum of meetings of the Board of Directors of the Company, membership of committees of the Board of Directors of the Company, and compensation and insurance of members of the Board of Directors of the Company. The Shareholders Agreement also provides for tag-along rights for Investors beneficially owning 1% or more of the outstanding shares of the Company's common stock (the “1% Investors”) upon the transfer by an Investor or group of Investors of 20% or more of the outstanding shares of the Company's common stock, drag-along rights upon the transfer of shares by an Investor or group of Investors of 50% or more of the outstanding shares of the Company's common stock, rights of first offer with respect to the transfer by an Investor, subject to certain exceptions, of 1% or more of the outstanding shares of the Company common stock, pre-emptive rights to the 1% Investors upon issuance of new securities by the Company, and demand and piggyback registration rights. The Shareholders Agreement includes the agreement of the Investors not to transfer shares of common stock of the Company (i) in violation of federal and state securities laws, (ii) in a transfer that would cause the Company to be regarded as an “investment company” under the Investment Company Act of 1940, as amended, (iii) in a transfer, at any time that the In connection with the emergence from Chapter 11 Cases, the Company qualified for fresh start reporting as (i) the holders of existing voting shares of the Predecessor received less than 50% of the voting shares of the Successor Company and (ii) the preliminary reorganization value of the Company's assets immediately prior to confirmation of the Plan was less than the post-petition liabilities and allowed claims. In accordance with ASC 852, with the application of fresh start reporting, the Company allocated the preliminary reorganization value to its individual assets and liabilities based on their estimated fair values. The Effective Date estimated fair values of certain of the Company's assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets. Reorganization Value The reorganization value represents the fair value of the Company’s total assets before considering liabilities and is intended to approximate the amount a willing buyer would pay for the Company’s assets immediately after restructuring. The reorganization value was derived from the enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. As set forth in the Plan, the enterprise value (excluding cash) of the Company was estimated to be in the range of $1,251,000 to $1,524,000 with a midpoint of $1,388,000. The Company estimated its enterprise value to be $1,252,379, which is near the low point of the range. The Company believes utilizing an estimated enterprise value near the low point of the range is appropriate due to the identification of Level 1 trading activity that indicated the estimated enterprise value was near the low point of the range, the Company's performance lagging behind plan (due in part to the continued impact of the COVID-19 pandemic), and the utilization of an increased discount rate for the Other Products and Services long-term projections. The estimated enterprise value is not necessarily indicative of actual value or financial results. Changes in the economy or the financial markets could result in a different estimated enterprise value. The calculated enterprise value relies on the three methodologies listed below collectively. The actual value of the business is subject to certain uncertainties and contingencies that are difficult to predict and will fluctuate with changes in various factors affecting the financial conditions and prospects of the business. The following reconciles the estimated enterprise value to the estimated fair value of the Successor common stock as of the Fresh Start Reporting Date: Enterprise value, excluding cash $ 1,252,379 Plus: cash, cash equivalents, and restricted cash 117,587 Less: fair value of debt (974,205) Fair value of Successor stockholders’ equity $ 395,761 Shares issued upon emergence 25,000 Per share value $ 15.83 The following reconciles estimated enterprise value to the reorganization value of the Successor assets to be allocated to individual assets as of the Fresh Start Reporting Date: Enterprise value, excluding cash $ 1,252,379 Plus: cash, cash equivalents, and restricted cash 117,587 Plus: working capital liabilities 170,905 Plus: other operating liabilities 54,700 Plus: non-operating liabilities 113,954 Reorganization value of Successor assets $ 1,709,525 With the assistance of financial advisors, the Company determined the estimated enterprise value and the corresponding estimated equity value of the Successor by considering various valuation methods, including (i) discounted cash flow method, (ii) guideline public company method, and (iii) selected transaction analysis method. In order to estimate the enterprise value using the discounted cash flow analysis approach, the Company’s estimated future cash flow projections through 2024, plus a terminal value calculated using a capitalization rate applied to normalized cash flows were discounted to an assumed present value using our estimated weighted average cost of capital (12%), which represents the internal rate of return. The identified intangible assets of $70,999, which principally consisted of trade names, technology, licenses, and customer relationships, were also valued with the assistance of financial advisors and were estimated based on either the relief-from-royalty or multi-period excess earnings methods. Significant assumptions included discount rates and certain assumptions that form the basis of the forecasted results such as revenue growth rates, margins, customer attrition, and royalty rates. Some of these estimates are inherently uncertain and may be affected by future economic and market conditions. Consolidated Balance Sheet The adjustments set forth in the following consolidated balance sheet as of August 31, 2020 reflect the effects of the transactions contemplated by the Plan and executed on the Fresh Start Reporting Date (reflected in the column entitled “Reorganization Adjustments”) as well as the fair value and other required accounting adjustments resulting from the adoption of fresh start reporting (reflected in the column entitled “Fresh Start Reporting Adjustments”). August 31, 2020 Fresh Start Reporting Adjustments Predecessor Reorganization Adjustments As Reported at September 30, 2020 As Adjusted at December 31, 2020 Successor Assets Current assets Cash and cash equivalents $ 111,427 $ (18,289) (1) $ — $ — $ 93,138 Restricted cash 2,949 21,500 (2) — — 24,449 Trade receivables, net 152,309 — — — 152,309 Other receivables 13,227 — — — 13,227 Accounts receivable, related parties 2,780 — — — 2,780 Inventories, net 861,851 — — — 861,851 Advances to tobacco suppliers, net 44,061 — — — 44,061 Recoverable income taxes 5,830 — — — 5,830 Prepaid expenses 34,350 — — — 34,350 Other current assets 15,059 — — — 15,059 Total current assets 1,243,843 3,211 — — 1,247,054 Restricted cash 389 — — — 389 Investments in unconsolidated affiliates 54,460 — 13,291 30,531 (13) 84,991 Goodwill 6,120 — 48,756 31,815 (14) 37,935 Other intangible assets, net 64,924 — 1,596 6,075 (15) 70,999 Deferred income taxes, net 125 — 9,638 7,484 (16) 7,609 Long-term recoverable income taxes 3,130 — — — 3,130 Other noncurrent assets 45,821 3,139 (3) (310) (310) (17) 48,650 Right-of-use assets 39,576 — (4,281) (4,281) (18) 35,295 Property, plant, and equipment, net 299,293 — (124,965) (125,820) (19) 173,473 Total assets $ 1,757,681 $ 6,350 $ (56,275) $ (54,506) 1,709,525 Liabilities and Stockholders’ Equity Current liabilities Notes payable to banks $ 461,783 $ — $ — $ — $ 461,783 DIP financing 206,700 (206,700) (4) — — — Accounts payable 58,813 334 (5) 25 25 59,172 Accounts payable, related parties 26,125 — — — 26,125 Advances from customers 23,967 — — — 23,967 Accrued expenses and other current liabilities 113,118 (31,853) (6) (1,792) (1,792) (20) 79,473 Income taxes payable 8,319 — — — 8,319 Operating leases payable 11,083 — (992) (992) (21) 10,091 Current portion of long-term debt 90 — — — 90 Total current liabilities 909,998 (238,219) (2,759) (2,759) 669,020 Long-term taxes payable 7,623 — — — 7,623 Long-term debt 277,090 250,546 (7) (15,304) (15,304) (22) 512,332 Deferred income taxes 20,749 91 (8) (10,070) (7,742) (23) 13,098 Liability for unrecognized tax benefits 13,420 — — — 13,420 Long-term leases 25,728 — (2,263) (2,263) (21) 23,465 Pension, postretirement, and other long-term liabilities 71,898 — 3,467 3,467 (24) 75,365 Total liabilities not subject to compromise 1,326,506 12,418 (26,929) (24,601) 1,314,323 Liabilities subject to compromise Debt subject to compromise 635,686 (635,686) (9) — — — Accrued interest on debt subject to compromise 26,156 (26,156) (9) — — — Total liabilities subject to compromise 661,842 (661,842) — — — Total liabilities 1,988,348 (649,424) (26,929) (24,601) 1,314,323 Stockholders’ equity Common Stock— no par value: Predecessor common stock (shares) 9,976 (9,976) — — — Successor common stock (shares) — 25,000 — — 25,000 Predecessor additional paid-in capital 468,147 (468,147) (10) — — — Successor additional paid-in capital — 391,402 (11) — (313) 391,089 Retained deficit (644,250) 728,160 (12) (83,910) (83,910) (25) — Accumulated other comprehensive loss (54,484) — 54,484 54,484 (26) — Total stockholders’ equity (deficit) of Pyxus International, Inc. (230,587) 651,415 (29,426) (29,739) 391,089 Noncontrolling interests (80) 4,359 80 (166) 4,113 Total stockholders’ equity (deficit) (230,667) 655,774 (29,346) (29,905) 395,202 Total liabilities and stockholders’ equity $ 1,757,681 $ 6,350 $ (56,275) $ (54,506) $ 1,709,525 (1) The following summarizes the change in cash and cash equivalents: Proceeds from ABL Credit Facility, net of debt issuance costs $ 26,861 Repayment of DIP Facility (213,418) Proceeds from Term Loan Credit Facility 213,418 Proceeds from 10.0% first lien notes 280,844 Repayment of 8.5% first lien notes (280,844) Payment to fund professional fee escrow account (21,500) Payment of other professional and administrative fees (11,828) Payment of accrued interest on DIP Facility (494) Payment to holders of Predecessor second lien notes that elected the cash option (1,199) Payment to holders of Predecessor common stock (1,000) Payment of accrued interest on prepetition Predecessor first lien notes (9,129) $ (18,289) (2) Represents the funding of an escrow account for professional fees associated with the Chapter 11 Cases. (3) Represents the capitalization of debt issuance costs related to the ABL Credit Facility. (4) Represents the conversion of the DIP Facility that was exchanged for the Term Loans, and accordingly reclassified to long-term debt. (5) Reflects the recognition of payables for professional fees to be paid subsequent to the Company's emergence from Chapter 11 Cases. (6) The following summarizes the net change in accrued expenses and other current liabilities: Payment of accrued interest on the DIP Facility $ (494) Payment of accrued interest on the Predecessor first lien notes (9,129) Settlement of accrued backstop fee through the issuance of common stock (18,000) Reclassification of DIP Facility exit fee to long-term debt (6,718) Recognition of accrued interest from the Effective Date to the Convenience Date 1,044 Accrual for professional fees 1,444 $ (31,853) (7) The following summarizes the changes in long-term debt: Draw on the ABL Credit Facility $ 30,000 Issuance of the Term Loans (1) 213,418 Conversion of redemption fee on Predecessor first lien notes to Successor Notes 5,843 Derecognition of the original issue discount and the debt issuance costs on Predecessor first lien notes 1,285 $ 250,546 (1) Includes $6,718 related to the DIP Facility exit fee (8) Represents the recognition of deferred tax liabilities as a result of the cumulative tax impact of the reorganization adjustments herein. (9) Represents the settlement of liabilities subject to compromise in accordance with the Plan, which resulted in a gain on the discharge of the Predecessor second lien notes as follows: Debt subject to compromise $ 635,686 Accrued interest on debt subject to compromise 26,156 Total second lien notes discharged 661,842 Payment to holders of second lien notes electing cash option (1,199) Value of common stock issued to holders of second lien notes (198,339) Gain on discharge of second lien notes $ 462,304 (10) Represents the cancellation of Predecessor common stock. (11) The changes in Successor additional paid-in capital were as follows: Value of Successor common stock, second lien notes $ 198,339 Value of Successor common stock, other 193,063 $ 391,402 (12) Represents $260,013 of cumulative impact to Predecessor retained deficit as a result of the reorganization adjustments described above and $468,147 for the elimination of Predecessor common stock. (13) Represents fair value adjustments to the Company's equity method investments. (14) Represents reorganization value in excess of value allocable to tangible and intangible assets. (15) Represents the fair value adjustments to recognize the customer relationships, licenses, technology (inclusive of patents and know how), trade names, and internally developed software intangible assets. (16) Represents the recognition of deferred tax assets as a result of the cumulative tax impact of the fresh start adjustments herein. (17) Represents an adjustment to pension assets of ($352), partially offset by other adjustments of $42. (18) Represents the fair value adjustments to right-of-use lease assets. (19) Represents the following fair value adjustments to property, plant, and equipment, net: Predecessor Fair Value Successor Land $ 33,562 $ (104) $ 33,458 Buildings 259,255 (195,797) 63,458 Machinery and equipment 198,708 (122,151) 76,557 Total 491,525 (318,052) 173,473 Less: Accumulated Depreciation (192,232) 192,232 — Total property, plant, and equipment, net $ 299,293 $ (125,820) $ 173,473 (20) Represents the revaluation of the current pension liability of ($1,800), partially offset by an adjustment to financing leases of $8. (21) Represents the Company's recalculation of lease obligations using a higher incremental borrowing rate applicable upon emergence from Chapter 11 Cases and commensurate with the new capital structure. (22) Represents the fair value adjustment to the first lien notes. (23) Represents the adjustment of deferred tax liabilities as a result of the cumulative tax impact of the fresh start valuation adjustments herein. (24) Represents the recalculation of the present value of the Company's pension liability. (25) Represents the cumulative impact of the remeasurement of assets and liabilities from fresh start reporting, $7,631 of tax effect of reorganization items, and the elimination of Predecessor's accumulated other comprehensive losses for the five months ended August 31, 2020. (26) Represents the derecognition of accumulated other comprehensive loss as a result of reorganization pension adjustments, and the elimination of Predecessor's foreign currency translation adjustments. |
Fresh Start Reporting
Fresh Start Reporting | 12 Months Ended |
Mar. 31, 2021 | |
Reorganizations [Abstract] | |
Fresh Start Reporting | Emergence from Voluntary Reorganization under Chapter 11 Bankruptcy Proceedings On June 15, 2020, the Debtors filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware to implement a prepackaged Chapter 11 plan of reorganization in order to effectuate a financial restructuring of the Debtors’ debt. On August 21, 2020, the Bankruptcy Court entered the Confirmation Order pursuant to the Bankruptcy Code, which approved and confirmed the Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Pyxus International, Inc. and Its Affiliated Debtors. Summary Features of the Plan of Reorganization On August 24, 2020 (the “Effective Date”), the Plan became effective in accordance with its terms, and the Debtors emerged from the Chapter 11 Cases. In connection with the satisfaction of the conditions to effectiveness as set forth in the Confirmation Order and the Plan, Old Pyxus completed a series of transactions pursuant to which the business assets and operations of Old Pyxus were vested in a new Virginia corporation, Pyxus Holdings, Inc. (“Pyxus Holdings”), which is a subsidiary of the Company. Under the Plan, all suppliers, vendors, employees, trade partners, foreign lenders, and landlords were unimpaired and were to be satisfied in full in the ordinary course of business, and the existing trade and customer contracts and terms of Old Pyxus were to be maintained by the Company and its subsidiaries. Commencing upon the Effective Date, the Company, through its subsidiaries, continued to operate the Old Pyxus business in the ordinary course. Old Pyxus, which retained no assets, has commenced a dissolution process and is being wound down. Treatment of Claims and Interests The Plan treated claims against and interest in Old Pyxus upon the effectiveness of the Plan as follows: • Other Secured Claims (as defined in the Plan) were either (i) paid in full in cash, (ii) satisfied by delivery of collateral securing any such Claim (as defined in the Plan) and payment of any required interest, or (iii) reinstated. • Other Priority Claims (as defined in the Plan) were paid in full in cash. • Holders of First Lien Notes Claims (as defined in the Plan) received (i) payment in full in cash of all accrued and unpaid interest on such First Lien Notes, and (ii) the Notes (as defined below). • Holders (as defined in the Plan) of Second Lien Notes Claims (as defined in the Plan) received, at the Holder’s election, (i) their pro rata share of the Company's common stock distributed in connection with the effectiveness of the Plan or (ii) cash equal to 2.00% of the principal amount of all Second Lien Notes beneficially owned by such Holder. • Lenders under Foreign Credit Lines (as defined in the Plan) were paid in the ordinary course of business in accordance with the terms of the relevant agreement. • General Unsecured Claims (as defined in the Plan) were paid in the ordinary course of business. • The existing common stock, and rights to acquire common stock, of Old Pyxus was discharged, cancelled, released, and extinguished and of no further force or effect. Third Party Releases Upon the effectiveness of the Plan, certain Holders of Claims and Interests (as such terms are defined in the Plan) with respect to the Debtors, except as otherwise specified in the Plan or Confirmation Order, were deemed to release and discharge the Released Parties (as defined in the Plan) from certain claims, obligations, rights, suits, damages, causes of action and liabilities in connection with the Chapter 11 Cases. Transactions in Connection with Emergence As contemplated by the Plan, certain transactions were effected on or prior to the effectiveness of the Plan, including the following: • Three new Virginia corporations (i.e., the Company (then known as “Pyxus One, Inc.”), Pyxus Parent, Inc. and Pyxus Holdings) were organized. • Pyxus Parent, Inc. issued all of its equity i nterests to the Company in exchange for 25,000 shares of common stock, no par value, of the Company (such common stock is referred to as “New Common Stock” and the 25,000 shares of which are referred to as the “Equity Consideration”). Pyxus Holdings then issued all of its equity interests to Pyxus Parent, Inc. in exchange for the Equity Consideration. • Pyxus Holdings entered into the ABL Credit Agreement (as defined below) to borrow cash under the ABL Credit Facility (as defined below) which together with cash on-hand was sufficient to fund (1) the distributions to holders of Allowed Second Lien Notes Claims (as defined in the Plan) that elected to take the Second Lien Notes Cash Option (as defined in the Plan) and (2) the Existing Equity Cash Pool (as defined in the Plan) (collectively such amount of cash is referred to as the “Cash Con sideration”). • Pursuant to an Asset Purchase Agreement, Old Pyxus transferred to Pyxus Holdings all of its assets (including by assuming and assigning all of Old Pyxus’ Executory Contracts and Unexpired Leases (as such terms are defined in the Plan) to Pyxus Holdings in accordance with the Plan, other than those Executory Contracts and Unexpired Leases that were rejected) and Pyxus Holdings assumed all of Old Pyxus’ obligations that are not discharged under the Plan (including all of Old Pyxus’ obligations to satisfy Allowed Administrative Claims, Allowed Professional Fee Claims, Allowed Other Secured Claims, Allowed Other Priority Claims, Allowed Foreign Credit Line Claims, Allowed General Unsecured Claims, Allowed Debtor Intercompany Claims, and Allowed Debtor Intercompany Claims as set forth in the Plan (as such terms are defined in the Plan)) in exchange for (i) Pyxus Holdings transferring the Equity Consideration to Old Pyxus, (ii) Pyxus Holdings transferring the Cash Consideration to Old Pyxus, (iii) Pyxus Holdings issuing the Notes (as defined below) under the Indenture (as defined below) which, on behalf of Old Pyxus, was issued to the Holders of Allowed First Lien Notes Claims (as defined in the Plan) as set forth in the Plan, and (iv) Pyxus Holdings issuing the Term Loans (as defined below) under the Term Loan Credit Facility (as defined below) which, on behalf of Old Pyxus, was issued to the holders of the DIP Facility Claims (as defined in the Plan) as set forth in the Plan. In addition to the transfer of assets to Pyxus Holdings, Pyxus Holdings made an offer of employment to all employees of Old Pyxus and all such employees became employed by Pyxus Holdings, or a designated subsidiary, upon the effectiveness of the Plan on the same terms and conditions existing immediately prior to the effectiveness of the Plan. • The Company and Pyxus Parent, Inc., along with each applicable subsidiary of the Company, guaranteed the Notes, the Term Loan Credit Facility, and the ABL Credit Facility. • Old Pyxus provided for the distribution of (i) the Notes to the Holders of Allowed First Lien Notes Claims pursuant to the Plan, (ii) approximately 12,500 shares of New Common Stock to Holders of Allowed Second Lien Notes Claims (as defined in the Plan) that elected to receive New Common Stock under the Second Lien Notes Stock Option (as defined in the Plan) pursuant to the Plan, (iii) cash to the Holders of Allowed Second Lien Notes Claims that elected to take or are deemed to elect to take the Second Lien Notes Cash Option (as defined in the Plan), (iv) cash to the Qualifying Holders (as defined in the Plan) of the common stock of Old Pyxus pursuant to the Plan, (v) the Term Loans under the Term Loan Credit Facility and approximately 11,100 shares of New Common Stock to the Holders of the DIP Facility Claims pursuant to the Plan, and (vi) approximately 1,400 shares of New Common Stock in satisfaction of the Second Lien Notes RSA Fee Shares (as defined in the Plan) and in satisfaction of the Backstop Fee Shares (as defined in the Plan) to the persons entitled thereto pursuant to the terms and conditions of the Restructuring Support Agreement, dated June 14, 2020, by and among Old Pyxus and certain of its creditors party thereto, which was filed as Exhibit 10.1 • Old Pyxus changed its name to Old Holdco, Inc., and the Company changed its name to Pyxus International, Inc. • The Company elected a Board of Directors, initially comprising J. Pieter Sikkel, Holly Kim, and Patrick Fallon, and appointed as its officers the individuals serving as officers of Old Pyxus to the same offices held immediately prior to the effectiveness of the Old Plan. The Company as Successor Issuer As a result of these transactions, the Company is deemed to be the successor issuer to Old Pyxus under Rule 12g‑3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result, the shares of New Common Stock were deemed to be registered under Section 12(g) of the Exchange Act and the Company was thereby deemed to be subject to the informational requirements of the Exchange Act, and the rules and regulations promulgated thereunder and, in accordance therewith, is required to file reports and other information with the Securities and Exchange Commission. ABL Credit Facility On the Effective Date, Pyxus Holdings entered into an Exit ABL Credit Agreement (the “ABL Credit Agreement”), dated as of August 24, 2020 by and among, amongst others, Pyxus Holdings, certain lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent to establish an asset-based revolving credit facility (the “ABL Credit Facility”). The ABL Credit Facility may be used for revolving credit loans and letters of credit from time to time up to an initial maximum principal amount of $75,000, subject to certain limitations. The ABL Credit Facility matures on February 24, 2023, subject to potential extension on terms and conditions set forth in the ABL Credit Agreement. Refer to “Note 20. Debt Arrangements” for a description of the ABL Credit Agreement and the ABL Credit Facility. Term Loan Credit Facility On the Effective Date, Pyxus Holdings entered into an Exit Term Loan Credit Agreement (the “Term Loan Credit Agreement”), dated as of August 24, 2020 by and among, amongst others, Pyxus Holdings, certain lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent to establish a term loan credit facility in an aggregate principal amount of approximately $213,418 (the “Term Loan Credit Facility”). The aggregate principal amount of loans outstanding under Debtors’ debtor-in-possession financing facility (the "DIP Facility”), and related fees, were converted into, or otherwise satisfied with the proceeds of, the Term Loan Credit Facility. The loans made under the Term Loan Credit Facility (the “Term Loans”) and the Term Loan Credit Facility mature on February 24, 2025. Re fer to “Note 20. Debt Arrangements” for a description of the Term Loan Credit Agreement, the Term Loan Credit Facility and the Term Loans. Senior Secured First Lien Notes On the Effective Date, Pyxus Holdings issued approximately $280,844 in aggregate principal amount of its 10.00% Senior Secured First Lien Notes due 2024 (the “Notes”) to holders of Allowed First Lien Notes Claims (as defined in the Plan) pursuant to an Indenture (the “Indenture”) dated as of the Effective Date among Pyxus Holdings, the initial guarantors party thereto, and Wilmington Trust, National Association, as trustee, and collateral agent. The Notes mature on August 24, 2024. Refer to “Note 20. Debt Arrangements” for a description of the Notes and the Indenture. Shareholders Agreement On August 24, 2020, the Company entered into a Shareholders Agreement (the “Shareholders Agreement”), among the Company and the investors listed therein, each other beneficial owner of the Company's common stock as of the date of the Shareholder Agreement deemed to be a party thereto pursuant to the Plan and other persons that may from time to time become parties thereto (collectively, the “Investors”). The Shareholders Agreement provides that each of Glendon Capital Management LP (together with its affiliates, the “Glendon Investor”) and Monarch Alternative Capital LP (together with its affiliates, the “Monarch Investor”) shall be entitled to nominate two individuals to serve on the seven-member Board of Directors of the Company so long as it beneficially owns at least 20% of the outstanding shares of the Company's common stock, or one individual to serve as such a director if it beneficially owns fewer than 20% of the outstanding shares but at least 10% of the outstanding shares. The Shareholders Agreement provides that the Investors shall take all necessary action to elect such nominees of each of the Glendon Investor and the Monarch Investor as directors, as well as the election of the chief executive officer of the Company as a director and other individuals qualifying as independent directors to be selected by Investors that beneficially own 5% or more of the outstanding shares of common stock of the Company, as determined by a majority of the shares of the Company's common stock beneficially owned by such Investors. The Shareholders Agreement provides that the chairperson of the Board of Directors of the Company is to be elected by a majority of the directors that had been nominated by the Glendon Investor (the “Glendon Directors”) and those that had been nominated by the Monarch Investor (the “Monarch Directors”), with the chairperson of such Board to be elected by the Board of Directors of the Company if the Glendon Directors and Monarch Directors are together fewer than three in number or fail to appoint a chairperson. The Shareholders Agreement also includes provisions for the removal and replacement of the Glendon Directors at the request of the Glendon Investor and the removal and replacement of the Monarch Directors at the request of the Monarch Director, as well as provisions with respect to the calling and quorum of meetings of the Board of Directors of the Company, membership of committees of the Board of Directors of the Company, and compensation and insurance of members of the Board of Directors of the Company. The Shareholders Agreement also provides for tag-along rights for Investors beneficially owning 1% or more of the outstanding shares of the Company's common stock (the “1% Investors”) upon the transfer by an Investor or group of Investors of 20% or more of the outstanding shares of the Company's common stock, drag-along rights upon the transfer of shares by an Investor or group of Investors of 50% or more of the outstanding shares of the Company's common stock, rights of first offer with respect to the transfer by an Investor, subject to certain exceptions, of 1% or more of the outstanding shares of the Company common stock, pre-emptive rights to the 1% Investors upon issuance of new securities by the Company, and demand and piggyback registration rights. The Shareholders Agreement includes the agreement of the Investors not to transfer shares of common stock of the Company (i) in violation of federal and state securities laws, (ii) in a transfer that would cause the Company to be regarded as an “investment company” under the Investment Company Act of 1940, as amended, (iii) in a transfer, at any time that the In connection with the emergence from Chapter 11 Cases, the Company qualified for fresh start reporting as (i) the holders of existing voting shares of the Predecessor received less than 50% of the voting shares of the Successor Company and (ii) the preliminary reorganization value of the Company's assets immediately prior to confirmation of the Plan was less than the post-petition liabilities and allowed claims. In accordance with ASC 852, with the application of fresh start reporting, the Company allocated the preliminary reorganization value to its individual assets and liabilities based on their estimated fair values. The Effective Date estimated fair values of certain of the Company's assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets. Reorganization Value The reorganization value represents the fair value of the Company’s total assets before considering liabilities and is intended to approximate the amount a willing buyer would pay for the Company’s assets immediately after restructuring. The reorganization value was derived from the enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. As set forth in the Plan, the enterprise value (excluding cash) of the Company was estimated to be in the range of $1,251,000 to $1,524,000 with a midpoint of $1,388,000. The Company estimated its enterprise value to be $1,252,379, which is near the low point of the range. The Company believes utilizing an estimated enterprise value near the low point of the range is appropriate due to the identification of Level 1 trading activity that indicated the estimated enterprise value was near the low point of the range, the Company's performance lagging behind plan (due in part to the continued impact of the COVID-19 pandemic), and the utilization of an increased discount rate for the Other Products and Services long-term projections. The estimated enterprise value is not necessarily indicative of actual value or financial results. Changes in the economy or the financial markets could result in a different estimated enterprise value. The calculated enterprise value relies on the three methodologies listed below collectively. The actual value of the business is subject to certain uncertainties and contingencies that are difficult to predict and will fluctuate with changes in various factors affecting the financial conditions and prospects of the business. The following reconciles the estimated enterprise value to the estimated fair value of the Successor common stock as of the Fresh Start Reporting Date: Enterprise value, excluding cash $ 1,252,379 Plus: cash, cash equivalents, and restricted cash 117,587 Less: fair value of debt (974,205) Fair value of Successor stockholders’ equity $ 395,761 Shares issued upon emergence 25,000 Per share value $ 15.83 The following reconciles estimated enterprise value to the reorganization value of the Successor assets to be allocated to individual assets as of the Fresh Start Reporting Date: Enterprise value, excluding cash $ 1,252,379 Plus: cash, cash equivalents, and restricted cash 117,587 Plus: working capital liabilities 170,905 Plus: other operating liabilities 54,700 Plus: non-operating liabilities 113,954 Reorganization value of Successor assets $ 1,709,525 With the assistance of financial advisors, the Company determined the estimated enterprise value and the corresponding estimated equity value of the Successor by considering various valuation methods, including (i) discounted cash flow method, (ii) guideline public company method, and (iii) selected transaction analysis method. In order to estimate the enterprise value using the discounted cash flow analysis approach, the Company’s estimated future cash flow projections through 2024, plus a terminal value calculated using a capitalization rate applied to normalized cash flows were discounted to an assumed present value using our estimated weighted average cost of capital (12%), which represents the internal rate of return. The identified intangible assets of $70,999, which principally consisted of trade names, technology, licenses, and customer relationships, were also valued with the assistance of financial advisors and were estimated based on either the relief-from-royalty or multi-period excess earnings methods. Significant assumptions included discount rates and certain assumptions that form the basis of the forecasted results such as revenue growth rates, margins, customer attrition, and royalty rates. Some of these estimates are inherently uncertain and may be affected by future economic and market conditions. Consolidated Balance Sheet The adjustments set forth in the following consolidated balance sheet as of August 31, 2020 reflect the effects of the transactions contemplated by the Plan and executed on the Fresh Start Reporting Date (reflected in the column entitled “Reorganization Adjustments”) as well as the fair value and other required accounting adjustments resulting from the adoption of fresh start reporting (reflected in the column entitled “Fresh Start Reporting Adjustments”). August 31, 2020 Fresh Start Reporting Adjustments Predecessor Reorganization Adjustments As Reported at September 30, 2020 As Adjusted at December 31, 2020 Successor Assets Current assets Cash and cash equivalents $ 111,427 $ (18,289) (1) $ — $ — $ 93,138 Restricted cash 2,949 21,500 (2) — — 24,449 Trade receivables, net 152,309 — — — 152,309 Other receivables 13,227 — — — 13,227 Accounts receivable, related parties 2,780 — — — 2,780 Inventories, net 861,851 — — — 861,851 Advances to tobacco suppliers, net 44,061 — — — 44,061 Recoverable income taxes 5,830 — — — 5,830 Prepaid expenses 34,350 — — — 34,350 Other current assets 15,059 — — — 15,059 Total current assets 1,243,843 3,211 — — 1,247,054 Restricted cash 389 — — — 389 Investments in unconsolidated affiliates 54,460 — 13,291 30,531 (13) 84,991 Goodwill 6,120 — 48,756 31,815 (14) 37,935 Other intangible assets, net 64,924 — 1,596 6,075 (15) 70,999 Deferred income taxes, net 125 — 9,638 7,484 (16) 7,609 Long-term recoverable income taxes 3,130 — — — 3,130 Other noncurrent assets 45,821 3,139 (3) (310) (310) (17) 48,650 Right-of-use assets 39,576 — (4,281) (4,281) (18) 35,295 Property, plant, and equipment, net 299,293 — (124,965) (125,820) (19) 173,473 Total assets $ 1,757,681 $ 6,350 $ (56,275) $ (54,506) 1,709,525 Liabilities and Stockholders’ Equity Current liabilities Notes payable to banks $ 461,783 $ — $ — $ — $ 461,783 DIP financing 206,700 (206,700) (4) — — — Accounts payable 58,813 334 (5) 25 25 59,172 Accounts payable, related parties 26,125 — — — 26,125 Advances from customers 23,967 — — — 23,967 Accrued expenses and other current liabilities 113,118 (31,853) (6) (1,792) (1,792) (20) 79,473 Income taxes payable 8,319 — — — 8,319 Operating leases payable 11,083 — (992) (992) (21) 10,091 Current portion of long-term debt 90 — — — 90 Total current liabilities 909,998 (238,219) (2,759) (2,759) 669,020 Long-term taxes payable 7,623 — — — 7,623 Long-term debt 277,090 250,546 (7) (15,304) (15,304) (22) 512,332 Deferred income taxes 20,749 91 (8) (10,070) (7,742) (23) 13,098 Liability for unrecognized tax benefits 13,420 — — — 13,420 Long-term leases 25,728 — (2,263) (2,263) (21) 23,465 Pension, postretirement, and other long-term liabilities 71,898 — 3,467 3,467 (24) 75,365 Total liabilities not subject to compromise 1,326,506 12,418 (26,929) (24,601) 1,314,323 Liabilities subject to compromise Debt subject to compromise 635,686 (635,686) (9) — — — Accrued interest on debt subject to compromise 26,156 (26,156) (9) — — — Total liabilities subject to compromise 661,842 (661,842) — — — Total liabilities 1,988,348 (649,424) (26,929) (24,601) 1,314,323 Stockholders’ equity Common Stock— no par value: Predecessor common stock (shares) 9,976 (9,976) — — — Successor common stock (shares) — 25,000 — — 25,000 Predecessor additional paid-in capital 468,147 (468,147) (10) — — — Successor additional paid-in capital — 391,402 (11) — (313) 391,089 Retained deficit (644,250) 728,160 (12) (83,910) (83,910) (25) — Accumulated other comprehensive loss (54,484) — 54,484 54,484 (26) — Total stockholders’ equity (deficit) of Pyxus International, Inc. (230,587) 651,415 (29,426) (29,739) 391,089 Noncontrolling interests (80) 4,359 80 (166) 4,113 Total stockholders’ equity (deficit) (230,667) 655,774 (29,346) (29,905) 395,202 Total liabilities and stockholders’ equity $ 1,757,681 $ 6,350 $ (56,275) $ (54,506) $ 1,709,525 (1) The following summarizes the change in cash and cash equivalents: Proceeds from ABL Credit Facility, net of debt issuance costs $ 26,861 Repayment of DIP Facility (213,418) Proceeds from Term Loan Credit Facility 213,418 Proceeds from 10.0% first lien notes 280,844 Repayment of 8.5% first lien notes (280,844) Payment to fund professional fee escrow account (21,500) Payment of other professional and administrative fees (11,828) Payment of accrued interest on DIP Facility (494) Payment to holders of Predecessor second lien notes that elected the cash option (1,199) Payment to holders of Predecessor common stock (1,000) Payment of accrued interest on prepetition Predecessor first lien notes (9,129) $ (18,289) (2) Represents the funding of an escrow account for professional fees associated with the Chapter 11 Cases. (3) Represents the capitalization of debt issuance costs related to the ABL Credit Facility. (4) Represents the conversion of the DIP Facility that was exchanged for the Term Loans, and accordingly reclassified to long-term debt. (5) Reflects the recognition of payables for professional fees to be paid subsequent to the Company's emergence from Chapter 11 Cases. (6) The following summarizes the net change in accrued expenses and other current liabilities: Payment of accrued interest on the DIP Facility $ (494) Payment of accrued interest on the Predecessor first lien notes (9,129) Settlement of accrued backstop fee through the issuance of common stock (18,000) Reclassification of DIP Facility exit fee to long-term debt (6,718) Recognition of accrued interest from the Effective Date to the Convenience Date 1,044 Accrual for professional fees 1,444 $ (31,853) (7) The following summarizes the changes in long-term debt: Draw on the ABL Credit Facility $ 30,000 Issuance of the Term Loans (1) 213,418 Conversion of redemption fee on Predecessor first lien notes to Successor Notes 5,843 Derecognition of the original issue discount and the debt issuance costs on Predecessor first lien notes 1,285 $ 250,546 (1) Includes $6,718 related to the DIP Facility exit fee (8) Represents the recognition of deferred tax liabilities as a result of the cumulative tax impact of the reorganization adjustments herein. (9) Represents the settlement of liabilities subject to compromise in accordance with the Plan, which resulted in a gain on the discharge of the Predecessor second lien notes as follows: Debt subject to compromise $ 635,686 Accrued interest on debt subject to compromise 26,156 Total second lien notes discharged 661,842 Payment to holders of second lien notes electing cash option (1,199) Value of common stock issued to holders of second lien notes (198,339) Gain on discharge of second lien notes $ 462,304 (10) Represents the cancellation of Predecessor common stock. (11) The changes in Successor additional paid-in capital were as follows: Value of Successor common stock, second lien notes $ 198,339 Value of Successor common stock, other 193,063 $ 391,402 (12) Represents $260,013 of cumulative impact to Predecessor retained deficit as a result of the reorganization adjustments described above and $468,147 for the elimination of Predecessor common stock. (13) Represents fair value adjustments to the Company's equity method investments. (14) Represents reorganization value in excess of value allocable to tangible and intangible assets. (15) Represents the fair value adjustments to recognize the customer relationships, licenses, technology (inclusive of patents and know how), trade names, and internally developed software intangible assets. (16) Represents the recognition of deferred tax assets as a result of the cumulative tax impact of the fresh start adjustments herein. (17) Represents an adjustment to pension assets of ($352), partially offset by other adjustments of $42. (18) Represents the fair value adjustments to right-of-use lease assets. (19) Represents the following fair value adjustments to property, plant, and equipment, net: Predecessor Fair Value Successor Land $ 33,562 $ (104) $ 33,458 Buildings 259,255 (195,797) 63,458 Machinery and equipment 198,708 (122,151) 76,557 Total 491,525 (318,052) 173,473 Less: Accumulated Depreciation (192,232) 192,232 — Total property, plant, and equipment, net $ 299,293 $ (125,820) $ 173,473 (20) Represents the revaluation of the current pension liability of ($1,800), partially offset by an adjustment to financing leases of $8. (21) Represents the Company's recalculation of lease obligations using a higher incremental borrowing rate applicable upon emergence from Chapter 11 Cases and commensurate with the new capital structure. (22) Represents the fair value adjustment to the first lien notes. (23) Represents the adjustment of deferred tax liabilities as a result of the cumulative tax impact of the fresh start valuation adjustments herein. (24) Represents the recalculation of the present value of the Company's pension liability. (25) Represents the cumulative impact of the remeasurement of assets and liabilities from fresh start reporting, $7,631 of tax effect of reorganization items, and the elimination of Predecessor's accumulated other comprehensive losses for the five months ended August 31, 2020. (26) Represents the derecognition of accumulated other comprehensive loss as a result of reorganization pension adjustments, and the elimination of Predecessor's foreign currency translation adjustments. |
CCAA Proceeding and Deconsolida
CCAA Proceeding and Deconsolidation of Subsidiaries | 12 Months Ended |
Mar. 31, 2021 | |
Reorganizations [Abstract] | |
