Pyxus International (PYYX) 10-Q 12 Feb 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
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		24,607,791
Entity Central Index Key	0000939930
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Sales and other operating revenues	$ 778,307	$ 529,816	$ 1,979,545	$ 1,631,161
Cost of goods and services sold	661,860	437,268	1,703,777	1,376,802
Gross profit	116,447	92,548	275,768	254,359
Selling, general, and administrative expenses	46,513	42,381	126,050	116,477
Other expense, net	3,764	2,323	9,686	6,036
Restructuring and asset impairment charges	89	85	416	1,379
Operating income	66,081	47,759	139,616	130,467
Gain on debt retirement	0	0	8,178	0
Loss on pension settlement	0	12,008	0	12,008
Interest expense, net	32,913	31,994	101,935	95,785
Income before income taxes and other items	33,168	3,757	45,859	22,674
Income tax expense	18,088	6,156	32,248	16,360
Income from unconsolidated affiliates, net	4,330	6,578	7,478	6,531
Net income	19,410	4,179	21,089	12,845
Net income attributable to noncontrolling interests	512	344	776	111
Net income attributable to Pyxus International, Inc.	$ 18,898	$ 3,835	$ 20,313	$ 12,734
Earnings per share:
Basic (in USD per share)	$ 0.74	$ 0.15	$ 0.79	$ 0.51
Diluted (in USD per share)	$ 0.74	$ 0.15	$ 0.79	$ 0.51
Weighted average number of shares outstanding:
Basic (in shares)	25,540	25,000	25,643	25,000
Diluted (in shares)	25,540	25,000	25,643	25,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,410	$ 4,179	$ 21,089	$ 12,845
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(976)	2,185	(155)	1,347
Pension and other postretirement benefit plans	0	3,511	0	3,511
Cash flow hedges	(2,453)	(1,288)	(3,424)	(1,426)
Total other comprehensive (loss) income, net of tax	(3,429)	4,408	(3,579)	3,432
Total comprehensive income	15,981	8,587	17,510	16,277
Comprehensive income attributable to noncontrolling interests	512	344	776	111
Comprehensive income attributable to Pyxus International, Inc.	$ 15,469	$ 8,243	$ 16,734	$ 16,166

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 103,342	$ 92,569	$ 90,245
Restricted cash	6,363	7,224	4,442
Trade receivables, net	326,641	168,764	227,529
Other receivables	17,518	18,704	11,988
Inventories, net	782,480	931,654	779,829
Advances to tobacco suppliers, net	91,838	20,397	87,790
Recoverable income taxes	2,659	4,455	4,604
Prepaid expenses	34,549	50,185	36,752
Other current assets	19,841	16,254	15,876
Total current assets	1,385,231	1,310,206	1,259,055
Investments in unconsolidated affiliates	97,258	101,255	93,619
Intangible assets, net	29,627	33,879	35,030
Deferred income taxes, net	7,056	7,196	7,109
Long-term recoverable income taxes	3,534	2,963	2,648
Other noncurrent assets	31,065	32,617	31,687
Right-of-use assets	30,069	35,639	37,135
Property, plant, and equipment, net	136,344	134,158	135,097
Total assets	1,720,184	1,657,913	1,601,380
Current liabilities
Notes payable	608,648	499,312	472,972
Accounts payable	169,807	181,247	136,397
Advances from customers	88,444	90,719	42,589
Accrued expenses and other current liabilities	104,179	96,954	78,231
Income taxes payable	20,525	8,539	6,922
Operating leases payable	8,179	8,100	8,089
Current portion of long-term debt	49	20,294	20,251
Total current liabilities	999,831	905,165	765,451
Long-term taxes payable	3,735	2,678	2,678
Long-term debt	454,643	497,734	574,077
Deferred income taxes	8,265	7,934	5,992
Liability for unrecognized tax benefits	12,996	17,742	15,450
Long-term leases	19,399	26,136	27,523
Pension, postretirement, and other long-term liabilities	54,308	53,701	52,552
Total liabilities	1,553,177	1,511,090	1,443,723
Commitments and contingencies
Common Stock
Common Stock—no par value: Authorized shares (250,000 for all periods) Issued and outstanding shares (24,608, 25,000 and 25,000)	392,688	389,789	389,789
Retained deficit	(234,978)	(255,291)	(245,220)
Accumulated other comprehensive income	4,207	7,786	8,947
Total stockholders’ equity of Pyxus International, Inc.	161,917	142,284	153,516
Noncontrolling interests	5,090	4,539	4,141
Total stockholders’ equity	167,007	146,823	157,657
Total liabilities and stockholders’ equity	$ 1,720,184	$ 1,657,913	$ 1,601,380

