Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-25734 | |
Entity Registrant Name | Pyxus International, Inc. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 85-2386250 | |
Entity Address, Address Line One | 6001 Hospitality Court, Suite 100 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 24,999,947 | |
Entity Central Index Key | 0000939930 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Sales and other operating revenues | $ 624,253 | $ 508,278 | $ 1,101,345 | $ 852,183 |
Cost of goods and services sold | 535,587 | 440,959 | 939,534 | 744,109 |
Gross profit | 88,666 | 67,319 | 161,811 | 108,074 |
Selling, general, and administrative expenses | 40,033 | 34,987 | 74,096 | 69,575 |
Other expense, net | 1,089 | 1,151 | 3,713 | 66 |
Restructuring and asset impairment charges | 1,254 | 4,045 | 1,294 | 4,345 |
Operating income | 46,290 | 27,136 | 82,708 | 34,088 |
Loss on deconsolidation/disposition of subsidiaries | 0 | 49 | 0 | 648 |
Loss on pension settlement | 0 | 2,588 | 0 | 2,588 |
Interest expense, net | 32,947 | 28,814 | 63,791 | 54,288 |
Income (loss) before income taxes and other items | 13,343 | (4,315) | 18,917 | (23,436) |
Income tax expense (benefit) | 7,558 | (1,210) | 10,204 | (2,077) |
Income (loss) from unconsolidated affiliates | 2,111 | 1,555 | (47) | 5,304 |
Net income (loss) | 7,896 | (1,550) | 8,666 | (16,055) |
Net (loss) income attributable to noncontrolling interests | (199) | (13) | (233) | 145 |
Net income (loss) attributable to Pyxus International, Inc. | $ 8,095 | $ (1,537) | $ 8,899 | $ (16,200) |
Earnings (loss) per share: | ||||
Basic (in USD per share) | $ 0.32 | $ (0.06) | $ 0.36 | $ (0.65) |
Diluted (in USD per share) | $ 0.32 | $ (0.06) | $ 0.36 | $ (0.65) |
Weighted average number of shares outstanding: | ||||
Basic (in shares) | 25,000 | 25,000 | 25,000 | 25,000 |
Diluted (in shares) | 25,000 | 25,000 | 25,000 | 25,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 7,896 | $ (1,550) | $ 8,666 | $ (16,055) |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustment | (1,545) | (4,801) | (838) | (3,854) |
Pension and other postretirement benefit plans | 0 | (1,562) | 0 | (1,562) |
Cash flow hedges | (1,000) | (1,768) | (138) | (3,271) |
Total other comprehensive loss, net of tax | (2,545) | (8,131) | (976) | (8,687) |
Total comprehensive income (loss) | 5,351 | (9,681) | 7,690 | (24,742) |
Comprehensive (loss) income attributable to noncontrolling interests | (199) | (13) | (233) | 145 |
Comprehensive income (loss) attributable to Pyxus International, Inc. | $ 5,550 | $ (9,668) | $ 7,923 | $ (24,887) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Current assets | |||
Cash and cash equivalents | $ 112,098 | $ 136,733 | $ 114,082 |
Restricted cash | 5,572 | 2,176 | 1,691 |
Trade receivables, net | 233,679 | 185,351 | 205,024 |
Other receivables | 27,664 | 17,387 | 15,550 |
Inventories, net | 877,154 | 775,071 | 890,097 |
Advances to tobacco suppliers, net | 67,641 | 42,305 | 48,712 |
Recoverable income taxes | 5,090 | 5,815 | 11,970 |
Prepaid expenses | 36,844 | 37,555 | 35,069 |
Other current assets | 15,179 | 18,172 | 15,863 |
Total current assets | 1,380,921 | 1,220,565 | 1,338,058 |
Investments in unconsolidated affiliates | 87,042 | 100,750 | 88,695 |
Other intangible assets, net | 36,251 | 38,572 | 40,892 |
Deferred income taxes, net | 15,768 | 6,662 | 16,691 |
Long-term recoverable income taxes | 3,410 | 2,863 | 4,560 |
Other noncurrent assets | 46,206 | 43,761 | 44,025 |
Right-of-use assets | 39,139 | 35,892 | 33,042 |
Property, plant, and equipment, net | 133,717 | 133,398 | 132,102 |
Total assets | 1,742,454 | 1,582,463 | 1,698,065 |
Current liabilities | |||
Notes payable | 570,036 | 382,544 | 548,490 |
Accounts payable | 153,152 | 170,287 | 103,494 |
Advances from customers | 46,056 | 42,472 | 43,802 |
Accrued expenses and other current liabilities | 93,981 | 92,693 | 75,993 |
Income taxes payable | 12,585 | 18,264 | 5,262 |
Operating leases payable | 8,380 | 8,723 | 8,644 |
Current portion of long-term debt | 20,232 | 75 | 140 |
Total current liabilities | 904,422 | 715,058 | 785,825 |
Long-term taxes payable | 2,678 | 4,978 | 5,783 |
Long-term debt | 573,959 | 618,430 | 646,125 |
Deferred income taxes | 10,225 | 9,900 | 11,576 |
Liability for unrecognized tax benefits | 20,170 | 14,175 | 14,660 |
Long-term leases | 28,171 | 25,581 | 23,580 |
Pension, postretirement, and other long-term liabilities | 52,816 | 52,511 | 56,939 |
Total liabilities | 1,592,441 | 1,440,633 | 1,544,488 |
Commitments and contingencies | |||
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |||
Common Stock—no par value: Authorized shares (250,000 for all periods) Issued shares (25,000 for all periods) | 390,290 | 390,290 | 390,290 |
Retained deficit | (249,055) | (257,954) | (235,013) |
Accumulated other comprehensive income (loss) | 4,539 | 5,515 | (4,883) |
Total stockholders’ equity of Pyxus International, Inc. | 145,774 | 137,851 | 150,394 |
Noncontrolling interests | 4,239 | 3,979 | 3,183 |
Total stockholders’ equity | 150,013 | 141,830 | 153,577 |
Total liabilities and stockholders’ equity | $ 1,742,454 | $ 1,582,463 | $ 1,698,065 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | |||
Common stock, no par value (in USD per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares, issued (in shares) | 25,000,000 | 25,000,000 | 25,000,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Deficit | Currency Translation Adjustment | Pensions, Net of Tax | Derivatives, Net of Tax | Noncontrolling Interests |
Balance at beginning of period at Mar. 31, 2022 | $ 181,371 | $ 390,290 | $ (218,813) | $ (8,873) | $ 6,328 | $ 6,349 | $ 6,090 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (14,505) | (14,663) | 158 | ||||
Other | (3,052) | (3,052) | |||||
Other comprehensive income, net of tax | (556) | 947 | (1,503) | ||||
Balance at end of period at Jun. 30, 2022 | 163,258 | 390,290 | (233,476) | (7,926) | 6,328 | 4,846 | 3,196 |
Balance at beginning of period at Mar. 31, 2022 | 181,371 | 390,290 | (218,813) | (8,873) | 6,328 | 6,349 | 6,090 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (16,055) | ||||||
Other comprehensive income, net of tax | (8,687) | ||||||
Balance at end of period at Sep. 30, 2022 | 153,577 | 390,290 | (235,013) | (12,727) | 4,766 | 3,078 | 3,183 |
Balance at beginning of period at Jun. 30, 2022 | 163,258 | 390,290 | (233,476) | (7,926) | 6,328 | 4,846 | 3,196 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (1,550) | (1,537) | (13) | ||||
Other comprehensive income, net of tax | (8,131) | (4,801) | (1,562) | (1,768) | |||
Balance at end of period at Sep. 30, 2022 | 153,577 | 390,290 | (235,013) | (12,727) | 4,766 | 3,078 | 3,183 |
Balance at beginning of period at Mar. 31, 2023 | 141,830 | 390,290 | (257,954) | (6,392) | 8,335 | 3,572 | 3,979 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 770 | 804 | (34) | ||||
Other comprehensive income, net of tax | 1,569 | 707 | 862 | ||||
Balance at end of period at Jun. 30, 2023 | 144,169 | 390,290 | (257,150) | (5,685) | 8,335 | 4,434 | 3,945 |
Balance at beginning of period at Mar. 31, 2023 | 141,830 | 390,290 | (257,954) | (6,392) | 8,335 | 3,572 | 3,979 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 8,666 | ||||||
Other comprehensive income, net of tax | (976) | ||||||
Balance at end of period at Sep. 30, 2023 | 150,013 | 390,290 | (249,055) | (7,230) | 8,335 | 3,434 | 4,239 |
Balance at beginning of period at Jun. 30, 2023 | 144,169 | 390,290 | (257,150) | (5,685) | 8,335 | 4,434 | 3,945 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 7,896 | 8,095 | (199) | ||||
Other | 493 | 493 | |||||
Other comprehensive income, net of tax | (2,545) | (1,545) | 0 | (1,000) | |||
Balance at end of period at Sep. 30, 2023 | $ 150,013 | $ 390,290 | $ (249,055) | $ (7,230) | $ 8,335 | $ 3,434 | $ 4,239 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Net income (loss) | $ 8,666 | $ (16,055) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 9,319 | 10,284 |
Debt amortization/interest | 5,118 | 10,401 |
Loss on foreign currency transactions | 4,551 | 970 |
Asset impairment and other non-cash charges | 0 | 4,035 |
Loss on deconsolidation/disposition of subsidiaries | 0 | 648 |
Loss on pension settlement | 0 | 2,588 |
Loss from unconsolidated affiliates, net of dividends | 13,707 | 6,217 |
Changes in operating assets and liabilities, net | ||
Trade and other receivables | (143,199) | (48,424) |
Inventories and advances to tobacco suppliers | (128,596) | (146,470) |
Deferred items | (4,902) | (19,089) |
Recoverable income taxes | (95) | (3,481) |
Payables and accrued expenses | (10,251) | (76,646) |
Advances from customers | 3,559 | (9,238) |
Prepaid expenses | (712) | 2,069 |
Income taxes | (5,341) | (281) |
Other operating assets and liabilities | 1,840 | 6,421 |
Other, net | (9,084) | (10,617) |
Net cash used in operating activities | (255,420) | (286,668) |
Investing Activities: | ||
Purchases of property, plant, and equipment | (9,225) | (5,426) |
Proceeds from sale of property, plant, and equipment | 2,822 | 2,114 |
Collections from beneficial interests in securitized trade receivables | 79,296 | 76,209 |
Proceeds from settlement of debt claims from deconsolidated subsidiaries | 0 | 2,011 |
Other, net | 250 | 477 |
Net cash provided by investing activities | 73,143 | 75,385 |
Financing Activities: | ||
Net proceeds from short-term borrowings | 192,186 | 176,302 |
Repayment of DDTL facility | 0 | (110,250) |
Proceeds from term loan facility | 0 | 100,000 |
Proceeds from revolving loan facilities | 105,000 | 45,000 |
Repayment of revolving loan facilities | (130,000) | (80,000) |
Debt issuance costs | (3,851) | (5,544) |
Fees paid to refinance the DDTL facility | 0 | (4,000) |
Other, net | (67) | 340 |
Net cash provided by financing activities | 163,268 | 121,848 |
Effect of exchange rate changes on cash | (2,230) | 3,894 |
Decrease in cash, cash equivalents, and restricted cash | (21,239) | (85,541) |
Cash and cash equivalents at beginning of period | 136,733 | 198,777 |
Restricted cash at beginning of period | 2,176 | 2,537 |
Cash, cash equivalents, and restricted cash at end of period | 117,670 | 115,773 |
Other information: | ||
Cash paid for income taxes, net | 6,604 | 11,235 |
Cash paid for income taxes related to debt exchange | 12,543 | 0 |
Cash paid for interest, net | 43,881 | 37,906 |
Noncash investing activities: | ||
Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction | $ 83,278 | $ 70,662 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements represent the consolidation of Pyxus International, Inc. (the "Company", "Pyxus", "we", or "us") and all companies that Pyxus directly or indirectly controls, either through majority ownership or otherwise. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the normal and recurring adjustments necessary for fair statement of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. Intercompany accounts and transactions have been eliminated. These condensed consolidated interim financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2023 filed on June 6, 2023. Due to the seasonal nature of the Company’s business, the results of operations for a fiscal quarter are not necessarily indicative of the operating results that may be attained for other quarters or a full fiscal year. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Product revenue is primarily from the sale of processed tobacco to customers. Processing and other revenues are mainly derived via contracts to process customer-owned green tobacco. During such processing, ownership remains with the customers. All Other revenue is primarily composed of revenue from the sale of e-liquids and non-tobacco agriculture products. The following disaggregates sales and other operating revenues by major source, with the All Other category being included for purposes of reconciliation of the respective balances below of the Leaf segment (the Company's sole reportable segment) to the condensed consolidated financial statements: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Leaf: Product revenue $ 585,801 $ 475,599 $ 1,036,739 $ 798,483 Processing and other revenues 37,326 30,342 62,821 48,084 Total sales and other operating revenues 623,127 505,941 1,099,560 846,567 All Other: Total sales and other operating revenues 1,126 2,337 1,785 5,616 Total sales and other operating revenues $ 624,253 $ 508,278 $ 1,101,345 $ 852,183 The following summarizes activity in the allowance for expected credit losses: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Balance, beginning of period $ (24,440) $ (23,330) $ (24,730) $ (24,541) Additions (238) (860) (558) (1,025) Write-offs and other adjustments 305 492 915 1,868 Balance, end of period (24,373) (23,698) (24,373) (23,698) Trade receivables 258,052 228,722 258,052 228,722 Trade receivables, net $ 233,679 $ 205,024 $ 233,679 $ 205,024 |
Restructuring and Asset Impairm
Restructuring and Asset Impairment Charges | 6 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Asset Impairment Charges | Restructuring and Asset Impairment Charges The Company continued its focus on cost saving initiatives. The employee separation and asset impairment charges for the periods ended September 30, 2023 were primarily related to changes in the corporate organizational structure and the continued restructuring of certain leaf operations. The employee separation and asset impairment charges for the periods ended September 30, 2022 were primarily related to the restructuring of certain non-leaf agriculture operations. The following summarizes the Company's restructuring and asset impairment charges: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Employee separation charges $ 1,254 $ 10 $ 1,294 $ 310 Asset impairment and other non-cash charges — 4,035 — 4,035 Restructuring and asset impairment charges $ 1,254 $ 4,045 $ 1,294 $ 4,345 |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For each period presented, the Company's quarterly provision for income taxes is not calculated using the annual effective tax rate method ("AETR method"), which applies an estimated annual effective tax rate to pre-tax income or loss. As of the end of the current period, market specific factors coupled with tax rate sensitivity caused the AETR method to produce an unreliable estimate of the Company’s annual effective tax rate; therefore, the Company recorded its interim income tax provision using the discrete method, as allowed under ASC 740-270, Income Taxes - Interim Reporting . Using the discrete method, the Company determined income tax expense as if each of the six-month interim periods reported were an annual period. The effective tax rate for the six months ended September 30, 2023 and 2022 was 53.9% and 8.9%, respectively. For the six months ended September 30, 2023, the difference between the Company’s effective rate and the U.S. statutory rate of 21.0% is primarily due to a $6,658 increase in the Company's liability for unrecognized tax benefits in Africa, the impact of changes in valuation allowance for non-deductible interest, U.S. taxation of foreign earnings, and variations in the jurisdictional mix of earnings. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following summarizes the computation of income (loss) per share: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Basic and diluted earnings (loss) per share: Net income (loss) attributable to Pyxus International, Inc. $ 8,095 $ (1,537) $ 8,899 $ (16,200) Shares: Weighted average number of shares outstanding 25,000 25,000 25,000 25,000 Basic and diluted earnings (loss) per share $ 0.32 $ (0.06) $ 0.36 $ (0.65) |
Inventories, Net
Inventories, Net | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net The following summarizes the composition of inventories, net: September 30, 2023 September 30, 2022 March 31, 2023 Processed tobacco $ 646,757 $ 712,078 $ 498,398 Unprocessed tobacco 188,489 131,867 231,651 Other tobacco related 28,814 34,577 39,670 All Other 13,094 11,575 5,352 Total $ 877,154 $ 890,097 $ 775,071 |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments The following summarizes the Company's equity method investments as of September 30, 2023: Investee Name Location Primary Purpose Ownership Percentage Basis Difference 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 Tabaco Exportadora SA Brazil Purchase and process tobacco 49% 43,599 Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş. 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) The following summarizes financial information for these equity method investments: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Operations statement: Sales $ 81,455 $ 62,275 $ 126,287 $ 131,657 Gross profit 12,173 5,766 19,359 19,855 Net income 5,010 3,913 1,156 12,243 Company's dividends received 13,660 1 13,660 11,523 September 30, 2023 September 30, 2022 March 31, 2023 Balance sheet: Current assets $ 453,711 $ 414,911 $ 419,229 Property, plant, and equipment and other assets 48,315 38,113 48,174 Current liabilities 386,646 336,815 323,899 Long-term obligations and other liabilities 2,487 2,463 3,887 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company holds variable interests in multiple entities that primarily procure or process inventory or are securitization entities. These variable interests relate to equity investments, receivables, guarantees, and securitized receivables. The following summarizes the Company's financial relationships with its unconsolidated variable interest entities: September 30, 2023 September 30, 2022 March 31, 2023 Investments in variable interest entities $ 80,067 $ 81,988 $ 93,754 Receivables with variable interest entities 12,754 1,882 2,617 Guaranteed amounts to variable interest entities (not to exceed) 61,132 64,448 68,265 |
Other Intangible Assets, Net
Other Intangible Assets, Net | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets, Net | Other Intangible Assets, Net The following summarizes the changes in the Company's other intangible assets, net: Six Months Ended September 30, 2023 Weighted Average Remaining Useful Life Beginning Carrying Amount, Net Amortization Expense Ending Intangible Assets, Net Intangibles subject to amortization: Customer relationships 8.9 years $ 20,482 $ (1,088) $ 19,394 Technology 4.8 years 8,875 (829) 8,046 Trade names 10.9 years 9,215 (404) 8,811 Total $ 38,572 $ (2,321) $ 36,251 Year Ended March 31, 2023 Weighted Average Remaining Useful Life Beginning Carrying Amount, Net Amortization Expense Ending Intangible Assets, Net Intangibles subject to amortization: Customer relationships 9.4 years $ 23,568 $ (3,086) $ 20,482 Technology 5.2 years 11,471 (2,596) 8,875 Trade names 11.4 years 10,022 (807) 9,215 Total $ 45,061 $ (6,489) $ 38,572 |
Debt Arrangements
Debt Arrangements | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt Arrangements | Debt Arrangements The following summarizes debt and notes payable: September 30, September 30, March 31, (in thousands) Interest Rate 2023 2022 2023 Senior secured credit facilities: ABL Credit Facility 7.6 % (1) $ — $ 55,000 $ 25,000 Term Loan Facility (2) 12.3 % (1) — 96,464 — Senior secured notes: 10.0% Notes Due 2024 (3) 10.0 % (1) 20,085 272,621 19,931 8.5% Notes Due 2027 (4) 8.6 % (1) 254,076 — 253,483 Senior secured term loans: Intabex Term Loans (5) 13.3 % (1) 186,424 $ — 186,194 Pyxus Term Loans (6) 13.3 % (1) 133,170 $ — 133,393 Exit Facility Loans (7) 12.0 % (1) — $ 221,606 — Other Debt: Other long-term debt 8.2 % (1) 436 574 504 Notes payable (8) 8.5 % (1) 570,036 548,490 382,544 Total debt $ 1,164,227 $ 1,194,755 $ 1,001,049 Short-term (8) $ 570,036 $ 548,490 $ 382,544 Long-term: Current portion of long-term debt $ 20,232 $ 140 $ 75 Long-term debt 573,959 646,125 618,430 Total $ 594,191 $ 646,265 $ 618,505 Letters of credit $ 6,783 $ 14,292 $ 11,684 (1) Weighted average rate for the trailing twelve months ended September 30, 2023 or, for indebtedness outstanding only during a portion of such twelve-month period, for the portion of such period that such indebtedness was outstanding. (2) The amount outstanding at September 30, 2022 is net of original issue discount of $3,536. This Term Loan Facility was established through the refinancing of the DDTL Facility on July 28, 2022, which included a partial principal payment of $9,000 and an exit fee payment of $5,250. Subsequent to this refinancing, on February 6, 2023, the Term Loan Facility was exchanged for $102,000 (inclusive of a $2,000 exit fee) of Intabex Term Loans. (3) On February 6, 2023, $260,452 of the 10.0% Notes due 2024 were exchanged for 8.5% Notes due 2027. The remaining 10.0% Notes due 2024 outstanding of $20,085 is net of a debt discount of $306, and are reported in the current portion of long-term debt. Total repayment at maturity is $20,391. (4) Balance of $254,076 is net of a debt discount of $6,377. Total repayment at maturity is $260,452. (5) Balance of $186,424 is net of a debt discount of $2,609. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment. (6) Balance of $133,170 is net of a debt premium of $2,620. Total repayment at maturity is $130,550. (7) On February 6, 2023, $189,033, representing 40.0% of the Exit Facility Loans, were exchanged for Intabex Term Loans, and $130,550, representing the remaining 60.0% of the Exit Facility Loans, were exchanged for Pyxus Term Loans. (8) Primarily foreign seasonal lines of credit. Outstanding Senior Secured Debt ABL Credit Facility On February 8, 2022, the Company’s wholly owned subsidiary, Pyxus Holdings, Inc. ("Pyxus Holdings"), certain subsidiaries of Pyxus Holdings (together with Pyxus Holdings, the "Borrowers"), and the Company and its wholly owned subsidiary, Pyxus Parent, Inc. ("Pyxus Parent"), as parent guarantors, entered into an ABL Credit Agreement (as amended on May 23, 2023, the "ABL Credit Agreement"), dated as of February 8, 2022, by and among Pyxus Holdings, as Borrower Agent, the Borrowers and parent guarantors party thereto, the lenders party thereto, and PNC Bank, National Association, as Administrative Agent and Collateral Agent, to establish an asset-based revolving credit facility (the "ABL Credit Facility"), the proceeds of which may be used to refinance existing senior bank debt, pay fees and expenses related to the ABL Credit Facility, partially fund capital expenditures, and provide for the ongoing working capital needs of the Borrowers. 