CCAA Proceeding and Deconsolidation of Subsidiaries | CCAA Proceeding and Deconsolidation of Subsidiaries CCAA Proceeding The order issued by the Court in the CCAA Proceeding on the Order Date included the following relief: • approval for the Canadian Cannabis Subsidiaries to borrow under a debtor-in-possession financing facility (the “Canadian DIP Facility”); • a stay of proceedings in respect of the Canadian Cannabis Subsidiaries, the directors and officers of the Canadian Cannabis Subsidiaries (the “Canadian Directors and Officers”) and the Monitor; and • the granting of super priority charges against the property of the Canadian Cannabis Subsidiaries in favor of: (a) certain administrative professionals; (b) the Canadian Directors and Officers; and (c) the lender under the Canadian DIP Facility for amounts borrowed under the Canadian DIP Facility. On January 29, 2021, the Canadian Court issued an order permitting the Canadian Cannabis Subsidiaries to initiate a sale and investment solicitation process to be conducted by the Monitor and its affiliate to solicit interest in, and opportunities for, a sale of, or investment in, all or substantially all, or one or more components, of the assets and/or the business operations of the Canadian Cannabis Subsidiaries. On May 10, 2021, a definitive agreement for the sale of the assets of Figr Norfolk was entered into for an estimated purchase price of Cdn.$5,000. On June 10, 2021, the Canadian Court approved the sale agreement. The consummation of the sale under this agreement is subject to approval of the buyers by Health Canada and the satisfaction of certain other conditions. On May 25, 2021, a definitive agreement was entered into with a separate buyer for the sale of the outstanding equity of Figr East and certain intangible assets of Figr Brands for an estimated aggregate purchase price of Cdn.$24,750. On June 10, 2021, the Canadian Court approved the sale agreement. On June 25, 2021, Health Canada approved the buyers of Figr East and certain intangible assets of Figr Brands. The consummation of the sale of Figr East and certain intangible assets of Figr Brands occurred on June 28, 2021. The amount of recovery that the Company may receive from the sale of the assets of Figr Norfolk, the sale of the outstanding equity of Figr East, and the sale of certain intangible assets of Figr Brands will be impacted by the amount of claims against the Canadian Cannabis Subsidiaries submitted in the CCAA Proceeding, the extent to which such claims are approved by the Canadian Court, and the extent to which the Company's interest in the Canadian Cannabis Subsidiaries are determined by the Canadian Court to be debt claims entitled to recovery on the same basis as other unsecured creditor claims with respect to the Canadian Cannabis Subsidiaries. Refer to "Note 30. Subsequent Events" for additional information. Canadian DIP Financing Pursuant to the Canadian DIP Facility, another non-U.S. subsidiary of Pyxus (the "DIP Lender") provides Figr Brands with in an initial amount of up to Cdn.$8,000 in secured debtor-in-possession financing to permit Figr Brands, the parent entity of Figr East and Figr Norfolk, to fund the working capital needs of the Canadian Cannabis Subsidiaries in accordance with the cash flow projections approved by the Monitor and the DIP Lender, which following approval by the Canadian Court was increased to Cdn.$16,000. These payments also fund fees and expenses to be paid to the DIP Lender, professional fees and expenses incurred by the Canadian Cannabis Subsidiaries and the Monitor in respect of the CCAA Proceeding, and such other costs and expenses of the Canadian Cannabis Subsidiaries as may be agreed to by the DIP Lender. As of March 31, 2021, the terms of the Canadian DIP Facility included the following: • Loans bear interest at a rate of 8% per annum; • Loans under the Canadian DIP Facility are guaranteed by Figr East and Figr Norfolk; • Loans under the Canadian DIP Facility are secured by all of the properties, assets, and undertakings of the Canadian Cannabis Subsidiaries, as may be reasonably requested by the DIP Lender; • The Canadian DIP Facility expires on September 3, 2021, and all outstanding loans are due and payable at that time; and • Conditions to borrowing, representations, warranties, covenants, and agreements, as well as events of default and remedies, typical for this type of facility for a company in a proceeding under the CCAA. Deconsolidation of Subsidiaries While the Canadian Cannabis Subsidiaries have been majority owned by the Company, the administration of the CCAA Proceeding, including the Canadian Court’s appointment of the Monitor and the related authority of the Monitor, including approval rights with respect to significant actions of the Canadian Cannabis Subsidiaries during the pendency of the CCAA Proceeding, resulted in the Company losing control (in accordance with U.S. GAAP) of the Canadian Cannabis Subsidiaries, and the deconsolidation of the Canadian Cannabis Subsidiaries’ assets and liabilities and elimination of their equity components from the Company’s consolidated financial statements as of January 21, 2021. The Canadian Cannabis Subsidiaries’ financial results are included in the Company’s consolidated results through January 20, 2021, which is the day prior to the Order Date. Prior to the deconsolidation of the Canadian Cannabis Subsidiaries, they comprised an operating segment within the Other Products and Services reportable segment. Prior to the deconsolidation, the carrying value of the Company's related party note receivable from the Canadian Cannabis Subsidiaries was $153,860. The Company fully impaired its equity investment in the Canadian Cannabis Subsidiaries, effective as of the Order Date, based on the Canadian Cannabis Subsidiaries carrying a retained deficit of $77,518 and based on offers the Company received to buy the Canadian Cannabis Subsidiaries or certain assets and the allocation of consideration among the assets to be sold, as reflected in the sales agreements approved by the Canadian Court. Following consummation of the contemplated sales of the Canadian Cannabis Subsidiaries, and after repayment of the Canadian DIP Facility and satisfaction of administrative expenses from the CCAA Proceeding, the Company estimated recovering aggregate net cash consideration of $6,100, which represents the fair value of the related party note receivable retained by the Company. As a result, the Company recorded a net loss of $70,242 for the year ended March 31, 2021 associated with the deconsolidation of the Canadian Cannabis Subsidiaries, which was calculated as follows: Carrying value of related party note receivable $ 153,860 Fair value of related party note receivable 6,100 Impairment of related party note receivable (147,760) Gain on elimination of retained deficit 77,518 Loss on deconsolidation $ (70,242) The amount of recovery with respect to the related-party note receivable is dependent on the actual amount of administrative claims in the CCAA Proceeding, the amount of claims of unsecured creditors against the Canadian Cannabis Subsidiaries submitted in the CCAA Proceeding, the extent to which such claims are approved by the Canadian Court, and the extent to which the Company’s interest in the Canadian Cannabis Subsidiaries are determined by the Canadian Court to be debt claims entitled to recovery on the same basis as other unsecured creditor claims with respect to the Canadian Cannabis Subsidiaries, all of which matters are presently uncertain. In the event the Company's interests are not so treated as debt claims by the Canadian Court, the Company may be unable to recover a substantial portion or all of the estimated fair value of the related-party note receivable and may incur additional impairment with respect thereto. Upon deconsolidation, the Company accounted for its investment in the Canadian Cannabis Subsidiaries using the cost method of accounting. While the Company was the largest creditor and the majority shareholder of the Canadian Cannabis Subsidiaries, the claims of each creditor in the CCAA Proceeding were impaired, other than claims under the Canadian DIP Facility and certain administrative claims. In addition, as result of the sale transactions, the Company did not regain control of the businesses operated by the Canadian Cannabis Subsidiaries after their emergence from the CCAA Proceeding. Lastly, the Canadian Court (not the Company) had the final authority to approve or reject a plan to sell the Canadian Cannabis Subsidiaries, which occurs upon the approval of a Plan of Liquidation by the Canadian Court. As a result, the Company did not exercise significant influence over the operating and financial decisions of the Canadian Cannabis Subsidiaries due to the commencement of the CCAA Proceeding and the appointment of the Monitor. Related Party Relationship The commencement of the CCAA Proceeding, the appointment of the Monitor, and the subsequent deconsolidation of the Canadian Cannabis Subsidiaries results in transactions with the Canadian Cannabis Subsidiaries no longer being eliminated in consolidation. As such, transactions between the Company and the Canadian Cannabis Subsidiaries are treated as related-party transactions. Refer to "Note 28. Related Party Transactions" for transactions between the Company and the Canadian Cannabis Subsidiaries from January 21, 2021 to March 31, 2021. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue RecognitionProduct revenue is primarily processed tobacco sold to the customer. Processing and other revenues are mainly contracts to process customer-owned green tobacco. During processing, ownership remains with the customers. Other products and services revenue is primarily composed of revenue from the sale of legal cannabis in Canada (for periods prior to the deconsolidation of the Canadian Cannabis Subsidiaries) and e-liquids product revenue. The following disaggregates sales and other operating revenues by major source: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Leaf - North America: Product revenue $ 113,431 $ 51,211 $ 192,545 Processing and other revenues 23,764 6,523 32,162 Total sales and other operating revenues 137,195 57,734 224,707 Leaf - Other Regions: Product revenue 701,076 355,902 1,236,041 Processing and other revenues 26,175 24,595 46,575 Total sales and other operating revenues 727,251 380,497 1,282,616 Other Products and Services: Total sales and other operating revenues 19,882 9,369 19,938 Total sales and other operating revenues $ 884,328 $ 447,600 $ 1,527,261 Significant Judgments The following summarizes activity in the claims allowance: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Balance, beginning of period $ 880 $ 1,130 $ 1,460 Additions 2,963 642 2,018 Payments (2,013) (892) (2,348) Balance, end of period $ 1,830 $ 880 $ 1,130 Contract Balances The following summarizes activity in the allowance for expected credit losses: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Balance, beginning of period $ (15,361) $ (15,893) $ (13,381) Additions (5,809) — (8,644) Write-offs 270 532 6,132 Balance, end of period (20,900) (15,361) (15,893) Trade receivables 196,812 167,670 242,635 Trade receivables, net $ 175,912 $ 152,309 $ 226,742 Taxes Collected from Customers Value-added taxes were $21,819, $25,187, and $23,188 for the years ended March 31, 2021, 2020, and 2019, respectively. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | Other Income (Expense), Net The following summarizes the significant components of other income (expense), net: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Other sales of assets and expenses $ (9,384) $ (678) $ (10,053) $ 2,497 Sales of Brazilian intrastate trade tax credits — 2,938 9,039 10,418 Foreign currency gain on Figr related party note 14,902 — — — Loss on settlement for Brazilian IPI credits (12,666) — — — Gain on sales of fixed assets 310 112 6,539 2,080 Loss on sale of receivables (2,784) (2,907) (4,803) (6,816) Gain (loss) from insurance claims 7 (4) 1,411 6,038 Total $ (9,615) $ (539) $ 2,133 $ 14,217 Refer to "Note 21. Securitized Receivables" and "Note 26. Contingencies and Other Information" for additional information. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment Charges | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Asset Impairment Charges | Restructuring and Asset Impairment Charges The Company continues to focus on efficiency and cost savings across its business. During the year ended March 31, 2021, the Company commenced actions to cease operations of its industrial hemp businesses, including the production and sale of products containing extracts of industrial hemp, including CBD products, by its subsidiary, Criticality LLC (“Criticality”). In addition, Pyxus continued its focus on company-wide cost saving initiatives. The employee separation and impairment charges are primarily related to continued restructuring of certain U.S. operations, which included Criticality, and certain African operations. During the year ended March 31, 2020, the Company announced a cost saving initiative and restructuring plan to repurpose a processing facility in South America for storage and special projects and process tobacco under a third-party arrangement going forward. During the year ended March 31, 2019, the Company incurred costs associated with the closing of a processing facility in Europe to process tobacco under a third-party arrangement going forward and the consolidation of the Company's U.S. green tobacco processing operations into its Wilson, North Carolina facility and the repurposing of its Farmville, North Carolina facility for storage and special projects. The following summarizes the Company's restructuring and asset impairment charges: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Beginning balance $ 567 $ 407 $ 1,843 $ 107 Period Charges: Employee separation charges (recoveries) 7,816 353 4,592 4,055 Payments (3,773) (193) (6,028) (2,319) Ending balance $ 4,610 $ 567 $ 407 $ 1,843 Asset impairment and other noncash charges 4,001 213 1,054 891 Total restructuring and asset impairment charges $ 11,817 $ 566 $ 5,646 $ 4,946 The following summarizes the employee separation and other cash charges by reportable segment: Successor Seven months ended March 31, 2021 Five months ended August 31, 2020 Other Products and Services Leaf - North America Leaf - Other Regions Other Products and Services Leaf - North America Leaf - Other Regions Beginning balance $ — $ 312 $ 255 $ — $ — $ 407 Period charges (recoveries) 2,209 2,419 3,188 — 312 40 Payments (68) (1,325) (2,380) — — (192) Ending balance $ 2,141 $ 1,406 $ 1,063 $ — $ 312 $ 255 Predecessor Year Ended March 31, 2020 Year Ended March 31, 2019 Leaf - North America Leaf - Other Regions Leaf - North America Leaf - Other Regions Beginning balance $ 1,621 $ 222 $ — $ 107 Period charges (recoveries) 8 4,584 2,668 1,387 Payments (1,629) (4,399) (1,047) (1,272) Ending balance $ — $ 407 $ 1,621 $ 222 The following summarizes asset impairment and other noncash charges: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Leaf - North America $ — $ 17 $ — $ 545 Leaf - Other Regions 1,036 196 772 346 Other Products and Services 2,965 — 282 — Total $ 4,001 $ 213 $ 1,054 $ 891 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As described in “ Note 3. Emergence from Voluntary Reorganization under Chapter 11 ”, on August 24, 2020, as part of the Chapter 11 plan of reorganization, Old Pyxus completed a series of transactions pursuant to which the business assets and operations of Old Pyxus were vested in a new Virginia corporation, Pyxus Holdings, which is an indirect subsidiary of the Company. Under the Plan, suppliers, vendors, employees, trade partners, foreign lenders and landlords were unimpaired and were to be satisfied in full in the ordinary course of business, and the existing trade and customer contracts and terms of Old Pyxus were to be maintained by the Company and its subsidiaries. Commencing upon the Effective Date, the Company, through its subsidiaries, continued to operate the Old Pyxus business in the ordinary course. Old Pyxus, which retained no assets, has commenced a dissolution and is being wound down. The tax attributes generated by Old Pyxus’ foreign subsidiaries (net operating loss carryforwards and income tax credits) survived the Chapter 11 proceedings and the Company expects, to the extent that a valuation allowance is not applicable, to use these tax attributes to reduce future tax liabilities. With regard to the U.S., tax attributes not utilized as part of the Chapter 11 proceedings or asset sale to Pyxus Holdings pursuant to the Plan will expire unutilized. The Company entered into a transfer agreement with Old Pyxus to transfer and assume the liability for unpaid installments payments of Old Pyxus under Internal Revenue Code Section 965(h) (i.e. transition tax) in the amount of $8,543. Accounting for Uncertainty in Income Taxes The following summarizes the changes to unrecognized tax benefits: Successor Predecessor Year ended Year ended Year ended Balance at April 1 $ 19,481 $ 11,663 $ 8,342 Increase for current year tax positions 4,232 6,425 447 Increase (reductions) for prior year tax positions 128 4,177 7,048 Impact of changes in exchange rates (107) (1,226) (227) Reduction for settlements (130) (1,558) (3,947) Reorganization and Fresh Start Reporting (5,246) — — Balance at March 31 (1) $ 18,358 $ 19,481 $ 11,663 (1) As of March 31, 2021, $14,771 would impact the Company’s effective tax rate, if recognized. The following summarizes changes in the Company's accrued interest and penalties for unrecognized tax benefits: Interest Penalties Balance at March 31, 2020 (Predecessor) $ 1,209 $ 815 Impact of changes in exchange rates (35) (54) Reduction for expiration of statute of limitations (71) (136) Other 371 145 Balance at March 31, 2021 (Successor) $ 1,474 $ 770 To the extent that they represent an underpayment of taxes, the Company expects to continue accruing interest expenses related to the remaining unrecognized tax benefits. During the fiscal year ended March 31, 2021, the Company’s total liability for unrecognized tax benefits, including the related interest and penalties, and associated exchange losses, decreased from $21,505 to $20,602. The change in the liability for unrecognized tax benefits was primarily driven by a reduction of reserves recorded in the U.S. of $5,246, expiration of statute of limitations of approximately $354 and was partially offset by increases for new foreign positions of approximately $4,619. The Company does not foresee settling material positions currently accrued for in the next twelve months. However, it is reasonably possible that the Company's unrecognized tax benefits may decrease in the next twelve months by $288 due to the expiration of the statute of limitations. As the various taxing authorities continue with their examination process, the Company will adjust its reserves accordingly to reflect the current status. In certain jurisdictions, tax authorities have challenged filing positions that that resulted in recognizing benefits that are material to its financial statements. However, the Company believes it is more likely than not that it will prevail in these situations and accordingly has not recorded liabilities for these positions. The Company expects the challenged positions to be settled at a time greater than twelve months from its balance sheet date. The Company and its subsidiaries file a U.S. federal consolidated income tax return as well as returns in several U.S. states and a number of foreign jurisdictions. As of March 31, 2021, the Company’s earliest open tax year for U.S. federal income tax purposes was its fiscal year ended March 31, 2018. Open tax years in state and foreign jurisdictions generally range from three to six years. In applicable jurisdictions, the Company’s tax attributes from prior periods remain subject to adjustment Income Tax Provision The components of loss before income taxes, equity in net income of investee companies, and minority interests consisted of the following: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended U.S. $ (54,688) $ 28,350 $ (111,532) $ (86,315) Non-U.S. (86,978) (12,341) (32,883) 43,398 Total $ (141,666) $ 16,009 $ (144,415) $ (42,917) The details of the amount shown for income taxes in the statements of consolidated operations and comprehensive loss are as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Current Federal $ 142 $ 135 $ (1,115) $ 2,018 State — — — — Non-U.S. 13,424 10,718 22,065 22,741 Total Current 13,566 10,853 20,950 24,759 Deferred Federal 6,370 (6,823) 102,658 6,129 State — — — — Non-U.S. (6,721) (3,738) 8,181 6,952 Total Deferred (351) (10,561) 110,839 13,081 Total $ 13,215 $ 292 $ 131,789 $ 37,840 The reasons for the difference between income tax expense based on income before income taxes, equity in net income of investee companies, and minority interests and the amount computed by applying the U.S. statutory federal income tax rate to income are as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Tax benefit at U.S. statutory rate $ (29,750) $ 3,362 $ (30,328) $ (9,013) Effect of non-U.S. income taxes (9,659) (1,914) (1,951) 462 Tax on future remittances 3,305 (583) 10,561 (1,038) Foreign tax credits — — 78 (173) Change in valuation allowance 16,990 2,124 117,553 17,622 Increase in reserves for uncertain tax positions 1,264 1,346 10,807 5,304 Change in tax rates (934) 1,451 822 (66) Exchange effects and currency translation 5,778 4,555 10,896 12,904 Permanent items 1,547 314 3,791 (677) Benefit (expense) on income tax payable/recoverable adjustments — — 810 (1,163) Deductible dividends (889) (1,237) (2,140) (3,046) Withholding tax expense 1,797 584 2,225 2,577 Benefit of other tax credits (222) (339) (721) (377) Nondeductible interest 1,533 915 2,767 1,624 Transition tax after foreign tax credits — — (1,227) 1,827 U.S. taxes on non-U.S. earnings 214 — 2,071 11,073 Goodwill impairment — — 5,775 — Reorganization/Fresh Start Reporting 38 (10,286) — — Canadian Cannabis Subsidiaries Deconsolidation 22,203 — — — Actual tax expense (benefit) $ 13,215 $ 292 $ 131,789 $ 37,840 The following summarizes deferred tax (liabilities) assets: Successor Predecessor March 31, 2021 March 31, 2020 Deferred tax assets: Reserves and accruals $ 20,998 $ 11,418 Tax credits 252 1,486 Tax loss carryforwards 6,792 93,024 Derivative transactions 1,157 698 Postretirement and other benefits 787 15,586 Unrealized exchange loss — 7,296 Non-deductible interest carryforward 16,446 28,364 Fixed assets 5,101 — Other 2,453 5,209 Gross deferred tax assets 53,986 163,081 Valuation allowance (25,273) (151,058) Total deferred tax assets $ 28,713 $ 12,023 Deferred tax liabilities: Unremitted earnings of foreign subsidiaries $ (28,779) $ (17,254) Intangible assets (2,510) (12,251) Fixed assets — (5,419) Unrealized exchange gains (1,063) — Other (2,242) — Total deferred tax liabilities $ (34,594) $ (34,924) Net deferred tax liability $ (5,881) $ (22,901) The following summarizes the breakdown between deferred tax assets (liabilities): Successor Predecessor March 31, 2021 March 31, 2020 Noncurrent asset $ 7,063 $ 2 Noncurrent liability (12,944) (22,903) Net deferred tax liability (asset) $ (5,881) $ (22,901) During the year ended March 31, 2021, the net deferred tax liability balance decreased by $6,108 for certain adjustments not included in the deferred tax expense. The adjustments are primarily related to the Company’s emergence from U.S. Chapter 11 bankruptcy and resulting fresh start reporting, deferred tax assets related to pension accruals recorded in equity as part of other comprehensive income loss, and currency translation adjustments. The following summarizes the change in the Company's valuation allowance for deferred tax assets: Balance at March 31, 2018 (Predecessor) $ 19,742 Changes to expenses 18,073 Changes to other accounts (2) (156) Deductions (1) (1,135) Balance at March 31, 2019 (Predecessor) $ 36,524 Changes to expenses (4) 117,633 Changes to other accounts (2) (1,207) Deductions (1) (1,926) Other 34 Balance at March 31, 2020 (Predecessor) $ 151,058 Changes to expenses 19,114 Changes to other accounts (1)(2) 1,057 Deductions (3) (145,957) Other 1 Balance at March 31, 2021 (Successor) $ 25,273 (1) Currency translation and direct write-off. (2) Accumulated other comprehensive loss. (3) Release of valuation allowance related to emergence from U.S. Chapter 11 Bankruptcy and related fresh start reporting as well as deconsolidation of the Canadian Cannabis Subsidiaries. (4) Build of global valuation allowances related to the Company’s financial position. Realization of deferred tax assets is dependent on generating sufficient taxable income in the appropriate timeframe and of the appropriate character. The Company believes that it is more likely than not that a portion of the deferred tax assets will be realized, but realization of all tax assets is not assured. As a result, the Company has recorded a valuation allowance on its deferred tax assets not expected to be realized. The valuation allowance decreased primarily due to the Company’s emergence from U.S. Chapter 11 bankruptcy and related fresh start reporting resulting in a decrease of $120,744. Additionally, the Company deconsolidated the Canadian Cannabis Subsidiaries resulting in a valuation allowance reduction of $23,089. The following table summarizes the amount and expiration dates of our operating loss carryforwards at March 31, 2021: Expiration Date Amounts U.S. federal and state net operating loss carryforwards 2022-2026 — U.S. federal and state net operating loss carryforwards Thereafter 6 U.S. federal and state net operating loss carryforwards Indefinite 14,477 Non-U.S. net operating loss and tax credit carryforwards 2021-2026 6,326 Non-U.S. net operating loss and tax credit carryforwards Thereafter 6,465 Non-U.S. net operating loss and tax credit carryforwards Indefinite 13,446 Total $ 40,720 The Company is recognizing a tax benefit related to tax losses generated in the current year of $536 to be utilized in foreign jurisdictions. Under current U.S. tax regulations, in general, repatriation of foreign earnings to the U.S. can be completed with no material incremental U.S. tax. However, repatriation of foreign earnings could subject the Company to U.S. state and non-U.S. jurisdictional taxes (including withholding taxes) on distributions or sales of minority owned investments. As of March 31, 2021, the Company has recorded a deferred tax liability of $28.8 million for the estimated tax costs associated with the expected repatriation of the Company’s non-indefinitely reinvested foreign earnings. No provision has been recorded for U.S. or foreign tax costs associated with closing any book over tax basis difference with respect to foreign subsidiary unremitted earnings and profits where an indefinite reinvestment assertion is being made on the basis that this group of foreign subsidiaries either does not expect to have any available excess cash and cash equivalents to remit in the foreseeable future or has specific |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | (Loss) Earnings Per Share The following summarizes the computation of (loss) earnings per share: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Basic (loss) earnings per share: Net (loss) income attributable to Pyxus International, Inc. $ (136,686) $ 19,037 $ (264,661) $ (70,467) Shares: Weighted Average Number of Shares Outstanding 25,000 9,976 9,148 9,054 Basic (loss) earnings per share $ (5.47) $ 1.91 $ (28.93) $ (7.78) Diluted (loss) earnings per share: Net (loss) income attributable to Pyxus International, Inc. $ (136,686) $ 19,037 $ (264,661) $ (70,467) Shares: Weighted average number of shares outstanding (1) 25,000 9,976 9,148 9,054 Plus: Restricted shares issued and shares applicable to stock options and restricted stock units, net of shares assumed to be purchased from proceeds at average market price (2) — 16 — — Adjusted weighted average number of shares outstanding 25,000 9,992 9,148 9,054 Diluted (loss) earnings per share $ (5.47) $ 1.91 $ (28.93) $ (7.78) (1) 0, 785, 785, and 785 shares of common stock were owned by a wholly owned subsidiary as of March 31, 2021, August 31, 2020, and March 31, 2020 and 2019, respectively. (2) Outstanding restricted shares, shares applicable to stock options, and restricted stock units are excluded because their inclusion would have an antidilutive effect on the loss per share. The dilutive shares would have been 0 and 23 for the years ended March 31, 2021 and 2020, respectively. Certain potentially dilutive options were not included in the computation of (loss) earnings per diluted share because their effect would be antidilutive. Potential common shares are also considered antidilutive in the event of a net loss. The number of potential shares outstanding that were considered antidilutive and that were excluded from the computation of diluted (loss) earnings per share, weighted for the portion of the period they were outstanding were as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Antidilutive stock options and other awards — 427 427 427 Antidilutive stock options and other awards under stock-based compensation programs excluded based on reporting a net loss for the period — — 25 — Total common stock equivalents excluded from diluted loss per share — 427 452 427 Weighted average exercise price $ — $ 56.86 $ 56.64 $ 60.00 |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The following summarizes the composition of restricted cash: Successor Predecessor March 31, 2021 March 31, 2020 Compensating balance for short-term borrowings $ 1,017 $ 893 Escrow 3,459 1,450 Other 532 532 Total $ 5,008 $ 2,875 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net The following summarizes the composition of inventories, net: Successor Predecessor March 31, 2021 March 31, 2020 Processed tobacco $ 534,711 $ 485,764 Unprocessed tobacco 156,915 178,782 Other tobacco related 25,979 24,071 Other (1) 10,288 41,402 Total $ 727,893 $ 730,019 |
Advances to Tobacco Suppliers,
Advances to Tobacco Suppliers, Net | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Advances to Tobacco Suppliers, Net | Advances to Tobacco Suppliers, Net The mark-up and interest on advances to tobacco suppliers, net capitalized, or to be capitalized into inventory for the current crop, were $14,139 and $15,468 as of March 31, 2021 and 2020, respectively. Unrecoverable advances and other costs capitalized, or to be capitalized into the current crop, were $6,183 and $6,916 as of March 31, 2021 and 2020, respectively. The following summarizes the classification of advances to tobacco suppliers: Successor Predecessor March 31, 2021 March 31, 2020 Current $ 43,569 $ 38,877 Noncurrent 477 1,076 Total $ 44,046 $ 39,953 There were $1,550 , $(68) , and $171 of |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Criticality On December 18, 2017, the Company completed a purchase of a 40.0% interest in Criticality, a North Carolina-based industrial hemp company that is engaged in CBD extraction and other applications for industrial hemp in accordance with a pilot program authorized under the federal Agriculture Act of 2014 and applicable North Carolina law. On April 22, 2020, the Company acquired the remaining 60.0% of the equity in Criticality in exchange for consideration consisting of $5,000 cash and $7,450 for the settlement of the Company's note receivable from Criticality, subject to certain post-closing adjustments. The acquisition of Criticality was a business combination achieved in stages, which required the Company to remeasure its previously he ld equity interest in Criticality at its acquisition date fair value. This remeasurement resulted in a loss of approximately $2,667 bei ng recorded in other income (expense), net within the consolidated statements of operations for the five months ended August 31, 2020. The assets and liabilities were recorded at their fair value. Following the acquisition, the Company recorded certain post-closing purchase price adjustments. The intent of the acquisition was to allow the Company to expand its industrial hemp production and product portfolio. The following summarizes the fair values of the assets acquired and liabilities assumed as of April 22, 2020: Cash and cash equivalents $ 195 Accounts receivable 1,528 Advances to suppliers 1,043 Inventories 3,823 Other current assets 181 Property, plant, and equipment 5,060 Goodwill 6,120 Total assets acquired 17,950 Accounts payable 1,654 Notes payable 7,450 Other current liabilities 513 Total liabilities 9,617 Fair value of equity interest $ 8,333 The following summarizes the revenue, operating loss, and net loss for Criticality as well as the resulting impact to basic and diluted (loss) earnings per share: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Revenue 139 — Operating loss (5,713) (3,117) Net loss (12,224) (3,317) Impact to (loss) earnings per share: Basic (0.49) (0.33) Diluted (0.49) (0.33) In December 2020, the Company commenced actions to exit operations of the industrial hemp businesses, including the production and sale of products containing extracts of industrial hemp, including CBD products, by Criticality. Refer to “Note 8. Restructuring and Asset Impairment Charges” for additional information. Figr East On January 25, 2018, a Canadian subsidiary of the Company, acquired 75.0% of the equity in Figr East. Figr East is fully licensed to produce and sell medicinal cannabis in the Canadian Province of Prince Edward Island. On March 22, 2019, the Canadian subsidiary of the Company acquired an additional 18.0% interest in Figr East for $13,470 in cash. On October 15, 2019, the Canadian subsidiary of the Company acquired an additional 1.2% interest in Figr East for $911 in cash. As result of these equity positions acquired, the subsidiary's ownership level in Figr East increased to 94.3%. Transaction costs associated with the acquisition of additional interest are expensed as incurred within selling, general, and administrative expenses in the consolidated statements of operations. Below are the effects of changes in the Company’s ownership interest in Figr East on the Company’s equity: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Net (loss) income attributable to Pyxus International, Inc. shareholders $ (136,686) $ 19,037 $ (264,661) $ (70,467) Decrease in Pyxus International, Inc. equity for purchase of 22.3522 shares in 2019 and 1.4972 shares in 2020 of Figr East: Paid in capital — — (528) (6,056) Accumulated other comprehensive income (loss) — — 33 (461) Change from net (loss) income attributable to Pyxus International, Inc. shareholders and transfer from noncontrolling interest $ (136,686) $ 19,037 $ (265,156) $ (76,984) On May 10, 2021, a definitive agreement for the sale of the assets of Figr Norfolk was entered into for an estimated purchase price of Cdn.$5,000. On June 10, 2021, the Canadian Court approved the sale agreement. The consummation of the sale under this agreement is subject to approval of the buyers by Health Canada and the satisfaction of certain other conditions. On May 25, 2021, a definitive agreement was entered into with a separate buyer for the sale of the outstanding equity of Figr East and certain intangible assets of Figr Brands for an estimated aggregate purchase price of Cdn.$24,750. On June 10, 2021, the Canadian Court approved the sale agreement. On June 25, 2021, Health Canada approved the buyers of Figr East and certain intangible assets of Figr Brands. The consummation of the sale of Figr East and certain intangible assets of Figr Brands occurred on June 28, 2021. Refer to "Note 30. Subsequent Events" for additional information. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments The following summarizes the Company's equity method investments as of March 31, 2021: Investee Name Location Primary Purpose The Company's Ownership Percentage Basis Difference (1) Adams International Ltd. Thailand purchase and process tobacco 49 % $ (4,526) Alliance One Industries India Private Ltd. India purchase and process tobacco 49 % (5,770) China Brasil Tobacos Exportadora SA Brazil purchase and process tobacco 49 % 46,973 Oryantal Tutun Paketleme Turkey process tobacco 50 % (416) Purilum, LLC U.S. produce flavor formulations and consumable e-liquids 50 % 4,589 Siam Tobacco Export Company Thailand purchase and process tobacco 49 % (6,098) (1) The basis difference for the Company's equity method investments is primarily due to $30,531 of fair value adjustments from fresh start reporting. The following summarizes financial information for these equity method investments: Successor Predecessor Operations statement: Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales $ 217,232 $ 67,553 $ 293,163 $ 332,245 Gross profit 49,778 14,151 50,209 52,309 Net income 26,728 5,869 16,667 22,855 Company's dividends received 317 5,104 7,348 7,300 Successor Predecessor Balance sheet: March 31, 2021 March 31, 2020 Current assets $ 224,106 $ 145,207 Property, plant, and equipment and other assets 43,648 56,481 Current liabilities 138,833 82,377 Long-term obligations and other liabilities 3,937 6,296 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The following summarizes the Company's financial relationships with its unconsolidated variable interest entities: Successor Predecessor March 31, 2021 March 31, 2020 Investments in variable interest entities $ 89,560 $ 62,407 Receivables with variable interest entities 13,497 10,099 Guaranteed amounts to variable interest entities (not to exceed) 56,067 59,792 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net The following summarizes the changes in the Company's goodwill and other intangible assets, net: Amortizable Intangibles Goodwill Customer Relationships Production and Supply Contracts Technology Licenses Trade Names Total Weighted average remaining useful life in years as of March 31, 2021 11.10 0.00 6.66 0.00 13.42 March 31, 2019 balance: Gross carrying amount $ 34,720 $ 63,980 $ 7,000 $ 19,917 $ 33,330 $ 500 $ 159,447 Accumulated amortization — (29,027) (2,775) (18,391) (1,644) (63) (51,900) Impact of foreign currency translation (384) — — — (1,046) (1,430) Net March 31, 2019 balance (Predecessor) 34,336 34,953 4,225 1,526 30,640 437 106,117 Additions — — — 2,468 195 — 2,663 Amortization expense — (4,022) (549) (691) (1,666) (63) (6,991) Impairment (33,759) — — — — — (33,759) Impact of foreign currency translation (577) — — — (1,505) — (2,082) Net March 31, 2020 balance (Predecessor) — 30,931 3,676 3,303 27,664 374 65,948 Additions (1) 6,120 — — — — — 6,120 Amortization expense — (1,675) (71) (497) (980) (25) (3,248) Impact of foreign currency translation — — — 41 2,183 — 2,224 Fresh Start Adjustment (6,120) (29,256) (3,605) (2,847) (28,867) (349) (71,044) Net August 31, 2020 (Predecessor) $ — $ — $ — $ — $ — $ — $ — September 1, 2020 balance (Successor) $ 37,935 $ 29,200 $ — $ 11,000 $ 19,000 $ 11,800 $ 108,935 Additions — — — 4,080 — — 4,080 Amortization expense — (1,470) — (2,222) (924) (497) (5,113) Deconsolidation of Canadian Cannabis Subsidiaries — — — — (18,076) (474) (18,550) Impairment (1,082) — — — — — (1,082) Net March 31, 2021 balance (Successor) $ 36,853 $ 27,730 $ — $ 12,858 $ — $ 10,829 $ 88,270 (1) Goodwill activity relates to the Other Products and Services segment. Goodwill As of January 1, 2021, the Company performed its annual assessment of goodwill for its reporting units. The assessment of qualitative factors indicated that it was more likely than not that the fair value of each reporting unit exceeded its carrying value. Due to the commencement of the CCAA Proceeding, the Company concluded that a triggering event occurred during the fourth quarter of fiscal 2021. The Company performed a test of its goodwill for impairment for the reporting unit that consisted on the Canadian Cannabis Subsidiaries as of January 21, 2021. Based on the possible outcomes of the CCAA Proceeding, the Company performed a probability-weighted forecast of the reporting unit’s estimated net cash flows using assumptions about the reasonably possible outcomes of the CCAA Proceeding and concluded that the fair value of the reporting unit would not exceed the carrying value of its net assets (excluding goodwill) and therefore the entire goodwill balance of $1,082 allocated to the reporting unit was impaired as of January 21, 2021. Other Intangible Assets, Net The carrying value of other intangible assets as of March 31, 2021 represents customer relationships, internally developed software, licenses, and trade names. The following summarizes amortization expense from finite-lived intangible assets: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Amortization expense $ 5,113 $ 3,248 $ 6,991 $ 7,943 The following summarizes the estimated intangible asset amortization expense for the next five years and beyond: For Fiscal Years Ended Customer Relationships Technology (1) Trade Names Total 2022 $ 2,519 $ 2,233 $ 807 $ 5,559 2023 2,519 1,970 807 5,296 2024 2,519 1,970 807 5,296 2025 2,519 1,819 807 5,145 2026 2,519 1,542 807 4,868 Later 15,135 3,324 6,794 25,253 $ 27,730 $ 12,858 $ 10,829 $ 51,417 (1) Estimated amortization expense for technology is based on costs accumulated as of March 31, 2021. These estimates will change as new costs are incurred and until the software is placed into service in all locations. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company does not have material finance leases. The following summarizes weighted-average information associated with the measurement of remaining operating leases: Successor Predecessor March 31, 2021 March 31, 2020 Weighted-average remaining lease term 6.4 years 5.0 years Weighted-average discount rate 12.2% 9.7% The following summarizes lease costs for operating leases: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Operating lease costs 9,099 $ 7,018 $ 16,792 Variable and short-term lease costs 3,957 2,631 6,710 Total lease costs 13,056 $ 9,649 $ 23,502 Leases costs for operating leases was $20,486 for the year ended March 31, 2019. The following summarizes supplemental cash flow information related to cash paid for amounts included in the measurement of lease liabilities: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Operating cash flows impact - operating leases $ 8,242 $ 7,791 $ 15,625 Right-of-use assets obtained in exchange for new operating leases 12,848 4,782 10,377 The following reconciles maturities of operating lease liabilities to the lease liabilities reflected in the consolidated balance sheets as of March 31, 2021: 2022 $ 13,993 2023 10,499 2024 7,141 2025 4,893 2026 4,136 Thereafter 16,865 Total future minimum lease payments 57,527 Less: amounts related to imputed interest 18,490 Present value of future minimum lease payments 39,037 Less: operating lease liabilities, current 9,529 Operating lease liabilities, non-current $ 29,508 During the year ended March 31, 2020, a wholly owned subsidiary of the Company completed a sale-leaseback transaction for a facility in Europe. Net proceeds from the sale were $7,084. Under the lease agreement, the Company continued to occupy the space rent free until March 31, 2021. The transaction resulted in a gain of $6,400 during the year ended March 31, 2020, which is included in other income (expense), net in the consolidated statements of operations. |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Property, Plant, and Equipment, Net The following summarizes property, plant, and equipment, net: Successor Predecessor March 31, 2021 March 31, 2020 Land $ 30,657 $ 33,229 Buildings 41,971 253,306 Machinery and equipment 73,175 188,140 Total 145,803 474,675 Less: accumulated depreciation (5,666) (178,679) Total property, plant, and equipment, net (1) $ 140,137 $ 295,996 (1) Total property, plant, and equipment, net was reduced in fiscal 2021 by $125,820 due to fresh start reporting and $40,008 due to the deconsolidation of the Canadian Cannabis Subsidiaries. The following summarizes depreciation expense recorded in cost of goods and services sold and selling, general, and administrative expenses: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Depreciation expense recorded in cost of goods and services sold $ 5,987 $ 12,123 $ 26,035 $ 26,532 Depreciation expense recorded in selling, general, and administrative expenses 1,444 1,648 3,351 3,157 |
Debt Arrangements