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
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)	24,608,000	25,000,000	25,000,000
Common stock, shares, outstanding (in shares)	24,608,000	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, 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 (loss) 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)	12,845
Other comprehensive (loss) income, net of tax	3,432
Balance at end of period at Dec. 31, 2023	157,657	389,789	(245,220)	(5,045)	11,846	2,146	4,141
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 (loss) income, net of tax	(2,545)			(1,545)		(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,179		3,835				344
Dividends	(450)						(450)
Other	(493)	(501)					8
Other comprehensive (loss) income, net of tax	4,408			2,185	3,511	(1,288)
Balance at end of period at Dec. 31, 2023	157,657	389,789	(245,220)	(5,045)	11,846	2,146	4,141
Balance at beginning of period at Mar. 31, 2024	146,823	389,789	(255,291)	(5,692)	12,766	712	4,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,952		4,642				310
Equity-based compensation	3,031	3,031
Other comprehensive (loss) income, net of tax	(1,694)			543		(2,237)
Balance at end of period at Jun. 30, 2024	153,112	392,820	(250,649)	(5,149)	12,766	(1,525)	4,849
Balance at beginning of period at Mar. 31, 2024	146,823	389,789	(255,291)	(5,692)	12,766	712	4,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21,089
Other comprehensive (loss) income, net of tax	(3,579)
Balance at end of period at Dec. 31, 2024	167,007	392,688	(234,978)	(5,847)	12,766	(2,712)	5,090
Balance at beginning of period at Jun. 30, 2024	153,112	392,820	(250,649)	(5,149)	12,766	(1,525)	4,849
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,273)		(3,227)				(46)
Dividends	(225)						(225)
Equity-based compensation	601	601
Share repurchases	(1,000)	(1,000)
Other comprehensive (loss) income, net of tax	1,544			278		1,266
Balance at end of period at Sep. 30, 2024	150,759	392,421	(253,876)	(4,871)	12,766	(259)	4,578
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	19,410		18,898				512
Equity-based compensation	267	267
Other comprehensive (loss) income, net of tax	(3,429)			(976)		(2,453)
Balance at end of period at Dec. 31, 2024	$ 167,007	$ 392,688	$ (234,978)	$ (5,847)	$ 12,766	$ (2,712)	$ 5,090

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Activities:
Net income	$ 21,089	$ 12,845
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	15,038	14,228
Debt amortization/interest	8,506	6,653
Gain on debt retirement	(8,178)	0
Loss on foreign currency transactions	1,604	5,500
Loss on pension settlement	0	12,008
Equity-based compensation	3,899	0
Income from unconsolidated affiliates, net of dividends	3,997	7,129
Changes in operating assets and liabilities, net
Trade and other receivables	(305,072)	(170,076)
Inventories and advances to tobacco suppliers	73,430	(50,256)
Deferred items	(4,047)	(2,695)
Recoverable income taxes	1,112	(263)
Payables and accrued expenses	2,144	(41,526)
Advances from customers	(418)	6,751
Prepaid expenses	16,045	4,357
Income taxes	11,458	(9,676)
Other operating assets and liabilities	(7,712)	2,948
Other, net	(4,583)	(14,761)
Net cash used in operating activities	(171,688)	(216,834)
Investing Activities:
Purchases of property, plant, and equipment	(15,119)	(14,351)
Collections from beneficial interests in securitized trade receivables	142,824	127,298
Other, net	3,226	3,931
Net cash provided by investing activities	130,931	116,878
Financing Activities:
Net proceeds from short-term borrowings	114,868	93,411
Proceeds from revolving loan facilities	238,000	216,000
Repayment of revolving loan facilities	(238,000)	(241,000)
Debt issuance costs	(3,147)	(5,091)
Repayment of long-term borrowings	(55,822)	0
Other, net	(275)	(758)
Net cash provided by financing activities	55,624	62,562
Effect of exchange rate changes on cash	(4,955)	(6,828)
Increase (decrease) in cash, cash equivalents, and restricted cash	9,912	(44,222)
Cash and cash equivalents at beginning of period	92,569	136,733
Restricted cash at beginning of period	7,224	2,176
Cash, cash equivalents, and restricted cash at end of period	109,705	94,687
Other information:
Cash paid for income taxes, net	21,555	18,336
Cash paid for income taxes related to debt exchange	0	12,543
Cash paid for interest, net	81,465	79,219
Noncash investing activities:
Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction	$ 172,103	$ 127,502