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 $100,000, subject to the limitations described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The ABL Credit Facility includes a $20,000 uncommitted accordion feature that permits Pyxus Holdings, under certain conditions, to solicit the lenders under the ABL Credit Facility to provide additional revolving loan commitments to increase the aggregate amount of the revolving loan commitments under the ABL Credit Facility not to exceed a maximum principal amount of $120,000. The ABL Credit Facility matures, subject to extension on terms and conditions set forth in the ABL Credit Agreement, on February 8, 2027. A detailed description of the ABL Credit Agreement is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023. At September 30, 2023, the Borrowers and the parent guarantors under the ABL Credit Agreement were in compliance with the covenants under the ABL Credit Agreement. Intabex Term Loans Pursuant to (i) an exchange offer (the "DDTL Facility Exchange") made to, and accepted by, holders of 100.0% of the outstanding term loans (the "DDTL Term Loans") under the Amended and Restated Term Loan Credit Agreement, effectuated pursuant to that certain Amendment and Restatement Agreement, dated as of June 2, 2022 (the "DDTL Credit Agreement"), by and among Intabex Netherlands B.V., as borrower ("Intabex"), the guarantors party thereto, the administrative agent and collateral agent thereunder, and the several lenders from time to time party thereto and (ii) an exchange offer (the "Exit Facility Exchange") made to, and accepted by, holders of 100.0% of the outstanding term loans (the "Exit Term Loans") under the Exit Term Loan Credit Agreement, dated as of August 24, 2020 (the "Exit Term Loan Credit Agreement"), by and among Pyxus Holdings, as borrower, the guarantors party thereto, the administrative agent and collateral agent thereunder, and the several lenders from time to time party thereto, on February 6, 2023, Pyxus Holdings entered into the Intabex Term Loan Credit Agreement, dated as of February 6, 2023 (the "Intabex Term Loan Credit Agreement"), by and among, Pyxus Holdings, the guarantors party thereto, the lenders party thereto and Alter Domus (US) LLC ("Alter Domus"), as administrative agent and senior collateral agent. The Intabex Term Loan Credit Agreement established a term loan credit facility in an aggregate principal amount of approximately $189,033 (the "Intabex Credit Facility"), under which term loans in the full aggregate principal amount of the Intabex Credit Facility (the "Intabex Term Loans") were deemed made in exchange for (i) $100,000 principal amount of the DDTL Term Loans, plus an additional $2,000 on account of the exit fee payable under the DDTL Credit Agreement and (ii) approximately $87,033 principal amount of Exit Term Loans, representing 40.0% of the outstanding principal amount thereof (including the applicable accrued and unpaid PIK interest thereon). The Intabex Term Loans bear interest, at Pyxus Holdings’ option, at either (i) a term SOFR rate (subject to a floor of 1.5%) plus 8.0% per annum or (ii) an alternate base rate plus 7.0% per annum. The Intabex Term Loans are stated to mature on December 31, 2027. A detailed description of the Intabex Term Loan Credit Agreement is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023. At September 30, 2023, Pyxus Holdings and the guarantors under the Intabex Term Loan Credit Agreement were in compliance with all covenants under the Intabex Term Loan Credit Agreement. Pyxus Term Loans Pursuant to the Exit Facility Exchange, on February 6, 2023, Pyxus Holdings entered into the Pyxus Term Loan Credit Agreement, dated as of February 6, 2023 (the "Pyxus Term Loan Credit Agreement"), by and among, Pyxus Holdings, the guarantors party thereto, the lenders party thereto and Alter Domus, as administrative agent and senior collateral agent, to establish a term loan credit facility in an aggregate principal amount of approximately $130,550 (the "Pyxus Credit Facility"), under which term loans in the full aggregate principal amount of the Pyxus Credit Facility (the "Pyxus Term Loans" and, together with the Intabex Term Loans, the "New Term Loans") were deemed made in exchange for 60.0% of the outstanding principal amount of Exit Term Loans (including the applicable accrued and unpaid PIK interest thereon). The Pyxus Term Loans bear interest, at Pyxus Holdings’ option, at either (i) a term SOFR rate (subject to a floor of 1.5%) plus 8.0% per annum or (ii) an alternate base rate plus 7.0% per annum. The Pyxus Term Loans are stated to mature on December 31, 2027. A detailed description of the Pyxus Term Loan Credit Agreement is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023. At September 30, 2023, Pyxus Holdings and the guarantors under the Pyxus Term Loan Credit Agreement were in compliance with all covenants under the Pyxus Term Loan Credit Agreement. 8.50% Senior Secured Notes due 2027 Pursuant to an exchange offer (the "Notes Exchange" and, together with the DDTL Facility Exchange and the Exit Facility Exchange, the "Debt Exchange Transactions") made by Pyxus Holdings and accepted by holders of approximately 92.7% of the aggregate principal amount of the outstanding 10.0% Senior Secured First Lien Notes due 2024 issued by Pyxus Holdings (the "2024 Notes") pursuant to that certain Indenture, dated as of August 24, 2020 (the "2024 Notes Indenture"), by and among Pyxus Holdings, the guarantors party thereto and the trustee, collateral agent, registrar and paying agent thereunder, on February 6, 2023, Pyxus Holdings issued approximately $260,452 in aggregate principal amount of 8.5% Senior Secured Notes due December 31, 2027 (the "2027 Notes" and, together with the New Term Loans, the "New Secured Debt") to the exchanging holders of the 2024 Notes for an equal principal amount of 2024 Notes. The 2027 Notes were issued pursuant to the Indenture, dated as of February 6, 2023 (the "2027 Notes Indenture"), among Pyxus Holdings, the guarantors party thereto, and Wilmington Trust, National Association, as trustee, and Alter Domus, as collateral agent. The 2027 Notes bear interest at a rate of 8.5% per annum, which interest is computed on the basis of a 360-day year comprised of twelve 30-day months. The 2027 Notes are stated to mature on December 31, 2027. A detailed description of the 2027 Notes and the 2027 Notes Indenture is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023. At September 30, 2023, Pyxus Holdings and the guarantors of the 2027 Notes were in compliance with all covenants under the 2027 Notes Indenture. Refinanced Senior Secured Debt DDTL Facility On April 23, 2021 (the “DDTL Closing Date”), Intabex entered into a Term Loan Credit Agreement (as amended on May 21, 2021, the "Initial DDTL Facility Credit Agreement"), dated as of April 23, 2021, by and among (i) Intabex, as borrower, (ii) the Company, Pyxus Parent, Pyxus Holdings, Alliance One International, LLC, Alliance One International Holdings, Ltd, as guarantors (collectively, the "Parent Guarantors"), (iii) the lenders thereto, which included certain funds managed by Glendon Capital Management, L.P., Monarch Alternative Capital LP, and Owl Creek Asset Management, L.P. (collectively and, together other lenders that became parties thereto as lenders, the "DDTL Facility Lenders"), and (iv) Alter Domus, as administrative agent and collateral agent. The Initial DDTL Facility Credit Agreement established a $120,000 delayed-draw term loan credit facility (the "Initial DDTL Facility") under which the full amount was drawn (the "Initial DDTL Loans") by March 31, 2022. The obligations of Intabex under the Initial DDTL Facility Credit Agreement (and certain related obligations) were (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 was or became a guarantor of borrowings under the Exit Term Loan Credit Agreement and (b) was 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. The Initial DDTL Credit Facility Agreement was amended and restated by the DDTL Credit Agreement, which established a $100,000 term loan credit facility (the "DDTL Term Loan Facility") and required that Intabex use the net proceeds of the DDTL Term Loans made thereunder and other funds to repay in full its obligations under the Initial DDTL Facility Credit Agreement, including the outstanding principal of, and accrued and unpaid interest on, borrowings under the Initial DDTL Facility and the payment of fees and expenses incurred in connection with repaying such borrowings and incurring the DDTL Term Loans under the DDTL Credit Agreement. The DDTL Term Loans were exchanged upon consummation of the DDTL Facility Exchange on February 6, 2023. Exit Term Loan Credit Facility On August 24, 2020, pursuant to the Exit Term Loan Credit Agreement, Pyxus Holdings became obligated with respect to the Exit Term Loans in an aggregate principal amount of approximately $213,418. Pyxus Holdings’ obligations under the Exit Term Loan Credit Agreement (and certain related obligations) were (a) guaranteed by Pyxus Parent, Inc. and the Company, all of Pyxus Holdings’ material domestic subsidiaries and certain of Pyxus Holdings’ foreign subsidiaries, and each of Pyxus Holdings’ material domestic subsidiaries was required to guarantee the Exit Term Loan Credit Agreement on a senior secured basis and (b) secured by specified collateral owned by Pyxus Holdings and such guarantors. The Exit Term Loans were exchanged upon consummation of the DDTL Facility Exchange and the Exit Facility Exchange on February 6, 2023. Related Party Transactions The Company, Pyxus Parent and Pyxus Holdings (collectively, the "Holding Companies") entered into a Support and Exchange Agreement, effective as of December 27, 2022 (as amended, including by joinders thereto, the "Support Agreement"), with a group of creditors, including Glendon Capital Management LP, Monarch Alternative Capital LP, Nut Tree Capital Management, L.P., Intermarket Corporation and Owl Creek Asset Management, L.P. on behalf of certain funds managed by them and/or certain of their advisory clients, as applicable (collectively, the "Supporting Holders"), holding in aggregate: • approximately 99.7% of the DDTL Term Loans outstanding under the DDTL Credit Agreement; • approximately 68.1% of the Exit Term Loans outstanding under the Exit Term Loan Credit Agreement; and • approximately 64.1% of the 2024 Notes outstanding under the 2024 Notes Indenture. Pursuant to the Support Agreement, the Supporting Holders agreed to participate in the Debt Exchange Transactions. Based on a Schedule 13D/A filed