Debt Arrangements | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Arrangements | Debt Arrangements The following table summarizes the Company’s debt financing as of the dates set forth below: Successor March 31, 2021 Outstanding Predecessor Successor Lines and March 31, 2020 March 31, 2021 Letters Interest Long Term Debt Repayment Schedule by Fiscal Year Available Rate 2022 2023 2024 2025 2026 Later Senior secured credit facility: ABL Facility $ 44,900 $ — — 4.1 % $ — $ — $ — $ — $ — $ — ABL Credit Facility — 67,500 7,500 5.4 % (1) — 67,500 — — — — Senior notes: 8.5% senior secured first lien notes (2) 272,871 — — 8.5 % — — — — — — 9.875% senior secured second lien notes (3) 630,737 — — 9.9 % — — — — — — 10.0% senior secured first lien notes (4) — 267,353 — 10.0 % — — — 267,353 — — Term Loans (5) — 215,594 — 9.6 % (1) — — — 215,594 — — Other long-term debt 856 2,910 54 4.1 % (1) 2,122 635 85 68 — — Notes payable to banks (6) 540,157 372,174 338,779 6.1 % (1) — — — — — — Total debt $ 1,489,521 $ 925,531 $ 346,333 $ 2,122 $ 68,135 $ 85 $ 483,015 $ — $ — Short-term (6) $ 540,157 $ 372,174 Long-term: Current portion of long-term debt $ 45,048 $ 2,122 Long-term debt 904,316 551,235 $ 949,364 $ 553,357 Letters of credit $ 7,027 $ 2,468 6,231 Total credit available $ 352,564 (1) Weighted average rate for the twelve months ended March 31, 2021. (2) Upon emergence from Chapter 11 bankruptcy on the Effective Date, the prepetition 8.5% senior secured first lien notes were cancelled and replaced with the 10% senior secured first lien notes due 2024. (3) Upon emergence from Chapter 11 bankruptcy on the Effective Date, the prepetition 9.875% senior secured second lien notes were cancelled through the exchange of common stock in the Successor or cash. (4) Repayment of $267,353 is net of original issue discount of $13,491. Total repayment will be $280,844. (5) Upon emergence from Chapter 11 bankruptcy on the Effective Date, the DIP Facility entered into at the Petition Date converted into the Term Loan Credit Facility. The aggregate balance of the Term Loans of $215,594 includes $2,176 of accrued paid in-kind interest. (6) Primarily foreign seasonal lines of credit. ABL Credit Facility On the Effective Date, Pyxus Holdings entered into the ABL Credit Agreement, dated as of August 24, 2020 by and among, amongst others, Pyxus Holdings, certain lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent to establish the ABL Credit Facility. The ABL Credit Facility may be used for revolving credit loans and letters of credit from time to time up to an initial maximum principal amount of $75,000, subject to the limitations described below in this paragraph. Under certain conditions, Pyxus Holdings may solicit the ABL Lenders to provide additional revolving loan commitments under the ABL Credit Facility in an aggregate amount not to exceed $15,000. The ABL Credit Facility is required to be drawn at all times in an amount greater than or equal to the lesser of (i) 25% of total commitments under the ABL Credit Facility and (ii) $18,750. The amount available under the ABL Credit Facility is limited by a borrowing base consisting of eligible accounts receivable and inventory as follows: • 85% of eligible accounts receivable, plus • the lesser of (i) 70% of eligible inventory valued at the lower of cost (based on a first-in first-out basis) and market value thereof (net of intercompany profits) or (ii) 85% of the appraised net-orderly-liquidation value of eligible inventory. At March 31, 2021, $7,500 was available for borrowing under the ABL Credit Facility, after reducing availability by the aggregate borrowings under the ABL Credit Facility of $67,500 outstanding on that date. The ABL Credit Facility permits both base rate borrowings and LIBOR borrowings. Borrowings under the ABL Credit Facility bear interest at an annual rate equal to LIBOR plus 475 basis points or 375 basis points above base rate, as applicable, with a fee on unutilized commitments at an annual rate of 100 basis points. The ABL Credit Facility matures on February 24, 2023, subject to extension on terms and conditions set forth in the ABL Credit Agreement. The ABL Credit Facility may be prepaid from time to time, in whole or in part, without prepayment or premium, subject to a termination fee of 50 basis points upon the permanent reduction of commitments under the ABL Credit Facility, including maturity. In addition, customary mandatory prepayments of the loans under the ABL Credit Facility are required upon the occurrence of certain events including, without limitation, certain dispositions of assets outside of the ordinary course of business in respect of certain collateral securing the ABL Credit Facility and certain casualty and condemnation events. With respect to base rate loans, accrued interest is payable monthly in arrears on the last business day of each calendar month and, with respect to LIBOR loans, accrued interest is payable monthly and on the last day of any applicable interest period. Pyxus Holdings’ obligations under the ABL Credit Facility (and certain related obligations) are (a) guaranteed by Pyxus Parent, Inc. and the Company and all of Pyxus Holdings’ material domestic subsidiaries, and each of Pyxus Holdings’ future material domestic subsidiaries is required to guarantee the ABL Credit Facility on a senior secured basis (including Pyxus Holdings, collectively, the “ABL Loan Parties”) and (b) secured by the Collateral, as described below, which is owned by the ABL Loan Parties. The liens and other security interests granted by the ABL Loan Parties on the Collateral for the benefit of the lenders under the ABL Credit Facility (and certain related secured parties) are, subject to certain permitted liens, secured by first-priority security interests on ABL Priority Collateral (as defined in the ABL/Term Loan/Intercreditor Agreement described below) with the security interests securing the Term Loan Credit Facility and the Senior Secured First Lien Notes junior thereto, each as described below. The obligations of Pyxus Holdings and each other ABL Loan Party under the ABL Credit Facility and any related guarantee have respective priorities in a waterfall with respect to portions of the Collateral as set forth in the ABL/Term Loan/Notes Intercreditor Agreement and the Term Loan/Notes Intercreditor Agreement described below. Cash Dominion Under the terms of the ABL Credit Facility, if (i) an event of default has occurred and is continuing or (ii) excess borrowing availability under the ABL Credit Facility (based on the lesser of the commitments thereunder and the borrowing base) (the “Excess Availability”) falls below the greater of (x) $7,500 and (y) 10% of the lesser of (A) the commitments under the ABL Credit Facility at such time and (B) the borrowing base at such time (such greater amount being the “Cash Dominion Threshold”), the ABL Loan Parties will become subject to cash dominion, which will require daily prepayment of loans under the ABL Credit Facility with the cash deposited in certain deposit accounts of the ABL Loan Parties, including concentration accounts, and will restrict the ABL Loan Parties’ ability to transfer cash from their concentration accounts to their disbursement accounts. Such cash dominion period (a “Dominion Period”) shall end when (i) if arising as a result of a continuing event of default, such event of default ceases to exist, or (ii) if arising as a result of non-compliance with the Excess Availability threshold, Excess Availability shall be equal to or greater than the Cash Dominion Threshold for a period of 30 consecutive days. No Dominion Period existed as of March 31, 2021. Financial, Affirmative, and Restrictive Covenants The ABL Credit Agreement governing the ABL Credit Facility contains a covenant requiring that the Company’s fixed charge coverage ratio be no less than 1.00 to 1.00 during any Dominion Period. The ABL Credit Agreement governing the ABL Credit Facility also contains customary representations and warranties, affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults, including covenants that limit the Company's and its restricted subsidiaries' ability to, among other things: • incur additional indebtedness or issue disqualified stock or preferred stock; • make investments; • pay dividends and make other restricted payments; • sell certain assets; • create liens; • consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; • enter into transactions with affiliates; and • designate subsidiaries as Unrestricted Subsidiaries (as defined in the ABL Credit Agreement). Prior to the commencement of the CCAA Proceeding, the required lenders under the ABL Credit Agreement waived defaults that would otherwise arise under the ABL Credit Agreement in connection with the commencement of the CCAA Proceeding and other matters related to the CCAA Proceeding. At March 31, 2021, Pyxus Holdings was in compliance with all such covenants under the ABL Credit Agreement. Term Loan Credit Facility On the Effective Date, Pyxus Holdings entered into the Term Loan Credit Agreement, dated as of August 24, 2020 by and among, amongst others, Pyxus Holdings, certain lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent to establish the Term Loan Credit Facility in an aggregate principal amount of approximately $213,418. The aggregate principal amount of loans outstanding under Debtors’ debtor-in-possession financing facility, and related fees, were converted into, or otherwise satisfied with the proceeds of, the Term Loan Credit Facility. The Term Loan Credit Facility permits both base rate borrowings and LIBOR borrowings. Borrowings under the Term Loan Credit Facility bear interest at an annual rate equal to LIBOR plus 800 basis points or 700 basis points above base rate, as applicable. In addition to the cash interest payments, from and after the first anniversary of the Term Loan Credit Agreement, the term loans under the Term Loan Credit Facility bear “payment in kind” interest in an annual rate equal to 100 basis points, which rate increases by an additional 100 basis points on each of the second, third and fourth anniversaries of the Term Loan Credit Agreement. The Term Loans and the Term Loan Credit Facility mature on February 24, 2025. The Term Loans may be prepaid from time to time, in whole or in part, without prepayment or penalty. In addition, customary mandatory prepayments of the Term Loans are required upon the occurrence of certain events including, without limitation, certain dispositions of assets outside of the ordinary course of business in respect of certain collateral securing the Term Loan Credit Facility and certain casualty and condemnation events. With respect to base rate loans, accrued interest is payable monthly in arrears on the last business day of each calendar month and, with respect to LIBOR loans, accrued interest is payable monthly and on the last day of any applicable interest period. At March 31, 2021, the aggregate principal amount of the Term Loans outstanding was $215,594. Pyxus Holdings’ obligations under the Term Loan Credit Facility (and certain related obligations) are (a) guaranteed by Pyxus Parent, Inc. and the Company, all of Pyxus Holdings’ material domestic subsidiaries and certain of Pyxus Holdings’ foreign subsidiaries (the “Foreign Guarantors”), and each of Pyxus Holdings’ future material domestic subsidiaries is required to guarantee the Term Loan Credit Facility on a senior secured basis (including Pyxus Holdings, collectively, the “Term Facility Loan Parties”) and (b) secured by the Collateral, as described below, which is owned by the Term Facility Loan Parties. The liens and other security interests granted by the Term Facility Loan Parties on the Collateral for the benefit of the lenders under the Term Loan Credit Facility (and certain related secured parties) are, subject to certain permitted liens, secured by first-priority security interests on the Term Loan Priority Collateral and a junior lien on the ABL Priority Collateral and the Notes Priority Collateral (in each case as defined in the ABL/Term Loan/Notes Intercreditor Agreement and the Term Loan/Notes Intercreditor Agreement (together, the “Intercreditor Agreements”). The obligations of Pyxus Holdings and each other Term Facility Loan Party under the Term Loan Credit Facility and any related guarantee have respective priorities as set forth in the Intercreditor Agreements described below. Affirmative and Restrictive Covenants The Term Loan Credit Agreement governing the Term Loan Credit Facility contains customary representations and warranties, affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults, including covenants that limit the Company's and its restricted subsidiaries' ability to, among other things: • incur additional indebtedness or issue disqualified stock or preferred stock; • make investments; • pay dividends and make other restricted payments; • sell certain assets; • create liens; • consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; • enter into transactions with affiliates; and • designate subsidiaries as Unrestricted Subsidiaries. Prior to the commencement of the CCAA Proceeding, the required lenders under the Term Loan Credit Agreement waived defaults that would otherwise arise under the Term Loan Credit Agreement in connection with the commencement of the CCAA Proceeding and other matters related to the CCAA Proceeding. At March 31, 2021, Pyxus Holdings was in compliance with all such covenants under the Term Loan Credit Agreement. Senior Secured First Lien Notes On the Effective Date, Pyxus Holdings issued approximately $280,844 in aggregate principal amount of the Notes to holders of Allowed First Lien Notes Claims (as defined in the Plan) pursuant to the Indenture dated as of the Effective Date among Pyxus Holdings, the initial guarantors party thereto, and Wilmington Trust, National Association, as trustee, and collateral agent. The Notes bear interest at a rate of 10.00% per year, payable semi-annually in arrears in cash on February 15 and August 15 of each year, beginning February 15, 2021, to holders of record at the close of business on the preceding February 1 and August 1, respectively. The Notes mature on August 24, 2024. Guarantees The Notes are initially guaranteed on a senior secured basis by the Company, all of the Company’s material domestic subsidiaries (other than Pyxus Holdings) and the Foreign Guarantors, on a subordinated basis to the guarantees securing the Term Loan Facility, and each of its future material domestic subsidiaries are required to guarantee the Notes on a senior secured basis. Optional Redemption At any time prior to August 24, 2022, Pyxus Holdings may redeem the Notes, in whole or in part, at a redemption price equal to the “make-whole” amount as set forth in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the redemption date. On or after August 24, 2022, Pyxus Holdings may on any one or more occasions redeem all or a part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed, to the applicable date of redemption, if redeemed during the periods specified below, subject to the rights of holders of Notes on the relevant record date to receive interest on the relevant interest payment date: Period Percentage From August 24, 2022 to August 23, 2023 105.0% From August 24, 2023 to August 23, 2024 102.5% On or after February 24, 2024 100.0% Mandatory Repurchase Offers Upon a “Change of Control” (as defined in the Indenture), Pyxus Holdings will be required to make an offer to repurchase the Notes at a price in cash equal to 101% of the principal amount thereof. Upon certain asset sales, Pyxus Holdings may be required to make an offer to repurchase the Notes at a price in cash equal to 100% of the principal amount thereof. Certain Covenants The Indenture contains covenants that impose restrictions on Pyxus Holdings, the Company and the Company’s subsidiaries (other than subsidiaries that may in the future be designated as “Unrestricted Subsidiaries” under the Indenture), including on their ability to, among other things: • incur additional indebtedness or issue disqualified stock or preferred stock; • make investments; • pay dividends and make other restricted payments; • sell certain assets; • create liens; • enter into sale and leaseback transactions; • consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets; and • enter into transactions with affiliates. Prior to the commencement of the CCAA Proceeding, holders of a majority of the aggregate outstanding principal amount of Notes waived defaults that would otherwise arise under the Indenture in connection with the commencement of the CCAA Proceeding and other matters related to the CCAA Proceeding. At March 31, 2021, each of Pyxus Holdings and each guarantor of the Notes was in compliance with all such covenants under the Indenture. Collateral The liens and other security interests granted by Pyxus Holdings and the guarantors on the Collateral for the benefit of the holders of the Notes are, subject to certain permitted liens, secured by first-priority security interests on the Notes Priority Collateral and a junior lien on the ABL Priority Collateral and the Term Loan Priority Collateral (in each case as defined in the Intercreditor Agreements). The obligations of Pyxus Holdings and each other guarantor have respective priorities with respect to the guarantees and the Collateral as set forth in the Intercreditor Agreements described below. Intercreditor Agreements The priority of the obligations under each of the Notes, the ABL Credit Facility, and the Term Loan Credit Facility are set forth in the two intercreditor agreements entered into in connection with consummation of the transactions contemplated by the Plan, including the issuance of the Notes and the establishment of the ABL Credit Facility and the Term Loan Credit Facility. ABL/Term Loan/Notes Intercreditor Agreement The intercreditor relationship between, (i) on one hand, the holders of obligations under the ABL Credit Facility, the guarantees thereof and certain related obligations and (ii) on the other hand, (A) the holders of obligations under the Term Loan Credit Facility, the guarantees thereof and certain related obligations and (B) the holders of obligations under the Notes, the guarantees thereof and certain related obligations, is governed by the ABL/Term Loan/Notes Intercreditor Agreement. Pursuant to the terms of the ABL/Term Loan/Notes Intercreditor Agreement, Pyxus Holdings’ obligations under the ABL Credit Facility, the guarantees thereof and certain related obligations have first priority liens on the Collateral consisting of ABL Priority Collateral (as defined therein), including certain accounts receivable and inventory and certain related intercompany notes, cash, deposit accounts, related general intangibles and instruments, certain other related assets of the foregoing entities and proceeds of the foregoing (other than identifiable cash proceeds of the Term Loan Priority Collateral or the Notes Priority Collateral, each as defined below), with the obligations under the Notes and the Term Loan Facility having junior priority liens on the ABL Priority Collateral. Pursuant to the ABL/Term Loan/Notes Intercreditor Agreement, Pyxus Holdings’ collective obligations under the Term Loan Credit Facility and the Notes, the guarantees thereof and certain related obligations have first priority liens on the Notes Priority Collateral which consists of the Collateral that is not ABL Priority Collateral, including owned material real property in the United States, capital stock of subsidiaries owned directly by Pyxus Holdings or a guarantor, existing and after acquired intellectual property rights, equipment, related general intangibles and instruments and certain other assets related to the foregoing and proceeds of the foregoing, with the obligations under the ABL Credit Facility having junior priority liens on the Notes Priority Collateral. Term Loan/Notes Intercreditor Agreement The intercreditor relationship between and among the holders of obligations under the Term Loan Credit Facility, the guarantees thereof and certain related obligations and the holders of obligations under the Notes, the guarantees thereof and certain related obligations is governed by the Term Loan/Notes Intercreditor Agreement. Pursuant to the terms of the Term Loan/Notes Intercreditor Agreement, Pyxus Holdings’ obligations under the Term Loan Credit Facility, the guarantees thereof and certain related obligations have senior priority liens on the Term Loan Priority Collateral consisting of (i) all assets and property of Pyxus Holdings and any domestic guarantor constituting ABL Priority Collateral up to (A) $125,000 minus (B) the aggregate principal amount of loans and the aggregate face amount of letters of credit outstanding under the ABL Credit Agreement, and (ii) all assets and property of any Foreign Guarantor constituting Collateral securing the Term Loan Agreement, with the obligations under the Notes having junior priority liens on the Term Loan Priority Collateral (the "ABL Priority Collateral Cap"). The liens securing the Notes and the Term Loan Facility on the ABL Priority Collateral in excess of the ABL Priority Collateral Cap are secured on a pari passu basis. Further, the guarantees of the Foreign Guarantors in respect of the Notes are subordinated in right of payments to the guarantees of the Foreign Guarantors in respect of the Term Loan Facility. Pursuant to the Term Loan/Notes Intercreditor Agreement, Pyxus Holdings’ obligations under the Notes, the guarantees thereof and certain related obligations have first priority liens on all Notes Priority Collateral, with the obligations under the Term Loan Facility having junior priority liens on the Notes Priority Collateral. DDTL Facility On April 23, 2021, Intabex Netherlands B.V. (“Intabex”), an indirect wholly owned subsidiary of the Company, entered into a Term Loan Credit Agreement (the “DDTL Facility Credit Agreement”), dated as of April 23, 2021, by and among (i) Intabex, as borrower, (ii) the Company, Pyxus Parent, Inc., Pyxus Holdings, Inc., Alliance One International, LLC, Alliance One International Holdings, Ltd, as guarantors (collectively, the “Parent Guarantors”), (iii) certain funds managed by Glendon Capital Management LP and Monarch Alternative Capital LP, as lenders (collectively and, together with any other lender that is or becomes a party thereto as a lender, the “DDTL Facility Lenders”), and (iv) Alter Domus (US) LLC, as administrative agent and collateral agent. The DDTL Facility Credit Agreement establishes a $120,000 delayed-draw term loan credit facility (the “DDTL Facility”) permitting borrowings by Intabex in up to four draws on or prior to June 30, 2021 in a minimum amount of $30,000 each (or, if less than $30,000 remains available under the DDTL Facility, the remaining commitments under the DDTL Facility) (the “DDTL Loans”). The proceeds of the DDTL Loans are to be used to provide ongoing working capital and for other general corporate purposes of Intabex, the Guarantors (as defined below) and their subsidiaries. Refer to "Note 30. Subsequent Events" for additional information. Short-Term Borrowings Excluding all long-term credit agreements, the Company has typically financed its non-U.S. operations with uncommitted unsecured short-term seasonal lines of credit arrangements with a number of banks. These operating lines are generally seasonal in nature, typically extending for a term of 180 to 270 days corresponding to the tobacco crop cycle in that location. These facilities are typically uncommitted in that the lenders have the right to cease making loans and demand repayment of loans at any time. These loans are typically renewed at the outset of each tobacco season. At March 31, 2021 and 2020, the Company may borrow up to a total $716,742 and $745,516, subject to limitations as provided for in the ABL Credit Agreement (as defined above), respectively. The weighted average variable interest rate for the years ended March 31, 2021 and 2020 was 6.1% and 6.9%, respectively. Certain of the foreign seasonal lines of credit with aggregate outstanding borrowings at March 31, 2021 and 2020 of approximately $172,462 and $187,787, respectively, are secured by inventories of $167,822 and $124,541 as collateral at March 31, 2021 and 2020, respectively. At March 31, 2021 and 2020, respectively, $1,017 and $893 of cash was held on deposit as a compensating balance. African Seasonal Lines of Credit On August 13, 2020, certain then subsidiaries of Old Pyxus, which are now subsidiaries of the Company, Alliance One International Holdings, Ltd. (“AOI Holdings”) and the subsidiaries in Kenya, Malawi, Tanzania, Uganda and Zambia (collectively, the “African Subsidiaries”) entered into an Amendment and Restatement Agreement (the “Initial TDB Facility Agreement”) with Eastern and Southern African Trade and Development Bank (“TDB”). On August 24, 2020, AOI Holdings, the African Subsidiaries, the Company, Pyxus Parent, Inc., Pyxus Holdings and TDB entered into a Second Amendment and Restatement Agreement (the “TDB Facility Agreement”) to amend and restate the Initial TDB Facility Agreement to add the Company, Pyxus Parent, Inc. and Pyxus Holdings as guarantors thereunder and to otherwise amend provisions thereof to permit the consummation of the transactions contemplated by the Plan. The TDB Facility Agreement sets forth the terms that govern the foreign seasonal lines of credit of each of the African Subsidiaries with TDB and supersedes the prior terms in effect. These lines of credit provide borrowings to fund the purchase of leaf tobacco in the respective jurisdictions to be repaid upon the sale of that tobacco. The original aggregate maximum borrowing availability under these separate existing foreign seasonal lines of credit was $255,000, and the aggregate borrowings were $240,485 as of August 13, 2020. Subject to certain conditions, the TDB Facility Agreement increased the maximum aggregate borrowing capacity to $285,000, less the amount of outstanding loans borrowed under the existing foreign seasonal lines of credit with TDB. Loans under the TDB Facility Agreement bear interest at LIBOR plus 6%. The TDB Facility Agreement initially provided that it terminated on June 30, 2021 and may be renewed at TDB’s discretion. On June 24, 2021, the Company and certain of its subsidiaries, including the African Subsidiaries, entered into a letter agreement with TDB to amend the TDB Facility Agreement to, among other things, extend the term of the separate lines of credit of each of the Company’s subsidiaries in Malawi, Tanzania, and Zambia by 365 days, effective from and including July 1, 2021, and to cancel the separate lines of credit of the Companies’ subsidiaries in Kenya and Uganda, effective from and including June 24, 2021 (with outstanding borrowings for Kenya and Uganda to be repaid by June 30, 2021). As a result of such amendment, the maximum aggregate borrowing pursuant to the lines of credit under the TDB Facility Agreement is $190.0 million, subject to an increase of an additional $15.0 million upon satisfaction of certain documentation requirements applicable to the line of credit of the Company’s subsidiary in Tanzania. Refer to "Note 30. Subsequent Events" for additional information. Each of AOI Holdings, the Company, Pyxus Parent, Inc. and Pyxus Holdings guarantees the obligations of the African Subsidiaries under the TDB Facility Agreement. The obligations of each African Subsidiary under the TDB Facility Agreement are required to be secured by a first priority pledge of: • tobacco purchased by that African Subsidiary that is financed by TDB; • intercompany receivables arising from the sale of the tobacco financed by TDB; • customer receivables arising from the sale of the tobacco financed by TDB; and • such African Subsidiary’s local collection account receiving customer payments for purchases of tobacco financed by TDB. The TDB Facility Agreement also requires Alliance One International, LLC, a subsidiary of the Company, to pledge customer receivables arising from the sale of the tobacco financed by TDB and pledge its collection accounts designated for receiving customer payments for purchases of tobacco financed by TDB. The TDB Facility Agreement contains affirmative and negative covenants (subject, in each case, to customary and other exceptions and qualifications), including covenants that limit the ability of the African Subsidiaries to, among other things: • grant liens on assets; • incur additional indebtedness (including guarantees and other contingent obligations); • sell or otherwise dispose of property or assets; • maintain a specified amount of pledged accounts receivable and inventory; • make changes in the nature of its business; • enter into burdensome contracts; and • effect certain modifications or terminations of customer contracts. The TDB Facility Agreement contains events of default including, but not limited to, nonpayment of principal or interest, violation of covenants, breaches of representations and warranties, cross-default to other debt, bankruptcy and other insolvency events, invalidity of loan documentation, certain changes of control of the Company and the other loan parties, termination of material licenses and material adverse changes. The Company’s subsidiary in Tanzania failed to satisfy a loan-to-value ratio requirement during November and December of 2020 under the TDB Facility Agreement. As a result, TDB was permitted to declare an event of default with respect to the Tanzania subsidiary’s borrowings under its credit facility under the TDB Facility Agreement and demand repayment of that subsidiary’s borrowings, which were approximately $50,417 at December 31, 2020. TDB entered into a First Amendment and Waiver Letter to the TDB Facility Agreement dated December 30, 2020 (the “TDB Waiver”) in which TDB waived the Tanzania subsidiary’s defaults and adjusted the required loan-to-value ratio for the Tanzania subsidiary for each month through June 2021. The existence of these defaults by the Tanzania subsidiary under the TDB Facility Agreement (the “Tanzania Default”) resulted in defaults and events of default arising under the ABL Credit Facility and the Term Loan Credit Facility, which would have permitted the respective lenders thereunder to demand repayment of the amounts outstanding under the respective facility. In December 2020, the required lenders under each of the ABL Credit Facility and the Term Loan Credit Facility entered into agreements with the Company waiving the defaults and events of default arising under the respective facility as a result of the Tanzania Default. In April 2021, the Company discovered that, as a result of certain customer invoice coding errors, its subsidiary in Malawi failed to satisfy a loan-to-value ratio requirement under the TDB Facility Agreement at March 31, 2021 and prior periods. The subsidiary in Malawi repaid a portion of its borrowings under its credit facility under the TDB Facility Agreement within the time allotted to cure such failure for the March 31, 2021 loan-to-value ratio requirement under the TDB Facility Agreement and, within three business days after the Company’s discovery of the invoicing errors for the prior periods, TDB waived any default that arose therefrom including with respect to any failure of the subsidiary in Malawi to satisfy the loan-to-value ratio requirement. Except for the failure by the Malawi subsidiary to satisfy a loan-to-value ratio requirement, which failure was waived as described above, at March 31, 2021, the Company and its subsidiaries party to the TDB Facility Agreement were in compliance with all such covenants under the TDB Facility Agreement, as amended by the TDB Waiver, and $168,610 was available for borrowing under the TDB Facility Agreement, after reducing availability by the aggregate borrowings under the TDB Facility Agreement of $116,390 outstanding on that date. Foreign Seasonal Lines of Credit As of March 31, 2021, the Company had $2,647 of long-term foreign seasonal lines of credit outstanding. |
Securitized Receivables
Securitized Receivables | 12 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Securitized Receivables | Securitized Receivables During the year ended March 31, 2021, the Company sold trade receivables to unaffiliated financial institutions under two accounts receivable securitization facilities, which are subject to annual renewal. Under the first facility, the Company continuously sells a designated pool of trade receivables to a special purpose entity, which sells 100% of the receivables to an unaffiliated financial institution. Following the sale and transfer of the receivables to the special purpose entity, the receivables are isolated from the Company and its affiliates, and upon the sale and transfer of the receivables from the special purpose entity to the unaffiliated financial institutions, effective control of the receivables is passed to the unaffiliated financial institution, which has all rights, including the right to pledge or sell the receivables. As of March 31, 2021, the investment limit of this facility was $125,000 of trade receivables. The first facility requires a minimum level of deferred purchase price be retained by the Company in connection with the sales of the receivables to the unaffiliated financial institution. The Company continues to service, administer, and collect the receivables on behalf of the special purpose entity and receives a servicing fee of 0.5% of serviced receivables per annum. As the Company estimates the expected fee it receives in return for its obligation to service these receivables is at fair value, no servicing assets or liabilities are recognized. Servicing fees are recorded as a reduction of selling, general, and administrative expenses within the statements of consolidated operations. Under the first facility, the special purpose entity is provided an option to terminate the facility agreement upon the failure of the Company to maintain a minimum shareholder’s equity balance. As of December 31, 2019 and March 31, 2020, the Company did not maintain the minimum shareholder's equity balance, which would have allowed the special purpose entity the option to terminate the facility agreement. The special purpose entity opted not to terminate the facility agreement and acceptance of receivables continued under the facility. The Company and the special purpose entity have executed a waiver and an amendment to the facility agreement with effective dates of December 31, 2019 and March 31, 2020, respectively, which resolved the Company's failure to maintain a minimum shareholders' equity balance. For the second facility, the Company offers trade receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution. Following the sale and transfer of the receivables to the unaffiliated financial institution, the receivables are isolated from the Company and its affiliates, and effective control of the receivables is passed to the unaffiliated financial institution, which has all rights, including the right to pledge or sell the receivables. Under both facilities, the Company does not receive servicing fee from the unaffiliated financial institution and as a result, has established a servicing liability based upon unobservable inputs, primarily discounted cash flow. As of March 31, 2021, the investment limit under the second facility was $125,000 of trade receivables. As servicer of both facilities, the Company may receive funds that are due to the unaffiliated financial institutions which are net settled on the next settlement date. As of March 31, 2021 and 2020, trade receivables, net in the consolidated balance sheets has been reduced by $3,651 and $9,586 as a result of the net settlement, respectively. Refer to "Note 24. Fair Value Measurements" for additional information. The second facility does not contain restrictive covenants. The following summarizes the Company’s accounts receivable securitization information as of March 31: Successor Predecessor March 31, 2021 March 31, 2020 Receivables outstanding in facility $ 90,693 $ 135,439 Beneficial interest $ 19,370 $ 27,021 Servicing liability $ 14 $ 43 Successor Predecessor Seven months ended March 31, 2021 Five months ended Year ended Cash proceeds for the period ended: Cash purchase price $ 257,982 $ 151,817 $ 523,521 Deferred purchase price 94,062 74,328 240,994 Service fees 253 218 455 Total $ 352,297 $ 226,363 $ 764,970 Costs incurred under the first facility $ 524 $ 888 $ 1,010 |
Guarantees
Guarantees | 12 Months Ended |
Mar. 31, 2021 | |
Guarantees [Abstract] | |
Guarantees | Guarantees The following summarizes amounts guaranteed and the fair value of those guarantees: Successor Predecessor March 31, 2021 March 31, 2020 Amounts guaranteed (not to exceed) $ 93,489 $ 138,953 Amounts outstanding under guarantee (1) $ 30,111 $ 48,565 Fair value of guarantees $ 1,740 $ 2,791 (1) The guarantees outstanding at March 31, 2021 expire within one year. As of March 31, 2021 and 2020, the Company had balances of $10,930 and $6,849 due to local banks on behalf of suppliers for government subsidized rural credit financing. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial InstrumentsAs of March 31, 2021 and 2020, accumulated other comprehensive loss includes $2,625 and $531, net of tax of $0 and $0, for unrealized losses related to designated cash flow hedges, respectively. The Company recorded losses of $122 and $164 in its cost of goods and services sold for the seven months ended March 31, 2021 and the five months ended August 31, 2020, respectively. The Company recorded losses of $3,331, and $1,899 in its cost of goods and services sold for the years ended March 31, 2020 and 2019, respectively. The Company recorded current derivative assets of $917 and $0 as of March 31, 2021 and 2020, respectively. The U.S. Dollar notional amount of derivative contracts outstanding as of March 31, 2021 was $34,472. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The inputs used to measure fair value are prioritized based on a three-level valuation hierarchy, which is comprised of observable and non-observable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These three levels of inputs create the following fair value hierarchy: • Level 1 inputs - Quoted prices in active markets for identical assets or liabilities. • Level 2 inputs - Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and observable inputs (other than quoted prices) for the assets or liabilities. • Level 3 inputs - Unobservable inputs for the assets or liabilities. The following summarizes assets and liabilities measured at fair value on a recurring basis: Successor Predecessor March 31, 2021 March 31, 2020 Level 2 Level 3 Total Assets / Level 2 Level 3 Total Assets / Financial assets Derivative financial instruments $ 917 $ — $ 917 $ — $ — $ — Securitized beneficial interests — 19,370 19,370 — 27,021 27,021 Total assets $ 917 $ 19,370 $ 20,287 $ — $ 27,021 $ 27,021 Financial liabilities Long-term debt $ 467,795 $ 3,162 $ 470,957 $ 358,782 $ 848 $ 359,630 Guarantees — 1,740 1,740 — 2,791 2,791 Total liabilities $ 467,795 $ 4,902 $ 472,697 $ 358,782 $ 3,639 $ 362,421 Level 2 measurements • Debt: The fair value of debt is based on the market price for similar financial instruments or model-derived valuations with observable inputs. The primary inputs to the valuation include market expectations, the Company's credit risk, and the contractual terms of the debt instrument. • Derivatives: The fair value of derivatives is based on the discounted cash flow analysis of the expected future cash flows. The primary inputs to the valuation include forward yield curves, implied volatilities, LIBOR rates, and credit valuation adjustments. Level 3 measurements • Guarantees: The fair value of guarantees is based on the discounted cash flow analysis of the expected future cash flows or historical loss rates. Should the loss rate change 10% or 20%, the fair value of the guarantee at March 31, 2021 would change by $174 and $348, respectively. The historical loss rate was weighted by the principal balance of the loans. • Securitized beneficial interests: The fair value of securitized beneficial interests is based on the present value of future expected cash flows. Since the discount rate and the payment speed are components of the same equation, a change in either by 10% or 20% would change the value of the recorded beneficial interest at March 31, 2021 by $57 and $113, respectively. The discount rate was weighted by the outstanding interest. Payment speed was weighted by the avera ge days outstanding. • Debt: The fair value of debt is based on the present value of future payments. The primary inputs to this valuation include treasury notes interest and borrowing rates . Should the rates change 10% or 20%, the fair value of the long term debt at March 31, 2021 would change by $42 and $83, res pectively. The borrowing rates were weighted by average loans outstanding. Reconciliation of Change in Recurring Level 3 Balances The following summarizes the changes in Level 3 instruments measured on a recurring basis. Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance March 31, 2019 (Predecessor) $ 40,332 $ — $ 3,714 Sales of receivables/issuance of guarantees 229,751 — 2,982 Settlements (238,437) — (3,802) Losses recognized in earnings (4,625) — (103) Ending balance at March 31, 2020 (Predecessor) 27,021 848 2,791 Sales of receivables/issuance of guarantees 66,821 — 667 Settlements (81,038) (100) (2,192) Additions — 3,144 — Losses recognized in earnings (1,645) — (10) Ending balance at August 31, 2020 (Predecessor) 11,159 3,892 1,256 Beginning balance September 1, 2020 (Successor) $ 11,159 $ 3,892 $ 1,256 Sales of receivables/issuance of guarantees 105,117 — 1,757 Settlements (94,808) (761) (1,276) Additions — 31 — (Losses) / gains recognized in earnings (2,098) — 3 Ending Balance at March 31, 2021 (Successor) $ 19,370 $ 3,162 $ 1,740 The amount of total losses included in earnings for the five months ended August 31, 2020, seven months ended March 31, 2021, and twelve months ended March 31, 2020 attributable to the change in unrealized losses relating to assets still held at the respective dates was $263, $233, and $951 on securitized beneficial interests. Gains and losses included in earnings are reported in other income (expense), net. Information about Fair Value Measurements Using Significant Unobservable Inputs The following summarizes significant unobservable inputs and the valuation techniques utilized: Successor Fair value at March 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) Securitized Beneficial Interests $ 19,370 Discounted Cash Flow Discount Rate 1.33% to 3.56% Payment Speed 57 days to 77 days Tobacco Supplier Guarantees 1,740 Historical Loss Historical Loss 0.05% to 45.20% Long-Term Debt $ 3,162 Discounted Future Payments Treasury Notes Rate 0.94% to 1.58% Borrowing Rate 7.00% to 10.72% Predecessor Fair value at March 31, 2020 Valuation Technique Unobservable Input Range (Weighted Average) Securitized Beneficial Interests $ 27,021 Discounted Cash Flow Discount Rate 3.44% to 3.45% Payment Speed 77 days to 100 days Tobacco Supplier Guarantees 2,536 Historical Loss Historical Loss 2.20% to 10.00% 255 Discounted Cash Flow Market Interest Rate 15.00% to 75.80% |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Defined Benefit Plans The following summarizes benefit obligations, plan assets, and funded status for the defined benefit pension plans: Successor Predecessor Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans Total Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Benefit obligation, beginning $ 86,605 $ 80,996 $ 63,730 $ 59,191 $ 150,335 $ 140,187 Service cost 131 94 118 82 249 176 Interest cost 803 968 758 627 1,561 1,595 Plan amendments — — (62) — (62) — Actuarial losses (gains) (2,428) 6,863 3,270 3,250 842 10,113 Settlements/special termination benefits (6,080) (161) (428) — (6,508) (161) Effects of currency translation — — 859 2,787 859 2,787 Benefits paid (2,808) (2,155) (1,812) (2,207) (4,620) (4,362) Benefit obligation, ending $ 76,223 $ 86,605 $ 66,433 $ 63,730 $ 142,656 $ 150,335 Fair value of plan assets, beginning $ 31,461 $ 28,348 $ 69,590 $ 62,073 $ 101,051 $ 90,421 Actual return on plan assets 1,996 4,068 (184) 5,585 1,812 9,653 Employer contributions 2,540 1,360 1,191 761 3,731 2,121 Plan settlements (6,080) (161) (428) — (6,508) (161) Effects of currency translation — — 1,335 3,378 1,335 3,378 Benefits paid (2,808) (2,154) (1,812) (2,207) (4,620) (4,361) Fair value of plan assets, ending $ 27,109 $ 31,461 $ 69,692 $ 69,590 $ 96,801 $ 101,051 Funded status of the plan $ (49,114) $ (55,144) $ 3,259 $ 5,860 $ (45,855) $ (49,284) Predecessor U.S. Plans Non-U.S. Plans Total Year Ended March 31, 2020 Benefit obligation, beginning $ 82,099 $ 65,886 $ 147,985 Service cost 250 211 461 Interest cost 2,562 1,420 3,982 Actuarial losses (gains) 3,740 (3,946) (206) Settlements/special termination benefits (2,574) — (2,574) Effects of currency translation — (1,843) (1,843) Benefits paid (5,081) (2,537) (7,618) Benefit obligation, ending $ 80,996 $ 59,191 $ 140,187 Fair value of plan assets, beginning $ 32,568 $ 63,579 $ 96,147 Actual return on plan assets (590) 1,634 1,044 Employer contributions 4,025 1,519 5,544 Plan settlements (2,574) — (2,574) Effects of currency translation — (2,122) (2,122) Benefits paid (5,081) (2,537) (7,618) Fair value of plan assets, ending $ 28,348 $ 62,073 $ 90,421 Funded status of the plan $ (52,648) $ 2,882 $ (49,766) The following summarizes amounts reported in the consolidated balance sheets for the defined benefit pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Noncurrent benefit asset recorded in other noncurrent assets $ — $ — $ 11,708 $ 14,745 Accrued current benefit liability recorded in accrued expenses and other current liabilities (3,297) (3,264) (812) (1,227) Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities (45,817) (49,384) (7,637) (10,636) Funded status of the plan $ (49,114) $ (52,648) $ 3,259 $ 2,882 The following summarizes pension obligations for the defined benefit pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2021 (1) March 31, 2020 Information for pension plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 76,222 $ 80,996 $ 8,450 $ 31,012 Accumulated benefit obligation 76,222 80,996 7,981 30,400 Fair value of plan assets 27,109 28,348 — 19,147 (1) Certain of the Company's non-U.S. defined benefit pension plans in Europe were over funded as of March 31, 2021. These plans were under funded as of March 31, 2020. The following summarizes the net periodic pension cost (benefit) for the defined benefit pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Service cost $ 131 $ 94 $ 118 $ 82 Interest cost 803 968 758 627 Expected return on plan assets (933) (621) (720) (613) Amortization of actuarial losses — 504 — 363 Amortization of prior service cost — 17 — 1 Settlement charges (46) — 84 — Net periodic pension cost (benefit) $ (45) $ 962 $ 240 $ 460 Predecessor U.S. Plans Non-U.S. Plans Year ended Year ended Year ended Year ended Service cost $ 250 $ 250 $ 211 $ 206 Interest cost 2,562 3,028 1,420 1,527 Expected return on plan assets (1,990) (2,265) (2,415) (2,667) Amortization of actuarial losses 964 934 901 741 Amortization of prior service cost 40 40 2 2 Special termination benefits — — — 28 Settlement charges 812 1,206 — (75) Net periodic pension cost (benefit) $ 2,638 $ 3,193 $ 119 $ (238) The following summarizes activity in accumulated other comprehen sive loss for the defined benefit pension plans: U.S. and Non-U.S. Pension U.S. and Non-U.S. Post-retirement Total Prior service credit (cost) (358) 864 506 Net actuarial (losses) gains (41,336) (3,955) (45,291) Impact of adoption of ASU 2018-02 (2,931) — (2,931) Deferred taxes 10,728 (166) 10,562 Balance at March 31, 2020 $ (33,897) $ (3,257) $ (37,154) Prior service credit (cost) 420 (864) (444) Net actuarial (losses) gains 40,584 4,590 45,174 Impact of adoption of ASU 2018-02 2,931 — 2,931 Deferred taxes (10,025) 59 (9,966) Total change for 2021 $ 33,910 $ 3,785 $ 37,695 Prior service credit (cost) 62 — 62 Net actuarial (losses) gains (752) 635 (117) Deferred taxes 703 (107) 596 Balance at March 31, 2021 $ 13 $ 528 $ 541 The following assumptions were used to determine the expense for the pension, postretirement, other post-employment, and employee savings plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2019 March 31, 2021 March 31, 2020 March 31, 2019 Discount rate 2.32% 3.79% 3.91% 2.23% 2.50% 2.75% Rate of increase in future compensation Not applicable Not applicable Not applicable 6.18% 5.99% 6.04% Expected long-term rate of return on plan assets 5.75% 6.75% 6.75% 2.00% 3.90% 4.46% Interest crediting rate 4.29% 4.37% 4.25% Not applicable Not applicable Not applicable The following weighted average assumptions were used to determine the benefit obligations for the pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Discount rate 2.83% 3.34% 2.17% 2.58% Rate of increase in future compensation Not applicable Not applicable 5.28% 5.75% Interest crediting rate 4.25% 4.28% Not applicable Not applicable Plan Assets The following summarizes asset allocations and the percentage of the fair value of plan assets by asset category: Successor Successor Predecessor U.S. Target Allocations U.S. Plans March 31, 2021 March 31, 2021 March 31, 2020 Asset category: Cash and cash equivalents — % 2.8 % 3.6 % Equity securities 36.0 % 37.4 % 34.8 % Debt securities 24.0 % 20.7 % 22.4 % Real estate and other investments 40.0 % 39.1 % 39.2 % Total 100.0 % 100.0 % 100.0 % Successor Successor Predecessor Non-U.S. Target Allocations Non-U.S. Plans March 31, 2021 March 31, 2021 March 31, 2020 Asset category: Cash and cash equivalents 7.3 % 7.0 % 9.1 % Equity securities 15.0 % 19.0 % 14.6 % Debt securities 62.6 % 67.3 % 68.2 % Real estate and other investments 15.1 % 6.7 % 8.1 % Total 100.0 % 100.0 % 100.0 % The fair values for the pension plans by asset category are as fol lows: Successor U.S. Pension Plans March 31, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 754 $ 291 $ 463 $ — U.S. equities / equity funds 6,994 6,994 — — International equities / equity funds 3,149 3,149 — — U.S. fixed income funds 4,901 4,901 — — International fixed income funds 713 713 — — Other investments: Diversified funds 7,882 7,882 — — Real estate and other (1) 2,716 — — — Total $ 27,109 $ 23,930 $ 463 $ — Predecessor U.S. Pension Plans March 31, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,018 $ 547 $ 471 $ — U.S. equities / equity funds 6,795 6,795 — — International equities / equity funds 3,058 3,058 — — U.S. fixed income funds 5,593 5,593 — — International fixed income funds 784 784 — — Other investments: Diversified funds 8,017 8,017 — — Real estate and other (1) 3,083 — — — Total $ 28,348 $ 24,794 $ 471 $ — Successor Non-U.S. Pension Plans March 31, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 4,901 $ 4,901 $ — $ — U.S. equities / equity funds 8,698 8,698 — — International equities / equity funds 2,891 2,891 — — Global equity funds 1,686 1,686 — — U.S. fixed income funds 5,998 5,998 — — International fixed income funds 36,027 11,785 24,242 — Global fixed income funds 4,838 4,838 — — Other investments: Diversified funds 3,003 — 3,003 — Real estate and other (1) 1,650 — — — Total $ 69,692 $ 40,797 $ 27,245 $ — Predecessor Non-U.S. Pension Plans March 31, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,641 $ 5,641 $ — $ — U.S. equities / equity funds 5,906 5,906 — — International equities / equity funds 1,812 1,812 — — Global equity funds 1,312 1,312 — — U.S. fixed income funds 4,995 4,995 — — International fixed income funds 33,330 12,009 21,321 — Global fixed income funds 3,994 3,994 — — Other investments: Diversified funds 3,223 — 3,223 — Real estate and other (1) 1,795 — — — Total $ 62,008 $ 35,669 $ 24,544 $ — (1) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The following summarizes the plan assets recognized and measured at fair value using the net asset value and the inputs used to determine the fair value: Successor Predecessor March 31, 2021 March 31, 2020 Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Diversified funds $ — None Self-Liquidating None $ — None Self-Liquidating None Real estate and other 4,366 None Quarterly 60 Days 4,879 None Quarterly 60 Days Postretirement Health and Life Insurance Benefits The following summarizes benefit obligations, plan assets, and funded status for the postretirement health and life insurance benefits plans: Successor U.S. Plans Non-U.S. Plans Total Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Benefit obligation, beginning $ 4,796 $ 4,450 $ 1,772 $ 1,856 $ 6,568 $ 6,306 Service cost 4 3 — — 4 3 Interest cost 50 55 79 59 129 114 Effect of currency translation — — (57) (89) (57) (89) Actuarial (gains) losses (330) 435 (317) — (647) 435 Benefits paid (62) (147) (36) (54) (98) (201) Benefit obligation, ending $ 4,458 $ 4,796 $ 1,441 $ 1,772 $ 5,899 $ 6,568 Fair value of plan assets, beginning $ — $ — $ — $ — $ — $ — Employer contributions 62 147 36 54 98 201 Benefits paid (62) (147) (36) (54) (98) (201) Fair value of plan assets, ending $ — $ — $ — $ — $ — $ — Funded status of the plan $ (4,458) $ (4,796) $ (1,441) $ (1,772) $ (5,899) $ (6,568) Successor U.S. Plans Non-U.S. Plans Total Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Accrued current benefit liability recorded in accrued expenses and other current liabilities $ (306) $ (195) $ (106) $ (74) $ (412) $ (269) Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (4,152) (4,601) (1,335) (1,698) (5,487) (6,299) Funded status of the plan $ (4,458) $ (4,796) $ (1,441) $ (1,772) $ (5,899) $ (6,568) Predecessor U.S. Plans Non-U.S. Plans Total March 31, 2020 Benefit obligation, beginning $ 4,445 $ 2,278 $ 6,723 Service cost 7 — 7 Interest cost 151 161 312 Effect of currency translation — (577) (577) Actuarial (gains) losses 27 125 152 Benefits paid (180) (131) (311) Benefit obligation, ending $ 4,450 $ 1,856 $ 6,306 Fair value of plan assets, beginning $ — $ — $ — Employer contributions 180 131 311 Benefits paid (180) (131) (311) Fair value of plan assets, ending $ — $ — $ — Funded status of the plan $ (4,450) $ (1,856) $ (6,306) Predecessor U.S. Plans Non-U.S. Plans Total March 31, 2020 Accrued current benefit liability recorded in accrued expenses and other current liabilities $ (355) $ (133) $ (488) Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (4,095) (1,723) (5,818) Funded status of the plan $ (4,450) $ (1,856) $ (6,306) The following summarizes net periodic benefit costs for the postretirement health and life insurance benefits plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Service cost $ 4 $ 3 $ — $ — Interest cost 50 55 79 59 Prior service credit — (291) — (3) Actuarial losses — 138 — 19 Net periodic benefit costs (income) $ 54 $ (95) $ 79 $ 75 Predecessor U.S. Plans Non-U.S. Plans March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Service cost $ 7 $ 7 $ — $ 7 Interest cost $ 151 $ 154 $ 161 $ 151 Prior service credit $ (699) $ (699) $ (9) $ (10) Actuarial losses $ 385 $ 402 $ 49 $ 31 Net periodic benefit costs (income) $ (156) $ (136) $ 201 $ 179 The following assumptions were used to determine non-U.S. Plan postretirement benefit obligations: Successor Predecessor March 31, 2021 March 31, 2020 Discount rate 7.17 % 7.94 % Health care cost trend rate assumed for next year 6.92 % 7.07 % Ultimate trend rate 6.92 % 7.07 % Cash Flows The Company expects to contribute the following to its benefit plans: Pension Benefits Postretirement Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Fiscal Year 2022 1,412 4,047 106 306 The Company's contributions to the defined contribution plans are as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended March 31, 2020 Fiscal Year 2021 2,803 2,002 Not Applicable Fiscal Year 2020 Not Applicable Not Applicable 4,747 Fiscal Year 2019 Not Applicable Not Applicable 4,939 The following summarizes the expected benefit payments to be paid in future years, as of March 31, 2021: Successor Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2022 $ 7,660 $ 2,931 $ 306 $ 106 2023 5,702 3,068 303 108 2024 5,605 3,038 298 110 2025 5,651 3,281 292 113 2026 5,601 3,127 287 115 Years 2026-2029 24,431 16,675 1,349 613 |
Contingencies and Other Informa
Contingencies and Other Information | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Other Information | Contingencies and Other Information Brazilian Tax Credits The government in the Brazilian State of Parana (“Parana”) issued a tax assessment on October 26, 2007 with respect to local intrastate trade tax credits that result primarily from tobacco transferred between states within Brazil. The assessment for intrastate trade tax credits taken is $2,312 and the total assessment including penalties and interest at March 31, 2021 is $8,330. On March 18, 2014, the government in Brazilian State of Santa Catarina also issued a tax assessment with respect to local intrastate trade tax credits that result primarily from tobacco transferred between states within Brazil. The assessment for intrastate trade tax credits taken is $2,000 and the total assessment including penalties and interest at March 31, 2021 is $5,404. The Company believes it has properly complied with Brazilian law and will contest any assessment through the judicial process. Should the Company lose in the judicial process, the loss of the intrastate trade tax credits would have a material impact on the financial statements of the Company. The Company also has local intrastate trade tax credits in the Brazil State of Rio Grande do Sul. This jurisdiction permits the sale or transfer of excess credits to third parties, however approval must be obtained from the tax authorities. The Company has an agreement with the state government regarding the amounts and timing of credits that can be sold. The tax credits have a carrying value of $9,792. The intrastate trade tax credits are monitored for impairment in future periods based on market conditions and the Company’s ability to use or sell the tax credits. In 1969, the Brazilian government created a tax credit program that allowed companies to earn IPI tax credits (“IPI credits”) based on the value of their exports. The government began to phase out this program in 1979, which resulted in numerous lawsuits between taxpayers and the Brazilian government. The Company has a long legal history with respect to credits it earned while the IPI credit program was in effect. In 2001, the Company won a claim related to certain IPI credits it earned as of 1983. Because of this favorable ruling, the Company began to use these earned IPI credits to offset federal taxes in 2004 and 2005, until it received a Judicial Order to suspend the IPI offsetting in 2005, due to a decision provided in an annulment lawsuit filed by the Brazilian Government. On March 7, 2013 such a lawsuit was ruled by the Brazil Federal Supreme Court, which confirmed (without the government's ability to appeal) that the Company was entitled to the IPI credits, however, limited to the period from 1983 to 1990. The value of the Brazil federal taxes offset in 2004 and 2005 was $24,142 and the Company established a reserve on these credits at the time of offsetting as they were not yet realizable due to the legal uncertainty that existed. Specifically, the Company extinguished other Brazil federal tax liabilities using IPI credits and recorded a liability to reflect that the credits were not realizable at that time due to the prevalent legal uncertainty. Accordingly, at March 31, 2013, the Company recorded the $24,142 IPI credits it realized in the Statements of Consolidated Operations in Other Income. In April 2006, the Brazilian Internal Revenue Service (“Brazilian IRS”) challenged the Company's valuation and application of the $24,142 IPI credits in the Company's tax filing during 2005. Numerous rulings and appeals were rendered on behalf of both the Brazilian IRS and the Company from 2006 through 2020. During the three months ended March 31, 2021, a final ruling was issued in favor of the Brazilian IRS. As a result, the Company recorded $12,666 of losses associated with this matter. Other Matters Certain of the Company’s subsidiaries are involved in other litigation or legal matters incidental to their business activities, including tax matters. While the outcome of these matters cannot be predicted with certainty, the Company is vigorously defending them and does not currently expect that any of them will have a material adverse effect on its business or financial position. However, should one or more of these matters be resolved in a manner adverse to its current expectation, the effect on the Company’s results of operations for a particular fiscal reporting period could be material. Asset Retirement Obligations The Company has identified an asset retirement obligation (“ARO”) associated with one of its facilities that requires it to restore the land to its initial condition upon vacating the facility. The Company has not recognized a liability under generally accepted accounting principles for this ARO because the fair value of restoring the land at this site cannot be reasonably estimated since the settlement date is unknown at this time. The settlement date is unknown because the land restoration is not required until title is returned to the government, and the Company has no current or future plans to return the title. The Company will recognize a liability in the period in which sufficient information is available to reasonably estimate its fair value. |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 12 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income The following summarizes changes in each component of accumulated other comprehensive loss, net of tax, attributable to the Company: Currency Translation Adjustment Pensions, Net of Tax Derivatives, Net of Tax Accumulated Other Comprehensive Loss Balances at March 31, 2018 (Predecessor) $ (12,682) $ (32,580) $ — $ (45,262) Other comprehensive (loss) income before reclassifications (9,297) 4,145 (4,513) (9,665) Impact of adoption of ASU 2018-02 — (2,931) — (2,931) Amounts reclassified to net loss, net of tax — (5,383) 1,899 (3,484) Other comprehensive loss, net of tax (9,297) (4,169) (2,614) (16,080) Balances at March 31, 2019 (Predecessor) (21,979) (36,749) (2,614) (61,342) Other comprehensive (loss) income before reclassifications (530) (2,825) (186) (3,541) Amounts reclassified to net loss, net of tax — 2,420 3,331 5,751 Other comprehensive loss, net of tax (530) (405) 3,145 2,210 Balances at March 31, 2020 (Predecessor) (22,509) (37,154) 531 (59,132) Other comprehensive income (loss) before reclassifications 4,445 734 (531) 4,648 Amounts reclassified to net loss, net of tax — — (164) (164) Other comprehensive income (loss), net of tax 4,445 734 (695) 4,484 Cancellation of Predecessor equity 18,064 36,420 164 54,648 Balances at August 31, 2020 (Predecessor) $ — $ — $ — $ — Balances at September 1, 2020 (Successor) $ — $ — $ — $ — Other comprehensive (loss) income before reclassifications (4,649) 523 (2,747) (6,873) Amounts reclassified to net loss, net of tax $ — $ 18 $ 122 $ 140 Other comprehensive (loss) income, net of tax (4,649) 541 (2,625) (6,733) Balances at March 31, 2021 (Successor) $ (4,649) $ 541 $ (2,625) $ (6,733) The following summarizes amounts by component, reclassified from accumulated other comprehensive loss to net (loss) income: Successor Predecessor Affected Line Item in the Consolidated Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Statements of Operations Pension and postretirement plans (1) : Actuarial loss $ 39 $ 899 $ 3,111 $ 3,238 Interest expense Amortization of prior service cost (credit) — (165) (666) (666) Interest expense Deferred income tax benefit — — — (7,607) Amounts reclassified from accumulated other comprehensive income (loss) to net income (loss), gross 39 734 2,445 (5,035) Tax effects of amounts reclassified from accumulated other comprehensive loss to net income (21) — (25) (348) Amounts reclassified from accumulated other comprehensive loss to net income, net $ 18 $ 734 $ 2,420 $ (5,383) (1) Amounts are included in net periodic benefit costs for pension and postretirement plans. Successor Predecessor Affected Line Item in the Consolidated Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Statements of Operations Derivatives: Losses reclassified to cost of goods sold 122 $ 164 $ 3,331 $ 1,899 Amounts reclassified from accumulated other comprehensive loss to net income, gross 122 164 3,331 1,899 Cost of goods and services sold Tax effects of amounts reclassified from accumulated other comprehensive loss to net income — (694) — (399) Amounts reclassified from accumulated other comprehensive loss to net income, net 122 $ (530) $ 3,331 $ 1,500 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The following summarizes sales and purchases with related parties: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales $ 4,270 $ 13,483 $ 16,245 $ 15,480 Purchases 83,716 38,655 120,084 137,017 The Company’s accounts receivable, notes receivable, and accounts payable with related parties, as presented in the consolidated balance sheets, relate to transactions with equity method investees and the deconsolidated Canadian Cannabis Subsidiaries. Accrued expenses and other current liabilities as presented in the consolidated balance sheets as of March 31, 2021 includes $2,309 of interest payable to the Glen don Investor and the Monarch Investor. Interest expense as presented in the consolidated statements of operations includes $12,752 for the seven months ended March 31, 2021 that relates to the Glendon Investor and the Monarch Investor. Refer to "Note 3. Emergence from Voluntary Reorganization Under Chapter 11" for additional information. Transactions with the Deconsolidated Canadian Cannabis Subsidiaries In connection with the CCAA Proceeding, the DIP Lender, another non-U.S. subsidiary of the Company, provided Figr Brands with secured debtor-in-possession financing to fund the working capital needs of the Canadian Cannabis Subsidiaries in accordance with the cash flow projections approved by the Monitor and the DIP Lender. These payments also funded fees and expenses paid to the DIP Lender, professional fees and expenses incurred by the Canadian Cannabis Subsidiaries and the Monitor in respect of the CCAA Proceeding, and such other costs and expenses of the Canadian Cannabis Subsidiaries as agreed to by the DIP Lender. As of March 31, 2021, the outstanding DIP loan balance was $5,790 and is included in notes receivable, related parties within the consolidated balance sheets. As of March 31, 2021, accounts receivable, related parties as presented in the consolidated balance sheets includes $59 receivable from the Canadian Cannabis Subsidiaries, which represents interest receivable associated with the DIP loan. For the year-ended March 31, 2021, the Canadian Cannabis Subsidiaries have incurred $59 in interest expense associated with the DIP financing, which is considered income to the Company and is recorded in interest income within the consolidated statements of operations. As of March 31, 2021, the fair value of the related party note receivable retained by the Company from the Canadian Cannabis Subsidiaries was $6,100. Refer to "Note 5. CCAA Proceeding and Deconsolidation of Subsidiaries" for additional information. DDTL Facility Refer to " Note 30. Subsequent Events " |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following summarizes segment information: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales and other operating revenues: Leaf - North America $ 137,195 $ 57,734 $ 224,707 $ 285,718 Leaf - Other Regions 727,251 380,497 1,282,616 1,499,839 Other Products and Services 19,882 9,369 19,938 16,036 Total sales and other operating revenues $ 884,328 $ 447,600 $ 1,527,261 $ 1,801,593 Operating (loss) income: Leaf - North America $ 8,341 $ 376 $ 8,008 $ 10,113 Leaf - Other Regions 28,736 (1,028) 69,149 112,180 Other Products and Services (53,125) (43,305) (88,766) (35,039) Total operating (loss) income $ (16,048) $ (43,957) $ (11,609) $ 87,254 Successor March 31, 2021 Leaf - North America Leaf - Other Regions Other Products and Services Total Segment assets $ 247,265 $ 1,204,993 $ 87,204 $ 1,539,462 Trade and other receivables, net 17,392 170,185 780 188,357 Goodwill 3,708 26,513 6,632 36,853 Equity in net assets of investee companies — 89,569 6,795 96,364 Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Leaf - North America Leaf - Other Regions Other Products and Services Leaf - North America Leaf - Other Regions Other Products and Services Depreciation and amortization 1,497 6,908 3,434 3,026 10,171 3,383 Capital expenditures 546 12,764 2,890 385 1,526 5,247 Predecessor March 31, 2020 Leaf - North America Leaf - Other Regions Other Products and Services Total Segment assets $ 266,253 $ 1,284,317 $ 212,493 $ 1,763,063 Trade and other receivables, net 28,520 207,534 3,685 239,739 Equity in net assets of investee companies — 56,456 11,075 67,531 Depreciation and amortization 7,186 24,187 4,455 35,828 Capital expenditures 3,930 14,551 38,362 56,843 Predecessor March 31, 2019 Leaf - North America Leaf - Other Regions Other Products and Services Total Segment assets $ 243,248 $ 1,488,226 $ 127,801 $ 1,859,275 Trade and other receivables, net 18,297 289,662 3,038 310,997 Goodwill 2,795 13,669 17,872 34,336 Equity in net assets of investee companies — 57,161 11,845 69,006 Depreciation and amortization 7,065 25,695 2,987 35,747 Capital expenditures 4,594 17,325 30,793 52,712 The following summarizes geographic sales and other operating revenues by destination of the product shipped: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales and Other Operating Revenues: United States $ 144,618 $ 56,073 $ 213,036 $ 246,828 China 79,739 18,675 180,907 184,921 Indonesia 68,924 29,819 119,604 118,995 Belgium (1) 45,137 42,409 118,819 126,694 United Arab Emirates 42,830 22,954 100,375 78,329 Northern Africa 30,209 4,231 39,311 120,964 Other 472,871 273,439 755,209 924,862 Total $ 884,328 $ 447,600 $ 1,527,261 $ 1,801,593 (1) The Belgium destination represents a customer-owned storage and distribution center from which the tobacco will be shipped on to manufacturing facilities. The following summarizes the customers, including their respective affiliates, that account for more than 10% of total sales and other operating revenues for the respective periods, as indicated by an "x": Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Philip Morris International Inc. x x x x Japan Tobacco International x China Tobacco International Inc. x x Imperial Brands, PLC x The following summarizes geographic property, plant, and equipment by location: Successor Predecessor March 31, 2021 March 31, 2020 March 31, 2019 Property, Plant, and Equipment, Net: Canada $ 133 $ 66,823 $ 40,027 Brazil 28,117 66,211 68,647 Zimbabwe 21,976 49,814 51,943 United States 27,938 47,023 49,600 Malawi 29,611 23,413 21,948 Tanzania 9,483 18,290 16,908 Other 22,879 24,422 27,323 Total $ 140,137 $ 295,996 $ 276,396 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events DDTL Facility On April 23, 2021, Intabex entered into the DDTL Facility Credit Agreement, dated as of April 23, 2021 (the “Closing Date”), by and among (i) Intabex, as borrower, (ii) the Parent Guarantors, (iii) DDTL Facility Lenders, and (iv) Alter Domus (US) LLC, as administrative agent and collateral agent. The DDTL Facility Credit Agreement establishes a $120,000 delayed-draw term loan credit facility permitting borrowings by Intabex in up to four draws on or prior to June 30, 2021 in a minimum amount of $30,000 each (or, if less than $30,000 remains available under the DDTL Facility, the remaining commitments under the DDTL Facility). The proceeds of the DDTL Loans are to be used to provide ongoing working capital and for other general corporate purposes of Intabex, the Guarantors (as defined below) and their subsidiaries. The DDTL Facility and all DDTL Loans made thereunder mature on July 31, 2022. The DDTL Loans may be prepaid and undrawn commitments may be reduced or terminated by Intabex at any time, in each case without premium or penalty other than the Exit Fee described below and, in the case of any prepayment of LIBOR loans (as defined below), subject to customary breakage. Any undrawn commitments automatically terminate on June 30, 2021. Amounts prepaid or repaid in respect of DDTL Loans may not be reborrowed under the DDTL Facility. Interest on the aggregate principal amount of outstanding DDTL Loans accrues at an annual rate of LIBOR plus 9.00%, subject to a LIBOR floor of 1.50%, for “LIBOR loans” or, for loans that are not LIBOR loans, at an annual rate of an alternative base rate (as specified in the DDTL Facility Credit Agreement) plus 8.00%. Interest is to be paid in arrears in cash upon prepayment, acceleration, maturity, and on the last day of each interest period (and every three months in the case of interest periods in excess of three months) for LIBOR loans and on the last day of each calendar month for loans that are not LIBOR loans. Pursuant to the DDTL Facility Credit Agreement, the DDTL Facility Lenders received a non-refundable commitment fee equal to 2.00% of the aggregate commitments under the DDTL Facility, paid in cash in full on the Closing Date and netted from the proceeds of the DDTL Loan borrowed on the Closing Date. The DDTL Facility Credit Agreement provides for the payment by Intabex to the DDTL Facility Lenders of a non-refundable exit fee (the “Exit Fee”) in the amounts set forth in the table below in respect of (x) any DDTL Loans repaid (whether prepaid voluntarily or paid following acceleration or at maturity) and (y) any unused commitments remaining under the DDTL Facility upon its termination (whether such termination is voluntary or automatic). The Exit Fee is deemed to have been earned on the Closing Date, and is due and payable in cash on each date of repayment or termination, as applicable, in respect of the DDTL Loans or commitments repaid or terminated on such date, as applicable. Loan Repayment/Commitment Termination Date Exit Fee On or before September 30, 2021 1.00% After September 30, 2021 and on or before December 31, 2021 2.50% After December 31, 2021 and on or before March 31, 2022 3.50% After March 31, 2022 5.00% At June 29, 2021, the DDTL Facility was fully drawn and the aggregate principal amount outstanding was $120,000. The obligations of Intabex under the DDTL Facility Credit Agreement (and certain related obligations) are (a) guaranteed by the Parent Guarantors and Alliance One International Tabak B.V., an indirect subsidiary of the Company, and each of the Company’s domestic and foreign subsidiaries that is or becomes a guarantor of borrowings under the Term Loan Credit Agreement (which subsidiaries are referred to collectively, together with the Parent Guarantors, as the “Guarantors”), and (b) are secured by the pledge of all of the outstanding equity interests of (i) Alliance One Brasil Exportadora de Tabacos Ltda. (“AO Brazil”), which principally operates the Company’s leaf tobacco operations in Brazil, and (ii) Alliance One International Tabak B.V., which owns a 0.001% interest of AO Brazil. Affirmative and Restrictive Covenants The DDTL Facility Credit Agreement contains representations and warranties, affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults applicable to the Company and its subsidiaries similar to those included in the Exit Term Loan Credit Agreement, including covenants that limit the Company’s ability to, among other things: • incur additional indebtedness or issue disqualified stock or preferred stock; • make certain investments and other restricted payments; • enter into limitations on its ability to pay dividends, make loans or otherwise transfer assets to its immediate parent entity or to its subsidiaries; • sell certain assets; • create liens; • consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; • enter into transactions with affiliates; and • engage directly or indirectly in any business other than the businesses engaged in by it and its subsidiaries are currently engaged. In addition, the DDTL Facility Credit Agreement includes a customary “passive holding company” covenant that contains certain additional restrictions on Intabex and its subsidiaries’ activities and requirements for Intabex to provide to the DDTL Facility Lenders certain periodic financial and operating reports for the Guarantors and their subsidiaries on a consolidated basis. At June 29, 2021, Intabex and each Guarantor was in compliance with all such covenants under the DDTL Facility Credit Agreement. Related Party Transaction Based on a Schedule 13D filed with the SEC on September 3, 2020 by Glendon Capital Management, L.P., Glendon Opportunities Fund, L.P. and Glendon Opportunities Fund II, L.P., Glendon Capital Management, L.P. reported beneficial ownership of 7,939 shares of the Company’s common stock, representing approximately 31.8% of the outstanding shares of the Company’s common stock. Based on a Schedule 13D filed with the SEC on September 3, 2020 by Monarch Alternative Capital LP, MDRA GP LP and Monarch GP LLC, Monarch Alternative Capital LP reported beneficial ownership of 6,033 shares of the Company’s common stock, representing approximately 24.1% of the outstanding shares of the Company’s common stock. Pursuant to the Shareholders Agreement, Holly Kim and Patrick Fallon were designated to serve as directors of Pyxus and each continues to serve as a director of Pyxus. Ms. Kim is a Partner at Glendon Capital Management L.P. and Mr. Fallon is a Managing Principal at Monarch Alternative Capital LP. The DDTL Facility Credit Agreement, any and all borrowings thereunder and the guaranty transactions described above were approved, and determined to be on terms and conditions at least as favorable to the Company and its subsidiaries as could reasonably have been obtained in a comparable arm’s-length transaction with an unaffiliated party, by a majority of the disinterested members of the Board of Directors of Pyxus. CCAA Proceedings On May 10, 2021, a definitive agreement for the sale of the assets of Figr Norfolk was entered into for an estimated purchase price of Cdn.$5,000. On June 10, 2021, the Canadian Court approved the sale agreement. The consummation of the sale under this agreement is subject to approval of the buyers by Health Canada and the satisfaction of certain other conditions. On May 25, 2021, a definitive agreement was entered into with a separate buyer for the sale of the outstanding equity of Figr East and certain intangible assets of Figr Brands for an estimated aggregate purchase price of Cdn.$24,750. On June 10, 2021, the Canadian Court approved the sale agreement. On June 25, 2021, Health Canada approved the buyers of Figr East and certain intangible assets of Figr Brands. The consummation of the sale of Figr East and certain intangible assets of Figr Brands occurred on June 28, 2021. The amount of recovery that the Company may receive from the sale of the assets of Figr Norfolk, the sale of the outstanding equity of Figr East, and the sale of certain intangible assets of Figr Brands will be impacted by the amount of claims against the Canadian Cannabis Subsidiaries submitted in the CCAA Proceeding, the extent to which such claims are approved by the Canadian Court, and the extent to which the Company's interest in the Canadian Cannabis Subsidiaries are determined by the Canadian Court to be debt claims entitled to recovery on the same basis as other unsecured creditor claims with respect to the Canadian Cannabis Subsidiaries. African Seasonal Lines of Credit On June 24, 2021, the Company, and certain of its subsidiaries, including the African Subsidiaries, entered into an Amendment Agreement (the “Amendment Agreement”) with TDB to amend the TDB Facility Agreement, which governs the terms of the separate foreign seasonal lines of credit of each of the African Subsidiaries with TDB. The Amendment Agreement became effective on June 28, 2021 and amends the TDB Facility Agreement as follows: • It extends the term of the separate lines of credit of each of the Company’s subsidiaries in Malawi, Tanzania, and Zambia to June 25, 2022; • It decreases the lending commitment with respect to the line of credit of the Company’s Malawi subsidiary from $120.0 million to $80.0 million, effective from and including June 28, 2021; • It includes provisions allowing for an increase in the lending commitment with respect to the line of credit of the Company’s Tanzania subsidiary from $70.0 million to $85.0 million, subject to the satisfaction of certain documentation requirements; • It terminates the separate lines of credit of the Companies’ subsidiaries in Kenya and Uganda, effective from and including June 30, 2021 (with outstanding borrowings thereunder to be repaid by June 30, 2021); and • It requires the Company and such subsidiaries to enter into an agreement to amend and restate the TDB Agreement by August 13, 2021 to reflect items specified in the Amendment Agreement. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Intercompany accounts and transactions have been eliminated. |
Equity Method Investments | Equity Method Investments The Company’s equity method investments and its cost method investments are non-marketable securities. When not required to consolidate its investment in another entity, the Company uses the equity method if it (i) can exercise significant influence over the other entity, and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus the Company’s equity in the increases or decreases of the investee’s net assets after the date of acquisition. The Company continually monitors its equity method investments for factors indicating |
Variable Interest Entities | Variable Interest Entities The Company holds variable interests in multiple variable interest entities, which primarily procure or process inventory on behalf of the Company or are securitization entities. These variable interests relate to equity investments, receivables, guarantees, and securitized receivables. The Company is not the primary beneficiary of the majority of these entities as it does not have the power to direct the activities that most significantly impact the economic performance of the entities, due to the entities’ management and board of directors’ structure. As a result, the majority of these variable interest entities are not consolidated. The Company holds a majority voting interest and is the primary beneficiary of its variable interest in Criticality and Humble Juice, consolidated entities for which the related intercompany accounts and transactions have been eliminated. Creditors of the Company’s variable interest entities do not have recourse against the general credit of the Company. The Company's investments in unconsolidated variable interest entities are classified as investments in unconsolidated affiliates in the consolidated balance sheets. The Company's receivables with variable interest entities are classified as long-term notes receivable, related parties and accounts receivable, related parties in the consolidated balance sheets. The Company's maximum exposure to loss in these variable interest entities is represented by the investments, receivables, guarantees, and the deferred purchase price on the sale of securitized receivables. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the Company's estimates and assumptions. Estimates are used in accounting for, among other things, determining the entity's enterprise value upon emergence from the Chapter 11 Cases, revenue recognition, pension and postretirement health care benefits, inventory reserves, accounts receivable reserves, bank loan guarantees to suppliers and unconsolidated subsidiaries, useful lives for depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, deferred tax assets an d uncertain income tax positions, intrastate tax credits in Brazil, fair value determinations of financial assets and liabilities, including derivatives, securitized beneficial interests, and counterparty risk. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation in the consolidated statements of cash flows. |
Revenue Recognition | Revenue Recognition The Company's revenue consists primarily of the sale of processed tobacco and fees charged for processing and related services to the manufacturers of tobacco products. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company’s performance obligations are satisfied when the transfer of control of the distinct product or service to the customer occurs. For products, control is transferred and revenue is recognized at a point in time, in accordance with the shipping terms of the contract. For services, control is transferred and revenue is recognized over time using the input method based on a kilogram of packed tobacco. A kilogram of processed tobacco (or tobacco processing services resulting in a kilogram of processed tobacco) is the only material and distinct performance obligation for the Company’s tobacco revenue streams. Consideration is attributed to the performance of this obligation. The Company does not disclose information related to its unsatisfied performance obligations with an expected duration of one year or less. Revenue is measured as the amount of consideration to which the Company expects to be entitled to receive in exchange for transferring goods or providing services. Contract costs primarily include labor, material, shipping and handling, and overhead expenses. Contract Balances The Company generally records a receivable when revenue is recognized as the timing of revenue recognition may differ from the timing of payment from customers. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 30 to 60 days. The Company's trade receivables do not bear interest, and they are recorded at the invoiced amount less an estimated allowance for expected credit losses. In addition to estimating an allowance based on specific identification of certain receivables that have a higher probability of not being paid, the Company also records an estimate for expected credit losses for the remaining receivables in the aggregate using a loss-rate method that considers historical bad debts, age of customer receivable balances, and current customer receivable balances. Additionally, the Company considers future reasonable and supportable forecasts of economic conditions to adjust historical loss rate percentages as necessary. Balances are written-off when determined to be uncollectible. T he provision for expected credit losses is recorded in selling, general, and administrative expenses in the consolidated statements of operations. Significant Judgments The Company has identified two main forms of variable consideration in its contracts with customers: warehousing fees for storing customer-controlled tobacco until the customer requests shipment and claims resulting from tobacco that does not meet customer specifications. Warehousing fees are either included in the price of tobacco based on the customers' best estimate of the date they will request shipment or separately charged using a per-day storage rate. When the Company enters into a contract with a customer, the price communicated is the amount of consideration the Company expects to receive. Price adjustments for tobacco not meeting customer specifications for shrinkage, improper blend, or chemical makeup, etc. are handled through a claims allowance that is assessed quarterly. Since the Company has a large number of customer contracts with similar characteristics, the volume of tobacco sold each year is substantial, and the Company has historical data related to claims, the Company is able to estimate the amount of expected claims using the expected value method. Taxes Collected from Customers Certain subsidiaries are subject to value-added taxes on local sales. Value-added taxes on local sales are recorded in sales and other operating revenues and cost of goods and services sold in the consolidated statements of operations. Shipping and Handling The Company elected to account for shipping and handling as activities to fulfill its performance obligations, regardless of when control transfers. Shipping and handling fees that are billed to customers are recognized in sales and other operating revenues and the associated shipping and handling costs are recognized in cost of goods and services sold in the statements of consolidated operations. |
Income Taxes | Income Taxes The Company uses the asset and liability method to account for income taxes. The objective of the asset and liability method is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The Company’s annual tax rate is based on its income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which it operates. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company reviews its tax positions quarterly and adjusts the balances as new information becomes available. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise because of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as from net operating loss and tax credit carryforwards. The Company evaluates the recoverability of these future tax deductions by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings, and available tax planning strategies. As these sources of income inherently rely on estimates, the Company uses historical experience and short and long-range business forecasts to provide insight. The Company believes it is more likely than not that a portion of the deferred income tax assets may expire as unused and has established a valuation allowance against them. Although realization is not assured for the remaining deferred income tax assets, the Company believes it is more likely than not such remaining deferred tax assets will be fully recoverable within the applicable statutory expiration periods. However, deferred tax assets could be reduced in the near term if estimates of taxable income are significantly reduced or available tax planning strategies are no longer viable. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value. |
Inventories, Net | Inventories, Net Costs in inventory include processed tobacco inventory, unprocessed tobacco inventory, other tobacco related, and other inventory. Costs of unprocessed tobacco inventories are determined by the average cost method, which include the cost of green tobacco. Costs of processed tobacco inventories are determined by the average cost method, which include both the cost of unprocessed tobacco, as well as direct and indirect costs related to processing the product. Costs of other non-tobacco inventory are determined by the first-in, first-out method, which include costs of packing materials, non-tobacco agricultural products, and agricultural supplies including seed, fertilizer, herbicides, and pesticides. Inventories are carried at the lower of cost or net realizable value (“LCM”). The Company evaluates its inventories for LCM adjustments by country and type of inventory. Processed tobacco and unprocessed tobacco are evaluated separately for LCM purposes. The Company compares the cost of its processed tobacco to net realizable value based on the estimated selling price of similar grades when evaluating those balances for LCM adjustments. The Company also considers whether its processed tobacco is committed to a customer, whereby the expected sales price is utilized in determining the net realizable value for committed tobacco. In addition, the Company writes-down inventory balances for estimates of obsolescence. LCM and obsolescence inventory write-downs are recorded in cost of goods and services sold within the consolidated statements of operations. |
Advances to Tobacco Suppliers, Net | Advances to Tobacco Suppliers, Net The Company purchases seeds, fertilizer, pesticides, and other products related to growing tobacco and advances them to tobacco suppliers to assist in crop production. These seasonal advances are short term, represent prepaid inventory, and are recorded as advances to tobacco suppliers. Upon delivery of tobacco, part of the purchase price to the supplier is paid in cash and part through a reduction of the advance balance. The advances applied to the delivery are reclassified from advances to unprocessed inventory. The Company also has noncurrent advances, which generally represent the cost of advances to tobacco suppliers for infrastructure, such as curing barns, recovered through the delivery of tobacco to the Company by the tobacco suppliers. Tobacco suppliers may not be able to settle the entire amount of advances due in a given year. In these situations, the Company may allow the farmers to deliver tobacco over future crop years to recover its advances. Noncurrent advances to tobacco suppliers are recorded in other noncurrent assets in the consolidated balance sheets. The Company accounts for its advances to tobacco suppliers using a cost accumulation model, which reports advances at the lower of cost or recoverable amounts exclusive of the mark-up and interest. The mark-up and interest on its advances are recognized upon delivery of tobacco as a decrease in the cost of the current crop. Unrecovered advances are recorded in cost of goods and services sold in the consolidated statements of operations for abnormal yield adjustments or unrecovered advances from prior crops. Normal yield adjustments are capitalized into the cost of the current crop and are recorded in cost of goods and services sold as that crop is sold. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company's goodwill was primarily recorded upon emergence from the Chapter 11 Cases in accordance with ASC 852. Goodwill represents the excess of reorganization value over fair value of identified assets and liabilities allocated to the appropriate each reporting unit. A reporting unit is an operating segment, or one level below an operating segment, referred to as a component. The components within the Company’s operating segments are aggregated into nine reporting units due to their similar economic characteristics. Goodwill is not subject to amortization and is tested for impairment annually, on the first day of the fourth quarter of the fiscal year, or whenever events and circumstances indicate that impairment may have occurred. The Company utilizes a qualitative assessment to evaluate whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the Company's qualitative assessment indicates that it is more likely than not that the estimated fair value of a reporting unit exceeds its carrying value, no further analysis is performed. Otherwise, the Company performs a quantitative assessment using the discounted cash flow (“DCF”) method of the income approach. The future cash flows of the Company’s reporting units are projected based on estimates of future revenues, gross margins, operating income, excess net working capital, capital expenditures, and other factors. The Company utilizes estimated revenue growth rates and cash flow projections. The discount rates utilized in the DCF method are based on a weighted-average cost of capital determined from relevant market comparisons and adjusted for specific reporting unit risks, country risk premiums, and capital structure. A terminal value estimated growth rate is applied to the final year of the projected period and reflects the Company’s estimate of perpetual growth. The Company then calculates a present value of the respective cash flows for each reporting unit to arrive at an estimate of fair value under the income approach. The Company has intangible assets with definite useful lives. These intangible assets are assessed annually and tested for impairment whenever factors indicate that the carrying amount may not be recoverable. The trade name, customer relationship, technology, and license intangibles are amortized on a straight-line basis over twenty eight fifteen five three |
Leases | Leases The Company has operating leases for land, buildings, automobiles, and other equipment that expire at various dates through 2040. Leases for real estate generally have initial terms ranging from 2 to 15 years, excluding renewal options. Leases for equipment generally have initial terms ranging from 2 to 5 years excluding renewal options. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes. These lease terms may include optional renewals, terminations or purchases, which are considered in the Company’s assessments when such options are reasonably certain to be exercised. The Company measures right-of-use assets and related lease liabilities based on the present value of remaining lease payments, including in-substance fixed payments, the current payment amount when payments depend on an index or rate (e.g., inflation adjustments, market renewals), and the amount the Company believes is probable to be paid to the lessor under residual value guarantees, when applicable. Lease contracts may include fixed payments for non-lease components, such as maintenance, which are included in the measurement of lease liabilities for certain asset classes based on the Company’s election to combine lease and non-lease components. The Company does not recognize short-term leases, those lease contracts with durations of twelve months or lease, in the consolidated balance sheets. |
Property, Plant, and Equipment, Net | Property, Plant, and Equipment, Net Property, plant, and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over a range of nine two Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows at which the asset could be |