with the SEC on January 4, 2023 by Glendon Capital Management, L.P. (the "Glendon Investor"), 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/A filed with the SEC on January 23, 2023, by Monarch Alternative Capital LP (the "Monarch Investor"), MDRA GP LP and Monarch GP LLC, Monarch Alternative Capital LP reported beneficial ownership of 6,140 shares of the Company’s common stock, representing approximately 24.6% of the outstanding shares of the Company’s common stock. Based on a Schedule 13G/A filed with the SEC on February 10, 2022 by Owl Creek Asset Management, L.P. and Jeffrey A. Altman, Owl Creek Asset Management, L.P. is the investment manager of certain funds and reported beneficial ownership of 2,405 shares of the Company’s common stock on December 31, 2021, representing approximately 9.6% of the outstanding shares of the Company’s common stock. A representative of the Glendon Investor and a representative of the Monarch Investor served as directors of Pyxus at the time the Company and its applicable subsidiaries entered into the Initial DDTL Credit Facility Agreement, the amendments thereto (including the DDTL Credit Agreement) and the Support Agreement, effected borrowings under the Initial DDTL Credit Facility Agreement and the DDTL Credit Agreement and commenced the Debt Exchange Transactions. The Initial DDTL Credit Facility Agreement and the amendments thereto (including the DDTL Credit Agreement), any and all borrowings thereunder, the related guaranty transactions, the Support Agreement, and the Debt Exchange Transactions, including the Intabex Term Loan Credit Agreement, the Intabex Term Loans, the Pyxus Term Loan Credit Agreement, the Pyxus Term Loans, the 2027 Notes and the 2027 Notes Indenture 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. Other Outstanding Debt 2024 Notes In conjunction with the Notes Exchange, Pyxus Holdings received consents from requisite holders of 2024 Notes to amend the 2024 Notes Indenture, the 2024 Notes and the related intercreditor and security documents to, among other things, (i) eliminate most of the restrictive covenants and certain of the affirmative covenants in the 2024 Notes Indenture, (ii) eliminate the change of control repurchase obligation in the 2024 Notes Indenture, (iii) subordinate the 2024 Notes in right of payment to existing and future senior indebtedness (including the New Secured Debt), (iv) eliminate certain events of default and (v) release all of the collateral securing the 2024 Notes. On February 6, 2023, the relevant parties to the 2024 Notes Indenture entered into the Second Supplemental Indenture, dated as of February 6, 2023 (the "2024 Notes Supplemental Indenture"), to the 2024 Notes Indenture, pursuant to which the 2024 Notes Indenture, the 2024 Notes and the related intercreditor and security documents were amended to effect these changes. The 2024 Notes bear interest at a rate of 10.0% per year, payable semi-annually in arrears in cash on February 15 and August 15 of each year. The 2024 Notes are stated to mature on August 24, 2024. At September 30, 2023, Pyxus Holdings and the guarantors of the 2024 Notes were in compliance with all covenants under the 2024 Notes Indenture, as amended by the 2024 Notes Supplemental Indenture. Foreign Seasonal Lines of Credit Excluding all long-term credit agreements, the Company typically finances its foreign operations with uncommitted 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 days to 365 days corresponding to the tobacco crop cycle in that location. These facilities are typically uncommitted in that the lenders have the unilateral right to cease making loans and demand repayment of loans at any time or at specified dates. These loans are generally renewed at the outset of each tobacco season. Certain of the foreign seasonal lines of credit are secured by trade receivables and inventories as collateral and are guaranteed by the Company and certain of its subsidiaries. As of September 30, 2023, the total borrowing capacity under individual foreign seasonal lines of credit range up to $159,394. As of September 30, 2023, the aggregate amount available for borrowing under the seasonal lines of credit was $130,214. At September 30, 2023 , the Company was permitted to borrow under foreign seasonal lines of credit up to a total $663,326 , subject to limitations under the ABL Credit Agreement and the agreements governing the New Secured Debt. At September 30, 2023 , $904 of cash was held on deposit as a compensating balance. At September 30, 2023, the Company, and its subsidiaries, were in compliance with the covenants associated with its short-term seasonal lines of credit. |
Securitized Receivables
Securitized Receivables | 6 Months Ended |
Sep. 30, 2023 | |
Transfers and Servicing [Abstract] | |
Securitized Receivables | Securitized Receivables The Company sells trade receivables to unaffiliated financial institutions under four accounts receivable securitization facilities, two of 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. As of September 30, 2023, the investment limit of this facility was $100,000 of trade receivables. For the other facilities, the Company offers trade receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution. As of September 30, 2023, the investment limit under the second facility was $110,000 of trade receivables. As of September 30, 2023, the investment limit under the third and fourth facilities were variable based on qualifying sales. As the servicer of the first and second 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 September 30, 2023 and 2022, and March 31, 2023, trade receivables, net in the condensed consolidated balance sheets has been reduced by $10,014, $5,108, and $3,193 as a result of the net settlement, respectively. Refer to " Note 14. Fair Value Measurements " for additional information. The following summarizes the Company's accounts receivable outstanding in the securitization facilities, which represents trade receivables sold into the program that have not been collected from the customer, and related beneficial interests, which represents the Company's residual interest in receivables sold that have not been collected from the customer: September 30, 2023 September 30, 2022 March 31, 2023 Receivables outstanding in facility $ 177,932 $ 149,523 $ 173,979 Beneficial interests 24,393 22,842 19,522 Cash proceeds from the sale of trade receivables is comprised of a combination of cash and a deferred purchase price receivable. Deferred purchase price receivable is realized after the collection of the underlying trade receivables sold by the purchasers. The following summarizes the Company's cash purchase price and deferred purchase price: Six Months Ended September 30, 2023 2022 Cash proceeds: Cash purchase price $ 344,823 $ 320,256 Deferred purchase price 79,296 76,209 |
Guarantees
Guarantees | 6 Months Ended |
Sep. 30, 2023 | |
Guarantees [Abstract] | |
Guarantees | Guarantees In certain markets, the Company guarantees bank loans for suppliers to finance their crops. The Company also guarantees bank loans of certain unconsolidated subsidiaries. The following summarizes amounts guaranteed and the fair value of those guarantees: September 30, 2023 September 30, 2022 March 31, 2023 Amounts guaranteed (not to exceed) $ 93,554 $ 103,434 $ 152,032 Amounts outstanding under guarantee (1) 18,819 26,460 83,420 Fair value of guarantees 1,458 1,206 5,262 Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing 68 102 12,529 (1) Most of the guarantees outstanding at September 30, 2023 expire within one year. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 recorded a net gain of $1,386 and $2,820 from its derivative financial instruments in cost of goods and services sold cost of goods and services sold As of September 30, 2023 and 2022, and March 31, 2023, the Company recorded current derivative assets The following summarizes the U.S. Dollar notional amount of derivative contracts outstanding: September 30, 2023 September 30, 2022 March 31, 2023 U.S. Dollar notional outstanding $ 14,327 $ 32,000 $ 63,622 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following summarizes the financial assets and liabilities measured at fair value on a recurring basis: September 30, 2023 September 30, 2022 March 31, 2023 Level 2 Level 3 Total Level 2 Level 3 Total Level 2 Level 3 Total Financial Assets: Derivative financial instruments $ 132 $ — $ 132 $ — $ — $ — $ 3,970 $ — $ 3,970 Securitized beneficial interests — 24,393 24,393 — 22,842 22,842 — 19,522 19,522 Total assets $ 132 $ 24,393 $ 24,525 $ — $ 22,842 $ 22,842 $ 3,970 $ 19,522 $ 23,492 Financial Liabilities: Derivative financial instruments $ 78 $ — $ 78 $ 531 $ — $ 531 $ — $ — $ — Long-term debt (1) 481,248 507 481,755 417,542 577 418,119 523,758 514 524,272 Guarantees — 1,458 1,458 — 1,206 1,206 — 5,262 5,262 Total liabilities $ 481,326 $ 1,965 $ 483,291 $ 418,073 $ 1,783 $ 419,856 $ 523,758 $ 5,776 $ 529,534 (1) This fair value measurement disclosure does not affect the condensed consolidated balance sheets. The following summarizes the reconciliation of changes in Level 3 instruments measured on a recurring basis: Three Months Ended September 30, 2023 September 30, 2022 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 19,641 $ 509 $ 5,764 $ 22,762 $ 660 $ 2,601 Issuances of sales of receivables/guarantees — — 1,200 — — 481 Settlements (40,198) (2) (4,206) (39,395) — (808) Additions 47,637 — — 41,816 — — Losses recognized in earnings (2,687) — (1,300) (2,341) (83) (1,068) Ending balance $ 24,393 $ 507 $ 1,458 $ 22,842 $ 577 $ 1,206 Six Months Ended September 30, 2023 September 30, 2022 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 19,522 $ 514 $ 5,262 $ 28,072 $ 246 $ 2,956 Issuances of sales of receivables/guarantees — — 2,254 — — 687 Settlements (73,381) (7) (4,761) (72,756) — (1,343) Additions 84,277 — — 71,082 370 — Losses recognized in earnings (6,025) — (1,297) (3,556) (39) (1,094) Ending balance $ 24,393 $ 507 $ 1,458 $ 22,842 $ 577 $ 1,206 For the six months ended September 30, 2023 and 2022, the impact to earnings attributable to the change in unrealized losses on securitized beneficial interests was $1,230 and $597, respectively. |
Contingencies and Other Informa
Contingencies and Other Information | 6 Months Ended |
Sep. 30, 2023 | |