Guarantees | Guarantees The Company's guarantees are primarily related to bank loans to suppliers for crop production financing. The Company guarantees bank loans of certain unconsolidated subsidiaries in Asia and South America. Under longer-term arrangements, the Company may guarantee financing on suppliers’ construction of curing barns or other tobacco production assets. Guaranteed loans are generally repaid concurrent with the delivery of tobacco to the Company. The Company is obligated to repay guaranteed loans should the supplier default. If default occurs, the Company has recourse against its various suppliers and their production assets. The fair value of the Company's guarantees are recorded in accrued expenses and other current liabilities in the consolidated balance sheets and included in crop costs, except for the joint venture in Brazil, which are included in accounts receivable, related parties. |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses forward or option currency contracts to manage risks associated with foreign currency exchange rates on foreign operations. These contracts are for green tobacco purchases, processing costs, and selling, general, and administrative expenses. The Company does not hold derivatives contracts for speculative or trading purposes. Derivative financial instruments are recorded in other current assets and other current liabilities in the consolidated balance sheets and are measured at fair value. Changes in fair value are recognized in earnings, unless the derivative is designated and qualifies to be in a hedge accounting relationship. For derivatives designated in a hedge accounting relationship, the Company evaluates hedge effectiveness at inception and on an ongoing basis. If a hedge relationship is no longer expected to be effective, the derivative in that relationship is de-designated and hedge accounting is discontinued. Changes in fair value of foreign currency derivatives designated in cash flow hedging relationships are recorded in accumulated other comprehensive loss in the consolidated balance sheets and reclassified to earnings when the hedged item affects earnings. Cash flows from derivatives are classified in the consolidated statements of cash flows in the same category as the cash flows from the underlying hedged items. The Company has elected not to offset fair value amounts recognized for derivative instruments with the same counterparty under a master netting agreement. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Retirement Benefits The Company sponsors multiple benefit plans. The Company has a defined benefit plan that provides retirement benefits for certain U.S. salaried personnel based on years of service rendered, age, and compensation. The Company also maintains various other excess benefit and supplemental plans that provide additional benefits to certain individuals in key positions and individuals whose compensation and the resulting benefits that would have actually been paid are limited by regulations imposed by the Internal Revenue Code. In addition, a Supplemental Retirement Account Plan defined contribution plan is maintained. Additional non-U.S. plans sponsored by certain subsidiaries cover certain of the full-time employees located in Germany, Turkey, and the United Kingdom. Postretirement Health and Life Insurance Benefits The Company provides certain health and life insurance benefits to retired U.S. employees (and their eligible dependents) who meet specified age and service requirements. The plan excludes new employees after September 2005 and caps the Company’s annual cost commitment to postretirement benefits for retirees. The Company retains the right, subject to existing agreements, to modify or eliminate these postretirement health and life insurance benefits in the future. The Company provides certain health and life insurance benefits to retired Brazilian directors and certain retirees located in Europe including their eligible dependents who meet specified requirements. Plan Assets The Company's policy is to contribute amounts to the plans sufficient to meet or exceed funding requirements of local governmental rules and regulations. Funding of our qualified defined benefit pension plans is determined in accordance with the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended by the Pension Protection Act of 2006. The Company's investment objectives for plan assets are to generate consistent total investment return to pay anticipated plan benefits, while minimizing long-term costs and portfolio volatility. The financial objectives underlying this policy include maintaining plan contributions at a reasonable level relative to benefits provided and assuring unfunded obligations do not grow to a level that would adversely affect the Company's financial health. Portfolio performance is measured against investment objectives and objective benchmarks, including but not limited to: Citibank 90 Day Treasury Bill, Bloomberg Barclays Intermediate Govt/Credit, Bloomberg Barclays Aggregate, Russell 1000 Value, Russell 1000 Growth, Russell 2500 Value, Russell 2500 Growth, MSCI EAFE, HFR Absolute Return, and HFR Equity Hedge. The portfolio objective is to exceed the actuarial return on assets assumption. Management and the plan's consultant regularly review portfolio allocations and periodically rebalance the portfolio to the targeted allocations according to the guidelines set forth in the Company's investment policy. Equity securities do not include the Company's common stock. The Company's diversification and risk control processes serve to minimize the concentration and experience of risk. There are no significant concentrations of risk, in terms of sector, industry, geography, or individual company or companies. In order to project the long-term investment return for the total portfolio, estimates are prepared for the total return of each major asset class over the subsequent 10-year period, or longer. Those estimates are based on a combination of factors including the current market interest rates and valuation levels, consensus earnings expectations and historical long-term risk premiums. To determine the aggregate return for the pension trust, the projected return of each individual asset class is then weighted according to the allocation to that investment area in the trust’s long-term asset allocation policy. The Company’s plan assets primarily consist of cash and cash equivalents, equity securities, fixed income securities, equity and fixed income funds, real estate investments, and diversified investments. Plan assets are measured at fair value annually on March 31, the measurement date. The following are descriptions, valuation methodologies, and inputs used to determine the fair value of each major category of plan assets: • Cash and cash equivalents include short-term investment funds, primarily in diversified portfolios of investment grade money market instruments that are valued using quoted market prices or other valuation methods, and classified within Level 1 or Level 2 of the fair value hierarchy. • Equity securities are investments in common stock of domestic and international corporations in a variety of industry sectors, and are valued primarily using quoted market prices and generally classified within Level 1 in the fair value hierarchy. • Fixed income securities include U.S. Treasuries and agencies, debt obligations of foreign governments, and debt obligations in corporations of domestic and foreign issuers. The fair value of fixed income securities is based on observable prices for identical or comparable assets, adjusted by benchmark curves, sector grouping, matrix pricing, broker/dealer quotes, and issuer spreads, and are generally classified within Level 1 or Level 2 in the fair value hierarchy. • Investments in equity and fixed income mutual funds are publicly traded and valued primarily using quoted market prices and generally classified within Level 1 in the fair value hierarchy. Investments in commingled funds used in certain non-U.S. pension plans are not publicly traded, but the underlying assets held in these funds are traded in active markets and the prices for these assets are readily observable. Holdings in these commingled funds are generally classified as Level 2 investments. • Real estate investments include those in private limited partnerships that invest in various domestic and international commercial and residential real estate projects and publicly traded REIT securities. The fair values of private real estate assets are typically determined by using income and/or cost approaches or comparable sales approach, taking into consideration discount and capitalization rates, financial conditions, local market conditions, and the status of the capital markets, and are generally classified within Level 3 in the fair value hierarchy. Publicly traded REIT securities are valued primarily using quoted market prices and are generally classified within Level 1 in the fair value hierarchy. • Diversified investments include those in limited partnerships that invest in non-publicly traded companies and mutual funds with an absolute return strategy. Their investment strategies include leveraged buyouts, venture capital, distressed investments, and investments in natural resources. These investments are valued using inputs such as trading multiples of comparable public securities, merger and acquisition activity and pricing data from the most recent equity financing taking into consideration illiquidity, and are classified within Level 3 in the fair value hierarchy. Mutual fund investments with absolute return strategies are publicly traded and valued using quoted market prices and are generally classified within Level 1 in the fair value hierarchy. |
Foreign Currency Translation and Remeasurement | Foreign Currency Translation and Remeasurement The Company translates assets and liabilities of its foreign subsidiaries from their respective functional currencies to USD using exchange rates in effect at period end, except for non-monetary balance sheet accounts, which are translated at historical exchange rates. The Company's results of operations and its cash flows are translated using average exchange rates for each reporting period. Resulting currency translation adjustments are reflected as a separate component of accumulated other comprehensive loss in the consolidated balance sheets. The financial statements of foreign subsidiaries, for which the USD is the functional currency and which have certain transactions denominated in a local currency, are remeasured into USD. The remeasurement of local currencies into USD results in remeasurement adjustments that are included in net income. Exchange gains (losses) from remeasurement are recorded in cost of goods and services sold and other income (expense), net within the consolidated statements of operations. |
Securitized Receivables | Securitized Receivables The Company sold trade receivables to unaffiliated financial institutions under two accounts receivable securitization facilities. Under the facilities, the receivables sold for cash are removed from the consolidated balance sheets. Under the first and second facilities, a portion of the purchase price for the receivables is paid by the unaffiliated financial institutions in cash and the balance is a deferred purchase price receivable, which is paid as payments on the receivables are collected from account debtors. The net cash proceeds received by the Company in cash at the time of sale (cash purchase price) are included as cash used by operating activities in the statements of consolidated cash flows. The deferred purchase price receivable represents a continuing involvement and a beneficial interest in the transferred financial assets and is recognized at fair value as part of the sale transaction. The deferred purchase price receivables are included in trade and other receivables, net in the consolidated balance sheets and are valued using unobservable inputs (i.e., Level three inputs), primarily discounted cash flow. The net cash proceeds received by the Company as deferred purchase price are included in net cash provided by investing activities in the statements of consolidated cash flows. Additionally, cash obtained as a beneficial interest for transferring trade receivables in a securitization transaction has been added as a noncash disclosure to the statements of consolidated cash flows. |
Stock-Based Compensation | Stock-Based Compensation Prior to the Company’s emergence from the Chapter 11 Cases, Old Pyxus’ shareholders approved the 2016 Incentive Plan (the “2016 Plan”) at its Annual Meeting of Shareholders on August 12, 2016. The 2016 Plan is the successor to the 2007 Incentive Plan (the “2007 Plan”), which was amended on August 11, 2011 and August 6, 2009. The 2016 Plan is an omnibus plan that provided the Company the flexibility to grant a variety of stock-based awards including stock options, restricted stock, restricted stock units, performance-based restricted stock units, and cash-settled awards to its officers, directors, and employees. The Company estimated forfeitures of stock-based awards using historical experience. Stock-based compensation expense was included in selling, general, and administrative expenses in the statements of consolidated operations. Subsequent to the Company’s emergence from the Chapter 11 Cases, the Company’s Board of Directors adopted the 2020 Incentive Plan (the “2020 Plan”) on November 18, 2020. The 2020 Plan provides the Company the flexibility to grant a variety of stock-based awards including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance share awards, and incentive awards to its officers, directors, and employees. For stock-based awards without performance conditions, the Company recognizes stock-based compensation cost on a straight-line basis over the vesting period of the award. For stock-based awards with performance conditions, the Company recognizes stock-based compensation cost using the accelerated attribution method over the requisite service period when the Company determines it is probable that the performance condition will be satisfied. The Company estimates forfeitures of stock-based awards using historical experience. Stock-based compensation expense is included in selling, general, and administrative expenses in the statements of consolidated operations. |
New Accounting Standards | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 and its related amendments are intended to provide financial statement users with more decision-useful information about the expected credit losses on financial assets held at amortized cost and other commitments to extend credit held by a reporting entity at each reporting date. Based on the Company's scoping assessment, ASU 2016-13 primarily impacts trade receivables. This guidance was early adopted by the Company as of April 1, 2020 using the modified retrospective approach. The adoption of this new accounting standard did not have a material impact on the Company's financial condition, results of operations, or cash flows. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 updates disclosure requirements for defined benefit plans. This guidance was adopted using a retrospective approach and was effective beginning in the first quarter of fiscal year 2021. This new accounting standard did not have a material impact on the Company's financial condition, results of operations, or cash flows. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocations, the methodology for calculating income taxes during interim periods when there are changes in tax laws or when year-to-date losses exceed anticipated losses, and the recognition of deferred tax liabilities for outside basis differences in foreign investments. This guidance also simplifies aspects of the accounting for franchise taxes that are partially based on income, separate financial statements of legal entities not subject to tax, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance is effective for the Company on April 1, 2021, with early adoption permitted. This new accounting standard will not have a material impact on the Company's consolidated financial statements and related disclosures. |
Fresh Start Reporting (Tables)
Fresh Start Reporting (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Reorganizations [Abstract] | |
Schedule of Reconciliation of Enterprise and Reorganization Value | The following reconciles the estimated enterprise value to the estimated fair value of the Successor common stock as of the Fresh Start Reporting Date: Enterprise value, excluding cash $ 1,252,379 Plus: cash, cash equivalents, and restricted cash 117,587 Less: fair value of debt (974,205) Fair value of Successor stockholders’ equity $ 395,761 Shares issued upon emergence 25,000 Per share value $ 15.83 The following reconciles estimated enterprise value to the reorganization value of the Successor assets to be allocated to individual assets as of the Fresh Start Reporting Date: Enterprise value, excluding cash $ 1,252,379 Plus: cash, cash equivalents, and restricted cash 117,587 Plus: working capital liabilities 170,905 Plus: other operating liabilities 54,700 Plus: non-operating liabilities 113,954 Reorganization value of Successor assets $ 1,709,525 |
Schedule of Fresh-Start Reporting Adjustments | The adjustments set forth in the following consolidated balance sheet as of August 31, 2020 reflect the effects of the transactions contemplated by the Plan and executed on the Fresh Start Reporting Date (reflected in the column entitled “Reorganization Adjustments”) as well as the fair value and other required accounting adjustments resulting from the adoption of fresh start reporting (reflected in the column entitled “Fresh Start Reporting Adjustments”). August 31, 2020 Fresh Start Reporting Adjustments Predecessor Reorganization Adjustments As Reported at September 30, 2020 As Adjusted at December 31, 2020 Successor Assets Current assets Cash and cash equivalents $ 111,427 $ (18,289) (1) $ — $ — $ 93,138 Restricted cash 2,949 21,500 (2) — — 24,449 Trade receivables, net 152,309 — — — 152,309 Other receivables 13,227 — — — 13,227 Accounts receivable, related parties 2,780 — — — 2,780 Inventories, net 861,851 — — — 861,851 Advances to tobacco suppliers, net 44,061 — — — 44,061 Recoverable income taxes 5,830 — — — 5,830 Prepaid expenses 34,350 — — — 34,350 Other current assets 15,059 — — — 15,059 Total current assets 1,243,843 3,211 — — 1,247,054 Restricted cash 389 — — — 389 Investments in unconsolidated affiliates 54,460 — 13,291 30,531 (13) 84,991 Goodwill 6,120 — 48,756 31,815 (14) 37,935 Other intangible assets, net 64,924 — 1,596 6,075 (15) 70,999 Deferred income taxes, net 125 — 9,638 7,484 (16) 7,609 Long-term recoverable income taxes 3,130 — — — 3,130 Other noncurrent assets 45,821 3,139 (3) (310) (310) (17) 48,650 Right-of-use assets 39,576 — (4,281) (4,281) (18) 35,295 Property, plant, and equipment, net 299,293 — (124,965) (125,820) (19) 173,473 Total assets $ 1,757,681 $ 6,350 $ (56,275) $ (54,506) 1,709,525 Liabilities and Stockholders’ Equity Current liabilities Notes payable to banks $ 461,783 $ — $ — $ — $ 461,783 DIP financing 206,700 (206,700) (4) — — — Accounts payable 58,813 334 (5) 25 25 59,172 Accounts payable, related parties 26,125 — — — 26,125 Advances from customers 23,967 — — — 23,967 Accrued expenses and other current liabilities 113,118 (31,853) (6) (1,792) (1,792) (20) 79,473 Income taxes payable 8,319 — — — 8,319 Operating leases payable 11,083 — (992) (992) (21) 10,091 Current portion of long-term debt 90 — — — 90 Total current liabilities 909,998 (238,219) (2,759) (2,759) 669,020 Long-term taxes payable 7,623 — — — 7,623 Long-term debt 277,090 250,546 (7) (15,304) (15,304) (22) 512,332 Deferred income taxes 20,749 91 (8) (10,070) (7,742) (23) 13,098 Liability for unrecognized tax benefits 13,420 — — — 13,420 Long-term leases 25,728 — (2,263) (2,263) (21) 23,465 Pension, postretirement, and other long-term liabilities 71,898 — 3,467 3,467 (24) 75,365 Total liabilities not subject to compromise 1,326,506 12,418 (26,929) (24,601) 1,314,323 Liabilities subject to compromise Debt subject to compromise 635,686 (635,686) (9) — — — Accrued interest on debt subject to compromise 26,156 (26,156) (9) — — — Total liabilities subject to compromise 661,842 (661,842) — — — Total liabilities 1,988,348 (649,424) (26,929) (24,601) 1,314,323 Stockholders’ equity Common Stock— no par value: Predecessor common stock (shares) 9,976 (9,976) — — — Successor common stock (shares) — 25,000 — — 25,000 Predecessor additional paid-in capital 468,147 (468,147) (10) — — — Successor additional paid-in capital — 391,402 (11) — (313) 391,089 Retained deficit (644,250) 728,160 (12) (83,910) (83,910) (25) — Accumulated other comprehensive loss (54,484) — 54,484 54,484 (26) — Total stockholders’ equity (deficit) of Pyxus International, Inc. (230,587) 651,415 (29,426) (29,739) 391,089 Noncontrolling interests (80) 4,359 80 (166) 4,113 Total stockholders’ equity (deficit) (230,667) 655,774 (29,346) (29,905) 395,202 Total liabilities and stockholders’ equity $ 1,757,681 $ 6,350 $ (56,275) $ (54,506) $ 1,709,525 (1) The following summarizes the change in cash and cash equivalents: Proceeds from ABL Credit Facility, net of debt issuance costs $ 26,861 Repayment of DIP Facility (213,418) Proceeds from Term Loan Credit Facility 213,418 Proceeds from 10.0% first lien notes 280,844 Repayment of 8.5% first lien notes (280,844) Payment to fund professional fee escrow account (21,500) Payment of other professional and administrative fees (11,828) Payment of accrued interest on DIP Facility (494) Payment to holders of Predecessor second lien notes that elected the cash option (1,199) Payment to holders of Predecessor common stock (1,000) Payment of accrued interest on prepetition Predecessor first lien notes (9,129) $ (18,289) (2) Represents the funding of an escrow account for professional fees associated with the Chapter 11 Cases. (3) Represents the capitalization of debt issuance costs related to the ABL Credit Facility. (4) Represents the conversion of the DIP Facility that was exchanged for the Term Loans, and accordingly reclassified to long-term debt. (5) Reflects the recognition of payables for professional fees to be paid subsequent to the Company's emergence from Chapter 11 Cases. (6) The following summarizes the net change in accrued expenses and other current liabilities: Payment of accrued interest on the DIP Facility $ (494) Payment of accrued interest on the Predecessor first lien notes (9,129) Settlement of accrued backstop fee through the issuance of common stock (18,000) Reclassification of DIP Facility exit fee to long-term debt (6,718) Recognition of accrued interest from the Effective Date to the Convenience Date 1,044 Accrual for professional fees 1,444 $ (31,853) (7) The following summarizes the changes in long-term debt: Draw on the ABL Credit Facility $ 30,000 Issuance of the Term Loans (1) 213,418 Conversion of redemption fee on Predecessor first lien notes to Successor Notes 5,843 Derecognition of the original issue discount and the debt issuance costs on Predecessor first lien notes 1,285 $ 250,546 (1) Includes $6,718 related to the DIP Facility exit fee (8) Represents the recognition of deferred tax liabilities as a result of the cumulative tax impact of the reorganization adjustments herein. (9) Represents the settlement of liabilities subject to compromise in accordance with the Plan, which resulted in a gain on the discharge of the Predecessor second lien notes as follows: Debt subject to compromise $ 635,686 Accrued interest on debt subject to compromise 26,156 Total second lien notes discharged 661,842 Payment to holders of second lien notes electing cash option (1,199) Value of common stock issued to holders of second lien notes (198,339) Gain on discharge of second lien notes $ 462,304 (10) Represents the cancellation of Predecessor common stock. (11) The changes in Successor additional paid-in capital were as follows: Value of Successor common stock, second lien notes $ 198,339 Value of Successor common stock, other 193,063 $ 391,402 (12) Represents $260,013 of cumulative impact to Predecessor retained deficit as a result of the reorganization adjustments described above and $468,147 for the elimination of Predecessor common stock. (13) Represents fair value adjustments to the Company's equity method investments. (14) Represents reorganization value in excess of value allocable to tangible and intangible assets. (15) Represents the fair value adjustments to recognize the customer relationships, licenses, technology (inclusive of patents and know how), trade names, and internally developed software intangible assets. (16) Represents the recognition of deferred tax assets as a result of the cumulative tax impact of the fresh start adjustments herein. (17) Represents an adjustment to pension assets of ($352), partially offset by other adjustments of $42. (18) Represents the fair value adjustments to right-of-use lease assets. (19) Represents the following fair value adjustments to property, plant, and equipment, net: Predecessor Fair Value Successor Land $ 33,562 $ (104) $ 33,458 Buildings 259,255 (195,797) 63,458 Machinery and equipment 198,708 (122,151) 76,557 Total 491,525 (318,052) 173,473 Less: Accumulated Depreciation (192,232) 192,232 — Total property, plant, and equipment, net $ 299,293 $ (125,820) $ 173,473 (20) Represents the revaluation of the current pension liability of ($1,800), partially offset by an adjustment to financing leases of $8. (21) Represents the Company's recalculation of lease obligations using a higher incremental borrowing rate applicable upon emergence from Chapter 11 Cases and commensurate with the new capital structure. (22) Represents the fair value adjustment to the first lien notes. (23) Represents the adjustment of deferred tax liabilities as a result of the cumulative tax impact of the fresh start valuation adjustments herein. (24) Represents the recalculation of the present value of the Company's pension liability. (25) Represents the cumulative impact of the remeasurement of assets and liabilities from fresh start reporting, $7,631 of tax effect of reorganization items, and the elimination of Predecessor's accumulated other comprehensive losses for the five months ended August 31, 2020. (26) Represents the derecognition of accumulated other comprehensive loss as a result of reorganization pension adjustments, and the elimination of Predecessor's foreign currency translation adjustments. |
CCAA Proceeding and Deconsoli_2
CCAA Proceeding and Deconsolidation of Subsidiaries (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Reorganizations [Abstract] | |
Schedule of Loss on Deconsolidation | As a result, the Company recorded a net loss of $70,242 for the year ended March 31, 2021 associated with the deconsolidation of the Canadian Cannabis Subsidiaries, which was calculated as follows: Carrying value of related party note receivable $ 153,860 Fair value of related party note receivable 6,100 Impairment of related party note receivable (147,760) Gain on elimination of retained deficit 77,518 Loss on deconsolidation $ (70,242) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Major Source | The following disaggregates sales and other operating revenues by major source: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Leaf - North America: Product revenue $ 113,431 $ 51,211 $ 192,545 Processing and other revenues 23,764 6,523 32,162 Total sales and other operating revenues 137,195 57,734 224,707 Leaf - Other Regions: Product revenue 701,076 355,902 1,236,041 Processing and other revenues 26,175 24,595 46,575 Total sales and other operating revenues 727,251 380,497 1,282,616 Other Products and Services: Total sales and other operating revenues 19,882 9,369 19,938 Total sales and other operating revenues $ 884,328 $ 447,600 $ 1,527,261 |
Schedule of Activity in the Claims Allowance | The following summarizes activity in the claims allowance: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Balance, beginning of period $ 880 $ 1,130 $ 1,460 Additions 2,963 642 2,018 Payments (2,013) (892) (2,348) Balance, end of period $ 1,830 $ 880 $ 1,130 |
Schedule of Allowance for Doubtful Accounts and Activity of Claims Allowances | The following summarizes activity in the allowance for expected credit losses: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Balance, beginning of period $ (15,361) $ (15,893) $ (13,381) Additions (5,809) — (8,644) Write-offs 270 532 6,132 Balance, end of period (20,900) (15,361) (15,893) Trade receivables 196,812 167,670 242,635 Trade receivables, net $ 175,912 $ 152,309 $ 226,742 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense), Net | The following summarizes the significant components of other income (expense), net: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Other sales of assets and expenses $ (9,384) $ (678) $ (10,053) $ 2,497 Sales of Brazilian intrastate trade tax credits — 2,938 9,039 10,418 Foreign currency gain on Figr related party note 14,902 — — — Loss on settlement for Brazilian IPI credits (12,666) — — — Gain on sales of fixed assets 310 112 6,539 2,080 Loss on sale of receivables (2,784) (2,907) (4,803) (6,816) Gain (loss) from insurance claims 7 (4) 1,411 6,038 Total $ (9,615) $ (539) $ 2,133 $ 14,217 Refer to "Note 21. Securitized Receivables" and "Note 26. Contingencies and Other Information" for additional information. |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment Charges (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Asset Impairment Charges | The following summarizes the Company's restructuring and asset impairment charges: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Beginning balance $ 567 $ 407 $ 1,843 $ 107 Period Charges: Employee separation charges (recoveries) 7,816 353 4,592 4,055 Payments (3,773) (193) (6,028) (2,319) Ending balance $ 4,610 $ 567 $ 407 $ 1,843 Asset impairment and other noncash charges 4,001 213 1,054 891 Total restructuring and asset impairment charges $ 11,817 $ 566 $ 5,646 $ 4,946 |
Schedule of Employee Separation and Other Cash Charges | The following summarizes the employee separation and other cash charges by reportable segment: Successor Seven months ended March 31, 2021 Five months ended August 31, 2020 Other Products and Services Leaf - North America Leaf - Other Regions Other Products and Services Leaf - North America Leaf - Other Regions Beginning balance $ — $ 312 $ 255 $ — $ — $ 407 Period charges (recoveries) 2,209 2,419 3,188 — 312 40 Payments (68) (1,325) (2,380) — — (192) Ending balance $ 2,141 $ 1,406 $ 1,063 $ — $ 312 $ 255 Predecessor Year Ended March 31, 2020 Year Ended March 31, 2019 Leaf - North America Leaf - Other Regions Leaf - North America Leaf - Other Regions Beginning balance $ 1,621 $ 222 $ — $ 107 Period charges (recoveries) 8 4,584 2,668 1,387 Payments (1,629) (4,399) (1,047) (1,272) Ending balance $ — $ 407 $ 1,621 $ 222 |
Schedule of Asset Impairment and Other Noncash Charges | The following summarizes asset impairment and other noncash charges: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Leaf - North America $ — $ 17 $ — $ 545 Leaf - Other Regions 1,036 196 772 346 Other Products and Services 2,965 — 282 — Total $ 4,001 $ 213 $ 1,054 $ 891 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Contingencies | The following summarizes the changes to unrecognized tax benefits: Successor Predecessor Year ended Year ended Year ended Balance at April 1 $ 19,481 $ 11,663 $ 8,342 Increase for current year tax positions 4,232 6,425 447 Increase (reductions) for prior year tax positions 128 4,177 7,048 Impact of changes in exchange rates (107) (1,226) (227) Reduction for settlements (130) (1,558) (3,947) Reorganization and Fresh Start Reporting (5,246) — — Balance at March 31 (1) $ 18,358 $ 19,481 $ 11,663 (1) As of March 31, 2021, $14,771 would impact the Company’s effective tax rate, if recognized. |
Schedule of Accrued Interest and Penalties for Unrecognized Tax Benefits | The following summarizes changes in the Company's accrued interest and penalties for unrecognized tax benefits: Interest Penalties Balance at March 31, 2020 (Predecessor) $ 1,209 $ 815 Impact of changes in exchange rates (35) (54) Reduction for expiration of statute of limitations (71) (136) Other 371 145 Balance at March 31, 2021 (Successor) $ 1,474 $ 770 |
Schedule of Income before Income Tax, Domestic and Foreign | The components of loss before income taxes, equity in net income of investee companies, and minority interests consisted of the following: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended U.S. $ (54,688) $ 28,350 $ (111,532) $ (86,315) Non-U.S. (86,978) (12,341) (32,883) 43,398 Total $ (141,666) $ 16,009 $ (144,415) $ (42,917) |
Schedule of Components of Income Tax Expense (Benefit) | The details of the amount shown for income taxes in the statements of consolidated operations and comprehensive loss are as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Current Federal $ 142 $ 135 $ (1,115) $ 2,018 State — — — — Non-U.S. 13,424 10,718 22,065 22,741 Total Current 13,566 10,853 20,950 24,759 Deferred Federal 6,370 (6,823) 102,658 6,129 State — — — — Non-U.S. (6,721) (3,738) 8,181 6,952 Total Deferred (351) (10,561) 110,839 13,081 Total $ 13,215 $ 292 $ 131,789 $ 37,840 |
Schedule of Effective Income Tax Rate Reconciliation | The reasons for the difference between income tax expense based on income before income taxes, equity in net income of investee companies, and minority interests and the amount computed by applying the U.S. statutory federal income tax rate to income are as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Tax benefit at U.S. statutory rate $ (29,750) $ 3,362 $ (30,328) $ (9,013) Effect of non-U.S. income taxes (9,659) (1,914) (1,951) 462 Tax on future remittances 3,305 (583) 10,561 (1,038) Foreign tax credits — — 78 (173) Change in valuation allowance 16,990 2,124 117,553 17,622 Increase in reserves for uncertain tax positions 1,264 1,346 10,807 5,304 Change in tax rates (934) 1,451 822 (66) Exchange effects and currency translation 5,778 4,555 10,896 12,904 Permanent items 1,547 314 3,791 (677) Benefit (expense) on income tax payable/recoverable adjustments — — 810 (1,163) Deductible dividends (889) (1,237) (2,140) (3,046) Withholding tax expense 1,797 584 2,225 2,577 Benefit of other tax credits (222) (339) (721) (377) Nondeductible interest 1,533 915 2,767 1,624 Transition tax after foreign tax credits — — (1,227) 1,827 U.S. taxes on non-U.S. earnings 214 — 2,071 11,073 Goodwill impairment — — 5,775 — Reorganization/Fresh Start Reporting 38 (10,286) — — Canadian Cannabis Subsidiaries Deconsolidation 22,203 — — — Actual tax expense (benefit) $ 13,215 $ 292 $ 131,789 $ 37,840 |
Schedule of Deferred Tax Assets and Liabilities | The following summarizes deferred tax (liabilities) assets: Successor Predecessor March 31, 2021 March 31, 2020 Deferred tax assets: Reserves and accruals $ 20,998 $ 11,418 Tax credits 252 1,486 Tax loss carryforwards 6,792 93,024 Derivative transactions 1,157 698 Postretirement and other benefits 787 15,586 Unrealized exchange loss — 7,296 Non-deductible interest carryforward 16,446 28,364 Fixed assets 5,101 — Other 2,453 5,209 Gross deferred tax assets 53,986 163,081 Valuation allowance (25,273) (151,058) Total deferred tax assets $ 28,713 $ 12,023 Deferred tax liabilities: Unremitted earnings of foreign subsidiaries $ (28,779) $ (17,254) Intangible assets (2,510) (12,251) Fixed assets — (5,419) Unrealized exchange gains (1,063) — Other (2,242) — Total deferred tax liabilities $ (34,594) $ (34,924) Net deferred tax liability $ (5,881) $ (22,901) |
Schedule of Current and Non Current Tax Assets and Liabilities | The following summarizes the breakdown between deferred tax assets (liabilities): Successor Predecessor March 31, 2021 March 31, 2020 Noncurrent asset $ 7,063 $ 2 Noncurrent liability (12,944) (22,903) Net deferred tax liability (asset) $ (5,881) $ (22,901) |
Schedule of Changes in Valuation Allowance for Deferred Tax Assets | The following summarizes the change in the Company's valuation allowance for deferred tax assets: Balance at March 31, 2018 (Predecessor) $ 19,742 Changes to expenses 18,073 Changes to other accounts (2) (156) Deductions (1) (1,135) Balance at March 31, 2019 (Predecessor) $ 36,524 Changes to expenses (4) 117,633 Changes to other accounts (2) (1,207) Deductions (1) (1,926) Other 34 Balance at March 31, 2020 (Predecessor) $ 151,058 Changes to expenses 19,114 Changes to other accounts (1)(2) 1,057 Deductions (3) (145,957) Other 1 Balance at March 31, 2021 (Successor) $ 25,273 (1) Currency translation and direct write-off. (2) Accumulated other comprehensive loss. (3) Release of valuation allowance related to emergence from U.S. Chapter 11 Bankruptcy and related fresh start reporting as well as deconsolidation of the Canadian Cannabis Subsidiaries. (4) Build of global valuation allowances related to the Company’s financial position. |
Schedule of Operating Loss Carryforwards | The following table summarizes the amount and expiration dates of our operating loss carryforwards at March 31, 2021: Expiration Date Amounts U.S. federal and state net operating loss carryforwards 2022-2026 — U.S. federal and state net operating loss carryforwards Thereafter 6 U.S. federal and state net operating loss carryforwards Indefinite 14,477 Non-U.S. net operating loss and tax credit carryforwards 2021-2026 6,326 Non-U.S. net operating loss and tax credit carryforwards Thereafter 6,465 Non-U.S. net operating loss and tax credit carryforwards Indefinite 13,446 Total $ 40,720 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted (Loss) Earnings Per Share | The following summarizes the computation of (loss) earnings per share: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Basic (loss) earnings per share: Net (loss) income attributable to Pyxus International, Inc. $ (136,686) $ 19,037 $ (264,661) $ (70,467) Shares: Weighted Average Number of Shares Outstanding 25,000 9,976 9,148 9,054 Basic (loss) earnings per share $ (5.47) $ 1.91 $ (28.93) $ (7.78) Diluted (loss) earnings per share: Net (loss) income attributable to Pyxus International, Inc. $ (136,686) $ 19,037 $ (264,661) $ (70,467) Shares: Weighted average number of shares outstanding (1) 25,000 9,976 9,148 9,054 Plus: Restricted shares issued and shares applicable to stock options and restricted stock units, net of shares assumed to be purchased from proceeds at average market price (2) — 16 — — Adjusted weighted average number of shares outstanding 25,000 9,992 9,148 9,054 Diluted (loss) earnings per share $ (5.47) $ 1.91 $ (28.93) $ (7.78) (1) 0, 785, 785, and 785 shares of common stock were owned by a wholly owned subsidiary as of March 31, 2021, August 31, 2020, and March 31, 2020 and 2019, respectively. (2) Outstanding restricted shares, shares applicable to stock options, and restricted stock units are excluded because their inclusion would have an antidilutive effect on the loss per share. The dilutive shares would have been 0 and 23 for the years ended March 31, 2021 and 2020, respectively. |
Schedule of Antidilutive Securities excluded from Computation of Earnings (Loss) per Share | The number of potential shares outstanding that were considered antidilutive and that were excluded from the computation of diluted (loss) earnings per share, weighted for the portion of the period they were outstanding were as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Antidilutive stock options and other awards — 427 427 427 Antidilutive stock options and other awards under stock-based compensation programs excluded based on reporting a net loss for the period — — 25 — Total common stock equivalents excluded from diluted loss per share — 427 452 427 Weighted average exercise price $ — $ 56.86 $ 56.64 $ 60.00 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Composition of Restricted Cash | The following summarizes the composition of restricted cash: Successor Predecessor March 31, 2021 March 31, 2020 Compensating balance for short-term borrowings $ 1,017 $ 893 Escrow 3,459 1,450 Other 532 532 Total $ 5,008 $ 2,875 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | The following summarizes the composition of inventories, net: Successor Predecessor March 31, 2021 March 31, 2020 Processed tobacco $ 534,711 $ 485,764 Unprocessed tobacco 156,915 178,782 Other tobacco related 25,979 24,071 Other (1) 10,288 41,402 Total $ 727,893 $ 730,019 |
Advances to Tobacco Suppliers_2
Advances to Tobacco Suppliers, Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Advances to Tobacco Suppliers | The following summarizes the classification of advances to tobacco suppliers: Successor Predecessor March 31, 2021 March 31, 2020 Current $ 43,569 $ 38,877 Noncurrent 477 1,076 Total $ 44,046 $ 39,953 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following summarizes the fair values of the assets acquired and liabilities assumed as of April 22, 2020: Cash and cash equivalents $ 195 Accounts receivable 1,528 Advances to suppliers 1,043 Inventories 3,823 Other current assets 181 Property, plant, and equipment 5,060 Goodwill 6,120 Total assets acquired 17,950 Accounts payable 1,654 Notes payable 7,450 Other current liabilities 513 Total liabilities 9,617 Fair value of equity interest $ 8,333 |
Schedule of Pro-forma Revenue, Operating Loss, Net Loss and (Loss) Earnings per Share of Acquiree | The following summarizes the revenue, operating loss, and net loss for Criticality as well as the resulting impact to basic and diluted (loss) earnings per share: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Revenue 139 — Operating loss (5,713) (3,117) Net loss (12,224) (3,317) Impact to (loss) earnings per share: Basic (0.49) (0.33) Diluted (0.49) (0.33) |
Schedule of the Effects of Changes in the Company's Ownership Interest | Below are the effects of changes in the Company’s ownership interest in Figr East on the Company’s equity: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Net (loss) income attributable to Pyxus International, Inc. shareholders $ (136,686) $ 19,037 $ (264,661) $ (70,467) Decrease in Pyxus International, Inc. equity for purchase of 22.3522 shares in 2019 and 1.4972 shares in 2020 of Figr East: Paid in capital — — (528) (6,056) Accumulated other comprehensive income (loss) — — 33 (461) Change from net (loss) income attributable to Pyxus International, Inc. shareholders and transfer from noncontrolling interest $ (136,686) $ 19,037 $ (265,156) $ (76,984) |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity in Net Assets of Investee Companies | The following summarizes the Company's equity method investments as of March 31, 2021: Investee Name Location Primary Purpose The Company's Ownership Percentage Basis Difference (1) Adams International Ltd. Thailand purchase and process tobacco 49 % $ (4,526) Alliance One Industries India Private Ltd. India purchase and process tobacco 49 % (5,770) China Brasil Tobacos Exportadora SA Brazil purchase and process tobacco 49 % 46,973 Oryantal Tutun Paketleme Turkey process tobacco 50 % (416) Purilum, LLC U.S. produce flavor formulations and consumable e-liquids 50 % 4,589 Siam Tobacco Export Company Thailand purchase and process tobacco 49 % (6,098) (1) The basis difference for the Company's equity method investments is primarily due to $30,531 of fair value adjustments from fresh start reporting. The following summarizes financial information for these equity method investments: Successor Predecessor Operations statement: Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales $ 217,232 $ 67,553 $ 293,163 $ 332,245 Gross profit 49,778 14,151 50,209 52,309 Net income 26,728 5,869 16,667 22,855 Company's dividends received 317 5,104 7,348 7,300 Successor Predecessor Balance sheet: March 31, 2021 March 31, 2020 Current assets $ 224,106 $ 145,207 Property, plant, and equipment and other assets 43,648 56,481 Current liabilities 138,833 82,377 Long-term obligations and other liabilities 3,937 6,296 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following summarizes the Company's financial relationships with its unconsolidated variable interest entities: Successor Predecessor March 31, 2021 March 31, 2020 Investments in variable interest entities $ 89,560 $ 62,407 Receivables with variable interest entities 13,497 10,099 Guaranteed amounts to variable interest entities (not to exceed) 56,067 59,792 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Asset Rollforward | The following summarizes the changes in the Company's goodwill and other intangible assets, net: Amortizable Intangibles Goodwill Customer Relationships Production and Supply Contracts Technology Licenses Trade Names Total Weighted average remaining useful life in years as of March 31, 2021 11.10 0.00 6.66 0.00 13.42 March 31, 2019 balance: Gross carrying amount $ 34,720 $ 63,980 $ 7,000 $ 19,917 $ 33,330 $ 500 $ 159,447 Accumulated amortization — (29,027) (2,775) (18,391) (1,644) (63) (51,900) Impact of foreign currency translation (384) — — — (1,046) (1,430) Net March 31, 2019 balance (Predecessor) 34,336 34,953 4,225 1,526 30,640 437 106,117 Additions — — — 2,468 195 — 2,663 Amortization expense — (4,022) (549) (691) (1,666) (63) (6,991) Impairment (33,759) — — — — — (33,759) Impact of foreign currency translation (577) — — — (1,505) — (2,082) Net March 31, 2020 balance (Predecessor) — 30,931 3,676 3,303 27,664 374 65,948 Additions (1) 6,120 — — — — — 6,120 Amortization expense — (1,675) (71) (497) (980) (25) (3,248) Impact of foreign currency translation — — — 41 2,183 — 2,224 Fresh Start Adjustment (6,120) (29,256) (3,605) (2,847) (28,867) (349) (71,044) Net August 31, 2020 (Predecessor) $ — $ — $ — $ — $ — $ — $ — September 1, 2020 balance (Successor) $ 37,935 $ 29,200 $ — $ 11,000 $ 19,000 $ 11,800 $ 108,935 Additions — — — 4,080 — — 4,080 Amortization expense — (1,470) — (2,222) (924) (497) (5,113) Deconsolidation of Canadian Cannabis Subsidiaries — — — — (18,076) (474) (18,550) Impairment (1,082) — — — — — (1,082) Net March 31, 2021 balance (Successor) $ 36,853 $ 27,730 $ — $ 12,858 $ — $ 10,829 $ 88,270 (1) Goodwill activity relates to the Other Products and Services segment. |
Schedule of Amortization Expense of Finite-Lived Intangible Assets | The carrying value of other intangible assets as of March 31, 2021 represents customer relationships, internally developed software, licenses, and trade names. The following summarizes amortization expense from finite-lived intangible assets: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Amortization expense $ 5,113 $ 3,248 $ 6,991 $ 7,943 |
Schedule of Estimated Intangible Asset Amortization Expense | The following summarizes the estimated intangible asset amortization expense for the next five years and beyond: For Fiscal Years Ended Customer Relationships Technology (1) Trade Names Total 2022 $ 2,519 $ 2,233 $ 807 $ 5,559 2023 2,519 1,970 807 5,296 2024 2,519 1,970 807 5,296 2025 2,519 1,819 807 5,145 2026 2,519 1,542 807 4,868 Later 15,135 3,324 6,794 25,253 $ 27,730 $ 12,858 $ 10,829 $ 51,417 (1) Estimated amortization expense for technology is based on costs accumulated as of March 31, 2021. These estimates will change as new costs are incurred and until the software is placed into service in all locations. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Weighted-Average Remaining Lease Term and Discount Rates of Leases | The following summarizes weighted-average information associated with the measurement of remaining operating leases: Successor Predecessor March 31, 2021 March 31, 2020 Weighted-average remaining lease term 6.4 years 5.0 years Weighted-average discount rate 12.2% 9.7% |
Schedule of Lease Costs and Other Information | The following summarizes lease costs for operating leases: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Operating lease costs 9,099 $ 7,018 $ 16,792 Variable and short-term lease costs 3,957 2,631 6,710 Total lease costs 13,056 $ 9,649 $ 23,502 Leases costs for operating leases was $20,486 for the year ended March 31, 2019. The following summarizes supplemental cash flow information related to cash paid for amounts included in the measurement of lease liabilities: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Operating cash flows impact - operating leases $ 8,242 $ 7,791 $ 15,625 Right-of-use assets obtained in exchange for new operating leases 12,848 4,782 10,377 |
Schedule of Maturities of Operating Lease Liabilities | The following reconciles maturities of operating lease liabilities to the lease liabilities reflected in the consolidated balance sheets as of March 31, 2021: 2022 $ 13,993 2023 10,499 2024 7,141 2025 4,893 2026 4,136 Thereafter 16,865 Total future minimum lease payments 57,527 Less: amounts related to imputed interest 18,490 Present value of future minimum lease payments 39,037 Less: operating lease liabilities, current 9,529 Operating lease liabilities, non-current $ 29,508 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | The following summarizes property, plant, and equipment, net: Successor Predecessor March 31, 2021 March 31, 2020 Land $ 30,657 $ 33,229 Buildings 41,971 253,306 Machinery and equipment 73,175 188,140 Total 145,803 474,675 Less: accumulated depreciation (5,666) (178,679) Total property, plant, and equipment, net (1) $ 140,137 $ 295,996 (1) Total property, plant, and equipment, net was reduced in fiscal 2021 by $125,820 due to fresh start reporting and $40,008 due to the deconsolidation of the Canadian Cannabis Subsidiaries. |
Schedule of Depreciation Expense of Property, Plant, and Equipment, Net | The following summarizes depreciation expense recorded in cost of goods and services sold and selling, general, and administrative expenses: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Depreciation expense recorded in cost of goods and services sold $ 5,987 $ 12,123 $ 26,035 $ 26,532 Depreciation expense recorded in selling, general, and administrative expenses 1,444 1,648 3,351 3,157 |
Debt Arrangements (Tables)
Debt Arrangements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Financing | The following table summarizes the Company’s debt financing as of the dates set forth below: Successor March 31, 2021 Outstanding Predecessor Successor Lines and March 31, 2020 March 31, 2021 Letters Interest Long Term Debt Repayment Schedule by Fiscal Year Available Rate 2022 2023 2024 2025 2026 Later Senior secured credit facility: ABL Facility $ 44,900 $ — — 4.1 % $ — $ — $ — $ — $ — $ — ABL Credit Facility — 67,500 7,500 5.4 % (1) — 67,500 — — — — Senior notes: 8.5% senior secured first lien notes (2) 272,871 — — 8.5 % — — — — — — 9.875% senior secured second lien notes (3) 630,737 — — 9.9 % — — — — — — 10.0% senior secured first lien notes (4) — 267,353 — 10.0 % — — — 267,353 — — Term Loans (5) — 215,594 — 9.6 % (1) — — — 215,594 — — Other long-term debt 856 2,910 54 4.1 % (1) 2,122 635 85 68 — — Notes payable to banks (6) 540,157 372,174 338,779 6.1 % (1) — — — — — — Total debt $ 1,489,521 $ 925,531 $ 346,333 $ 2,122 $ 68,135 $ 85 $ 483,015 $ — $ — Short-term (6) $ 540,157 $ 372,174 Long-term: Current portion of long-term debt $ 45,048 $ 2,122 Long-term debt 904,316 551,235 $ 949,364 $ 553,357 Letters of credit $ 7,027 $ 2,468 6,231 Total credit available $ 352,564 (1) Weighted average rate for the twelve months ended March 31, 2021. (2) Upon emergence from Chapter 11 bankruptcy on the Effective Date, the prepetition 8.5% senior secured first lien notes were cancelled and replaced with the 10% senior secured first lien notes due 2024. (3) Upon emergence from Chapter 11 bankruptcy on the Effective Date, the prepetition 9.875% senior secured second lien notes were cancelled through the exchange of common stock in the Successor or cash. (4) Repayment of $267,353 is net of original issue discount of $13,491. Total repayment will be $280,844. (5) Upon emergence from Chapter 11 bankruptcy on the Effective Date, the DIP Facility entered into at the Petition Date converted into the Term Loan Credit Facility. The aggregate balance of the Term Loans of $215,594 includes $2,176 of accrued paid in-kind interest. (6) Primarily foreign seasonal lines of credit. |