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. At September 30, 2023, the assessment for intrastate trade tax credits taken is $2,636 and the total assessment including penalties and interest is $10,525. 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. At September 30, 2023, the assessment for intrastate trade tax credits taken is $2,275 and the total assessment including penalties and interest is $6,699. 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 $19,329 as of September 30, 2023. 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. Other Matters In addition to the above-mentioned matters, the Company or certain of its 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, they are being vigorously defended and the Company 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. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company engages in transactions with its equity method investees primarily for the procuring and processing of inventory. The following summarizes sale and purchase transactions with related parties: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Sales $ 10,399 $ 9,928 $ 21,217 $ 20,550 Purchases 63,110 50,555 101,899 76,396 The Company included the following related party balances in its condensed consolidated balance sheets: September 30, 2023 September 30, 2022 March 31, 2023 Location in Condensed Consolidated Balance Sheet Accounts receivable, related parties $ 12,927 $ 2,657 $ 3,090 Other receivables Accounts payable, related parties 46,987 13,537 20,438 Accounts payable Advances from related parties 3,832 — 3,494 Advances from customers Transactions with Significant Shareholders As described in " Note 10. Debt Arrangements ," funds managed by the Glendon Investor, funds managed by the Monarch Investor, and funds managed by Owl Creek Asset Management, L.P., (such funds are collectively referred to as the "Investor-Affiliated Funds") held 2024 Notes and/or Exit Term Loans, were parties to the Initial DDTL Facility Credit Agreement and amendments thereto (including the DDTL Credit Agreement) and the Support Agreement, and received the New Secured Debt pursuant to the Debt Exchange Transactions. Accrued expenses and other current liabilities as presented in the condensed consolidated balance sheets as of September 30, 2023 and 2022, and March 31, 2023, includes $9,480, $4,085 , and $3,653, respectively, of interest payable to Investor-Affiliated Funds and CI Investments, Inc. ("CI Investments"), which is also a beneficial owner of greater than five percent of the Company's common stock. Interest expense as presented in the condensed consolidated statements of operations includes $10,294 and $20,369 for the three and six months ended September 30, 2023, respectively, and $8,133 and $16,230 for the three and six months ended September 30, 2022, respectively, that relates to the Investor-Affiliated Funds and CI Investments. |
Segment Information
Segment Information | 6 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following summarizes segment information, with the All Other category being included for purposes of reconciliation of the respective balances below of the Leaf segment (the Company's sole reportable segment) to the condensed consolidated financial statements: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Sales and other operating revenues: Leaf $ 623,127 $ 505,941 $ 1,099,560 $ 846,567 All Other 1,126 2,337 1,785 5,616 Consolidated sales and other operating revenues $ 624,253 $ 508,278 $ 1,101,345 $ 852,183 Segment operating income: Leaf $ 50,309 $ 35,800 $ 88,238 $ 47,429 All Other (2,765) (4,619) (4,236) (8,996) Segment operating income 47,544 31,181 84,002 38,433 Restructuring and asset impairment charges 1,254 4,045 1,294 4,345 Consolidated operating income $ 46,290 $ 27,136 $ 82,708 $ 34,088 September 30, 2023 September 30, 2022 March 31, 2023 Segment assets: Leaf $ 1,697,063 $ 1,651,217 $ 1,544,798 All Other 45,391 46,848 37,665 Total assets $ 1,742,454 $ 1,698,065 $ 1,582,463 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Third Amendment to the ABL Credit Agreement On October 24, 2023, the Company, the Borrowers, and Pyxus Parent entered into a Third Amendment to the ABL Credit Agreement (the "ABL Amendment"), with the lenders party thereto and PNC Bank, National Association, as Administrative Agent and Collateral Agent. The ABL Amendment amends the ABL Credit Agreement to, among other things: • increase the aggregate amount of the revolving loan commitments under the ABL Credit Facility from $100,000 to $120,000; • create a grid based commitment fee applicable to unused amounts under the ABL Credit Facility from a rate of 0.375% per annum to a rate of (i) 0.25% per annum when the outstanding borrowings equal or exceed $60,000, and (ii) 0.375% per annum when the outstanding borrowings are less than $60,000; • reduces the requirement for determining permitted repayment of the New Term Loans, the 2024 Notes and the 2027 Notes; and • loosens the events triggering application of the cash dominion provisions of the ABL Credit Agreement. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements represent the consolidation of Pyxus International, Inc. (the "Company", "Pyxus", "we", or "us") and all companies that Pyxus directly or indirectly controls, either through majority ownership or otherwise. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the normal and recurring adjustments necessary for fair statement of financial position, results of operations, and cash flows at the dates and for the periods presented have been included. Intercompany accounts and transactions have been eliminated. These condensed consolidated interim financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2023 filed on June 6, 2023. Due to the seasonal nature of the Company’s business, the results of operations for a fiscal quarter are not necessarily indicative of the operating results that may be attained for other quarters or a full fiscal year. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Major Source | Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Leaf: Product revenue $ 585,801 $ 475,599 $ 1,036,739 $ 798,483 Processing and other revenues 37,326 30,342 62,821 48,084 Total sales and other operating revenues 623,127 505,941 1,099,560 846,567 All Other: Total sales and other operating revenues 1,126 2,337 1,785 5,616 Total sales and other operating revenues $ 624,253 $ 508,278 $ 1,101,345 $ 852,183 |
Schedule of Allowance for Doubtful Accounts and Activity of Claims Allowances | The following summarizes activity in the allowance for expected credit losses: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Balance, beginning of period $ (24,440) $ (23,330) $ (24,730) $ (24,541) Additions (238) (860) (558) (1,025) Write-offs and other adjustments 305 492 915 1,868 Balance, end of period (24,373) (23,698) (24,373) (23,698) Trade receivables 258,052 228,722 258,052 228,722 Trade receivables, net $ 233,679 $ 205,024 $ 233,679 $ 205,024 |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment Charges (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Asset Impairment Charges | The following summarizes the Company's restructuring and asset impairment charges: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Employee separation charges $ 1,254 $ 10 $ 1,294 $ 310 Asset impairment and other non-cash charges — 4,035 — 4,035 Restructuring and asset impairment charges $ 1,254 $ 4,045 $ 1,294 $ 4,345 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Loss Per Share | The following summarizes the computation of income (loss) per share: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Basic and diluted earnings (loss) per share: Net income (loss) attributable to Pyxus International, Inc. $ 8,095 $ (1,537) $ 8,899 $ (16,200) Shares: Weighted average number of shares outstanding 25,000 25,000 25,000 25,000 Basic and diluted earnings (loss) per share $ 0.32 $ (0.06) $ 0.36 $ (0.65) |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | The following summarizes the composition of inventories, net: September 30, 2023 September 30, 2022 March 31, 2023 Processed tobacco $ 646,757 $ 712,078 $ 498,398 Unprocessed tobacco 188,489 131,867 231,651 Other tobacco related 28,814 34,577 39,670 All Other 13,094 11,575 5,352 Total $ 877,154 $ 890,097 $ 775,071 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The following summarizes the Company's equity method investments as of September 30, 2023: Investee Name Location Primary Purpose Ownership Percentage Basis Difference 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 Tabaco Exportadora SA Brazil Purchase and process tobacco 49% 43,599 Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş. 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) The following summarizes financial information for these equity method investments: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Operations statement: Sales $ 81,455 $ 62,275 $ 126,287 $ 131,657 Gross profit 12,173 5,766 19,359 19,855 Net income 5,010 3,913 1,156 12,243 Company's dividends received 13,660 1 13,660 11,523 September 30, 2023 September 30, 2022 March 31, 2023 Balance sheet: Current assets $ 453,711 $ 414,911 $ 419,229 Property, plant, and equipment and other assets 48,315 38,113 48,174 Current liabilities 386,646 336,815 323,899 Long-term obligations and other liabilities 2,487 2,463 3,887 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following summarizes the Company's financial relationships with its unconsolidated variable interest entities: September 30, 2023 September 30, 2022 March 31, 2023 Investments in variable interest entities $ 80,067 $ 81,988 $ 93,754 Receivables with variable interest entities 12,754 1,882 2,617 Guaranteed amounts to variable interest entities (not to exceed) 61,132 64,448 68,265 |
Other Intangible Assets, Net (T
Other Intangible Assets, Net (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Asset Rollforward | The following summarizes the changes in the Company's other intangible assets, net: Six Months Ended September 30, 2023 Weighted Average Remaining Useful Life Beginning Carrying Amount, Net Amortization Expense Ending Intangible Assets, Net Intangibles subject to amortization: Customer relationships 8.9 years $ 20,482 $ (1,088) $ 19,394 Technology 4.8 years 8,875 (829) 8,046 Trade names 10.9 years 9,215 (404) 8,811 Total $ 38,572 $ (2,321) $ 36,251 Year Ended March 31, 2023 Weighted Average Remaining Useful Life Beginning Carrying Amount, Net Amortization Expense Ending Intangible Assets, Net Intangibles subject to amortization: Customer relationships 9.4 years $ 23,568 $ (3,086) $ 20,482 Technology 5.2 years 11,471 (2,596) 8,875 Trade names 11.4 years 10,022 (807) 9,215 Total $ 45,061 $ (6,489) $ 38,572 |
Debt Arrangements (Tables)
Debt Arrangements (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Financing | The following summarizes debt and notes payable: September 30, September 30, March 31, (in thousands) Interest Rate 2023 2022 2023 Senior secured credit facilities: ABL Credit Facility 7.6 % (1) $ — $ 55,000 $ 25,000 Term Loan Facility (2) 12.3 % (1) — 96,464 — Senior secured notes: 10.0% Notes Due 2024 (3) 10.0 % (1) 20,085 272,621 19,931 8.5% Notes Due 2027 (4) 8.6 % (1) 254,076 — 253,483 Senior secured term loans: Intabex Term Loans (5) 13.3 % (1) 186,424 $ — 186,194 Pyxus Term Loans (6) 13.3 % (1) 133,170 $ — 133,393 Exit Facility Loans (7) 12.0 % (1) — $ 221,606 — Other Debt: Other long-term debt 8.2 % (1) 436 574 504 Notes payable (8) 8.5 % (1) 570,036 548,490 382,544 Total debt $ 1,164,227 $ 1,194,755 $ 1,001,049 Short-term (8) $ 570,036 $ 548,490 $ 382,544 Long-term: Current portion of long-term debt $ 20,232 $ 140 $ 75 Long-term debt 573,959 646,125 618,430 Total $ 594,191 $ 646,265 $ 618,505 Letters of credit $ 6,783 $ 14,292 $ 11,684 (1) Weighted average rate for the trailing twelve months ended September 30, 2023 or, for indebtedness outstanding only during a portion of such twelve-month period, for the portion of such period that such indebtedness was outstanding. (2) The amount outstanding at September 30, 2022 is net of original issue discount of $3,536. This Term Loan Facility was established through the refinancing of the DDTL Facility on July 28, 2022, which included a partial principal payment of $9,000 and an exit fee payment of $5,250. Subsequent to this refinancing, on February 6, 2023, the Term Loan Facility was exchanged for $102,000 (inclusive of a $2,000 exit fee) of Intabex Term Loans. (3) On February 6, 2023, $260,452 of the 10.0% Notes due 2024 were exchanged for 8.5% Notes due 2027. The remaining 10.0% Notes due 2024 outstanding of $20,085 is net of a debt discount of $306, and are reported in the current portion of long-term debt. Total repayment at maturity is $20,391. (4) Balance of $254,076 is net of a debt discount of $6,377. Total repayment at maturity is $260,452. (5) Balance of $186,424 is net of a debt discount of $2,609. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment. (6) Balance of $133,170 is net of a debt premium of $2,620. Total repayment at maturity is $130,550. (7) On February 6, 2023, $189,033, representing 40.0% of the Exit Facility Loans, were exchanged for Intabex Term Loans, and $130,550, representing the remaining 60.0% of the Exit Facility Loans, were exchanged for Pyxus Term Loans. (8) Primarily foreign seasonal lines of credit. |
Securitized Receivables (Tables
Securitized Receivables (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Transfers and Servicing [Abstract] | |
Schedule of Accounts Receivable Securitization Information | The following summarizes the Company's accounts receivable outstanding in the securitization facilities, which represents trade receivables sold into the program that have not been collected from the customer, and related beneficial interests, which represents the Company's residual interest in receivables sold that have not been collected from the customer: September 30, 2023 September 30, 2022 March 31, 2023 Receivables outstanding in facility $ 177,932 $ 149,523 $ 173,979 Beneficial interests 24,393 22,842 19,522 Cash proceeds from the sale of trade receivables is comprised of a combination of cash and a deferred purchase price receivable. Deferred purchase price receivable is realized after the collection of the underlying trade receivables sold by the purchasers. The following summarizes the Company's cash purchase price and deferred purchase price: Six Months Ended September 30, 2023 2022 Cash proceeds: Cash purchase price $ 344,823 $ 320,256 Deferred purchase price 79,296 76,209 |
Guarantees (Tables)
Guarantees (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Guarantees [Abstract] | |
Schedule of Guarantees and Associated Fair Values | The following summarizes amounts guaranteed and the fair value of those guarantees: September 30, 2023 September 30, 2022 March 31, 2023 Amounts guaranteed (not to exceed) $ 93,554 $ 103,434 $ 152,032 Amounts outstanding under guarantee (1) 18,819 26,460 83,420 Fair value of guarantees 1,458 1,206 5,262 Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing 68 102 12,529 (1) Most of the guarantees outstanding at September 30, 2023 expire within one year. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following summarizes the U.S. Dollar notional amount of derivative contracts outstanding: September 30, 2023 September 30, 2022 March 31, 2023 U.S. Dollar notional outstanding $ 14,327 $ 32,000 $ 63,622 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Recurring Fair Value Measurements | The following summarizes the financial assets and liabilities measured at fair value on a recurring basis: September 30, 2023 September 30, 2022 March 31, 2023 Level 2 Level 3 Total Level 2 Level 3 Total Level 2 Level 3 Total Financial Assets: Derivative financial instruments $ 132 $ — $ 132 $ — $ — $ — $ 3,970 $ — $ 3,970 Securitized beneficial interests — 24,393 24,393 — 22,842 22,842 — 19,522 19,522 Total assets $ 132 $ 24,393 $ 24,525 $ — $ 22,842 $ 22,842 $ 3,970 $ 19,522 $ 23,492 Financial Liabilities: Derivative financial instruments $ 78 $ — $ 78 $ 531 $ — $ 531 $ — $ — $ — Long-term debt (1) 481,248 507 481,755 417,542 577 418,119 523,758 514 524,272 Guarantees — 1,458 1,458 — 1,206 1,206 — 5,262 5,262 Total liabilities $ 481,326 $ 1,965 $ 483,291 $ 418,073 $ 1,783 $ 419,856 $ 523,758 $ 5,776 $ 529,534 (1) This fair value measurement disclosure does not affect the condensed consolidated balance sheets. |
Schedule of Assets Measured on Recurring Basis | The following summarizes the reconciliation of changes in Level 3 instruments measured on a recurring basis: Three Months Ended September 30, 2023 September 30, 2022 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 19,641 $ 509 $ 5,764 $ 22,762 $ 660 $ 2,601 Issuances of sales of receivables/guarantees — — 1,200 — — 481 Settlements (40,198) (2) (4,206) (39,395) — (808) Additions 47,637 — — 41,816 — — Losses recognized in earnings (2,687) — (1,300) (2,341) (83) (1,068) Ending balance $ 24,393 $ 507 $ 1,458 $ 22,842 $ 577 $ 1,206 Six Months Ended September 30, 2023 September 30, 2022 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 19,522 $ 514 $ 5,262 $ 28,072 $ 246 $ 2,956 Issuances of sales of receivables/guarantees — — 2,254 — — 687 Settlements (73,381) (7) (4,761) (72,756) — (1,343) Additions 84,277 — — 71,082 370 — Losses recognized in earnings (6,025) — (1,297) (3,556) (39) (1,094) Ending balance $ 24,393 $ 507 $ 1,458 $ 22,842 $ 577 $ 1,206 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following summarizes sale and purchase transactions with related parties: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Sales $ 10,399 $ 9,928 $ 21,217 $ 20,550 Purchases 63,110 50,555 101,899 76,396 |
Schedule of Related Party Balances in Condensed Consolidated Balance Sheets | The Company included the following related party balances in its condensed consolidated balance sheets: September 30, 2023 September 30, 2022 March 31, 2023 Location in Condensed Consolidated Balance Sheet Accounts receivable, related parties $ 12,927 $ 2,657 $ 3,090 Other receivables Accounts payable, related parties 46,987 13,537 20,438 Accounts payable Advances from related parties 3,832 — 3,494 Advances from customers |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following summarizes segment information, with the All Other category being included for purposes of reconciliation of the respective balances below of the Leaf segment (the Company's sole reportable segment) to the condensed consolidated financial statements: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Sales and other operating revenues: Leaf $ 623,127 $ 505,941 $ 1,099,560 $ 846,567 All Other 1,126 2,337 1,785 5,616 Consolidated sales and other operating revenues $ 624,253 $ 508,278 $ 1,101,345 $ 852,183 Segment operating income: Leaf $ 50,309 $ 35,800 $ 88,238 $ 47,429 All Other (2,765) (4,619) (4,236) (8,996) Segment operating income 47,544 31,181 84,002 38,433 Restructuring and asset impairment charges 1,254 4,045 1,294 4,345 Consolidated operating income $ 46,290 $ 27,136 $ 82,708 $ 34,088 September 30, 2023 September 30, 2022 March 31, 2023 Segment assets: Leaf $ 1,697,063 $ 1,651,217 $ 1,544,798 All Other 45,391 46,848 37,665 Total assets $ 1,742,454 $ 1,698,065 $ 1,582,463 |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product or Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Consolidated sales and other operating revenues | $ 624,253 | $ 508,278 | $ 1,101,345 | $ 852,183 |
Leaf | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated sales and other operating revenues | 623,127 | 505,941 | 1,099,560 | 846,567 |
Leaf | Product revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated sales and other operating revenues | 585,801 | 475,599 | 1,036,739 | 798,483 |
Leaf | Processing and other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated sales and other operating revenues | 37,326 | 30,342 | 62,821 | 48,084 |
All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated sales and other operating revenues | $ 1,126 | $ 2,337 | $ 1,785 | $ 5,616 |
Revenue Recognition - Allowance
Revenue Recognition - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance at beginning of period | $ (24,440) | $ (23,330) | $ (24,730) | $ (24,541) |
Additions | (238) | (860) | (558) | (1,025) |
Write-offs and other adjustments | 305 | 492 | 915 | 1,868 |
Balance, end of period | (24,373) | (23,698) | (24,373) | (23,698) |
Trade receivables | 258,052 | 228,722 | 258,052 | 228,722 |
Trade receivables, net | $ 233,679 | $ 205,024 | $ 233,679 | $ 205,024 |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment Charges - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | ||||
Employee separation charges | $ 1,254 | $ 10 | $ 1,294 | $ 310 |
Asset impairment and other non-cash charges | 0 | 4,035 | 0 | 4,035 |
Restructuring and asset impairment charges | $ 1,254 | $ 4,045 | $ 1,294 | $ 4,345 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Contingency [Line Items] | ||
Effective income tax rate (as a percent) | 53.90% | 8.90% |
The South African Revenue Service (SARS) | Foreign Tax Authority | ||
Income Tax Contingency [Line Items] | ||
Addition to income tax penalties accrued due to current period tax positions | $ 6,658 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic and diluted earnings (loss) per share: | ||||
Net income (loss) attributable to Pyxus International, Inc. | $ 8,095 | $ (1,537) | $ 8,899 | $ (16,200) |
Weighted average number of shares outstanding - basic (in shares) | 25,000 | 25,000 | 25,000 | 25,000 |
Weighted average number of shares outstanding - diluted (in shares) | 25,000 | 25,000 | 25,000 | 25,000 |
Basic earnings (loss) per share (in USD per share) | $ 0.32 | $ (0.06) | $ 0.36 | $ (0.65) |
Diluted earnings (loss) per share (in USD per share) | $ 0.32 | $ (0.06) | $ 0.36 | $ (0.65) |
Inventories, Net - Summary (Det
Inventories, Net - Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Inventory Disclosure [Abstract] | |||
Processed tobacco | $ 646,757 | $ 498,398 | $ 712,078 |
Unprocessed tobacco | 188,489 | 231,651 | 131,867 |
Other tobacco related | 28,814 | 39,670 | 34,577 |
All Other | 13,094 | 5,352 | 11,575 |
Total | $ 877,154 | $ 775,071 | $ 890,097 |
Equity Method Investments - Sum
Equity Method Investments - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Operations statement: | |||||||
Gross profit | $ 88,666 | $ 67,319 | $ 161,811 | $ 108,074 | |||
Net income | 7,896 | $ 770 | (1,550) | $ (14,505) | 8,666 | (16,055) | |
Company's dividends received | 13,660 | 1 | 13,660 | 11,523 | |||
Balance sheet: | |||||||