Schedule of Debt Instrument Redemption Prices | At any time prior to August 24, 2022, Pyxus Holdings may redeem the Notes, in whole or in part, at a redemption price equal to the “make-whole” amount as set forth in the Indenture, plus accrued and unpaid interest, if any, to, but not including, the redemption date. On or after August 24, 2022, Pyxus Holdings may on any one or more occasions redeem all or a part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed, to the applicable date of redemption, if redeemed during the periods specified below, subject to the rights of holders of Notes on the relevant record date to receive interest on the relevant interest payment date: Period Percentage From August 24, 2022 to August 23, 2023 105.0% From August 24, 2023 to August 23, 2024 102.5% On or after February 24, 2024 100.0% |
Securitized Receivables (Tables
Securitized Receivables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of Accounts Receivable Securitization Information | The following summarizes the Company’s accounts receivable securitization information as of March 31: Successor Predecessor March 31, 2021 March 31, 2020 Receivables outstanding in facility $ 90,693 $ 135,439 Beneficial interest $ 19,370 $ 27,021 Servicing liability $ 14 $ 43 Successor Predecessor Seven months ended March 31, 2021 Five months ended Year ended Cash proceeds for the period ended: Cash purchase price $ 257,982 $ 151,817 $ 523,521 Deferred purchase price 94,062 74,328 240,994 Service fees 253 218 455 Total $ 352,297 $ 226,363 $ 764,970 Costs incurred under the first facility $ 524 $ 888 $ 1,010 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Guarantees [Abstract] | |
Schedule of Guarantees and Associated Fair Values | The following summarizes amounts guaranteed and the fair value of those guarantees: Successor Predecessor March 31, 2021 March 31, 2020 Amounts guaranteed (not to exceed) $ 93,489 $ 138,953 Amounts outstanding under guarantee (1) $ 30,111 $ 48,565 Fair value of guarantees $ 1,740 $ 2,791 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The following summarizes assets and liabilities measured at fair value on a recurring basis: Successor Predecessor March 31, 2021 March 31, 2020 Level 2 Level 3 Total Assets / Level 2 Level 3 Total Assets / Financial assets Derivative financial instruments $ 917 $ — $ 917 $ — $ — $ — Securitized beneficial interests — 19,370 19,370 — 27,021 27,021 Total assets $ 917 $ 19,370 $ 20,287 $ — $ 27,021 $ 27,021 Financial liabilities Long-term debt $ 467,795 $ 3,162 $ 470,957 $ 358,782 $ 848 $ 359,630 Guarantees — 1,740 1,740 — 2,791 2,791 Total liabilities $ 467,795 $ 4,902 $ 472,697 $ 358,782 $ 3,639 $ 362,421 |
Schedule of Unobservable Input Reconciliation of Fair Value of Assets Measured on Recurring Basis | The following summarizes the changes in Level 3 instruments measured on a recurring basis. Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance March 31, 2019 (Predecessor) $ 40,332 $ — $ 3,714 Sales of receivables/issuance of guarantees 229,751 — 2,982 Settlements (238,437) — (3,802) Losses recognized in earnings (4,625) — (103) Ending balance at March 31, 2020 (Predecessor) 27,021 848 2,791 Sales of receivables/issuance of guarantees 66,821 — 667 Settlements (81,038) (100) (2,192) Additions — 3,144 — Losses recognized in earnings (1,645) — (10) Ending balance at August 31, 2020 (Predecessor) 11,159 3,892 1,256 Beginning balance September 1, 2020 (Successor) $ 11,159 $ 3,892 $ 1,256 Sales of receivables/issuance of guarantees 105,117 — 1,757 Settlements (94,808) (761) (1,276) Additions — 31 — (Losses) / gains recognized in earnings (2,098) — 3 Ending Balance at March 31, 2021 (Successor) $ 19,370 $ 3,162 $ 1,740 |
Schedule of Valuation Techniques of Fair Value Measurements of Recurring and Nonrecurring | The following summarizes significant unobservable inputs and the valuation techniques utilized: Successor Fair value at March 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) Securitized Beneficial Interests $ 19,370 Discounted Cash Flow Discount Rate 1.33% to 3.56% Payment Speed 57 days to 77 days Tobacco Supplier Guarantees 1,740 Historical Loss Historical Loss 0.05% to 45.20% Long-Term Debt $ 3,162 Discounted Future Payments Treasury Notes Rate 0.94% to 1.58% Borrowing Rate 7.00% to 10.72% Predecessor Fair value at March 31, 2020 Valuation Technique Unobservable Input Range (Weighted Average) Securitized Beneficial Interests $ 27,021 Discounted Cash Flow Discount Rate 3.44% to 3.45% Payment Speed 77 days to 100 days Tobacco Supplier Guarantees 2,536 Historical Loss Historical Loss 2.20% to 10.00% 255 Discounted Cash Flow Market Interest Rate 15.00% to 75.80% |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following summarizes benefit obligations, plan assets, and funded status for the defined benefit pension plans: Successor Predecessor Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans Total Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Benefit obligation, beginning $ 86,605 $ 80,996 $ 63,730 $ 59,191 $ 150,335 $ 140,187 Service cost 131 94 118 82 249 176 Interest cost 803 968 758 627 1,561 1,595 Plan amendments — — (62) — (62) — Actuarial losses (gains) (2,428) 6,863 3,270 3,250 842 10,113 Settlements/special termination benefits (6,080) (161) (428) — (6,508) (161) Effects of currency translation — — 859 2,787 859 2,787 Benefits paid (2,808) (2,155) (1,812) (2,207) (4,620) (4,362) Benefit obligation, ending $ 76,223 $ 86,605 $ 66,433 $ 63,730 $ 142,656 $ 150,335 Fair value of plan assets, beginning $ 31,461 $ 28,348 $ 69,590 $ 62,073 $ 101,051 $ 90,421 Actual return on plan assets 1,996 4,068 (184) 5,585 1,812 9,653 Employer contributions 2,540 1,360 1,191 761 3,731 2,121 Plan settlements (6,080) (161) (428) — (6,508) (161) Effects of currency translation — — 1,335 3,378 1,335 3,378 Benefits paid (2,808) (2,154) (1,812) (2,207) (4,620) (4,361) Fair value of plan assets, ending $ 27,109 $ 31,461 $ 69,692 $ 69,590 $ 96,801 $ 101,051 Funded status of the plan $ (49,114) $ (55,144) $ 3,259 $ 5,860 $ (45,855) $ (49,284) Predecessor U.S. Plans Non-U.S. Plans Total Year Ended March 31, 2020 Benefit obligation, beginning $ 82,099 $ 65,886 $ 147,985 Service cost 250 211 461 Interest cost 2,562 1,420 3,982 Actuarial losses (gains) 3,740 (3,946) (206) Settlements/special termination benefits (2,574) — (2,574) Effects of currency translation — (1,843) (1,843) Benefits paid (5,081) (2,537) (7,618) Benefit obligation, ending $ 80,996 $ 59,191 $ 140,187 Fair value of plan assets, beginning $ 32,568 $ 63,579 $ 96,147 Actual return on plan assets (590) 1,634 1,044 Employer contributions 4,025 1,519 5,544 Plan settlements (2,574) — (2,574) Effects of currency translation — (2,122) (2,122) Benefits paid (5,081) (2,537) (7,618) Fair value of plan assets, ending $ 28,348 $ 62,073 $ 90,421 Funded status of the plan $ (52,648) $ 2,882 $ (49,766) |
Schedule of Net Funded Status | The following summarizes amounts reported in the consolidated balance sheets for the defined benefit pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Noncurrent benefit asset recorded in other noncurrent assets $ — $ — $ 11,708 $ 14,745 Accrued current benefit liability recorded in accrued expenses and other current liabilities (3,297) (3,264) (812) (1,227) Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities (45,817) (49,384) (7,637) (10,636) Funded status of the plan $ (49,114) $ (52,648) $ 3,259 $ 2,882 |
Schedule of Accumulated and Projected Benefit Obligations | The following summarizes pension obligations for the defined benefit pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2021 (1) March 31, 2020 Information for pension plans with accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 76,222 $ 80,996 $ 8,450 $ 31,012 Accumulated benefit obligation 76,222 80,996 7,981 30,400 Fair value of plan assets 27,109 28,348 — 19,147 (1) Certain of the Company's non-U.S. defined benefit pension plans in Europe were over funded as of March 31, 2021. These plans were under funded as of March 31, 2020. |
Schedule of Net Periodic Pension Costs | The following summarizes the net periodic pension cost (benefit) for the defined benefit pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Service cost $ 131 $ 94 $ 118 $ 82 Interest cost 803 968 758 627 Expected return on plan assets (933) (621) (720) (613) Amortization of actuarial losses — 504 — 363 Amortization of prior service cost — 17 — 1 Settlement charges (46) — 84 — Net periodic pension cost (benefit) $ (45) $ 962 $ 240 $ 460 Predecessor U.S. Plans Non-U.S. Plans Year ended Year ended Year ended Year ended Service cost $ 250 $ 250 $ 211 $ 206 Interest cost 2,562 3,028 1,420 1,527 Expected return on plan assets (1,990) (2,265) (2,415) (2,667) Amortization of actuarial losses 964 934 901 741 Amortization of prior service cost 40 40 2 2 Special termination benefits — — — 28 Settlement charges 812 1,206 — (75) Net periodic pension cost (benefit) $ 2,638 $ 3,193 $ 119 $ (238) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following summarizes activity in accumulated other comprehen sive loss for the defined benefit pension plans: U.S. and Non-U.S. Pension U.S. and Non-U.S. Post-retirement Total Prior service credit (cost) (358) 864 506 Net actuarial (losses) gains (41,336) (3,955) (45,291) Impact of adoption of ASU 2018-02 (2,931) — (2,931) Deferred taxes 10,728 (166) 10,562 Balance at March 31, 2020 $ (33,897) $ (3,257) $ (37,154) Prior service credit (cost) 420 (864) (444) Net actuarial (losses) gains 40,584 4,590 45,174 Impact of adoption of ASU 2018-02 2,931 — 2,931 Deferred taxes (10,025) 59 (9,966) Total change for 2021 $ 33,910 $ 3,785 $ 37,695 Prior service credit (cost) 62 — 62 Net actuarial (losses) gains (752) 635 (117) Deferred taxes 703 (107) 596 Balance at March 31, 2021 $ 13 $ 528 $ 541 |
Schedule of Weighted Average Assumptions Used | The following assumptions were used to determine the expense for the pension, postretirement, other post-employment, and employee savings plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2019 March 31, 2021 March 31, 2020 March 31, 2019 Discount rate 2.32% 3.79% 3.91% 2.23% 2.50% 2.75% Rate of increase in future compensation Not applicable Not applicable Not applicable 6.18% 5.99% 6.04% Expected long-term rate of return on plan assets 5.75% 6.75% 6.75% 2.00% 3.90% 4.46% Interest crediting rate 4.29% 4.37% 4.25% Not applicable Not applicable Not applicable |
Schedule of Assumptions Used | The following weighted average assumptions were used to determine the benefit obligations for the pension plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Discount rate 2.83% 3.34% 2.17% 2.58% Rate of increase in future compensation Not applicable Not applicable 5.28% 5.75% Interest crediting rate 4.25% 4.28% Not applicable Not applicable |
Schedule of Asset Allocations and the Percentage of the Fair Value of Plan Assets | The following summarizes asset allocations and the percentage of the fair value of plan assets by asset category: Successor Successor Predecessor U.S. Target Allocations U.S. Plans March 31, 2021 March 31, 2021 March 31, 2020 Asset category: Cash and cash equivalents — % 2.8 % 3.6 % Equity securities 36.0 % 37.4 % 34.8 % Debt securities 24.0 % 20.7 % 22.4 % Real estate and other investments 40.0 % 39.1 % 39.2 % Total 100.0 % 100.0 % 100.0 % Successor Successor Predecessor Non-U.S. Target Allocations Non-U.S. Plans March 31, 2021 March 31, 2021 March 31, 2020 Asset category: Cash and cash equivalents 7.3 % 7.0 % 9.1 % Equity securities 15.0 % 19.0 % 14.6 % Debt securities 62.6 % 67.3 % 68.2 % Real estate and other investments 15.1 % 6.7 % 8.1 % Total 100.0 % 100.0 % 100.0 % |
Schedule of Fair Value of Pension Plans | The fair values for the pension plans by asset category are as fol lows: Successor U.S. Pension Plans March 31, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 754 $ 291 $ 463 $ — U.S. equities / equity funds 6,994 6,994 — — International equities / equity funds 3,149 3,149 — — U.S. fixed income funds 4,901 4,901 — — International fixed income funds 713 713 — — Other investments: Diversified funds 7,882 7,882 — — Real estate and other (1) 2,716 — — — Total $ 27,109 $ 23,930 $ 463 $ — Predecessor U.S. Pension Plans March 31, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,018 $ 547 $ 471 $ — U.S. equities / equity funds 6,795 6,795 — — International equities / equity funds 3,058 3,058 — — U.S. fixed income funds 5,593 5,593 — — International fixed income funds 784 784 — — Other investments: Diversified funds 8,017 8,017 — — Real estate and other (1) 3,083 — — — Total $ 28,348 $ 24,794 $ 471 $ — Successor Non-U.S. Pension Plans March 31, 2021 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 4,901 $ 4,901 $ — $ — U.S. equities / equity funds 8,698 8,698 — — International equities / equity funds 2,891 2,891 — — Global equity funds 1,686 1,686 — — U.S. fixed income funds 5,998 5,998 — — International fixed income funds 36,027 11,785 24,242 — Global fixed income funds 4,838 4,838 — — Other investments: Diversified funds 3,003 — 3,003 — Real estate and other (1) 1,650 — — — Total $ 69,692 $ 40,797 $ 27,245 $ — Predecessor Non-U.S. Pension Plans March 31, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,641 $ 5,641 $ — $ — U.S. equities / equity funds 5,906 5,906 — — International equities / equity funds 1,812 1,812 — — Global equity funds 1,312 1,312 — — U.S. fixed income funds 4,995 4,995 — — International fixed income funds 33,330 12,009 21,321 — Global fixed income funds 3,994 3,994 — — Other investments: Diversified funds 3,223 — 3,223 — Real estate and other (1) 1,795 — — — Total $ 62,008 $ 35,669 $ 24,544 $ — (1) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. |
Schedule of Plan Assets Recognized and Measured at Fair Value Using Net Asset Value and Inputs Used | The following summarizes the plan assets recognized and measured at fair value using the net asset value and the inputs used to determine the fair value: Successor Predecessor March 31, 2021 March 31, 2020 Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Diversified funds $ — None Self-Liquidating None $ — None Self-Liquidating None Real estate and other 4,366 None Quarterly 60 Days 4,879 None Quarterly 60 Days |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following summarizes benefit obligations, plan assets, and funded status for the postretirement health and life insurance benefits plans: Successor U.S. Plans Non-U.S. Plans Total Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Benefit obligation, beginning $ 4,796 $ 4,450 $ 1,772 $ 1,856 $ 6,568 $ 6,306 Service cost 4 3 — — 4 3 Interest cost 50 55 79 59 129 114 Effect of currency translation — — (57) (89) (57) (89) Actuarial (gains) losses (330) 435 (317) — (647) 435 Benefits paid (62) (147) (36) (54) (98) (201) Benefit obligation, ending $ 4,458 $ 4,796 $ 1,441 $ 1,772 $ 5,899 $ 6,568 Fair value of plan assets, beginning $ — $ — $ — $ — $ — $ — Employer contributions 62 147 36 54 98 201 Benefits paid (62) (147) (36) (54) (98) (201) Fair value of plan assets, ending $ — $ — $ — $ — $ — $ — Funded status of the plan $ (4,458) $ (4,796) $ (1,441) $ (1,772) $ (5,899) $ (6,568) Successor U.S. Plans Non-U.S. Plans Total Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Accrued current benefit liability recorded in accrued expenses and other current liabilities $ (306) $ (195) $ (106) $ (74) $ (412) $ (269) Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (4,152) (4,601) (1,335) (1,698) (5,487) (6,299) Funded status of the plan $ (4,458) $ (4,796) $ (1,441) $ (1,772) $ (5,899) $ (6,568) Predecessor U.S. Plans Non-U.S. Plans Total March 31, 2020 Benefit obligation, beginning $ 4,445 $ 2,278 $ 6,723 Service cost 7 — 7 Interest cost 151 161 312 Effect of currency translation — (577) (577) Actuarial (gains) losses 27 125 152 Benefits paid (180) (131) (311) Benefit obligation, ending $ 4,450 $ 1,856 $ 6,306 Fair value of plan assets, beginning $ — $ — $ — Employer contributions 180 131 311 Benefits paid (180) (131) (311) Fair value of plan assets, ending $ — $ — $ — Funded status of the plan $ (4,450) $ (1,856) $ (6,306) Predecessor U.S. Plans Non-U.S. Plans Total March 31, 2020 Accrued current benefit liability recorded in accrued expenses and other current liabilities $ (355) $ (133) $ (488) Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (4,095) (1,723) (5,818) Funded status of the plan $ (4,450) $ (1,856) $ (6,306) |
Schedule of Net Periodic Benefit Cost, Post Employment Benefits | The following summarizes net periodic benefit costs for the postretirement health and life insurance benefits plans: Successor Predecessor Successor Predecessor U.S. Plans Non-U.S. Plans Seven months ended March 31, 2021 Five months ended August 31, 2020 Seven months ended March 31, 2021 Five months ended August 31, 2020 Service cost $ 4 $ 3 $ — $ — Interest cost 50 55 79 59 Prior service credit — (291) — (3) Actuarial losses — 138 — 19 Net periodic benefit costs (income) $ 54 $ (95) $ 79 $ 75 Predecessor U.S. Plans Non-U.S. Plans March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Service cost $ 7 $ 7 $ — $ 7 Interest cost $ 151 $ 154 $ 161 $ 151 Prior service credit $ (699) $ (699) $ (9) $ (10) Actuarial losses $ 385 $ 402 $ 49 $ 31 Net periodic benefit costs (income) $ (156) $ (136) $ 201 $ 179 |
Schedule of Assumptions Used, Post Employment Benefit Obligations | The following assumptions were used to determine non-U.S. Plan postretirement benefit obligations: Successor Predecessor March 31, 2021 March 31, 2020 Discount rate 7.17 % 7.94 % Health care cost trend rate assumed for next year 6.92 % 7.07 % Ultimate trend rate 6.92 % 7.07 % |
Schedule of Expected Contributions to Benefit Plans | The Company expects to contribute the following to its benefit plans: Pension Benefits Postretirement Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Fiscal Year 2022 1,412 4,047 106 306 |
Schedule of Contributions to Defined Contribution Plans | The Company's contributions to the defined contribution plans are as follows: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended March 31, 2020 Fiscal Year 2021 2,803 2,002 Not Applicable Fiscal Year 2020 Not Applicable Not Applicable 4,747 Fiscal Year 2019 Not Applicable Not Applicable 4,939 |
Schedule of Expected Benefit Payments | The following summarizes the expected benefit payments to be paid in future years, as of March 31, 2021: Successor Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2022 $ 7,660 $ 2,931 $ 306 $ 106 2023 5,702 3,068 303 108 2024 5,605 3,038 298 110 2025 5,651 3,281 292 113 2026 5,601 3,127 287 115 Years 2026-2029 24,431 16,675 1,349 613 |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following summarizes changes in each component of accumulated other comprehensive loss, net of tax, attributable to the Company: Currency Translation Adjustment Pensions, Net of Tax Derivatives, Net of Tax Accumulated Other Comprehensive Loss Balances at March 31, 2018 (Predecessor) $ (12,682) $ (32,580) $ — $ (45,262) Other comprehensive (loss) income before reclassifications (9,297) 4,145 (4,513) (9,665) Impact of adoption of ASU 2018-02 — (2,931) — (2,931) Amounts reclassified to net loss, net of tax — (5,383) 1,899 (3,484) Other comprehensive loss, net of tax (9,297) (4,169) (2,614) (16,080) Balances at March 31, 2019 (Predecessor) (21,979) (36,749) (2,614) (61,342) Other comprehensive (loss) income before reclassifications (530) (2,825) (186) (3,541) Amounts reclassified to net loss, net of tax — 2,420 3,331 5,751 Other comprehensive loss, net of tax (530) (405) 3,145 2,210 Balances at March 31, 2020 (Predecessor) (22,509) (37,154) 531 (59,132) Other comprehensive income (loss) before reclassifications 4,445 734 (531) 4,648 Amounts reclassified to net loss, net of tax — — (164) (164) Other comprehensive income (loss), net of tax 4,445 734 (695) 4,484 Cancellation of Predecessor equity 18,064 36,420 164 54,648 Balances at August 31, 2020 (Predecessor) $ — $ — $ — $ — Balances at September 1, 2020 (Successor) $ — $ — $ — $ — Other comprehensive (loss) income before reclassifications (4,649) 523 (2,747) (6,873) Amounts reclassified to net loss, net of tax $ — $ 18 $ 122 $ 140 Other comprehensive (loss) income, net of tax (4,649) 541 (2,625) (6,733) Balances at March 31, 2021 (Successor) $ (4,649) $ 541 $ (2,625) $ (6,733) The following summarizes amounts by component, reclassified from accumulated other comprehensive loss to net (loss) income: Successor Predecessor Affected Line Item in the Consolidated Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Statements of Operations Pension and postretirement plans (1) : Actuarial loss $ 39 $ 899 $ 3,111 $ 3,238 Interest expense Amortization of prior service cost (credit) — (165) (666) (666) Interest expense Deferred income tax benefit — — — (7,607) Amounts reclassified from accumulated other comprehensive income (loss) to net income (loss), gross 39 734 2,445 (5,035) Tax effects of amounts reclassified from accumulated other comprehensive loss to net income (21) — (25) (348) Amounts reclassified from accumulated other comprehensive loss to net income, net $ 18 $ 734 $ 2,420 $ (5,383) (1) Amounts are included in net periodic benefit costs for pension and postretirement plans. Successor Predecessor Affected Line Item in the Consolidated Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Statements of Operations Derivatives: Losses reclassified to cost of goods sold 122 $ 164 $ 3,331 $ 1,899 Amounts reclassified from accumulated other comprehensive loss to net income, gross 122 164 3,331 1,899 Cost of goods and services sold Tax effects of amounts reclassified from accumulated other comprehensive loss to net income — (694) — (399) Amounts reclassified from accumulated other comprehensive loss to net income, net 122 $ (530) $ 3,331 $ 1,500 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following summarizes sales and purchases with related parties: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales $ 4,270 $ 13,483 $ 16,245 $ 15,480 Purchases 83,716 38,655 120,084 137,017 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following summarizes segment information: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales and other operating revenues: Leaf - North America $ 137,195 $ 57,734 $ 224,707 $ 285,718 Leaf - Other Regions 727,251 380,497 1,282,616 1,499,839 Other Products and Services 19,882 9,369 19,938 16,036 Total sales and other operating revenues $ 884,328 $ 447,600 $ 1,527,261 $ 1,801,593 Operating (loss) income: Leaf - North America $ 8,341 $ 376 $ 8,008 $ 10,113 Leaf - Other Regions 28,736 (1,028) 69,149 112,180 Other Products and Services (53,125) (43,305) (88,766) (35,039) Total operating (loss) income $ (16,048) $ (43,957) $ (11,609) $ 87,254 Successor March 31, 2021 Leaf - North America Leaf - Other Regions Other Products and Services Total Segment assets $ 247,265 $ 1,204,993 $ 87,204 $ 1,539,462 Trade and other receivables, net 17,392 170,185 780 188,357 Goodwill 3,708 26,513 6,632 36,853 Equity in net assets of investee companies — 89,569 6,795 96,364 Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Leaf - North America Leaf - Other Regions Other Products and Services Leaf - North America Leaf - Other Regions Other Products and Services Depreciation and amortization 1,497 6,908 3,434 3,026 10,171 3,383 Capital expenditures 546 12,764 2,890 385 1,526 5,247 Predecessor March 31, 2020 Leaf - North America Leaf - Other Regions Other Products and Services Total Segment assets $ 266,253 $ 1,284,317 $ 212,493 $ 1,763,063 Trade and other receivables, net 28,520 207,534 3,685 239,739 Equity in net assets of investee companies — 56,456 11,075 67,531 Depreciation and amortization 7,186 24,187 4,455 35,828 Capital expenditures 3,930 14,551 38,362 56,843 Predecessor March 31, 2019 Leaf - North America Leaf - Other Regions Other Products and Services Total Segment assets $ 243,248 $ 1,488,226 $ 127,801 $ 1,859,275 Trade and other receivables, net 18,297 289,662 3,038 310,997 Goodwill 2,795 13,669 17,872 34,336 Equity in net assets of investee companies — 57,161 11,845 69,006 Depreciation and amortization 7,065 25,695 2,987 35,747 Capital expenditures 4,594 17,325 30,793 52,712 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | The following summarizes geographic sales and other operating revenues by destination of the product shipped: Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Sales and Other Operating Revenues: United States $ 144,618 $ 56,073 $ 213,036 $ 246,828 China 79,739 18,675 180,907 184,921 Indonesia 68,924 29,819 119,604 118,995 Belgium (1) 45,137 42,409 118,819 126,694 United Arab Emirates 42,830 22,954 100,375 78,329 Northern Africa 30,209 4,231 39,311 120,964 Other 472,871 273,439 755,209 924,862 Total $ 884,328 $ 447,600 $ 1,527,261 $ 1,801,593 (1) The Belgium destination represents a customer-owned storage and distribution center from which the tobacco will be shipped on to manufacturing facilities. |
Schedule of Customers that Account for More than 10% of Total Sales and Other Operating Revenues | The following summarizes the customers, including their respective affiliates, that account for more than 10% of total sales and other operating revenues for the respective periods, as indicated by an "x": Successor Predecessor Seven months ended March 31, 2021 Five months ended August 31, 2020 Year ended Year ended Philip Morris International Inc. x x x x Japan Tobacco International x China Tobacco International Inc. x x Imperial Brands, PLC x |
Schedule of Long-Lived Assets in Individual Foreign Countries | The following summarizes geographic property, plant, and equipment by location: Successor Predecessor March 31, 2021 March 31, 2020 March 31, 2019 Property, Plant, and Equipment, Net: Canada $ 133 $ 66,823 $ 40,027 Brazil 28,117 66,211 68,647 Zimbabwe 21,976 49,814 51,943 United States 27,938 47,023 49,600 Malawi 29,611 23,413 21,948 Tanzania 9,483 18,290 16,908 Other 22,879 24,422 27,323 Total $ 140,137 $ 295,996 $ 276,396 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | The DDTL Facility Credit Agreement provides for the payment by Intabex to the DDTL Facility Lenders of a non-refundable exit fee (the “Exit Fee”) in the amounts set forth in the table below in respect of (x) any DDTL Loans repaid (whether prepaid voluntarily or paid following acceleration or at maturity) and (y) any unused commitments remaining under the DDTL Facility upon its termination (whether such termination is voluntary or automatic). The Exit Fee is deemed to have been earned on the Closing Date, and is due and payable in cash on each date of repayment or termination, as applicable, in respect of the DDTL Loans or commitments repaid or terminated on such date, as applicable. Loan Repayment/Commitment Termination Date Exit Fee On or before September 30, 2021 1.00% After September 30, 2021 and on or before December 31, 2021 2.50% After December 31, 2021 and on or before March 31, 2022 3.50% After March 31, 2022 5.00% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Aug. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021segment | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Product Information [Line Items] | |||||
Additional investment in consolidated affiliates | $ | $ 0 | $ 0 | $ (921) | $ (13,470) | |
Number of operating segments | 9 | ||||
Number of reportable segments | 3 | ||||
Period of projection for long-term investment | 10 years | ||||
Trade Names | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 20 years | ||||
Technology | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 15 years | ||||
Minimum | Real Estate | |||||
Product Information [Line Items] | |||||
Lease term | 2 years | 2 years | |||
Minimum | Equipment | |||||
Product Information [Line Items] | |||||
Lease term | 2 years | 2 years | |||
Minimum | Buildings | |||||
Product Information [Line Items] | |||||
Useful life of property, plant and equipment | 9 years | ||||
Minimum | Machinery and equipment | |||||
Product Information [Line Items] | |||||
Useful life of property, plant and equipment | 2 years | ||||
Minimum | Customer relationship | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 8 years | ||||
Minimum | License | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 5 years | ||||
Minimum | Internally developed software | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 3 years | ||||
Maximum | Real Estate | |||||
Product Information [Line Items] | |||||
Lease term | 15 years | 15 years | |||
Maximum | Equipment | |||||
Product Information [Line Items] | |||||
Lease term | 5 years | 5 years | |||
Maximum | Buildings | |||||
Product Information [Line Items] | |||||
Useful life of property, plant and equipment | 40 years | ||||
Maximum | Machinery and equipment | |||||
Product Information [Line Items] | |||||
Useful life of property, plant and equipment | 19 years | ||||
Maximum | Customer relationship | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 20 years | ||||
Maximum | License | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 20 years | ||||
Maximum | Internally developed software | |||||
Product Information [Line Items] | |||||
Useful life of intangible assets | 5 years | ||||
Leaf - Other Regions | |||||
Product Information [Line Items] | |||||
Number of reportable segments | 1 | ||||
Other Products and Services | |||||
Product Information [Line Items] | |||||
Number of operating segments | 4 |
Emergence from Voluntary Reor_2
Emergence from Voluntary Reorganization under Chapter 11 - Narrative (Details) | Aug. 31, 2020shares | Aug. 24, 2020USD ($)director$ / sharesshares | Mar. 31, 2021 |
Fresh-Start Adjustment [Line Items] | |||
Assets retained after reorganization | $ | $ 0 | ||
Stock issued during period (shares) | shares | 25,000,000 | 25,000,000 | |
Par value of common stock (USD per share) | $ / shares | $ 0 | ||
Number of directors on board | 7 | ||
Proportion of common stock necessary to be entitled to tag-along rights (as a percent) | 1.00% | ||
Minimum | |||
Fresh-Start Adjustment [Line Items] | |||
Proportion of common stock necessary to be owned to nominate two directors (as a percent) | 20.00% | ||
Proportion of common stock necessary to be owned to nominate one director (as a percent) | 10.00% | ||
Proportion of common stock necessary to be owned to nominate directors (as a percent) | 5.00% | ||
Proportion of common stock necessary to be transferred in a transaction to trigger tag-along rights (as a percent) | 20.00% | ||
Proportion of common stock necessary to be transferred in a transaction to trigger drag-along rights (as a percent) | 50.00% | ||
Maximum | |||
Fresh-Start Adjustment [Line Items] | |||
Proportion of common stock necessary to be owned to nominate one director (as a percent) | 20.00% | ||
Monarch Alternative Capital LP | |||
Fresh-Start Adjustment [Line Items] | |||
Number of directors entitled to nomination by entity if 20% or more of common stock is owned | 2 | ||
Number of directors entitled to nomination by entity if between 10% and 20% of common stock is owned | 1 | ||
Glendon Capital Management LP | |||
Fresh-Start Adjustment [Line Items] | |||
Number of directors entitled to nomination by entity if 20% or more of common stock is owned | 2 | ||
Number of directors entitled to nomination by entity if between 10% and 20% of common stock is owned | 1 | ||
Convertible Notes | |||
Fresh-Start Adjustment [Line Items] | |||
Stock issued upon conversion of debt instrument (shares) | shares | 12,500,000 | ||
Alter Domus (US) LLC. | Term Loans | |||
Fresh-Start Adjustment [Line Items] | |||
Maximum borrowing capacity of credit facility | $ | $ 213,418,000 | ||
ABL Facility | Credit Facility | |||
Fresh-Start Adjustment [Line Items] | |||
Interest rate (as a percent) | 4.10% | ||
ABL Facility | Wells Fargo Bank, National Association | Credit Facility | |||
Fresh-Start Adjustment [Line Items] | |||
Maximum borrowing capacity of credit facility | $ | $ 75,000,000 | ||
9.875% Senior Secured Second Lien Notes due 2021 | |||
Fresh-Start Adjustment [Line Items] | |||
Proportion of principal amount of Notes that holders will receive in cash upon effectiveness of reorganization plan (as a percent) | 2.00% | ||
9.875% Senior Secured Second Lien Notes due 2021 | Senior notes | |||
Fresh-Start Adjustment [Line Items] | |||
Interest rate (as a percent) | 9.875% | ||
9.875% Senior Secured Second Lien Notes due 2021 | Convertible Notes | |||
Fresh-Start Adjustment [Line Items] | |||
Stock issued upon conversion of debt instrument (shares) | shares | 1,400,000 | ||
Exit Senior Secured First Lien Notes | Senior notes | |||
Fresh-Start Adjustment [Line Items] | |||
Face amount of debt instrument | $ | $ 280,844,000 | ||
Interest rate (as a percent) | 10.00% | ||
Term Loan Facility | Convertible Notes | |||
Fresh-Start Adjustment [Line Items] | |||
Stock issued upon conversion of debt instrument (shares) | shares | 11,100,000 |
Fresh Start Reporting - Narrati
Fresh Start Reporting - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Aug. 31, 2020 | |
Fresh-Start Adjustment [Line Items] | ||
Enterprise value, excluding cash | $ 1,252,379 | |
Weighted average cost of capital (as a percent) | 12.00% | |
Minimum | ||
Fresh-Start Adjustment [Line Items] | ||
Enterprise value, excluding cash | 1,251,000 | |
Maximum | ||
Fresh-Start Adjustment [Line Items] | ||
Enterprise value, excluding cash | 1,524,000 | |
Arithmetic Average | ||
Fresh-Start Adjustment [Line Items] | ||
Enterprise value, excluding cash | $ 1,388,000 |
Fresh Start Reporting - Reconci
Fresh Start Reporting - Reconciliation of Enterprise Value and Reorganization Value (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2020 | Aug. 24, 2020 |
Reorganizations [Abstract] | ||
Enterprise value, excluding cash | $ 1,252,379 | |
Plus: cash, cash equivalents, and restricted cash | 117,587 | |
Less: fair value of debt | (974,205) | |
Fair value of Successor stockholders’ equity | $ 395,761 | |
Shares issued upon emergence (shares) | 25,000,000 | 25,000,000 |
Per share value (USD per share) | $ 15.83 | |
Reorganization Value [Abstract] | ||
Enterprise value, excluding cash | $ 1,252,379 | |
Plus: cash, cash equivalents, and restricted cash | 117,587 | |
Plus: working capital liabilities | 170,905 | |
Plus: other operating liabilities | 54,700 | |
Plus: non-operating liabilities | 113,954 | |
Reorganization value of Successor assets | $ 1,709,525 |
Fresh Start Reporting - Fresh S
Fresh Start Reporting - Fresh Start Accounting Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Mar. 31, 2020 |
Current assets | |||||
Cash and cash equivalents | $ 111,427 | ||||
Restricted cash | 2,949 | ||||
Trade receivables, net | 152,309 | ||||
Other receivables | 13,227 | ||||
Accounts receivable, related parties | 2,780 | ||||
Inventories, net | 861,851 | ||||
Advances to tobacco suppliers, net | 44,061 | ||||
Recoverable income taxes | 5,830 | ||||
Prepaid expenses | 34,350 | ||||
Other current assets | 15,059 | ||||
Total current assets | 1,243,843 | ||||
Restricted cash | 389 | ||||
Investments in unconsolidated affiliates | 54,460 | ||||
Goodwill | 6,120 | ||||
Other intangible assets, net | 64,924 | ||||
Deferred income taxes, net | 125 | ||||
Long-term recoverable income taxes | 3,130 | ||||
Current liabilities | |||||
Advances from customers | 23,967 | ||||
Accrued expenses and other current liabilities | 113,118 | ||||
Income taxes payable | 8,319 | ||||
Operating leases payable | 11,083 | ||||
Current portion of long-term debt | 90 | ||||
Total current liabilities | 909,998 | ||||
Long-term taxes payable | 7,623 | ||||
Long-term debt | 277,090 | ||||
Deferred income taxes | 20,749 | ||||
Liability for unrecognized tax benefits | 13,420 | ||||
Long-term leases | 25,728 | ||||
Pension, postretirement, and other long-term liabilities | 71,898 | ||||
Total liabilities not subject to compromise | 1,326,506 | ||||
Liabilities subject to compromise | |||||
Debt subject to compromise | 635,686 | ||||
Accrued interest on debt subject to compromise | 26,156 | ||||
Total liabilities subject to compromise | 661,842 | ||||
Total liabilities | $ 1,988,348 | ||||
Stockholders’ equity | |||||
Common stock, no par value (USD per share) | $ 0 | $ 0 | |||
Predecessor common stock (shares) | 9,976,000 | ||||
Predecessor additional paid-in capital | $ 468,147 | ||||
Retained deficit | (644,250) | ||||
Accumulated other comprehensive loss | (54,484) | ||||
Total stockholders’ equity (deficit) of Pyxus International, Inc. | (230,587) | ||||
Noncontrolling interests | (80) | ||||
Total stockholders’ equity (deficit) | (230,667) | ||||
Total liabilities and stockholders’ equity | 1,757,681 | ||||
Current assets | |||||
Cash and cash equivalents | 93,138 | ||||
Restricted cash | 24,449 | ||||
Trade receivables, net | 152,309 | ||||
Other receivables | 13,227 | ||||
Accounts receivable, related parties | 2,780 | ||||
Inventories, net | 861,851 | ||||
Advances to tobacco suppliers, net | 44,061 | ||||
Recoverable income taxes | 5,830 | ||||
Prepaid expenses | 34,350 | ||||
Other current assets | 15,059 | ||||
Total current assets | 1,247,054 | ||||
Restricted cash | 389 | ||||
Investments in unconsolidated affiliates | 84,991 | ||||
Goodwill | 37,935 | ||||
Other intangible assets, net | 70,999 | ||||
Deferred income taxes, net | 7,609 | ||||
Long-term recoverable income taxes | 3,130 | ||||
Other noncurrent assets | 48,650 | ||||
Right-of-use assets | 35,295 | ||||
Property, plant, and equipment, net | 173,473 | ||||
Total assets | 1,709,525 | ||||
Current liabilities | |||||
Notes payable to banks | 461,783 | ||||
DIP financing | 0 | ||||
Accounts payable | 59,172 | ||||
Accounts payable, related parties | 26,125 | ||||
Advances from customers | 23,967 | ||||
Accrued expenses and other current liabilities | 79,473 | ||||
Income taxes payable | 8,319 | ||||
Operating leases payable | 10,091 | ||||
Current portion of long-term debt | 90 | ||||
Total current liabilities | 669,020 | ||||
Long-term taxes payable | 7,623 | ||||
Long-term debt | 512,332 | ||||
Deferred income taxes | 13,098 | ||||
Liability for unrecognized tax benefits | 13,420 | ||||
Long-term leases | 23,465 | ||||
Pension, postretirement, and other long-term liabilities | 75,365 | ||||
Total liabilities not subject to compromise | 1,314,323 | ||||
Liabilities subject to compromise | |||||
Debt subject to compromise | 0 | ||||
Accrued interest on debt subject to compromise | 0 | ||||
Total liabilities subject to compromise | 0 | ||||
Total liabilities | $ 1,314,323 | ||||
Stockholders’ equity | |||||
Successor common stock (shares) | 25,000,000 | ||||
Successor additional paid-in capital | $ 391,089 | ||||
Retained deficit | 0 | ||||
Accumulated other comprehensive loss | 0 | ||||
Total stockholders’ equity (deficit) of Pyxus International, Inc. | 391,089 | ||||
Noncontrolling interests | 4,113 | ||||
Total stockholders’ equity (deficit) | 395,202 | ||||
Total liabilities and stockholders’ equity | 1,709,525 | ||||
Other noncurrent assets | 45,821 | ||||
Right-of-use assets | 39,576 | ||||
Property, plant, and equipment, net | 299,293 | ||||
Preconfirmation, Assets | 1,757,681 | ||||
Notes payable to banks | 461,783 | ||||
DIP financing | 206,700 | ||||
Accounts payable | 58,813 | ||||
Accounts payable, related parties | 26,125 | ||||
Reorganization Adjustments | |||||
Current assets | |||||
Cash and cash equivalents | (18,289) | ||||
Restricted cash | 21,500 | ||||
Total current assets | 3,211 | ||||
Current liabilities | |||||
Accrued expenses and other current liabilities | (31,853) | ||||
Total current liabilities | (238,219) | ||||
Long-term debt | 250,546 | ||||
Deferred income taxes | 91 | ||||
Total liabilities not subject to compromise | 12,418 | ||||
Liabilities subject to compromise | |||||
Debt subject to compromise | (635,686) | ||||
Accrued interest on debt subject to compromise | (26,156) | ||||
Total liabilities subject to compromise | (661,842) | ||||
Total liabilities | $ (649,424) | ||||
Stockholders’ equity | |||||
Predecessor common stock (shares) | (9,976,000) | ||||
Successor common stock (shares) | 25,000,000 | ||||
Predecessor additional paid-in capital | $ (468,147) | ||||
Successor additional paid-in capital | 391,402 | ||||
Retained deficit | 728,160 | ||||
Total stockholders’ equity (deficit) of Pyxus International, Inc. | 651,415 | ||||
Noncontrolling interests | 4,359 | ||||
Total stockholders’ equity (deficit) | 655,774 | ||||
Total liabilities and stockholders’ equity | 6,350 | ||||
Stockholders’ equity | |||||
Other noncurrent assets | 3,139 | ||||
Fresh-Start Adjustment, Increase (Decrease), Assets | 6,350 | ||||
DIP financing | (206,700) | ||||
Accounts payable | 334 | ||||
Fresh Start Reporting Adjustments | |||||
Current assets | |||||
Investments in unconsolidated affiliates | $ 30,531 | $ 13,291 | |||
Goodwill | 31,815 | 48,756 | |||
Other intangible assets, net | 6,075 | 1,596 | |||
Deferred income taxes, net | 7,484 | 9,638 | |||
Right-of-use assets | (4,281) | (4,281) | |||
Property, plant, and equipment, net | (125,820) | (124,965) | $ (125,820) | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | (1,792) | (1,792) | |||
Operating leases payable | (992) | (992) | |||
Total current liabilities | (2,759) | (2,759) | |||
Long-term debt | (15,304) | (15,304) | |||
Deferred income taxes | (7,742) | (10,070) | |||
Long-term leases | (2,263) | (2,263) | |||
Pension, postretirement, and other long-term liabilities | 3,467 | 3,467 | |||
Total liabilities not subject to compromise | (24,601) | (26,929) | |||
Liabilities subject to compromise | |||||
Total liabilities | (24,601) | (26,929) | |||
Stockholders’ equity | |||||
Successor additional paid-in capital | (313) | ||||
Retained deficit | (83,910) | (83,910) | |||
Accumulated other comprehensive loss | 54,484 | 54,484 | |||
Total stockholders’ equity (deficit) of Pyxus International, Inc. | (29,739) | (29,426) | |||
Noncontrolling interests | (166) | 80 | |||
Total stockholders’ equity (deficit) | (29,905) | (29,346) | |||
Total liabilities and stockholders’ equity | (54,506) | (56,275) | |||
Stockholders’ equity | |||||
Other noncurrent assets | (310) | (310) | |||
Fresh-Start Adjustment, Increase (Decrease), Assets | (54,506) | (56,275) | |||
Accounts payable | $ 25 | $ 25 |
Fresh Start Reporting - Change
Fresh Start Reporting - Change in Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Aug. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Fresh-Start Adjustment [Line Items] | |||||
Repayment of notes | $ (93) | $ (119) | $ (335) | $ (25,132) | |
Term Loan Facility | |||||
Fresh-Start Adjustment [Line Items] | |||||
Repayment of credit facilities | (213,418) | 0 | 0 | 0 | |
Proceeds from credit facilities | 206,700 | 0 | 0 | 0 | |
Term Loans | |||||
Fresh-Start Adjustment [Line Items] | |||||
Proceeds from credit facilities | 213,418 | $ 0 | 0 | 0 | |
10.0% Senior Secured First Lien Notes due 2024 | |||||
Fresh-Start Adjustment [Line Items] | |||||
Interest rate (as a percent) | 10.00% | ||||
Proceeds from 10.0% first lien notes | 280,844 | $ 0 | 0 | 0 | |
10.0% Senior Secured First Lien Notes due 2024 | Senior notes | |||||
Fresh-Start Adjustment [Line Items] | |||||
Interest rate (as a percent) | 10.00% | ||||
8.5% Senior Secured First Lien Notes due 2021 | |||||
Fresh-Start Adjustment [Line Items] | |||||
Interest rate (as a percent) | 8.50% | ||||
Repayment of notes | (280,844) | $ 0 | 0 | 0 | |
8.5% Senior Secured First Lien Notes due 2021 | Senior notes | |||||
Fresh-Start Adjustment [Line Items] | |||||
Interest rate (as a percent) | 8.50% | ||||
Predecessor Second Lien Notes | |||||
Fresh-Start Adjustment [Line Items] | |||||
Repayment of notes | (1,199) | $ 0 | $ 0 | $ 0 | |
Payment to holders of Predecessor second lien notes that elected the cash option | $ (1,199) | ||||
Predecessor Second Lien Notes | Senior notes | |||||
Fresh-Start Adjustment [Line Items] | |||||
Interest rate (as a percent) | 9.875% | ||||
Reorganization Adjustments | |||||
Fresh-Start Adjustment [Line Items] | |||||
Payment to fund professional fee escrow account | (21,500) | ||||
Payment of other professional and administrative fees | (11,828) | ||||
Payment to holders of Predecessor common stock | (1,000) | ||||
Adjustments to cash and cash equivalents | (18,289) | $ (18,289) | |||
Reorganization Adjustments | ABL Facility | |||||
Fresh-Start Adjustment [Line Items] | |||||
Proceeds from ABL Credit Facility, net of debt issuance costs | 26,861 | ||||
Reorganization Adjustments | Term Loan Facility | |||||
Fresh-Start Adjustment [Line Items] | |||||
Repayment of credit facilities | (213,418) | ||||
Payments of accrued interest | (494) | ||||
Reorganization Adjustments | Term Loans | |||||
Fresh-Start Adjustment [Line Items] | |||||
Proceeds from credit facilities | 213,418 | ||||
Reorganization Adjustments | 10.0% Senior Secured First Lien Notes due 2024 | |||||
Fresh-Start Adjustment [Line Items] | |||||
Proceeds from 10.0% first lien notes | 280,844 | ||||
Reorganization Adjustments | 8.5% Senior Secured First Lien Notes due 2021 | |||||
Fresh-Start Adjustment [Line Items] | |||||
Repayment of notes | (280,844) | ||||
Payments of accrued interest | (9,129) | ||||
Reorganization Adjustments | Predecessor Second Lien Notes | |||||
Fresh-Start Adjustment [Line Items] | |||||
Payment to holders of Predecessor second lien notes that elected the cash option | $ (1,199) |
Fresh Start Reporting - Net Cha
Fresh Start Reporting - Net Change in Accrued Expenses and Other Current Liabilities (Details) $ in Thousands | Aug. 31, 2020USD ($) |
Fresh-Start Adjustment [Line Items] | |
Reclassification of DIP Facility exit fee to long-term debt | $ (6,718) |
Reorganization Adjustments | |
Fresh-Start Adjustment [Line Items] | |
Settlement of accrued backstop fee through the issuance of common stock | (18,000) |
Recognition of accrued interest from the Effective Date to the Convenience Date | 1,044 |
Accrual for professional fees | 1,444 |
Adjustments to accrued expenses and other current liabilities | (31,853) |
Reorganization Adjustments | Term Loan Facility | |
Fresh-Start Adjustment [Line Items] | |
Payments of accrued interest | (494) |
Reclassification of DIP Facility exit fee to long-term debt | (6,718) |
Reorganization Adjustments | 8.5% Senior Secured First Lien Notes due 2021 | |
Fresh-Start Adjustment [Line Items] | |
Payments of accrued interest | $ (9,129) |
Fresh Start Reporting - Changes
Fresh Start Reporting - Changes in Long-term Debt (Details) - USD ($) $ in Thousands | Aug. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Fresh-Start Adjustment [Line Items] | |||||
Derecognition of the original issue discount and the debt issuance costs on Predecessor first lien notes | $ 5,303 | $ 0 | $ 0 | $ 0 | |
Conversion of DIP exit fee to term loan | $ 6,718 | ||||
Reorganization Adjustments | |||||
Fresh-Start Adjustment [Line Items] | |||||
Adjustments to long-term debt | 250,546 | 250,546 | |||
Value of Successor common stock, second lien notes | 198,339 | $ 198,339 | |||
Reorganization Adjustments | ABL Facility | |||||
Fresh-Start Adjustment [Line Items] | |||||
Draw on the ABL Credit Facility | 30,000 | ||||
Reorganization Adjustments | Term Loans | |||||
Fresh-Start Adjustment [Line Items] | |||||
Issuance of the Term Loans | 213,418 | ||||
Reorganization Adjustments | 10.0% Senior Secured First Lien Notes due 2024 | |||||
Fresh-Start Adjustment [Line Items] | |||||
Conversion of redemption fee on Predecessor first lien notes to Successor Notes | 5,843 | ||||
Reorganization Adjustments | 8.5% Senior Secured First Lien Notes due 2021 | |||||
Fresh-Start Adjustment [Line Items] | |||||
Derecognition of the original issue discount and the debt issuance costs on Predecessor first lien notes | $ 1,285 |
Fresh Start Reporting - Gain on
Fresh Start Reporting - Gain on Discharge of Predecessor Second Lien Notes (Details) $ in Thousands | Aug. 31, 2020USD ($) |
Fresh-Start Adjustment [Line Items] | |
Debt subject to compromise | $ 635,686 |
Accrued interest on debt subject to compromise | 26,156 |
Predecessor Second Lien Notes | |
Fresh-Start Adjustment [Line Items] | |