Current assets | 1,380,921 | 1,338,058 | 1,380,921 | 1,338,058 | $ 1,220,565 | ||
Current liabilities | 904,422 | 785,825 | 904,422 | 785,825 | 715,058 | ||
Equity Method Investment | |||||||
Operations statement: | |||||||
Sales | 81,455 | 62,275 | 126,287 | 131,657 | |||
Gross profit | 12,173 | 5,766 | 19,359 | 19,855 | |||
Net income | 5,010 | 3,913 | 1,156 | 12,243 | |||
Balance sheet: | |||||||
Current assets | 453,711 | 414,911 | 453,711 | 414,911 | 419,229 | ||
Property, plant, and equipment and other assets | 48,315 | 38,113 | 48,315 | 38,113 | 48,174 | ||
Current liabilities | 386,646 | 336,815 | 386,646 | 336,815 | 323,899 | ||
Long-term obligations and other liabilities | $ 2,487 | $ 2,463 | $ 2,487 | $ 2,463 | $ 3,887 | ||
Adams International Ltd. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership in equity method investment (as a percent) | 49% | 49% | |||||
Basis difference | $ (4,526) | $ (4,526) | |||||
Alliance One Industries India Private Ltd. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership in equity method investment (as a percent) | 49% | 49% | |||||
Basis difference | $ (5,770) | $ (5,770) | |||||
China Brasil Tabaco Exportadora SA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership in equity method investment (as a percent) | 49% | 49% | |||||
Basis difference | $ 43,599 | $ 43,599 | |||||
Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership in equity method investment (as a percent) | 50% | 50% | |||||
Basis difference | $ (416) | $ (416) | |||||
Purilum, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership in equity method investment (as a percent) | 50% | 50% | |||||
Basis difference | $ 4,589 | $ 4,589 | |||||
Siam Tobacco Export Company | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership in equity method investment (as a percent) | 49% | 49% | |||||
Basis difference | $ (6,098) | $ (6,098) |
Variable Interest Entities - Su
Variable Interest Entities - Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Variable Interest Entity [Line Items] | |||
Investments in variable interest entities | $ 87,042 | $ 100,750 | $ 88,695 |
Receivables with variable interest entities | 233,679 | 205,024 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Investments in variable interest entities | 80,067 | 93,754 | 81,988 |
Receivables with variable interest entities | 12,754 | 2,617 | 1,882 |
Guaranteed amounts to variable interest entities (not to exceed) | $ 61,132 | $ 68,265 | $ 64,448 |
Other Intangible Assets, Net -
Other Intangible Assets, Net - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Intangible Assets [Line Items] | |||
Amortization Expense | $ (2,321) | $ (6,489) | |
Ending Intangible Assets, Net | $ 36,251 | $ 38,572 | $ 45,061 |
Customer relationships | |||
Schedule of Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life | 8 years 10 months 24 days | 9 years 4 months 24 days | |
Amortization Expense | $ (1,088) | $ (3,086) | |
Ending Intangible Assets, Net | $ 19,394 | $ 20,482 | 23,568 |
Technology | |||
Schedule of Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life | 4 years 9 months 18 days | 5 years 2 months 12 days | |
Amortization Expense | $ (829) | $ (2,596) | |
Ending Intangible Assets, Net | $ 8,046 | $ 8,875 | 11,471 |
Trade names | |||
Schedule of Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life | 10 years 10 months 24 days | 11 years 4 months 24 days | |
Amortization Expense | $ (404) | $ (807) | |
Ending Intangible Assets, Net | $ 8,811 | $ 9,215 | $ 10,022 |
Debt Arrangements - Summary (De
Debt Arrangements - Summary (Details) - USD ($) $ in Thousands | Feb. 06, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jul. 28, 2022 |
Interest Rate | |||||
Total debt | $ 1,164,227 | $ 1,001,049 | $ 1,194,755 | ||
Notes payable | 570,036 | 382,544 | 548,490 | ||
Current portion of long-term debt | 20,232 | 75 | 140 | ||
Long-term debt | 573,959 | 618,430 | 646,125 | ||
Total | 594,191 | 618,505 | 646,265 | ||
Letters of credit | $ 6,783 | 11,684 | 14,292 | ||
Senior secured credit facilities: | ABL Credit Facility | |||||
Interest Rate | |||||
Interest rate (as a percent) | 7.60% | ||||
Total debt | $ 0 | 25,000 | 55,000 | ||
Senior secured credit facilities: | Term Loan Facility | |||||
Interest Rate | |||||
Interest rate (as a percent) | 12.30% | ||||
Total debt | $ 0 | 0 | 96,464 | ||
Senior secured credit facilities: | DDTL Term Loans | |||||
Interest Rate | |||||
Debt instrument, annual principal payment | $ 102,000 | $ 9,000 | |||
Exit fee payable | $ 5,250 | ||||
Debt instrument, unamortized discount (premium), net | 2,620 | ||||
Senior secured notes: | DDTL Term Loans | |||||
Interest Rate | |||||
Original issue discount | $ 6,377 | ||||
Intabex Term Loan | |||||
Interest Rate | |||||
Weighted-average interest rate (as a percent) | 13.30% | ||||
Total debt | $ 186,424 | 186,194 | 0 | ||
Pyxus Term Loan | |||||
Interest Rate | |||||
Weighted-average interest rate (as a percent) | 13.30% | ||||
Total debt | $ 133,170 | 133,393 | 0 | ||
Exit Facility Loans | |||||
Interest Rate | |||||
Weighted-average interest rate (as a percent) | 12% | ||||
Total debt | $ 0 | 0 | 221,606 | ||
Other long-term debt | |||||
Interest Rate | |||||
Weighted-average interest rate (as a percent) | 8.20% | ||||
Total debt | $ 436 | 504 | 574 | ||
Notes payable to banks | |||||
Interest Rate | |||||
Weighted-average interest rate (as a percent) | 8.50% | ||||
Total debt | $ 570,036 | 382,544 | 548,490 | ||
10.0% Notes Due 2024 | New Pyxus Credit Facility | |||||
Interest Rate | |||||
Interest rate (as a percent) | 10% | ||||
10.0% Notes Due 2024 | Senior secured notes: | |||||
Interest Rate | |||||
Interest rate (as a percent) | 10% | 10% | |||
Total debt | $ 20,085 | 19,931 | 272,621 | ||
Original issue discount | 306 | 3,536 | |||
Repayments of debt, net of original issue discount | $ 20,391 | ||||
8.5% Notes Due 2027 | Intabex Term Loans | |||||
Interest Rate | |||||
Debt instrument, fee amount | 2,000 | ||||
Face amount of debt instrument | $ 189,033 | ||||
8.5% Notes Due 2027 | Senior secured credit facilities: | DDTL Term Loans | |||||
Interest Rate | |||||
Original issue discount | $ 2,609 | ||||
8.5% Notes Due 2027 | Senior secured notes: | |||||
Interest Rate | |||||
Interest rate (as a percent) | 8.60% | ||||
Total debt | $ 254,076 | $ 253,483 | $ 0 | ||
8.50% Senior Secured Notes Due 2027 | New Pyxus Credit Facility | |||||
Interest Rate | |||||
Interest rate (as a percent) | 8.50% | 8.50% | |||
Face amount of debt instrument | $ 260,452 | $ 260,452 | |||
8.50% Senior Secured Notes Due 2027 | Senior secured notes: | |||||
Interest Rate | |||||
Interest rate (as a percent) | 8.50% | ||||
Term Loan Credit Agreement | Pyxus Credit Facility | |||||
Interest Rate | |||||
Face amount of debt instrument | $ 130,550 | ||||
New Intabex Loans | DDTL Facility Loans | |||||
Interest Rate | |||||
Exit facility loans, exchange percent | 40% | ||||
New Senior Secured Term Loans | DDTL Facility Loans | |||||
Interest Rate | |||||
Exit facility loans, exchange percent | 60% |
Debt Arrangements - Narrative (
Debt Arrangements - Narrative (Details) - USD ($) | 6 Months Ended | ||||||||||
Feb. 06, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 02, 2022 | Feb. 10, 2022 | Feb. 08, 2022 | Dec. 31, 2021 | Apr. 23, 2021 | Sep. 03, 2020 | Aug. 24, 2020 | |
Debt Instrument [Line Items] | |||||||||||
Total debt | $ 1,164,227,000 | $ 1,001,049,000 | $ 1,194,755,000 | ||||||||
Notes payable | 570,036,000 | 382,544,000 | 548,490,000 | ||||||||
Senior secured credit facilities: | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 130,214,000 | ||||||||||
Short-term debt, maximum outstanding amount | 663,326,000 | ||||||||||
Compensating balance for short-term borrowings | $ 904,000 | ||||||||||
Glendon Capital Management LP | Equity Method Investee | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of common stock owned by related party ( in shares) | 7,939 | ||||||||||
Proportion of common stock outstanding owned by related party (as a percent) | 31.80% | ||||||||||
Monarch Alternative Capital LP | Equity Method Investee | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of common stock owned by related party ( in shares) | 6,140 | ||||||||||
Proportion of common stock outstanding owned by related party (as a percent) | 24.60% | ||||||||||
Owl Creek Asset Management, LP | Equity Method Investee | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of common stock owned by related party ( in shares) | 2,405 | ||||||||||
Proportion of common stock outstanding owned by related party (as a percent) | 9.60% | ||||||||||
Alliance One Brazil | Alliance One International Tabak B.V. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Ownership interest (as a percent) | 0.001% | ||||||||||
Minimum | Senior secured credit facilities: | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of debt instrument | 180 days | ||||||||||
Maximum | Senior secured credit facilities: | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of debt instrument | 365 days | ||||||||||
Delayed Draw Term Loan Facility Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding loan percentage (as a percent) | 99.70% | ||||||||||
Exit Term Loan Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding loan percentage (as a percent) | 68.10% | ||||||||||
Existing Notes Indenture | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding loan percentage (as a percent) | 64.10% | ||||||||||
Senior secured notes: | 8.5% Notes Due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate (as a percent) | 8.60% | ||||||||||
Total debt | $ 254,076,000 | 253,483,000 | 0 | ||||||||
Senior secured notes: | 10.0% Notes Due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate (as a percent) | 10% | 10% | |||||||||
Shareholder election percent | 92.70% | ||||||||||
Debt instrument, percentage of outstanding | 10% | ||||||||||
Total debt | $ 20,085,000 | $ 19,931,000 | $ 272,621,000 | ||||||||
Senior secured notes: | 8.50% Senior Secured Notes Due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate (as a percent) | 8.50% | ||||||||||
PNC ABL Credit Facility | Senior secured credit facilities: | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 100,000 | ||||||||||
PNC ABL Credit Facility | Revolving Loans Facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 120,000 | ||||||||||
Additional borrowing capacity | $ 20,000 | ||||||||||
Delayed Draw Term Loan Facility Credit Agreement | Delayed Draw Term Loan Facility Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding term loan | 100% | ||||||||||
Exit Term Loans | Delayed Draw Term Loan Facility Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding term loan | 100% | ||||||||||
Intabex Term Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price (as a percent) | 40% | ||||||||||
Intabex Term Loans | 8.5% Notes Due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt instrument | $ 189,033,000 | ||||||||||
Debt instrument, fee amount | $ 2,000,000 | ||||||||||