Debt subject to compromise | 635,686 |
Accrued interest on debt subject to compromise | 26,156 |
Total second lien notes discharged | 661,842 |
Payment to holders of second lien notes electing cash option | (1,199) |
Value of common stock issued to holders of second lien notes | (198,339) |
Gain on discharge of second lien notes | $ 462,304 |
Fresh Start Reporting - Chang_2
Fresh Start Reporting - Changes in Successor Additional Paid-in Capital (Details) - Reorganization Adjustments $ in Thousands | Aug. 31, 2020USD ($) |
Fresh-Start Adjustment [Line Items] | |
Value of Successor common stock, second lien notes | $ 198,339 |
Value of Successor common stock, other | 193,063 |
Total adjustment to Successor additional paid-in capital | $ 391,402 |
Fresh Start Reporting - Adjustm
Fresh Start Reporting - Adjustments Footnote Narrative (Details) $ in Thousands | Aug. 31, 2020USD ($) |
Reorganization Adjustments | |
Fresh-Start Adjustment [Line Items] | |
Adjustment to retained deficit related to cumulative impact of Predecessor retained deficit | $ 260,013 |
Adjustment to retained deficit related to elimination of Predecessor common stock | 468,147 |
Fresh Start Reporting Adjustments | |
Fresh-Start Adjustment [Line Items] | |
Adjustment to other noncurrent assets related to pension assets | (352) |
Adjustment to other noncurrent assets related to other adjustments | 42 |
Adjustment to accrued expenses and other current liabilities related to pension liabilities | (1,800) |
Adjustment to accrued expenses and other current liabilities related to financing leases | 8 |
Adjustment to retained deficit related to the tax effect of reorganization items | $ 7,631 |
Fresh Start Reporting - Fair Va
Fresh Start Reporting - Fair Value Adjustments to Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 31, 2020 |
Predecessor Historical Value | |||
Land | $ 33,562 | ||
Buildings | 259,255 | ||
Machinery and equipment | 198,708 | ||
Total | 491,525 | ||
Less: Accumulated Depreciation | (192,232) | ||
Total property, plant, and equipment, net | 299,293 | ||
Successor Fair Value | |||
Land | 33,458 | ||
Buildings | 63,458 | ||
Machinery and equipment | 76,557 | ||
Total | 173,473 | ||
Less: Accumulated Depreciation | 0 | ||
Total property, plant, and equipment, net | 173,473 | ||
Fresh Start Reporting Adjustments | |||
Fair Value Adjustment | |||
Land | (104) | ||
Buildings | (195,797) | ||
Machinery and equipment | (122,151) | ||
Total | (318,052) | ||
Less: Accumulated Depreciation | 192,232 | ||
Total property, plant, and equipment, net | $ (125,820) | $ (124,965) | $ (125,820) |
CCAA Proceeding and Deconsoli_3
CCAA Proceeding and Deconsolidation of Subsidiaries - Narrative (Details) $ in Thousands | May 25, 2021CAD ($) | May 10, 2021CAD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jan. 29, 2021USD ($) | Jan. 21, 2021USD ($) | Jan. 20, 2021USD ($) | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||||||
Retained deficit | $ 136,686,000 | $ 488,545,000 | ||||||
Canadian Cannabis Subsidiaries | Canadian Debtor-in-Possession Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Related party note receivable | $ 5,790,000 | $ 153,860,000 | ||||||
Canadian Cannabis Subsidiaries | ||||||||
Debt Instrument [Line Items] | ||||||||
Retained deficit | $ 77,518,000 | |||||||
Debtor-in-Possession Financing Facility | Canadian Debtor-in-Possession Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
DIP financing, amount arranged | $ 16,000,000 | $ 8,000,000 | ||||||
DIP financing, interest rate (as a percent) | 8.00% | |||||||
Subsequent Event | Canadian Cannabis Subsidiaries | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from divestiture of businesses | $ 6,100,000 | |||||||
Subsequent Event | Figr Norfolk | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from divestiture of businesses | $ 5,000 | |||||||
Subsequent Event | FIGR East and Intangible Assets of FIGR Brands | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from divestiture of businesses | $ 24,750 |
CCAA Proceeding and Deconsoli_4
CCAA Proceeding and Deconsolidation of Subsidiaries - Loss on Deconsolidation (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 20, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on deconsolidation | $ 0 | $ (70,242) | $ 0 | $ 0 | ||
Canadian Cannabis Subsidiaries | Canadian Debtor-in-Possession Facility | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Carrying value of related party note receivable | 5,790 | $ 5,790 | $ 153,860 | |||
Fair value of related party note receivable | 6,100 | 6,100 | ||||
Canadian Cannabis Subsidiaries | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on elimination of retained deficit | 77,518 | |||||
Loss on deconsolidation | (70,242) | (70,242) | ||||
Canadian Cannabis Subsidiaries | Canadian Cannabis Subsidiaries | Canadian Debtor-in-Possession Facility | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Carrying value of related party note receivable | 153,860 | 153,860 | ||||
Fair value of related party note receivable | $ 6,100 | 6,100 | ||||
Impairment of related party note receivable | $ (147,760) |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product or Service (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | $ 447,600 | $ 884,328 | $ 1,527,261 | $ 1,801,593 |
Leaf - North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | 57,734 | 137,195 | 224,707 | 285,718 |
Leaf - North America | Product revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | 51,211 | 113,431 | 192,545 | |
Leaf - North America | Processing and other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | 6,523 | 23,764 | 32,162 | |
Leaf - Other Regions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | 380,497 | 727,251 | 1,282,616 | 1,499,839 |
Leaf - Other Regions | Product revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | 355,902 | 701,076 | 1,236,041 | |
Leaf - Other Regions | Processing and other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | 24,595 | 26,175 | 46,575 | |
Other Products and Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total sales and other operating revenues | $ 9,369 | $ 19,882 | $ 19,938 | $ 16,036 |
Revenue Recognition - Activity
Revenue Recognition - Activity in the Claims Allowance (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Balance, beginning of period | $ 1,130 | $ 880 | $ 1,460 |
Additions | 642 | 2,963 | 2,018 |
Payments | (892) | (2,013) | (2,348) |
Balance, end of period | $ 880 | $ 1,830 | $ 1,130 |
Revenue Recognition - Allowance
Revenue Recognition - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of period | $ (15,893) | $ (15,361) | $ (13,381) |
Additions | 0 | (5,809) | (8,644) |
Write-offs | 532 | 270 | 6,132 |
Balance, end of period | (15,361) | (20,900) | (15,893) |
Trade receivables | 167,670 | 196,812 | 242,635 |
Trade receivables, net | $ 152,309 | $ 175,912 | $ 226,742 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Value added tax expense | $ 21,819 | $ 25,187 | $ 23,188 |
Other Income (Expense), Net - S
Other Income (Expense), Net - Summary (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | ||||
Other sales of assets and expenses | $ (678) | $ (9,384) | $ (10,053) | $ 2,497 |
Sales of Brazilian intrastate trade tax credits | 2,938 | 0 | 9,039 | 10,418 |
Foreign currency gain on Figr related party note | 0 | 14,902 | 0 | 0 |
Loss on settlement for Brazilian IPI credits | 0 | (12,666) | 0 | 0 |
Gain on sales of fixed assets | 112 | 310 | 6,539 | 2,080 |
Loss on sale of receivables | (2,907) | (2,784) | (4,803) | (6,816) |
Gain (loss) from insurance claims | (4) | 7 | 1,411 | 6,038 |
Total | $ (539) | $ (9,615) | $ 2,133 | $ 14,217 |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment Charges - Summary (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 407 | $ 567 | $ 1,843 | $ 107 |
Employee separation charges (recoveries) | 353 | 7,816 | 4,592 | 4,055 |
Payments | (193) | (3,773) | (6,028) | (2,319) |
Ending balance | 567 | 4,610 | 407 | 1,843 |
Asset impairment and other noncash charges | 213 | 4,001 | 1,054 | 891 |
Total restructuring and asset impairment charges | $ 566 | $ 11,817 | $ 5,646 | $ 4,946 |
Restructuring and Asset Impai_4
Restructuring and Asset Impairment Charges - Employee Separation and Other Cash Charges (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 407 | $ 567 | $ 1,843 | $ 107 |
Payments | (193) | (3,773) | (6,028) | (2,319) |
Ending balance | 567 | 4,610 | 407 | 1,843 |
Leaf - North America | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | 312 | 1,621 | 0 |
Period charges (recoveries) | 312 | 2,419 | 8 | 2,668 |
Payments | 0 | (1,325) | (1,629) | (1,047) |
Ending balance | 312 | 1,406 | 0 | 1,621 |
Leaf - Other Regions | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 407 | 255 | 222 | 107 |
Period charges (recoveries) | 40 | 3,188 | 4,584 | 1,387 |
Payments | (192) | (2,380) | (4,399) | (1,272) |
Ending balance | 255 | 1,063 | 407 | $ 222 |
Other Products and Services | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Period charges (recoveries) | 0 | 2,209 | ||
Payments | 0 | (68) | ||
Ending balance | $ 0 | $ 2,141 | $ 0 |
Restructuring and Asset Impai_5
Restructuring and Asset Impairment Charges - Non-Cash Charges (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Noncash charges | $ 213 | $ 4,001 | $ 1,054 | $ 891 |
Leaf - North America | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Noncash charges | 17 | 0 | 0 | 545 |
Leaf - Other Regions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Noncash charges | 196 | 1,036 | 772 | 346 |
Other Products and Services | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Noncash charges | $ 0 | $ 2,965 | $ 282 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Aug. 24, 2020 | Mar. 31, 2020 | |
Income Tax Contingency [Line Items] | |||
Liabilities assumed for unpaid installment payments | $ 8,543,000 | ||
Unrecognized tax benefits including interest and taxes | $ 20,602,000 | $ 21,505,000 | |
Change in unrecognized tax benefits | (5,246,000) | ||
Reductions to unrecognized tax benefits resulting from lapse of applicable statute of limitations | 354,000 | ||
Increase (decrease) for current year tax positions | 4,619,000 | ||
Unrecognized tax benefits may decrease in the next twelve months | 288,000 | ||
Increase (decrease) in deferred tax liabilities | (6,108,000) | ||
Reduction in valuation allowance due to emergence from Chapter 11 bankruptcy and related fresh start accounting | 120,744,000 | ||
Reduction in valuation allowance due to deconsolidation | 23,089,000 | ||
Deferred tax liability associated with undistributed foreign earnings | (28,779,000) | $ (17,254,000) | |
Provisional made for US on foreign taxes that may result from future remittances of foreign earnings | 0 | ||
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Tax benefits recognized related to tax losses | $ 536,000 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 19,481 | $ 11,663 | $ 8,342 |
Increase for current year tax positions | 4,232 | 6,425 | 447 |
Increase (reductions) for prior year tax positions | 128 | 4,177 | 7,048 |
Impact of changes in exchange rates | (107) | (1,226) | (227) |
Reduction for settlements | (130) | (1,558) | (3,947) |
Reorganization and Fresh Start Reporting | (5,246) | 0 | 0 |
Balance at end of period | 18,358 | $ 19,481 | $ 11,663 |
Unrecognized tax benefits that would impact effective tax rate if recognized | $ 14,771 |
Income Taxes - Accrued Interest
Income Taxes - Accrued Interest and Penalties for Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Interest | |
Balance at March 31, 2020 (Predecessor) | $ 1,209 |
Impact of changes in exchange rates | (35) |
Reduction for expiration of statute of limitations | (71) |
Other | 371 |
Balance at March 31, 2021 (Successor) | 1,474 |
Penalties | |
Balance at March 31, 2020 (Predecessor) | 815 |
Impact of changes in exchange rates | (54) |
Reduction for expiration of statute of limitations | (136) |
Other | 145 |
Balance at March 31, 2021 (Successor) | $ 770 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
U.S. | $ 28,350 | $ (54,688) | $ (111,532) | $ (86,315) |
Non-U.S. | (12,341) | (86,978) | (32,883) | 43,398 |
(Loss) income before income taxes and other items | 16,009 | (141,666) | (144,415) | (42,917) |
Current | ||||
Federal | 135 | 142 | (1,115) | 2,018 |
State | 0 | 0 | 0 | 0 |
Non-U.S. | 10,718 | 13,424 | 22,065 | 22,741 |
Current income tax expense (benefit) | 10,853 | 13,566 | 20,950 | 24,759 |
Deferred | ||||
Federal | (6,823) | 6,370 | 102,658 | 6,129 |
State | 0 | 0 | 0 | 0 |
Non-U.S. | (3,738) | (6,721) | 8,181 | 6,952 |
Deferred, income tax expense (benefit) | (10,561) | (351) | 110,839 | 13,081 |
Total | 292 | 13,215 | 131,789 | 37,840 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||||
Tax benefit at U.S. statutory rate | 3,362 | (29,750) | (30,328) | (9,013) |
Effect of non-U.S. income taxes | (1,914) | (9,659) | (1,951) | 462 |
Tax on future remittances | (583) | 3,305 | 10,561 | (1,038) |
Foreign tax credits | 0 | 0 | 78 | (173) |
Change in valuation allowance | 2,124 | 16,990 | 117,553 | 17,622 |
Increase in reserves for uncertain tax positions | 1,346 | 1,264 | 10,807 | 5,304 |
Change in tax rates | 1,451 | (934) | 822 | (66) |
Exchange effects and currency translation | 4,555 | 5,778 | 10,896 | 12,904 |
Permanent items | 314 | 1,547 | 3,791 | (677) |
Benefit (expense) on income tax payable/recoverable adjustments | 0 | 0 | 810 | (1,163) |
Deductible dividends | (1,237) | (889) | (2,140) | (3,046) |
Withholding tax expense | 584 | 1,797 | 2,225 | 2,577 |
Benefit of other tax credits | (339) | (222) | (721) | (377) |
Nondeductible interest | 915 | 1,533 | 2,767 | 1,624 |
Transition tax after foreign tax credits | 0 | 0 | (1,227) | 1,827 |
U.S. taxes on non-U.S. earnings | 0 | 214 | 2,071 | 11,073 |
Goodwill impairment | 0 | 0 | 5,775 | 0 |
Reorganization/Fresh Start Reporting | (10,286) | 38 | 0 | 0 |
Canadian Cannabis Subsidiaries Deconsolidation | 0 | 22,203 | 0 | 0 |
Total | $ 292 | $ 13,215 | $ 131,789 | $ 37,840 |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets: | ||
Reserves and accruals | $ 20,998 | $ 11,418 |
Tax credits | 252 | 1,486 |
Tax loss carryforwards | 6,792 | 93,024 |
Derivative transactions | 1,157 | 698 |
Postretirement and other benefits | 787 | 15,586 |
Unrealized exchange loss | 0 | 7,296 |
Non-deductible interest carryforward | 16,446 | 28,364 |
Fixed assets | 5,101 | 0 |
Other | 2,453 | 5,209 |
Gross deferred tax assets | 53,986 | 163,081 |
Valuation allowance | (25,273) | (151,058) |
Total deferred tax assets | 28,713 | 12,023 |
Deferred tax liabilities: | ||
Unremitted earnings of foreign subsidiaries | (28,779) | (17,254) |
Intangible assets | (2,510) | (12,251) |
Fixed assets | 0 | (5,419) |
Unrealized exchange gains | (1,063) | 0 |
Other | (2,242) | 0 |
Total deferred tax liabilities | (34,594) | (34,924) |
Net deferred tax liability (asset) | $ (5,881) | $ (22,901) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets by Current and Noncurrent (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Noncurrent asset | $ 7,063 | $ 2 |
Noncurrent liability | (12,944) | (22,903) |
Net deferred tax liability (asset) | $ (5,881) | $ (22,901) |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 151,058 | $ 36,524 | $ 19,742 |
Changes to expenses | 19,114 | 117,633 | 18,073 |
Changes to other accounts | 1,057 | (1,207) | (156) |
Deductions | (145,957) | (1,926) | (1,135) |
Other | 1 | 34 | |
Balance at end of period | $ 25,273 | $ 151,058 | $ 36,524 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss and tax credit carryforwards | $ 40,720 |
U.S. Federal and State | 2022-2026 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss and tax credit carryforwards | 0 |
U.S. Federal and State | Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss and tax credit carryforwards | 6 |
U.S. Federal and State | Indefinite Tax Year | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss and tax credit carryforwards | 14,477 |
Foreign Tax Authority | Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss and tax credit carryforwards | 6,465 |
Foreign Tax Authority | 2021-2026 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss and tax credit carryforwards | 6,326 |
Foreign Tax Authority | Indefinite Tax Year | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss and tax credit carryforwards | $ 13,446 |
(Loss) Earnings Per Share - Sum
(Loss) Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Basic (loss) earnings per share: | |||||
Net (loss) income attributable to Pyxus International, Inc. | $ 19,037 | $ (136,686) | $ (264,661) | $ (70,467) | |
Weighted average number of shares outstanding (shares) | 9,976 | 25,000 | 9,148 | 9,054 | |
Basic (loss) earnings per share (USD per share) | $ 1.91 | $ (5.47) | $ (28.93) | $ (7.78) | |
Diluted (loss) earnings per share: | |||||
Net (loss) income attributable to Pyxus International, Inc. | $ 19,037 | $ (136,686) | $ (264,661) | $ (70,467) | |
Weighted average number of shares outstanding (shares) | 9,976 | 25,000 | 9,148 | 9,054 | |
Plus: Restricted shares issued and shares applicable to stock options and restricted stock units, net of shares assumed to be purchased from proceeds at average market price (shares) | 16 | 0 | 0 | 0 | |
Adjusted weighted average number of shares outstanding (shares) | 9,992 | 25,000 | 9,148 | 9,054 | |
Diluted (loss) earnings per share (USD per share) | $ 1.91 | $ (5.47) | $ (28.93) | $ (7.78) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares of common stock owned by the subsidiary (shares) | 785 | 0 | 0 | 785 | 785 |
Antidilutive securities excluded from computation of earnings per share (shares) | 427 | 0 | 452 | 427 | |
Stock Options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share (shares) | 0 | 23 |
(Loss) Earnings Per Share - Ant
(Loss) Earnings Per Share - Antidilutive Securities excluded from Computation (Details) - $ / shares shares in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total common stock equivalents excluded from diluted earnings (loss) per share (shares) | 427 | 0 | 452 | 427 |
Weighted average exercise price (USD per share) | $ 56.86 | $ 0 | $ 56.64 | $ 60 |
Antidilutive stock options and other awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total common stock equivalents excluded from diluted earnings (loss) per share (shares) | 427 | 0 | 427 | 427 |
Antidilutive stock options and other awards under stock-based compensation programs excluded based on reporting a net loss for the period | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total common stock equivalents excluded from diluted earnings (loss) per share (shares) | 0 | 0 | 25 | 0 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Composition of Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Aug. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Cash and Cash Equivalents [Abstract] | |||||
Compensating balance for short-term borrowings | $ 1,017 | $ 893 | |||
Escrow | 3,459 | 1,450 | |||
Other | 532 | 532 | |||
Total | $ 5,008 | $ 24,838 | $ 2,875 | $ 5,767 | $ 3,373 |
Inventories, Net - Summary (Det
Inventories, Net - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory [Line Items] | ||
Processed tobacco | $ 534,711 | $ 485,764 |
Unprocessed tobacco | 156,915 | 178,782 |
Other tobacco related | 25,979 | 24,071 |
Other | 10,288 | 41,402 |
Total | 727,893 | $ 730,019 |
Other Products and Services | ||
Inventory [Line Items] | ||
Reduction to other inventory from write-downs | 32,116 | |
Other Products and Services | Canadian Cannabis Subsidiaries | ||
Inventory [Line Items] | ||
Reduction to other inventory from deconsolidation | $ 13,865 |
Advances to Tobacco Suppliers_3
Advances to Tobacco Suppliers, Net - Narrative (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Markup and capitalized interest on tobacco advances | $ 14,139 | $ 15,468 | |
Unrecoverable advances and other capitalized costs | 6,183 | 6,916 | |
Expenses of unrecovered advances from abnormal yield adjustments or unrecovered amounts from prior crops | $ (68) | $ 1,550 | $ 171 |
Advances to Tobacco Suppliers_4
Advances to Tobacco Suppliers, Net - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Current | $ 43,569 | $ 38,877 |
Noncurrent | 477 | 1,076 |
Total | $ 44,046 | $ 39,953 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Thousands, $ in Thousands | May 25, 2021CAD ($) | May 10, 2021CAD ($) | Apr. 22, 2020USD ($) | Oct. 15, 2019USD ($) | Mar. 22, 2019USD ($) | Aug. 31, 2020USD ($) | Mar. 31, 2021 | Jan. 25, 2018 | Dec. 18, 2017 |
Figr Norfolk | Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from divestiture of businesses | $ 5,000 | ||||||||
FIGR East and Intangible Assets of FIGR Brands | Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from divestiture of businesses | $ 24,750 | ||||||||
Figr East | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest after transactions (as a percent) | 94.30% | ||||||||
Criticality | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest acquired (as a percent) | 60.00% | ||||||||
Cash consideration transferred | $ 5,000 | ||||||||
Liabilities settled as consideration | $ 7,450 | ||||||||
Remeasurement loss from adjustment to equity interest in acquiree | $ 2,667 | ||||||||
Figr East | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest acquired (as a percent) | 1.20% | 18.00% | |||||||
Cash consideration transferred | $ 911 | $ 13,470 | |||||||
Figr East | FIGR Cannabis Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest acquired (as a percent) | 75.00% | ||||||||
Criticality | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest in equity method investment (as a percent) | 40.00% |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 01, 2020 | Aug. 31, 2020 | Apr. 22, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 36,853 | $ 37,935 | $ 0 | $ 0 | $ 34,336 | |
Criticality | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 195 | |||||
Accounts receivable | 1,528 | |||||
Advances to suppliers | 1,043 | |||||
Inventories | 3,823 | |||||
Other current assets | 181 | |||||
Property, plant, and equipment | 5,060 | |||||
Goodwill | 6,120 | |||||
Total assets acquired | 17,950 | |||||
Accounts payable | 1,654 | |||||
Notes payable | 7,450 | |||||
Other current liabilities | 513 | |||||
Total liabilities | 9,617 | |||||
Fair value of equity interest | $ 8,333 |
Acquisitions - Revenue, Operati
Acquisitions - Revenue, Operating Loss, Net Loss and Earnings per Share of Acquiree since Acquisition Date (Details) - Criticality - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 7 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Revenue | $ 0 | $ 139 |
Operating loss | (3,117) | (5,713) |
Net loss | $ (3,317) | $ (12,224) |
Impact to (loss) earnings per share: | ||
Basic (USD per share) | $ (0.33) | $ (0.49) |
Diluted (USD per share) | $ (0.33) | $ (0.49) |
Acquisitions - Effects of Chang
Acquisitions - Effects of Changes in Ownership Interest (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Net (loss) income attributable to Pyxus International, Inc. | $ 19,037 | $ (136,686) | $ (264,661) | $ (70,467) |
Figr East | ||||
Business Acquisition [Line Items] | ||||
Change from net (loss) income attributable to Pyxus International, Inc. shareholders and transfer from noncontrolling interest | 19,037 | (136,686) | $ (265,156) | $ (76,984) |
Stock issued in transaction (shares) | 1.4972 | 22.3522 | ||
Figr East | Paid in capital | ||||
Business Acquisition [Line Items] | ||||
Decrease in equity | 0 | 0 | $ (528) | $ (6,056) |
Figr East | Accumulated other comprehensive income (loss) | ||||
Business Acquisition [Line Items] | ||||
Decrease in equity | $ 0 | $ 0 | $ 33 | $ (461) |
Equity Method Investments - Sum
Equity Method Investments - Summary (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2020 | Aug. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||||||||||
Gross profit | $ 45,006 | $ 116,473 | $ 224,679 | $ 250,814 | |||||||||||||
Net income | $ (5,798) | $ 110,884 | $ (128,988) | $ (8,220) | $ (92,809) | $ (169,106) | $ (22,446) | $ (16,604) | $ (62,163) | $ (9,911) | $ (5,002) | $ (54,842) | $ (1,413) | 18,075 | (143,006) | (270,319) | (71,168) |
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||||||||||||||||
Current assets | 1,122,500 | 1,232,368 | 1,122,500 | 1,232,368 | |||||||||||||
Current liabilities | 601,731 | 789,066 | 601,731 | 789,066 | |||||||||||||
Fresh Start Reporting Adjustments | |||||||||||||||||
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||||||||||||||||
Investments in unconsolidated affiliates | $ 13,291 | $ 30,531 | |||||||||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||||||||||
Sales | 67,553 | 217,232 | 293,163 | 332,245 | |||||||||||||
Gross profit | 14,151 | 49,778 | 50,209 | 52,309 | |||||||||||||
Net income | 5,869 | 26,728 | 16,667 | 22,855 | |||||||||||||
Company's dividends received | $ 5,104 | 317 | 7,348 | $ 7,300 | |||||||||||||
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||||||||||||||||
Current assets | 224,106 | 145,207 | 224,106 | 145,207 | |||||||||||||
Property, plant, and equipment and other assets | 43,648 | 56,481 | 43,648 | 56,481 | |||||||||||||
Current liabilities | 138,833 | 82,377 | 138,833 | 82,377 | |||||||||||||
Long-term obligations and other liabilities | $ 3,937 | $ 6,296 | $ 3,937 | $ 6,296 | |||||||||||||
Adams International Ltd. | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
The Company's Ownership Percentage | 49.00% | 49.00% | |||||||||||||||
Basis Difference(1) | $ (4,526) | $ (4,526) | |||||||||||||||
Alliance One Industries India Private Ltd. | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
The Company's Ownership Percentage | 49.00% | 49.00% | |||||||||||||||
Basis Difference(1) | $ (5,770) | $ (5,770) | |||||||||||||||
China Brasil Tobacos Exportadora SA | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
The Company's Ownership Percentage | 49.00% | 49.00% | |||||||||||||||
Basis Difference(1) | $ 46,973 | $ 46,973 | |||||||||||||||
Oryantal Tutun Paketleme | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
The Company's Ownership Percentage | 50.00% | 50.00% | |||||||||||||||
Basis Difference(1) | $ (416) | $ (416) | |||||||||||||||
Purilum, LLC | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
The Company's Ownership Percentage | 50.00% | 50.00% | |||||||||||||||
Basis Difference(1) | $ 4,589 | $ 4,589 | |||||||||||||||
Siam Tobacco Export Company | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
The Company's Ownership Percentage | 49.00% | 49.00% | |||||||||||||||
Basis Difference(1) | $ (6,098) | $ (6,098) |
Variable Interest Entities - Su
Variable Interest Entities - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in variable interest entities | $ 96,356 | $ 67,967 |
Receivables with variable interest entities | 3,585 | 5,030 |
Variable Interest Entity, Not Primary Beneficiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in variable interest entities | 89,560 | 62,407 |
Receivables with variable interest entities | 13,497 | 10,099 |
Guaranteed amounts to variable interest entities (not to exceed) | $ 56,067 | $ 59,792 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Goodwill and Intangible Asset Rollforward (Details) - USD ($) $ in Thousands | Jan. 21, 2021 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Goodwill | |||||||
Gross carrying amount | $ 34,720 | ||||||
Net balance at beginning of period | $ 0 | $ 0 | $ 37,935 | $ 0 | $ 34,336 | ||
Additions | 6,120 | 0 | 0 | ||||
Impairment | $ (1,082) | 0 | (1,082) | (1,082) | (33,759) | 0 | |
Impact of foreign currency translation | 0 | (577) | (384) | ||||
Fresh Start Adjustment | (6,120) | ||||||
Net balance at end of period | 0 | 36,853 | 36,853 | 36,853 | 0 | 34,336 | |
Amortizable Intangibles | |||||||
Accumulated amortization | (51,900) | ||||||
Additions | 6,120 | 4,080 | 2,663 | ||||
Amortization expense | (3,248) | (5,113) | (5,113) | (6,991) | (7,943) | ||
Deconsolidation of Canadian Cannabis Subsidiaries | (18,550) | ||||||
Impact of foreign currency translation | 2,224 | (2,082) | (1,430) | ||||
Fresh Start Adjustment | (71,044) | ||||||
Net balance at end of period | 51,417 | 51,417 | 51,417 | ||||
Total | |||||||
Gross balance | 159,447 | ||||||
Accumulated amortization | (51,900) | ||||||
Net balance at beginning of period | 65,948 | 0 | 108,935 | 65,948 | 106,117 | ||
Additions | 6,120 | 4,080 | 2,663 | ||||
Amortization expense | (3,248) | (5,113) | (5,113) | (6,991) | (7,943) | ||
Impairment | $ (1,082) | 0 | (1,082) | (1,082) | (33,759) | 0 | |
Deconsolidation of Canadian Cannabis Subsidiaries | (18,550) | ||||||
Impact of foreign currency translation | 2,224 | (2,082) | (1,430) | ||||
Fresh Start Adjustment | (71,044) | ||||||
Net balance at end of period | 0 | 88,270 | 88,270 | $ 88,270 | 65,948 | 106,117 | |
Customer Relationships | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Weighted average remaining useful life in years as of March 31, 2021 | 11 years 1 month 6 days | ||||||
Amortizable Intangibles | |||||||
Gross carrying amount | 63,980 | ||||||
Accumulated amortization | (29,027) | ||||||
Net balance at beginning of period | 30,931 | 0 | 29,200 | $ 30,931 | 34,953 | ||
Additions | 0 | 0 | 0 | ||||
Amortization expense | (1,675) | (1,470) | (4,022) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | 0 | ||||||
Impact of foreign currency translation | 0 | 0 | 0 | ||||
Fresh Start Adjustment | (29,256) | ||||||
Net balance at end of period | 0 | 27,730 | 27,730 | $ 27,730 | 30,931 | 34,953 | |
Total | |||||||
Accumulated amortization | (29,027) | ||||||
Additions | 0 | 0 | 0 | ||||
Amortization expense | (1,675) | (1,470) | (4,022) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | 0 | ||||||
Impact of foreign currency translation | 0 | 0 | 0 | ||||
Fresh Start Adjustment | (29,256) | ||||||
Production and Supply Contracts | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Weighted average remaining useful life in years as of March 31, 2021 | 0 years | ||||||
Amortizable Intangibles | |||||||
Gross carrying amount | 7,000 | ||||||
Accumulated amortization | (2,775) | ||||||
Net balance at beginning of period | 3,676 | 0 | 0 | $ 3,676 | 4,225 | ||
Additions | 0 | 0 | 0 | ||||
Amortization expense | (71) | 0 | (549) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | 0 | ||||||
Impact of foreign currency translation | 0 | 0 | 0 | ||||
Fresh Start Adjustment | (3,605) | ||||||
Net balance at end of period | 0 | 0 | 0 | $ 0 | 3,676 | 4,225 | |
Total | |||||||
Accumulated amortization | (2,775) | ||||||
Additions | 0 | 0 | 0 | ||||
Amortization expense | (71) | 0 | (549) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | 0 | ||||||
Impact of foreign currency translation | 0 | 0 | 0 | ||||
Fresh Start Adjustment | (3,605) | ||||||
Technology | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Weighted average remaining useful life in years as of March 31, 2021 | 6 years 7 months 28 days | ||||||
Amortizable Intangibles | |||||||
Gross carrying amount | 19,917 | ||||||
Accumulated amortization | (18,391) | ||||||
Net balance at beginning of period | 3,303 | 0 | 11,000 | $ 3,303 | 1,526 | ||
Additions | 0 | 4,080 | 2,468 | ||||
Amortization expense | (497) | (2,222) | (691) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | 0 | ||||||
Impact of foreign currency translation | 41 | 0 | 0 | ||||
Fresh Start Adjustment | (2,847) | ||||||
Net balance at end of period | 0 | 12,858 | 12,858 | $ 12,858 | 3,303 | 1,526 | |
Total | |||||||
Accumulated amortization | (18,391) | ||||||
Additions | 0 | 4,080 | 2,468 | ||||
Amortization expense | (497) | (2,222) | (691) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | 0 | ||||||
Impact of foreign currency translation | 41 | 0 | 0 | ||||
Fresh Start Adjustment | (2,847) | ||||||
Licenses | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Weighted average remaining useful life in years as of March 31, 2021 | 0 years | ||||||
Amortizable Intangibles | |||||||
Gross carrying amount | 33,330 | ||||||
Accumulated amortization | (1,644) | ||||||
Net balance at beginning of period | 27,664 | 0 | 19,000 | $ 27,664 | 30,640 | ||
Additions | 0 | 0 | 195 | ||||
Amortization expense | (980) | (924) | (1,666) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | (18,076) | ||||||
Impact of foreign currency translation | 2,183 | (1,505) | (1,046) | ||||
Fresh Start Adjustment | (28,867) | ||||||
Net balance at end of period | 0 | 0 | 0 | $ 0 | 27,664 | 30,640 | |
Total | |||||||
Accumulated amortization | (1,644) | ||||||
Additions | 0 | 0 | 195 | ||||
Amortization expense | (980) | (924) | (1,666) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | (18,076) | ||||||
Impact of foreign currency translation | 2,183 | (1,505) | (1,046) | ||||
Fresh Start Adjustment | (28,867) | ||||||
Trade Names | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Weighted average remaining useful life in years as of March 31, 2021 | 13 years 5 months 1 day | ||||||
Amortizable Intangibles | |||||||
Gross carrying amount | 500 | ||||||
Accumulated amortization | (63) | ||||||
Net balance at beginning of period | 374 | 0 | 11,800 | $ 374 | 437 | ||
Additions | 0 | 0 | 0 | ||||
Amortization expense | (25) | (497) | (63) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | (474) | ||||||
Impact of foreign currency translation | 0 | 0 | |||||
Fresh Start Adjustment | (349) | ||||||
Net balance at end of period | 0 | $ 10,829 | 10,829 | $ 10,829 | 374 | 437 | |
Total | |||||||
Accumulated amortization | (63) | ||||||
Additions | 0 | 0 | 0 | ||||
Amortization expense | (25) | (497) | (63) | ||||
Deconsolidation of Canadian Cannabis Subsidiaries | $ (474) | ||||||
Impact of foreign currency translation | 0 | $ 0 | |||||
Fresh Start Adjustment | $ (349) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands | Jan. 21, 2021 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill impairment | $ 1,082 | $ 0 | $ 1,082 | $ 1,082 | $ 33,759 | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization expense | $ 3,248 | $ 5,113 | $ 5,113 | $ 6,991 | $ 7,943 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets, Net - Estimated Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 01, 2020 | Aug. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | |||||
2022 | $ 5,559 | ||||
2023 | 5,296 | ||||
2024 | 5,296 | ||||
2025 | 5,145 | ||||
2026 | 4,868 | ||||
Later | 25,253 | ||||
Amortizable intangibles, net | 51,417 | ||||
Customer Relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
2022 | 2,519 | ||||
2023 | 2,519 | ||||
2024 | 2,519 | ||||
2025 | 2,519 | ||||
2026 | 2,519 | ||||
Later | 15,135 | ||||
Amortizable intangibles, net | 27,730 | $ 29,200 | $ 0 | $ 30,931 | $ 34,953 |
Technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
2022 | 2,233 | ||||
2023 | 1,970 | ||||
2024 | 1,970 | ||||
2025 | 1,819 | ||||
2026 | 1,542 | ||||
Later | 3,324 | ||||
Amortizable intangibles, net | 12,858 | 11,000 | 0 | 3,303 | 1,526 |
Trade Names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
2022 | 807 | ||||
2023 | 807 | ||||
2024 | 807 | ||||
2025 | 807 | ||||
2026 | 807 | ||||
Later | 6,794 | ||||
Amortizable intangibles, net | $ 10,829 | $ 11,800 | $ 0 | $ 374 | $ 437 |
Leases - Weighted-Average Infor
Leases - Weighted-Average Information of Operating Lease Obligations (Details) | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 6 years 4 months 24 days | 5 years |
Weighted-average discount rate (as a percent) | 12.20% | 9.70% |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||||
Operating lease costs | $ 7,018 | $ 9,099 | $ 16,792 | $ 20,486 |
Variable and short-term lease costs | 2,631 | 3,957 | 6,710 | |
Total lease costs | $ 9,649 | $ 13,056 | $ 23,502 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 7,018 | $ 9,099 | $ 16,792 | $ 20,486 |
Proceeds from sale of property, plant, and equipment | $ 311 | $ 947 | 9,677 | $ 5,148 |
Europe | ||||
Lessee, Lease, Description [Line Items] | ||||
Proceeds from sale of property, plant, and equipment | 7,084 | |||
Gain from sale-leaseback transaction | $ 6,400 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flow, Lessee [Abstract] | |||
Operating cash flows impact - operating leases | $ 7,791 | $ 8,242 | $ 15,625 |
Right-of-use assets obtained in exchange for new operating leases | $ 4,782 | $ 12,848 | $ 10,377 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Operating Leases, After Adoption of 842: | ||
2022 | $ 13,993 | |
2023 | 10,499 | |
2024 | 7,141 | |
2025 | 4,893 | |
2026 | 4,136 | |
Thereafter | 16,865 | |
Total future minimum lease payments | 57,527 | |
Less: amounts related to imputed interest | 18,490 | |
Present value of future minimum lease payments | 39,037 | |
Less: operating lease liabilities, current | 9,529 | $ 11,160 |
Operating lease liabilities, non-current | $ 29,508 | $ 27,843 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 145,803 | $ 474,675 | |||
Less: accumulated depreciation | (5,666) | (178,679) | |||
Total property, plant, and equipment, net | 140,137 | 295,996 | |||
Decrease in property, plant and equipment from deconsolidation | 40,008 | ||||
Fresh Start Reporting Adjustments | |||||
Property, Plant and Equipment [Line Items] | |||||
Decrease in property, plant and equipment from fresh start adjustments | $ (125,820) | $ (124,965) | $ (125,820) | ||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 30,657 | 33,229 | |||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 41,971 | 253,306 | |||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 73,175 | $ 188,140 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cost of goods and services sold | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 12,123 | $ 5,987 | $ 26,035 | $ 26,532 |
Operating expense | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 1,648 | $ 1,444 | $ 3,351 | $ 3,157 |
Debt Arrangements - Summary (De
Debt Arrangements - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Total debt | $ 925,531 | $ 1,489,521 |
Short-term | 372,174 | 540,157 |
Current portion of long-term debt | 2,122 | 45,048 |
Long-term debt | 551,235 | 904,316 |
Long-term debt including current maturities | 553,357 | 949,364 |
Letters of credit outstanding | 2,468 | 7,027 |
Lines and Letters Available | ||
Lines of credit outstanding | 346,333 | |
Letters of credit available | 6,231 | |
Total credit available | 352,564 | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | 2,122 | |
2023 | 68,135 | |
2024 | 85 | |
2025 | 483,015 | |
2026 | 0 | |
Later | $ 0 | |
8.5% Senior Secured First Lien Notes due 2021 | ||
Interest Rate | ||
Interest rate (as a percent) | 8.50% | |
10.0% Senior Secured First Lien Notes due 2024 | ||
Interest Rate | ||
Interest rate (as a percent) | 10.00% | |
Senior notes | 8.5% Senior Secured First Lien Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 272,871 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 0 | |
Interest Rate | ||
Interest rate (as a percent) | 8.50% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Later | 0 | |
Repayments of debt, net of original issue discount | 267,353 | |
Original issue discount | 13,491 | |
Repayments of debt | 280,844 | |
Senior notes | 9.875% Senior Secured Second Lien Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 630,737 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 0 | |
Interest Rate | ||
Interest rate (as a percent) | 9.875% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Later | 0 | |
Senior notes | 10.0% Senior Secured First Lien Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | 267,353 | 0 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 0 | |
Interest Rate | ||
Interest rate (as a percent) | 10.00% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 267,353 | |
2026 | 0 | |
Later | 0 | |
Term Loans | ||
Debt Instrument [Line Items] | ||
Total debt | 215,594 | 0 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 0 | |
Interest Rate | ||
Weighted-average interest rate (as a percent) | 9.60% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 215,594 | |
2026 | 0 | |
Later | 0 | |
Accrued paid-in-kind interest | 2,176 | |
Other long-term debt | ||
Debt Instrument [Line Items] | ||
Total debt | 2,910 | 856 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 54 | |
Interest Rate | ||
Weighted-average interest rate (as a percent) | 4.10% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 2,122 | |
2023 | 635 | |
2024 | 85 | |
2025 | 68 | |
2026 | 0 | |
Later | 0 | |
Notes payable to banks | ||
Debt Instrument [Line Items] | ||
Total debt | 372,174 | 540,157 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 338,779 | |
Interest Rate | ||
Weighted-average interest rate (as a percent) | 6.10% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Later | 0 | |
ABL Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 44,900 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 0 | |
Interest Rate | ||
Interest rate (as a percent) | 4.10% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Later | 0 | |
ABL Credit Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 67,500 | $ 0 |
Lines and Letters Available | ||
Lines of credit outstanding | $ 7,500 | |
Interest Rate | ||
Interest rate (as a percent) | 5.40% | |
Long Term Debt Repayment Schedule by Fiscal Year | ||
2022 | $ 0 | |
2023 | 67,500 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Later | $ 0 |
Debt Arrangements - Narrative (
Debt Arrangements - Narrative (Details) | Apr. 23, 2021USD ($)arrangement | Aug. 24, 2020USD ($) | Aug. 13, 2020USD ($) | Mar. 31, 2021USD ($)agreement | Mar. 31, 2020USD ($) | Jul. 01, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 29, 2021USD ($) | Jun. 24, 2021USD ($) | Jun. 23, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 12, 2020USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Lines of credit outstanding | $ 346,333,000 | |||||||||||
Outstanding borrowings | $ 925,531,000 | $ 1,489,521,000 | ||||||||||
Number of intercreditor agreements entered into | agreement | 2 | |||||||||||
Priority of assets above threshold minus aggregate principal amount of debt | $ 125,000,000 | |||||||||||
Short-term debt | $ 372,174,000 | 540,157,000 | ||||||||||
Compensating balance for short-term borrowings | 1,017,000 | 893,000 | ||||||||||
Remaining borrowing capacity | 352,564,000 | |||||||||||
Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Short-term debt, maximum outstanding amount | $ 716,742,000 | $ 745,516,000 | ||||||||||
Weighted-average interest rate (as a percent) | 6.10% | 6.90% | ||||||||||
Compensating balance for short-term borrowings | $ 1,017,000 | $ 893,000 | ||||||||||
Leaf - Other Regions | Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Short-term debt | 172,462,000 | 187,787,000 | ||||||||||
Inventory pledged as collateral | $ 167,822,000 | 124,541,000 | ||||||||||
Minimum | Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of debt instrument | 180 days | |||||||||||
Maximum | Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of debt instrument | 270 days | |||||||||||
Credit Facility | Foreign Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit outstanding | $ 2,647,000 | |||||||||||
Credit Facility | ABL Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity of credit facility | 75,000,000 | |||||||||||
Accordion feature, increase limit | $ 15,000,000 | |||||||||||
Amount to be drawn, percentage of total commitments | 0.25 | |||||||||||
Amount to be drawn | $ 18,750,000 | |||||||||||
Borrowing base, proportion of eligible accounts receivable (as a percent) | 85.00% | |||||||||||
Borrowing base, proportion of eligible inventory valued at lower of cost and market value (as a percent) | 70.00% | |||||||||||
Proportion of liquidation value inventory borrowing base (as a percent) | 85.00% | |||||||||||
Lines of credit outstanding | 7,500,000 | |||||||||||
Outstanding borrowings | $ 67,500,000 | 0 | ||||||||||
Commitment fee percentage (in basis points) | 1.00% | |||||||||||
Termination fee (in basis points) | 0.0050 | |||||||||||
Excess borrowing ability | $ 7,500,000 | |||||||||||
Lower threshold of excess borrowing ability of credit facility (as a percent) | 10.00% | |||||||||||
Financial covenant threshold of credit facility, consecutive days | 30 days | |||||||||||
Interest rate (as a percent) | 5.40% | |||||||||||
Credit Facility | ABL Credit Facility | Wells Fargo Bank, National Association | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed charge ratio of credit facility | 1 | |||||||||||
Credit Facility | ABL Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate (as a percent) | 3.75% | |||||||||||
Credit Facility | ABL Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate (as a percent) | 4.75% | |||||||||||
Credit Facility | TDB Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding borrowings | $ 116,390,000 | |||||||||||
Remaining borrowing capacity | 168,610,000 | |||||||||||
Credit Facility | TDB Facility | Tanzania | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding borrowings | $ 50,417,000 | |||||||||||
Term Loans | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit outstanding | 0 | |||||||||||
Outstanding borrowings | $ 215,594,000 | 0 | ||||||||||
Term Loans | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Paid-in-kind Interest (in basis points) | 0.0100 | |||||||||||
Period increase of paid-in-kind interest (in basis points) | 0.0100 | |||||||||||
Term Loans | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate (as a percent) | 7.00% | |||||||||||
Term Loans | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate (as a percent) | 8.00% | |||||||||||
Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Foreign Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity of credit facility | $ 285,000,000 | $ 255,000,000 | ||||||||||
Lines of credit outstanding | $ 240,485,000 | |||||||||||
Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Foreign Line of Credit | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity of credit facility | $ 190,000,000 | |||||||||||
Accordion feature, increase limit | 15,000,000 | |||||||||||
Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Foreign Line of Credit | Tanzania | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity of credit facility | $ 85,000,000 | $ 70,000,000 | ||||||||||
Extension period of line of credit | 365 days | |||||||||||
Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Foreign Line of Credit | Malawi | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity of credit facility | $ 80,000,000 | $ 120,000,000 | ||||||||||
Extension period of line of credit | 365 days | |||||||||||
Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Foreign Line of Credit | Zambia | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Extension period of line of credit | 365 days | |||||||||||
Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Foreign Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate (as a percent) | 6.00% | |||||||||||
Exit Senior Secured First Lien Notes | Senior notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face amount of debt instrument | $ 280,844,000 | |||||||||||
Interest rate (as a percent) | 10.00% | |||||||||||
Mandatory redemption price upon change of control (as a percent) | 1.01 | |||||||||||
Mandatory redemption price upon certain asset sales (as a percent) | 1 | |||||||||||
10.0% Senior Secured First Lien Notes due 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 10.00% | |||||||||||
10.0% Senior Secured First Lien Notes due 2024 | Senior notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit outstanding | $ 0 | |||||||||||
Outstanding borrowings | $ 267,353,000 | 0 | ||||||||||
Face amount of debt instrument | $ 280,844,000 | |||||||||||
Interest rate (as a percent) | 10.00% | |||||||||||
Term Loan Credit Agreement | Term Loan Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity of credit facility | $ 213,418,000 | |||||||||||