Intabex Term Loans | Term Loan Credit Agreement | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 7% | ||||||||||
Intabex Term Loans | Term Loan Credit Agreement | Minimum | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate (as a percent) | 1.50% | ||||||||||
Intabex Term Loans | Term Loan Credit Agreement | Maximum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 8% | ||||||||||
Intabex Term Loans | Existing Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt instrument | $ 87,033,000 | ||||||||||
Term Loan Credit Facility | Term Loan Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 100,000 | $ 213,418,000 | |||||||||
Face amount of debt instrument | $ 100,000 | ||||||||||
Pyxus Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price (as a percent) | 60% | ||||||||||
Pyxus Credit Facility | Term Loan Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt instrument | $ 130,550,000 | ||||||||||
Pyxus Term Loan | Term Loan Credit Agreement | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 7% | ||||||||||
Pyxus Term Loan | Term Loan Credit Agreement | Minimum | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate (as a percent) | 1.50% | ||||||||||
Pyxus Term Loan | Term Loan Credit Agreement | Maximum | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 8% | ||||||||||
New Pyxus Credit Facility | 10.0% Notes Due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate (as a percent) | 10% | ||||||||||
New Pyxus Credit Facility | 8.50% Senior Secured Notes Due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt instrument | $ 260,452,000 | $ 260,452,000 | |||||||||
Interest rate (as a percent) | 8.50% | 8.50% | |||||||||
Senior secured credit facilities: | Delayed Draw Term Loan Facility Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 120,000,000 | ||||||||||
TDB Facility | Senior secured credit facilities: | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt | $ 159,394,000 |
Securitized Receivables - Narra
Securitized Receivables - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) program | Sep. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
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 | 4 | ||
Receivables sold, face value discounted (as a percent) | 100% | ||
Reductions of trade and other receivables due to settlements | $ 10,014 | $ 5,108 | $ 3,193 |
Accounts Receivable Securitization, Program One | |||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | |||
Trade receivables, maximum amount | 100,000 | ||
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 | $ 110,000 |
Securitized Receivables - Summa
Securitized Receivables - Summary (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |||
Receivables outstanding in facility | $ 177,932 | $ 149,523 | $ 173,979 |
Beneficial interests | 24,393 | 22,842 | $ 19,522 |
Cash proceeds: | |||
Cash purchase price | 344,823 | 320,256 | |
Deferred purchase price | $ 79,296 | $ 76,209 |
Guarantees - Summary (Details)
Guarantees - Summary (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | |
Guarantees [Abstract] | |||
Amounts guaranteed (not to exceed) | $ 93,554 | $ 152,032 | $ 103,434 |
Amounts outstanding under guarantee | 18,819 | 83,420 | 26,460 |
Fair value of guarantees | 1,458 | 5,262 | 1,206 |
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing | $ 68 | $ 12,529 | $ 102 |
Guarantor obligations, term | 1 year |
Derivative Financial Instrume_2
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Gain (loss) on derivatives | $ 1,386 | $ 1,848 | $ 2,820 | $ 2,710 | |
Current derivative asset | 132 | 0 | 132 | 0 | $ 3,970 |
Derivative financial instruments | $ 78 | $ 531 | $ 78 | $ 531 | $ 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of goods and services sold | Cost of goods and services sold | |||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets | Other current assets | Other current assets | Other current assets |
Derivative Financial Instrume_3
Derivative Financial Instruments - Derivative Contracts Outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
U.S. Dollar notional outstanding | $ 14,327 | $ 63,622 | $ 32,000 |
Fair Value Measurements - Input
Fair Value Measurements - Input Hierarchy of Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Financial Assets: | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets | Other current assets |
Financial Liabilities: | |||
Derivative financial instruments | $ 78 | $ 0 | $ 531 |
Total Assets / Liabilities at Fair Value | |||
Financial Assets: | |||
Derivative financial instruments | 132 | 3,970 | 0 |
Securitized beneficial interests | 24,393 | 19,522 | 22,842 |
Total assets | 24,525 | 23,492 | 22,842 |
Financial Liabilities: | |||
Derivative financial instruments | 78 | 0 | 531 |
Long-term debt | 481,755 | 524,272 | 418,119 |
Guarantees | 1,458 | 5,262 | 1,206 |
Total liabilities | 483,291 | 529,534 | 419,856 |
Level 2 | Total Assets / Liabilities at Fair Value | |||
Financial Assets: | |||
Derivative financial instruments | 132 | 3,970 | 0 |
Securitized beneficial interests | 0 | 0 | 0 |
Total assets | 132 | 3,970 | 0 |
Financial Liabilities: | |||
Derivative financial instruments | 78 | 0 | 531 |
Long-term debt | 481,248 | 523,758 | 417,542 |
Guarantees | 0 | 0 | 0 |
Total liabilities | 481,326 | 523,758 | 418,073 |
Level 3 | Total Assets / Liabilities at Fair Value | |||
Financial Assets: | |||
Derivative financial instruments | 0 | 0 | 0 |
Securitized beneficial interests | 24,393 | 19,522 | 22,842 |
Total assets | 24,393 | 19,522 | 22,842 |
Financial Liabilities: | |||
Derivative financial instruments | 0 | 0 | 0 |
Long-term debt | 507 | 514 | 577 |
Guarantees | 1,458 | 5,262 | 1,206 |
Total liabilities | $ 1,965 | $ 5,776 | $ 1,783 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Change in Recurring Level 3 Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Long-Term Debt | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 509 | $ 660 | $ 514 | $ 246 |
Settlements | (2) | (7) | ||
Additions | 0 | 370 | ||
Losses recognized in earnings | (83) | (39) | ||
Ending balance | 507 | 577 | 507 | 577 |
Securitized Beneficial Interests | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 19,641 | 22,762 | 19,522 | 28,072 |
Issuances of sales of receivables/guarantees | 0 | 0 | ||
Settlements | (40,198) | (39,395) | (73,381) | (72,756) |
Additions | 47,637 | 41,816 | 84,277 | 71,082 |
Losses recognized in earnings | (2,687) | (2,341) | (6,025) | (3,556) |
Ending balance | 24,393 | 22,842 | 24,393 | 22,842 |
Guarantees | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 5,764 | 2,601 | 5,262 | 2,956 |
Issuances of sales of receivables/guarantees | 1,200 | 481 | 2,254 | 687 |
Settlements | (4,206) | (808) | (4,761) | (1,343) |
Losses recognized in earnings | (1,300) | (1,068) | (1,297) | (1,094) |
Ending balance | $ 1,458 | $ 1,206 | $ 1,458 | $ 1,206 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Securitized Beneficial Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Unrealized losses for securitized beneficial interests | $ 1,230 | $ 597 |
Contingencies and Other Infor_2
Contingencies and Other Information - Narrative (Details) - Tax Assessment - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 18, 2014 | Oct. 26, 2007 |
Brazilian State of Parana | |||
Loss Contingencies [Line Items] | |||
Loss contingency, estimate of possible loss | $ 10,525 | $ 2,636 | |
Brazilian State of Santa Catarina | |||
Loss Contingencies [Line Items] | |||
Loss contingency, estimate of possible loss | 6,699 | $ 2,275 | |
Brazil State of Rio Grande do Sul and the State of Santa Catarina | |||
Loss Contingencies [Line Items] | |||
Loss contingency, estimate of possible loss | $ 19,329 |
Related Party Transactions - Su
Related Party Transactions - Summary (Details) - Related Party - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Sales | $ 10,399 | $ 9,928 | $ 21,217 | $ 20,550 |
Purchases | $ 63,110 | $ 50,555 | $ 101,899 | $ 76,396 |
Related Party Transactions - Ba
Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 |
Related Party Transaction [Line Items] | |||
Accounts receivable, related parties | $ 233,679 | $ 185,351 | $ 205,024 |
Accounts payable, related parties | 153,152 | 170,287 | 103,494 |
Other receivables | Related Party | |||
Related Party Transaction [Line Items] | |||
Accounts receivable, related parties | 12,927 | 3,090 | 2,657 |
Accounts payable | Related Party | |||
Related Party Transaction [Line Items] | |||
Accounts payable, related parties | 46,987 | 20,438 | 13,537 |
Advances from customers | Related Party | |||
Related Party Transaction [Line Items] | |||
Advances from related parties | $ 3,832 | $ 3,494 | $ 0 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Equity Method Investee | |||||
Related Party Transaction [Line Items] | |||||
Interest payable, related parties | $ 9,480 | $ 4,085 | $ 9,480 | $ 4,085 | $ 3,653 |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Interest expense | $ 10,294 | $ 8,133 | $ 20,369 | $ 16,230 |
Segment Information - Summary (
Segment Information - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Consolidated sales and other operating revenues | $ 624,253 | $ 508,278 | $ 1,101,345 | $ 852,183 | |
Segment and consolidated operating income (loss) | 46,290 | 27,136 | 82,708 | 34,088 | |
Restructuring and asset impairment charges | 1,254 | 4,045 | 1,294 | 4,345 | |
Total assets | 1,742,454 | 1,698,065 | 1,742,454 | 1,698,065 | $ 1,582,463 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segment and consolidated operating income (loss) | 47,544 | 31,181 | 84,002 | 38,433 | |
Leaf | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated sales and other operating revenues | 623,127 | 505,941 | 1,099,560 | 846,567 | |
Total assets | 1,697,063 | 1,651,217 | 1,697,063 | 1,651,217 | 1,544,798 |
Leaf | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segment and consolidated operating income (loss) | 50,309 | 35,800 | 88,238 | 47,429 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated sales and other operating revenues | 1,126 | 2,337 | 1,785 | 5,616 | |
Total assets | 45,391 | 46,848 | 45,391 | 46,848 | $ 37,665 |
All Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segment and consolidated operating income (loss) | $ (2,765) | $ (4,619) | $ (4,236) | $ (8,996) |
Subsequent Event - Narrative (D
Subsequent Event - Narrative (Details) - ABL Credit Facility - USD ($) | 6 Months Ended | |
Oct. 24, 2023 | Sep. 30, 2023 | |
Maximum | ||
Subsequent Event [Line Items] | ||
Commitment fee percentage (in basis points) | 0.375% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Commitment fee percentage, threshold amount | $ 60,000 | |
Subsequent Event | Maximum | ||
Subsequent Event [Line Items] | ||
Commitment fee percentage (in basis points) | 0.375% | |
Subsequent Event | Minimum | ||
Subsequent Event [Line Items] | ||
Commitment fee percentage (in basis points) | 0.25% | |
Revolving Loans Facilities | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 | |
Revolving Loans Facilities | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity | $ 120,000 |