8.5% Senior Secured First Lien Notes due 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 8.50% | |||||||||||
8.5% Senior Secured First Lien Notes due 2021 | Senior notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lines of credit outstanding | $ 0 | |||||||||||
Outstanding borrowings | $ 0 | $ 272,871,000 | ||||||||||
Interest rate (as a percent) | 8.50% | |||||||||||
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity of credit facility | $ 120,000,000 | |||||||||||
Lines of credit outstanding | $ 120,000,000 | |||||||||||
Commitment fee percentage (in basis points) | 2.00% | |||||||||||
Maximum number of draws available on credit facility | arrangement | 4 | |||||||||||
Minimum amount of draw on credit facility | $ 30,000,000 | |||||||||||
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | London Interbank Offered Rate (LIBOR) | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate (as a percent) | 9.00% |
Debt Arrangements - Redemption
Debt Arrangements - Redemption Prices (Details) - Senior notes - Exit Senior Secured First Lien Notes | Aug. 24, 2020 |
Debt Instrument, Redemption, Period One | |
Debt Instrument [Line Items] | |
Redemption price (as a percent) | 105.00% |
Debt Instrument, Redemption, Period Two | |
Debt Instrument [Line Items] | |
Redemption price (as a percent) | 102.50% |
Debt Instrument, Redemption, Period Three | |
Debt Instrument [Line Items] | |
Redemption price (as a percent) | 100.00% |
Securitized Receivables - Narra
Securitized Receivables - Narrative (Details) | 12 Months Ended | |
Mar. 31, 2021USD ($)program | Mar. 31, 2020USD ($) | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Number of accounts receivable securitization programs | program | 2 | |
Receivables sold, face value discounted (as a percent) | 100.00% | |
Reductions of trade and other receivables due to settlements | $ 3,651,000 | $ 9,586,000 |
Accounts Receivable Securitization, Program Two | ||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Trade receivables, maximum amount | $ 125,000,000 | |
Accounts Receivable Securitization, Program One | ||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ||
Servicing fee rate (as a percent) | 0.50% |
Securitized Receivables - Summa
Securitized Receivables - Summary (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||
Receivables outstanding in facility | $ 90,693 | $ 135,439 | |
Beneficial interest | 19,370 | 27,021 | |
Servicing liability | 14 | 43 | |
Cash proceeds for the period ended: | |||
Cash purchase price | $ 151,817 | 257,982 | 523,521 |
Deferred purchase price | 74,328 | 94,062 | 240,994 |
Service fees | 218 | 253 | 455 |
Total | 226,363 | 352,297 | 764,970 |
Accounts Receivable Securitization, Program One | |||
Cash proceeds for the period ended: | |||
Costs incurred under the first facility | $ 888 | $ 524 | $ 1,010 |
Guarantees - Summary (Details)
Guarantees - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Guarantees [Abstract] | ||
Amounts guaranteed (not to exceed) | $ 93,489 | $ 138,953 |
Amounts outstanding under guarantee | 30,111 | 48,565 |
Fair value of guarantees | $ 1,740 | 2,791 |
Number of years before expiring guarantees | 1 year | |
Amounts due to local banks on behalf of suppliers and included in accounts payable | $ 10,930 | $ 6,849 |
Derivative Financial Instrume_2
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | |||||
Current derivative assets | $ 917 | $ 917 | $ 0 | ||
Derivative contracts outstanding | 34,472 | 34,472 | |||
Cost of goods and services sold | |||||
Derivative [Line Items] | |||||
Gain (loss) recognized in income | $ (164) | $ (122) | (3,331) | $ (1,899) | |
Loss on Derivatives | |||||
Derivative [Line Items] | |||||
Unrealized losses on designated cash flow hedges | 2,625 | 531 | |||
Tax of unrealized losses on designated cash flow hedges | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Estimate of Fair Value - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 917 | $ 0 |
Securitized beneficial interests | 19,370 | 27,021 |
Total assets | 20,287 | 27,021 |
Long-term debt | 470,957 | 359,630 |
Guarantees | 1,740 | 2,791 |
Total liabilities | 472,697 | 362,421 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 917 | 0 |
Securitized beneficial interests | 0 | 0 |
Total assets | 917 | 0 |
Long-term debt | 467,795 | 358,782 |
Guarantees | 0 | 0 |
Total liabilities | 467,795 | 358,782 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Securitized beneficial interests | 19,370 | 27,021 |
Total assets | 19,370 | 27,021 |
Long-term debt | 3,162 | 848 |
Guarantees | 1,740 | 2,791 |
Total liabilities | $ 4,902 | $ 3,639 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Long-Term Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Impact of 10% adverse change in treasury note interest and borrowings rate on financial instrument | $ 42 | ||
Impact of 20% adverse change in treasury note interest and borrowings rate on financial instrument | 83 | ||
Guarantees | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Impact of 10% adverse change in loss rate on recorded beneficial interest | 174 | ||
Impact of 20% adverse change in loss rate on recorded beneficial interest | 348 | ||
Securitized Beneficial Interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Impact of 10% adverse change in prepayment speed on recorded beneficial interest | 57 | ||
Impact of 10% adverse change in discount rate on recorded beneficial interest | 57 | ||
Impact of 20% adverse change in prepayment speed on recorded beneficial interest | 113 | ||
Impact of 20% adverse change in discount rate on recorded beneficial interest | 113 | ||
Fair value change in unrealized gain (loss) included in other income | $ (263) | $ (233) | $ (951) |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Change in Recurring Level 3 Balances (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Long-Term Debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 848 | $ 3,892 | $ 0 |
Settlements | (100) | (761) | 0 |
Additions | 3,144 | 31 | |
Balance at end of period | 3,892 | 3,162 | 848 |
Securitized Beneficial Interests | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 27,021 | 11,159 | 40,332 |
Sales of receivables/issuance of guarantees | 66,821 | 105,117 | 229,751 |
Settlements | (81,038) | (94,808) | (238,437) |
(Losses) / gains recognized in earnings | (1,645) | (2,098) | (4,625) |
Balance at end of period | 11,159 | 19,370 | 27,021 |
Guarantees | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 2,791 | 1,256 | 3,714 |
Sales of receivables/issuance of guarantees | 667 | 1,757 | 2,982 |
Settlements | (2,192) | (1,276) | (3,802) |
(Losses) / gains recognized in earnings | (10) | 3 | (103) |
Balance at end of period | $ 1,256 | $ 1,740 | $ 2,791 |
Fair Value Measurements - Infor
Fair Value Measurements - Information about Fair Value Measurements using Significant Unobservable Inputs (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Discounted Cash Flow | Securitized Beneficial Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair value of unobservable inputs of asset | $ 19,370 | $ 27,021 |
Discounted Cash Flow | Guarantees of Farmers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair value of unobservable inputs of asset | $ 255 | |
Discounted Cash Flow | Minimum | Securitized Beneficial Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Securitized market rate (as a percent) | 1.33% | 3.44% |
Payment speed period | 57 days | 77 days |
Discounted Cash Flow | Minimum | Guarantees of Farmers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Market interest rate (as a percent) | 15.00% | |
Discounted Cash Flow | Maximum | Securitized Beneficial Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Securitized market rate (as a percent) | 3.56% | 3.45% |
Payment speed period | 77 days | 100 days |
Discounted Cash Flow | Maximum | Guarantees of Farmers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Market interest rate (as a percent) | 75.80% | |
Historical Loss | Guarantees of Farmers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair value of unobservable inputs of asset | $ 1,740 | $ 2,536 |
Historical Loss | Minimum | Guarantees of Farmers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Historical loss rate (as a percent) | 0.05% | 2.20% |
Historical Loss | Maximum | Guarantees of Farmers | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Historical loss rate (as a percent) | 45.20% | 10.00% |
Discounted Future Payments | Long-Term Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair value of unobservable inputs of liability | $ 3,162 | |
Discounted Future Payments | Minimum | Treasury Notes Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Measurement input of long-term debt (as a percent) | 0.0094 | |
Discounted Future Payments | Minimum | Borrowing Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Measurement input of long-term debt (as a percent) | 0.0700 | |
Discounted Future Payments | Maximum | Treasury Notes Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Measurement input of long-term debt (as a percent) | 0.0158 | |
Discounted Future Payments | Maximum | Borrowing Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Measurement input of long-term debt (as a percent) | 0.1072 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Reconciliation of Benefit Obligations (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning | $ 140,187 | $ 150,335 | $ 147,985 |
Service cost | 176 | 249 | 461 |
Interest cost | 1,595 | 1,561 | 3,982 |
Plan amendments | 0 | (62) | |
Actuarial losses (gains) | 10,113 | 842 | (206) |
Settlements/special termination benefits | (161) | (6,508) | (2,574) |
Effects of currency translation | 2,787 | 859 | (1,843) |
Benefits paid | (4,362) | (4,620) | (7,618) |
Benefit obligation, ending | 150,335 | 142,656 | 140,187 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning | 90,421 | 101,051 | 96,147 |
Actual return on plan assets | 9,653 | 1,812 | 1,044 |
Employer contributions | 2,121 | 3,731 | 5,544 |
Plan settlements | (161) | (6,508) | (2,574) |
Effects of currency translation | 3,378 | 1,335 | (2,122) |
Benefits paid | (4,361) | (4,620) | (7,618) |
Fair value of plan assets, ending | 101,051 | 96,801 | 90,421 |
Funded status of the plan | (49,284) | (45,855) | (49,766) |
U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning | 80,996 | 86,605 | 82,099 |
Service cost | 94 | 131 | 250 |
Interest cost | 968 | 803 | 2,562 |
Plan amendments | 0 | 0 | |
Actuarial losses (gains) | 6,863 | (2,428) | 3,740 |
Settlements/special termination benefits | (161) | (6,080) | (2,574) |
Effects of currency translation | 0 | 0 | 0 |
Benefits paid | (2,155) | (2,808) | (5,081) |
Benefit obligation, ending | 86,605 | 76,223 | 80,996 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning | 28,348 | 31,461 | 32,568 |
Actual return on plan assets | 4,068 | 1,996 | (590) |
Employer contributions | 1,360 | 2,540 | 4,025 |
Plan settlements | (161) | (6,080) | (2,574) |
Effects of currency translation | 0 | 0 | 0 |
Benefits paid | (2,154) | (2,808) | (5,081) |
Fair value of plan assets, ending | 31,461 | 27,109 | 28,348 |
Funded status of the plan | (55,144) | (49,114) | (52,648) |
Non-U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning | 59,191 | 63,730 | 65,886 |
Service cost | 82 | 118 | 211 |
Interest cost | 627 | 758 | 1,420 |
Plan amendments | 0 | (62) | |
Actuarial losses (gains) | 3,250 | 3,270 | (3,946) |
Settlements/special termination benefits | 0 | (428) | 0 |
Effects of currency translation | 2,787 | 859 | (1,843) |
Benefits paid | (2,207) | (1,812) | (2,537) |
Benefit obligation, ending | 63,730 | 66,433 | 59,191 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning | 62,073 | 69,590 | 63,579 |
Actual return on plan assets | 5,585 | (184) | 1,634 |
Employer contributions | 761 | 1,191 | 1,519 |
Plan settlements | 0 | (428) | 0 |
Effects of currency translation | 3,378 | 1,335 | (2,122) |
Benefits paid | (2,207) | (1,812) | (2,537) |
Fair value of plan assets, ending | 69,590 | 69,692 | 62,073 |
Funded status of the plan | $ 5,860 | $ 3,259 | $ 2,882 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Net Funded Status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Aug. 31, 2020 | Mar. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities | $ (67,646) | $ (74,389) | |
Funded status of the plan | (45,855) | $ (49,284) | (49,766) |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent benefit asset recorded in other noncurrent assets | 0 | 0 | |
Accrued current benefit liability recorded in accrued expenses and other current liabilities | (3,297) | (3,264) | |
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities | (45,817) | (49,384) | |
Funded status of the plan | (49,114) | (55,144) | (52,648) |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent benefit asset recorded in other noncurrent assets | 11,708 | 14,745 | |
Accrued current benefit liability recorded in accrued expenses and other current liabilities | (812) | (1,227) | |
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities | (7,637) | (10,636) | |
Funded status of the plan | $ 3,259 | $ 5,860 | $ 2,882 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits - Pension Obligations for all Defined Benefit Pension Plans (Details) - Pension Plan - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 76,222 | $ 80,996 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 76,222 | 80,996 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 27,109 | 28,348 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 8,450 | 31,012 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 7,981 | 30,400 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 0 | $ 19,147 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits - Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 176 | $ 249 | $ 461 | |
Interest cost | 1,595 | 1,561 | 3,982 | |
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 94 | 131 | 250 | |
Interest cost | 968 | 803 | 2,562 | |
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 82 | 118 | 211 | |
Interest cost | 627 | 758 | 1,420 | |
Pension Plan | U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 94 | 131 | 250 | $ 250 |
Interest cost | 968 | 803 | 2,562 | 3,028 |
Expected return on plan assets | (621) | (933) | (1,990) | (2,265) |
Amortization of actuarial losses | 504 | 0 | 964 | 934 |
Amortization of prior service cost | 17 | 0 | 40 | 40 |
Special termination benefits | 0 | 0 | ||
Settlement charges | 0 | (46) | 812 | 1,206 |
Net periodic pension cost (benefit) | 962 | (45) | 2,638 | 3,193 |
Pension Plan | Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 82 | 118 | 211 | 206 |
Interest cost | 627 | 758 | 1,420 | 1,527 |
Expected return on plan assets | (613) | (720) | (2,415) | (2,667) |
Amortization of actuarial losses | 363 | 0 | 901 | 741 |
Amortization of prior service cost | 1 | 0 | 2 | 2 |
Special termination benefits | 0 | 28 | ||
Settlement charges | 0 | 84 | 0 | (75) |
Net periodic pension cost (benefit) | $ 460 | $ 240 | $ 119 | $ (238) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits - Amounts Showing in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit (cost) | $ 62 | $ 506 |
Net actuarial (losses) gains | (117) | (45,291) |
Impact of adoption of ASU 2018-02 | (2,931) | |
Deferred taxes | 596 | 10,562 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Beginning balance | (37,154) | |
Prior service credit (cost) | (444) | |
Net actuarial (losses) gains | 45,174 | |
Impact of adoption of ASU 2018-02 | 2,931 | |
Deferred taxes | (9,966) | |
Total change for 2021 | 37,695 | |
Ending balance | 541 | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit (cost) | 62 | (358) |
Net actuarial (losses) gains | (752) | (41,336) |
Impact of adoption of ASU 2018-02 | (2,931) | |
Deferred taxes | 703 | 10,728 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Beginning balance | (33,897) | |
Prior service credit (cost) | 420 | |
Net actuarial (losses) gains | 40,584 | |
Impact of adoption of ASU 2018-02 | 2,931 | |
Deferred taxes | (10,025) | |
Total change for 2021 | 33,910 | |
Ending balance | 13 | |
Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit (cost) | 0 | 864 |
Net actuarial (losses) gains | 635 | (3,955) |
Impact of adoption of ASU 2018-02 | 0 | |
Deferred taxes | (107) | $ (166) |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Beginning balance | (3,257) | |
Prior service credit (cost) | (864) | |
Net actuarial (losses) gains | 4,590 | |
Impact of adoption of ASU 2018-02 | 0 | |
Deferred taxes | 59 | |
Total change for 2021 | 3,785 | |
Ending balance | $ 528 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits - Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate (as a percent) | 2.32% | 3.79% | 3.91% |
Expected long-term rate of return on plan assets (as a percent) | 5.75% | 6.75% | 6.75% |
Interest crediting rate (as a percent) | 4.29% | 4.37% | 4.25% |
Non-U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate (as a percent) | 2.23% | 2.50% | 2.75% |
Rate of increase in future compensation (as a percent) | 6.18% | 5.99% | 6.04% |
Expected long-term rate of return on plan assets (as a percent) | 2.00% | 3.90% | 4.46% |
Pension Plan | U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 2.83% | 3.34% | |
Interest crediting rate (as a percent) | 4.25% | 4.28% | |
Pension Plan | Non-U.S. Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 2.17% | 2.58% | |
Rate of increase in future compensation (as a percent) | 5.28% | 5.75% |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits - Plan Assets (Details) | Mar. 31, 2021 | Mar. 31, 2020 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 100.00% | |
Plan asset allocations (as a percent) | 100.00% | 100.00% |
U.S. Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 0.00% | |
Plan asset allocations (as a percent) | 2.80% | 3.60% |
U.S. Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 36.00% | |
Plan asset allocations (as a percent) | 37.40% | 34.80% |
U.S. Plans | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 24.00% | |
Plan asset allocations (as a percent) | 20.70% | 22.40% |
U.S. Plans | Real estate and other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 40.00% | |
Plan asset allocations (as a percent) | 39.10% | 39.20% |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 100.00% | |
Plan asset allocations (as a percent) | 100.00% | 100.00% |
Non-U.S. Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 7.30% | |
Plan asset allocations (as a percent) | 7.00% | 9.10% |
Non-U.S. Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 15.00% | |
Plan asset allocations (as a percent) | 19.00% | 14.60% |
Non-U.S. Plans | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 62.60% | |
Plan asset allocations (as a percent) | 67.30% | 68.20% |
Non-U.S. Plans | Real estate and other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations (as a percent) | 15.10% | |
Plan asset allocations (as a percent) | 6.70% | 8.10% |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits - Fair Value of Plan Assets (Details) - Pension Plan - Estimate of Fair Value - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
U.S. Plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 754 | $ 1,018 |
U.S. equities / equity funds | 6,994 | 6,795 |
International equities / equity funds | 3,149 | 3,058 |
U.S. fixed income funds | 4,901 | 5,593 |
U.S. fixed income funds | 713 | 784 |
Diversified funds | 7,882 | 8,017 |
Real estate and other | 2,716 | 3,083 |
Total assets | 27,109 | 28,348 |
U.S. Plans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 291 | 547 |
U.S. equities / equity funds | 6,994 | 6,795 |
International equities / equity funds | 3,149 | 3,058 |
U.S. fixed income funds | 4,901 | 5,593 |
U.S. fixed income funds | 713 | 784 |
Diversified funds | 7,882 | 8,017 |
Real estate and other | 0 | 0 |
Total assets | 23,930 | 24,794 |
U.S. Plans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 463 | 471 |
U.S. equities / equity funds | 0 | 0 |
International equities / equity funds | 0 | 0 |
U.S. fixed income funds | 0 | 0 |
U.S. fixed income funds | 0 | 0 |
Diversified funds | 0 | 0 |
Real estate and other | 0 | 0 |
Total assets | 463 | 471 |
U.S. Plans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
U.S. equities / equity funds | 0 | 0 |
International equities / equity funds | 0 | 0 |
U.S. fixed income funds | 0 | 0 |
U.S. fixed income funds | 0 | 0 |
Diversified funds | 0 | 0 |
Real estate and other | 0 | 0 |
Total assets | 0 | 0 |
Non-U.S. Plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 4,901 | 5,641 |
U.S. equities / equity funds | 8,698 | 5,906 |
International equities / equity funds | 2,891 | 1,812 |
Global equity funds | 1,686 | 1,312 |
U.S. fixed income funds | 5,998 | 4,995 |
U.S. fixed income funds | 36,027 | 33,330 |
Global fixed income funds | 4,838 | 3,994 |
Diversified funds | 3,003 | 3,223 |
Real estate and other | 1,650 | 1,795 |
Total assets | 69,692 | 62,008 |
Non-U.S. Plans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 4,901 | 5,641 |
U.S. equities / equity funds | 8,698 | 5,906 |
International equities / equity funds | 2,891 | 1,812 |
Global equity funds | 1,686 | 1,312 |
U.S. fixed income funds | 5,998 | 4,995 |
U.S. fixed income funds | 11,785 | 12,009 |
Global fixed income funds | 4,838 | 3,994 |
Diversified funds | 0 | 0 |
Real estate and other | 0 | 0 |
Total assets | 40,797 | 35,669 |
Non-U.S. Plans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
U.S. equities / equity funds | 0 | 0 |
International equities / equity funds | 0 | 0 |
Global equity funds | 0 | 0 |
U.S. fixed income funds | 0 | 0 |
U.S. fixed income funds | 24,242 | 21,321 |
Global fixed income funds | 0 | 0 |
Diversified funds | 3,003 | 3,223 |
Real estate and other | 0 | 0 |
Total assets | 27,245 | 24,544 |
Non-U.S. Plans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
U.S. equities / equity funds | 0 | 0 |
International equities / equity funds | 0 | 0 |
Global equity funds | 0 | 0 |
U.S. fixed income funds | 0 | 0 |
U.S. fixed income funds | 0 | 0 |
Global fixed income funds | 0 | 0 |
Diversified funds | 0 | 0 |
Real estate and other | 0 | 0 |
Total assets | $ 0 | $ 0 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits - Plan Asset Redemptions (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Aug. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 96,801 | $ 101,051 | $ 90,421 | $ 96,147 |
U.S. Plans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 27,109 | $ 31,461 | 28,348 | $ 32,568 |
Diversified funds | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Real estate and other | U.S. Plans | Fair Value Measured at Net Asset Value Per Share | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 4,366 | $ 4,879 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits - Postretirement Health and Life Insurance Benefits (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning | $ 140,187 | $ 150,335 | $ 147,985 | |
Service cost | 176 | 249 | 461 | |
Interest cost | 1,595 | 1,561 | 3,982 | |
Effect of currency translation | (2,787) | (859) | 1,843 | |
Actuarial (gains) losses | (10,113) | (842) | 206 | |
Benefits paid | (4,362) | (4,620) | (7,618) | |
Benefit obligation, ending | 150,335 | 142,656 | 140,187 | $ 147,985 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning | 90,421 | 101,051 | 96,147 | |
Employer contributions | 2,121 | 3,731 | 5,544 | |
Benefits paid | (4,361) | (4,620) | (7,618) | |
Fair value of plan assets, ending | 101,051 | 96,801 | 90,421 | 96,147 |
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (67,646) | (74,389) | ||
Funded status of the plan | (49,284) | (45,855) | (49,766) | |
Postretirement Benefits Plan | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning | 6,306 | 6,568 | 6,723 | |
Service cost | 3 | 4 | 7 | |
Interest cost | 114 | 129 | 312 | |
Effect of currency translation | (89) | (57) | (577) | |
Actuarial (gains) losses | 435 | (647) | 152 | |
Benefits paid | (201) | (98) | (311) | |
Benefit obligation, ending | 6,568 | 5,899 | 6,306 | 6,723 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning | 0 | 0 | 0 | |
Employer contributions | 201 | 98 | 311 | |
Benefits paid | (201) | (98) | (311) | |
Fair value of plan assets, ending | 0 | 0 | 0 | 0 |
Accrued current benefit liability recorded in accrued expenses and other current liabilities | (269) | (412) | (488) | |
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (6,299) | (5,487) | (5,818) | |
Funded status of the plan | (6,568) | (5,899) | (6,306) | |
U.S. Plans | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning | 80,996 | 86,605 | 82,099 | |
Service cost | 94 | 131 | 250 | |
Interest cost | 968 | 803 | 2,562 | |
Effect of currency translation | 0 | 0 | 0 | |
Actuarial (gains) losses | (6,863) | 2,428 | (3,740) | |
Benefits paid | (2,155) | (2,808) | (5,081) | |
Benefit obligation, ending | 86,605 | 76,223 | 80,996 | 82,099 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning | 28,348 | 31,461 | 32,568 | |
Employer contributions | 1,360 | 2,540 | 4,025 | |
Benefits paid | (2,154) | (2,808) | (5,081) | |
Fair value of plan assets, ending | 31,461 | 27,109 | 28,348 | 32,568 |
Accrued current benefit liability recorded in accrued expenses and other current liabilities | (3,297) | (3,264) | ||
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (45,817) | (49,384) | ||
Funded status of the plan | (55,144) | (49,114) | (52,648) | |
U.S. Plans | Postretirement Benefits Plan | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning | 4,450 | 4,796 | 4,445 | |
Service cost | 3 | 4 | 7 | 7 |
Interest cost | 55 | 50 | 151 | 154 |
Effect of currency translation | 0 | 0 | 0 | |
Actuarial (gains) losses | 435 | (330) | 27 | |
Benefits paid | (147) | (62) | (180) | |
Benefit obligation, ending | 4,796 | 4,458 | 4,450 | 4,445 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning | 0 | 0 | 0 | |
Employer contributions | 147 | 62 | 180 | |
Benefits paid | (147) | (62) | (180) | |
Fair value of plan assets, ending | 0 | 0 | 0 | 0 |
Accrued current benefit liability recorded in accrued expenses and other current liabilities | (195) | (306) | (355) | |
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (4,601) | (4,152) | (4,095) | |
Funded status of the plan | (4,796) | (4,458) | (4,450) | |
Non-U.S. Plans | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning | 59,191 | 63,730 | 65,886 | |
Service cost | 82 | 118 | 211 | |
Interest cost | 627 | 758 | 1,420 | |
Effect of currency translation | (2,787) | (859) | 1,843 | |
Actuarial (gains) losses | (3,250) | (3,270) | 3,946 | |
Benefits paid | (2,207) | (1,812) | (2,537) | |
Benefit obligation, ending | 63,730 | 66,433 | 59,191 | 65,886 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning | 62,073 | 69,590 | 63,579 | |
Employer contributions | 761 | 1,191 | 1,519 | |
Benefits paid | (2,207) | (1,812) | (2,537) | |
Fair value of plan assets, ending | 69,590 | 69,692 | 62,073 | 63,579 |
Accrued current benefit liability recorded in accrued expenses and other current liabilities | (812) | (1,227) | ||
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (7,637) | (10,636) | ||
Funded status of the plan | 5,860 | 3,259 | 2,882 | |
Non-U.S. Plans | Postretirement Benefits Plan | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation, beginning | 1,856 | 1,772 | 2,278 | |
Service cost | 0 | 0 | 0 | 7 |
Interest cost | 59 | 79 | 161 | 151 |
Effect of currency translation | (89) | (57) | (577) | |
Actuarial (gains) losses | 0 | (317) | 125 | |
Benefits paid | (54) | (36) | (131) | |
Benefit obligation, ending | 1,772 | 1,441 | 1,856 | 2,278 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets, beginning | 0 | 0 | 0 | |
Employer contributions | 54 | 36 | 131 | |
Benefits paid | (54) | (36) | (131) | |
Fair value of plan assets, ending | 0 | 0 | 0 | $ 0 |
Accrued current benefit liability recorded in accrued expenses and other current liabilities | (74) | (106) | (133) | |
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (1,698) | (1,335) | (1,723) | |
Funded status of the plan | $ (1,772) | $ (1,441) | $ (1,856) |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits - Periodic Benefit Costs of Postretirement Health and Life Insurance Benefits (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 176 | $ 249 | $ 461 | |
Interest cost | 1,595 | 1,561 | 3,982 | |
Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 4 | 7 | |
Interest cost | 114 | 129 | 312 | |
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 94 | 131 | 250 | |
Interest cost | 968 | 803 | 2,562 | |
U.S. Plans | Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 4 | 7 | $ 7 |
Interest cost | 55 | 50 | 151 | 154 |
Prior service credit | (291) | 0 | (699) | (699) |
Actuarial losses | 138 | 0 | 385 | 402 |
Net periodic benefit costs (income) | (95) | 54 | (156) | (136) |
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 82 | 118 | 211 | |
Interest cost | 627 | 758 | 1,420 | |
Non-U.S. Plans | Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 7 |
Interest cost | 59 | 79 | 161 | 151 |
Prior service credit | (3) | 0 | (9) | (10) |
Actuarial losses | 19 | 0 | 49 | 31 |
Net periodic benefit costs (income) | $ 75 | $ 79 | $ 201 | $ 179 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits - Assumptions Used to Determine Benefit Obligations (Details) - Postretirement Benefits Plan | Mar. 31, 2021 | Mar. 31, 2020 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate (as a percent) | 7.17% | 7.94% |
Health care cost trend rate assumed for next year (as a percent) | 6.92% | 7.07% |
Ultimate trend rate (as a percent) | 6.92% | 7.07% |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits - Expected Contributions (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Non-U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | $ 1,412 |
Non-U.S. Plans | Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | 106 |
U.S. Plans | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | 4,047 |
U.S. Plans | Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in next fiscal year | $ 306 |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits - Contributions (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 2,002 | $ 2,803 | $ 4,747 | $ 4,939 |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits - Cash Flows (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Pension Plan | U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 7,660 |
2023 | 5,702 |
2024 | 5,605 |
2025 | 5,651 |
2026 | 5,601 |
Years 2026-2029 | 24,431 |
Pension Plan | Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 2,931 |
2023 | 3,068 |
2024 | 3,038 |
2025 | 3,281 |
2026 | 3,127 |
Years 2026-2029 | 16,675 |
Postretirement Benefits Plan | U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 306 |
2023 | 303 |
2024 | 298 |
2025 | 292 |
2026 | 287 |
Years 2026-2029 | 1,349 |
Postretirement Benefits Plan | Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 106 |
2023 | 108 |
2024 | 110 |
2025 | 113 |
2026 | 115 |
Years 2026-2029 | $ 613 |
Contingencies and Other Infor_2
Contingencies and Other Information - Narrative (Details) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Mar. 31, 2021USD ($)facility | Dec. 31, 2005USD ($) | Mar. 18, 2014USD ($) | Oct. 26, 2007USD ($) | |
Loss Contingencies [Line Items] | ||||
Number of facilities with an associated asset retirement obligation | facility | 1 | |||
Other Income (Expense) | ||||
Loss Contingencies [Line Items] | ||||
Benefit of excise tax | $ 24,142 | |||
Tax Assessment | Brazilian State of Parana | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | $ 8,330 | $ 2,312 | ||
Tax Assessment | Brazilian State of Santa Catarina | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | 5,404 | $ 2,000 | ||
Tax Assessment | Brazil State of Rio Grande do Sul and the State of Santa Catarina | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | 9,792 | |||
Tax Assessment | IPI Credit Bonus | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | $ 12,666 |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2020 | Aug. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | $ (78,000) | $ (78,000) | |||||||||||||||
Total other comprehensive (loss) income, net of tax | $ (807) | $ 4,757 | $ (5,564) | $ (717) | (177) | $ 537 | $ 3,524 | $ (2,217) | $ 280 | $ (2,967) | $ (4,778) | $ 1,747 | $ (6,441) | 4,580 | $ (7,088) | $ 2,157 | $ (12,900) |
Balance at end of period | 247,670 | (78,000) | 247,670 | (78,000) | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | 0 | (59,132) | (61,342) | (45,262) | (59,132) | 0 | (61,342) | (45,262) | |||||||||
Other comprehensive (loss) income before reclassifications | 4,648 | (6,873) | (3,541) | (9,665) | |||||||||||||
Amounts reclassified to net income (loss), net of tax | (164) | 140 | 5,751 | (3,484) | |||||||||||||
Total other comprehensive (loss) income, net of tax | 4,484 | (6,733) | 2,210 | (16,080) | |||||||||||||
Cancellation of Predecessor equity | 54,648 | ||||||||||||||||
Balance at end of period | 0 | (6,733) | (59,132) | (61,342) | 0 | (6,733) | (59,132) | (61,342) | |||||||||
Accumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, Adjustment | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | (2,931) | (2,931) | |||||||||||||||
Currency Translation Adjustment | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | 0 | (22,509) | (21,979) | (12,682) | (22,509) | 0 | (21,979) | (12,682) | |||||||||
Other comprehensive (loss) income before reclassifications | 4,445 | (4,649) | (530) | (9,297) | |||||||||||||
Amounts reclassified to net income (loss), net of tax | 0 | 0 | 0 | 0 | |||||||||||||
Total other comprehensive (loss) income, net of tax | (828) | 4,509 | (3,818) | (3) | (64) | 3 | 1,789 | (1,925) | (430) | (1,656) | (1,787) | (257) | (5,136) | 4,445 | (4,649) | (530) | (9,297) |
Cancellation of Predecessor equity | 18,064 | ||||||||||||||||
Balance at end of period | 0 | (4,649) | (22,509) | (21,979) | 0 | (4,649) | (22,509) | (21,979) | |||||||||
Currency Translation Adjustment | Cumulative Effect, Period of Adoption, Adjustment | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | 0 | 0 | |||||||||||||||
Pensions, Net of Tax | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | 0 | (37,154) | (36,749) | (32,580) | (37,154) | 0 | (36,749) | (32,580) | |||||||||
Other comprehensive (loss) income before reclassifications | 734 | 523 | (2,825) | 4,145 | |||||||||||||
Amounts reclassified to net income (loss), net of tax | 0 | 18 | 2,420 | (5,383) | |||||||||||||
Total other comprehensive (loss) income, net of tax | 240 | 494 | 47 | 494 | (126) | 1,111 | (1,701) | 311 | (1,700) | (877) | 973 | 366 | 734 | 541 | (405) | (4,169) | |
Cancellation of Predecessor equity | 36,420 | ||||||||||||||||
Balance at end of period | 0 | 541 | (37,154) | (36,749) | 0 | 541 | (37,154) | (36,749) | |||||||||
Pensions, Net of Tax | Cumulative Effect, Period of Adoption, Adjustment | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | (2,931) | (2,931) | |||||||||||||||
Derivatives, Net of Tax | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | $ 0 | 531 | (2,614) | 0 | 531 | 0 | (2,614) | 0 | |||||||||
Other comprehensive (loss) income before reclassifications | (531) | (2,747) | (186) | (4,513) | |||||||||||||
Amounts reclassified to net income (loss), net of tax | (164) | 122 | 3,331 | 1,899 | |||||||||||||
Total other comprehensive (loss) income, net of tax | (2,006) | $ (619) | $ (531) | 772 | $ 576 | $ 1,428 | $ 369 | (307) | $ (1,591) | $ 780 | (1,496) | (695) | (2,625) | 3,145 | (2,614) | ||
Cancellation of Predecessor equity | 164 | ||||||||||||||||
Balance at end of period | $ 0 | $ (2,625) | $ 531 | $ (2,614) | $ 0 | $ (2,625) | $ 531 | (2,614) | |||||||||
Derivatives, Net of Tax | Cumulative Effect, Period of Adoption, Adjustment | |||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||||||||
Balance at beginning of period | $ 0 | $ 0 |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income - Components Reclassified from AOCI to Earnings (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2020 | Aug. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Interest expense | $ 46,616 | $ 56,724 | $ 136,656 | $ 135,553 | |||||||||||||
Cost of goods and services sold | 402,594 | 767,855 | 1,302,582 | 1,550,779 | |||||||||||||
Tax effects of amounts reclassified from accumulated other comprehensive loss to net income | (292) | (13,215) | (131,789) | (37,840) | |||||||||||||
Net (loss) income | $ (5,798) | $ 110,884 | $ (128,988) | $ (8,220) | $ (92,809) | $ (169,106) | $ (22,446) | $ (16,604) | $ (62,163) | $ (9,911) | $ (5,002) | $ (54,842) | $ (1,413) | 18,075 | (143,006) | (270,319) | (71,168) |
Pensions and other postretirement benefits | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Interest expense | 734 | 39 | 2,445 | (5,035) | |||||||||||||
Tax effects of amounts reclassified from accumulated other comprehensive loss to net income | 0 | (21) | (25) | (348) | |||||||||||||
Net (loss) income | 734 | 18 | 2,420 | (5,383) | |||||||||||||
Actuarial loss | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Interest expense | 899 | 39 | 3,111 | 3,238 | |||||||||||||
Amortization of prior service cost (credit) | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Interest expense | (165) | 0 | (666) | (666) | |||||||||||||
Deferred income tax benefit | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Interest expense | 0 | 0 | 0 | (7,607) | |||||||||||||
Derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Cost of goods and services sold | 164 | 122 | 3,331 | 1,899 | |||||||||||||
Tax effects of amounts reclassified from accumulated other comprehensive loss to net income | (694) | 0 | 0 | (399) | |||||||||||||
Net (loss) income | $ (530) | $ 122 | $ 3,331 | $ 1,500 |
Related Party Transactions - Su
Related Party Transactions - Summary (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transactions [Abstract] | ||||
Sales | $ 13,483 | $ 4,270 | $ 16,245 | $ 15,480 |
Purchases | $ 38,655 | $ 83,716 | $ 120,084 | $ 137,017 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 7 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2021 | Apr. 23, 2021 | Jan. 20, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Accounts receivable, related parties | $ 3,585,000 | $ 3,585,000 | $ 5,030,000 | ||
Credit Facility | Delayed Draw Term Loan Facility Credit Agreement | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Maximum borrowing capacity of credit facility | $ 120,000,000 | ||||
Glendon Investor and Monarch Investor | |||||
Related Party Transaction [Line Items] | |||||
Interest payable to related parties | 2,309,000 | 2,309,000 | |||
Interest expense from related parties | 12,752,000 | ||||
Canadian Cannabis Subsidiaries | |||||
Related Party Transaction [Line Items] | |||||
Interest expense from related parties | 59,000 | ||||
Accounts receivable, related parties | 59,000 | 59,000 | |||
Canadian Cannabis Subsidiaries | Canadian Debtor-in-Possession Facility | |||||
Related Party Transaction [Line Items] | |||||
Related party note receivable | 5,790,000 | 5,790,000 | $ 153,860,000 | ||
Fair value of related party note receivable | $ 6,100,000 | $ 6,100,000 |
Segment Information - Analysis
Segment Information - Analysis of Segment Information (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 01, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total sales and other operating revenues | $ 447,600 | $ 884,328 | $ 1,527,261 | $ 1,801,593 | |
Total operating (loss) income | (43,957) | (16,048) | (11,609) | 87,254 | |
Segment assets | 1,539,462 | 1,763,063 | 1,859,275 | ||
Trade and other receivables, net | 188,357 | 239,739 | 310,997 | ||
Goodwill | 0 | 36,853 | 0 | 34,336 | $ 37,935 |
Equity in net assets of investee companies | 96,364 | 67,531 | 69,006 | ||
Depreciation and amortization | 16,580 | 11,839 | 35,828 | 35,747 | |
Capital expenditures | 56,843 | 52,712 | |||
Leaf - North America | |||||
Segment Reporting Information [Line Items] | |||||
Total sales and other operating revenues | 57,734 | 137,195 | 224,707 | 285,718 | |
Total operating (loss) income | 376 | 8,341 | 8,008 | 10,113 | |
Segment assets | 247,265 | 266,253 | 243,248 | ||
Trade and other receivables, net | 17,392 | 28,520 | 18,297 | ||
Goodwill | 3,708 | 2,795 | |||
Equity in net assets of investee companies | 0 | 0 | 0 | ||
Depreciation and amortization | 3,026 | 1,497 | 7,186 | 7,065 | |
Capital expenditures | 385 | 546 | 3,930 | 4,594 | |
Leaf - Other Regions | |||||
Segment Reporting Information [Line Items] | |||||
Total sales and other operating revenues | 380,497 | 727,251 | 1,282,616 | 1,499,839 | |
Total operating (loss) income | (1,028) | 28,736 | 69,149 | 112,180 | |
Segment assets | 1,204,993 | 1,284,317 | 1,488,226 | ||
Trade and other receivables, net | 170,185 | 207,534 | 289,662 | ||
Goodwill | 26,513 | 13,669 | |||
Equity in net assets of investee companies | 89,569 | 56,456 | 57,161 | ||
Depreciation and amortization | 10,171 | 6,908 | 24,187 | 25,695 | |
Capital expenditures | 1,526 | 12,764 | 14,551 | 17,325 | |
Other Products and Services | |||||
Segment Reporting Information [Line Items] | |||||
Total sales and other operating revenues | 9,369 | 19,882 | 19,938 | 16,036 | |
Total operating (loss) income | (43,305) | (53,125) | (88,766) | (35,039) | |
Segment assets | 87,204 | 212,493 | 127,801 | ||
Trade and other receivables, net | 780 | 3,685 | 3,038 | ||
Goodwill | 6,632 | 17,872 | |||
Equity in net assets of investee companies | 6,795 | 11,075 | 11,845 | ||
Depreciation and amortization | 3,383 | 3,434 | 4,455 | 2,987 | |
Capital expenditures | $ 5,247 | $ 2,890 | $ 38,362 | $ 30,793 |
Segment Information - Geographi
Segment Information - Geographical Locations (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | $ 447,600 | $ 884,328 | $ 1,527,261 | $ 1,801,593 |
Property, plant and equipment, net | 140,137 | 295,996 | 276,396 | |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | 56,073 | 144,618 | 213,036 | 246,828 |
Property, plant and equipment, net | 27,938 | 47,023 | 49,600 | |
China | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | 18,675 | 79,739 | 180,907 | 184,921 |
Indonesia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | 29,819 | 68,924 | 119,604 | 118,995 |
Belgium | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | 42,409 | 45,137 | 118,819 | 126,694 |
United Arab Emirates | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | 22,954 | 42,830 | 100,375 | 78,329 |
Northern Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | 4,231 | 30,209 | 39,311 | 120,964 |
Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Property, plant and equipment, net | 133 | 66,823 | 40,027 | |
Brazil | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Property, plant and equipment, net | 28,117 | 66,211 | 68,647 | |
Zimbabwe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Property, plant and equipment, net | 21,976 | 49,814 | 51,943 | |
Malawi | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Property, plant and equipment, net | 29,611 | 23,413 | 21,948 | |
Tanzania | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Property, plant and equipment, net | 9,483 | 18,290 | 16,908 | |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Sales and other operating revenues | $ 273,439 | 472,871 | 755,209 | 924,862 |
Property, plant and equipment, net | $ 22,879 | $ 24,422 | $ 27,323 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) shares in Thousands, $ in Thousands | May 25, 2021CAD ($) | May 10, 2021CAD ($) | Apr. 23, 2021USD ($)arrangement | Aug. 13, 2020USD ($) | Jul. 01, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 29, 2021USD ($) | Jun. 24, 2021USD ($) | Jun. 23, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 03, 2020shares | Aug. 12, 2020USD ($) | Mar. 31, 2020USD ($) |
Subsequent Event [Line Items] | |||||||||||||
Borrowings outstanding of line of credit | $ 346,333,000 | ||||||||||||
Outstanding borrowings | $ 925,531,000 | $ 1,489,521,000 | |||||||||||
Glendon Capital Management LP | Glendon Investor and Monarch Investor | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of common stock owned by related party (shares) | shares | 7,939 | ||||||||||||
Proportion of common stock outstanding owned by related party (as a percent) | 31.80% | ||||||||||||
Monarch Alternative Capital LP | Glendon Investor and Monarch Investor | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of common stock owned by related party (shares) | shares | 6,033 | ||||||||||||
Proportion of common stock outstanding owned by related party (as a percent) | 24.10% | ||||||||||||
Foreign Line of Credit | Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Maximum borrowing capacity of credit facility | $ 285,000,000 | $ 255,000,000 | |||||||||||
Borrowings outstanding of line of credit | $ 240,485,000 | ||||||||||||
Foreign Line of Credit | Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | London Interbank Offered Rate (LIBOR) | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (as a percent) | 6.00% | ||||||||||||
Subsequent Event | Figr Norfolk | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | $ 5,000 | ||||||||||||
Subsequent Event | FIGR East and Intangible Assets of FIGR Brands | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Proceeds from divestiture of businesses | $ 24,750 | ||||||||||||
Subsequent Event | Alliance One International Tabak B.V. | Alliance One Brazil | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Ownership interest (as a percent) | 0.001% | ||||||||||||
Subsequent Event | Credit Facility | Delayed Draw Term Loan Facility Credit Agreement | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Maximum borrowing capacity of credit facility | $ 120,000,000 | ||||||||||||
Maximum number of draws available on credit facility | arrangement | 4 | ||||||||||||
Minimum amount of draw on credit facility | $ 30,000,000 | ||||||||||||
Floor on LIBOR rate (as a percent) | 1.50% | ||||||||||||
Commitment fee (as a percent) | 2.00% | ||||||||||||
Borrowings outstanding of line of credit | $ 120,000,000 | ||||||||||||
Subsequent Event | Credit Facility | Delayed Draw Term Loan Facility Credit Agreement | London Interbank Offered Rate (LIBOR) | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (as a percent) | 9.00% | ||||||||||||
Subsequent Event | Credit Facility | Delayed Draw Term Loan Facility Credit Agreement | Base Rate | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (as a percent) | 8.00% | ||||||||||||
Subsequent Event | Foreign Line of Credit | Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Maximum borrowing capacity of credit facility | $ 190,000,000 | ||||||||||||
Subsequent Event | Foreign Line of Credit | Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Malawi | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Maximum borrowing capacity of credit facility | $ 80,000,000 | $ 120,000,000 | |||||||||||
Extension period of line of credit | 365 days | ||||||||||||
Subsequent Event | Foreign Line of Credit | Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Tanzania | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Maximum borrowing capacity of credit facility | $ 85,000,000 | $ 70,000,000 | |||||||||||
Extension period of line of credit | 365 days | ||||||||||||
Subsequent Event | Foreign Line of Credit | Foreign Seasonal Lines of Credit with Eastern and Southern African Trade and Development Bank | Zambia | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Extension period of line of credit | 365 days |
Subsequent Events - Exit Fees (
Subsequent Events - Exit Fees (Details) | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Apr. 23, 2021 |
Credit Facility | Delayed Draw Term Loan Facility Credit Agreement | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Exit fee (as a percent) | 5.00% | 3.50% | 2.50% | 1.00% |
Uncategorized Items - pyx-20210
Label | Element | Value |
Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 264,660,000 |