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2024
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 Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 filed on June 6, 2024. 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.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures . This ASU amends FASB Topic 280 to permit the disclosure of multiple measures of a segment's profit or loss, and requires an entity with a single reportable segment to apply FASB Topic 280 in its entirety. In addition, this ASU requires the following new segment disclosures: • Significant segment expenses by reportable segment if regularly provided to the Chief Operating Decision Maker ("CODM") and included within the reported measure of segment profit or loss; • Other segment items, which represents the difference between reported segment revenues less the significant segment expenses less reported segment profit or loss; and • Title and position of the CODM. Disclosures required under this new ASU and the existing segment profit or loss and assets disclosures currently required annually by FASB Topic 280 are to be disclosed in interim periods. The annual disclosure requirements are effective for the Company's fiscal year ending March 31, 2025, and the interim period disclosure requirements are effective beginning April 1, 2025. Early adoption is permitted. This ASU will result in additional disclosures for segment reporting, and does not have an impact on the Company's financial condition, results of operations, or cash flows. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures , to provide more disaggregation of income tax information mainly related to the effective tax rate reconciliation and the income taxes paid disclosure requirements. Under the new accounting rules, the tabular effective tax rate reconciliation must include specific categories with certain reconciling items based on the expected tax further disaggregated by nature and/or jurisdiction. Income taxes paid, net of refunds received, must be broken out by federal, state, and foreign taxes, and further disaggregated by individual jurisdictions based on total income taxes paid. These new annual disclosure requirements are effective for the Company's fiscal year ending March 31, 2026. Early adoption is permitted. The Company is currently evaluating the impact that this new accounting standard will have on its income tax disclosures. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses , which requires a tabular disclosure of relevant expense captions into prescribed natural expense categories. The annual disclosure requirements are effective for the Company’s fiscal year ending March 31, 2028, and the interim period disclosure requirements are effective beginning April 1, 2028. Early adoption is permitted. This new standard will result in additional disclosures within the footnotes to the financial statements, and is not expected to have an impact on the Company’s financial condition, results of operations, or cash flows.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2024
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 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 Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Leaf: Product revenue $ 742,919 $ 500,529 $ 1,847,949 $ 1,537,268 Processing and other revenues 32,416 28,543 122,520 91,364 Total sales and other operating revenues 775,335 529,072 1,970,469 1,628,632 All Other: Total sales and other operating revenues 2,972 744 9,076 2,529 Total sales and other operating revenues $ 778,307 $ 529,816 $ 1,979,545 $ 1,631,161 The following summarizes activity in the allowance for expected credit losses: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Balance, beginning of period $ (24,250) $ (24,373) $ (23,940) $ (24,730) Additions (671) (631) (1,299) (1,189) Write-offs and other adjustments 525 168 843 1,083 Balance, end of period (24,396) (24,836) (24,396) (24,836) Trade receivables 351,037 252,365 351,037 252,365 Trade receivables, net $ 326,641 $ 227,529 $ 326,641 $ 227,529

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2024
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 FASB ASC 740-270, Income Taxes - Interim Reporting . Using the discrete method, the Company determined income tax expense as if each of the nine-month interim periods reported were an annual period. The effective tax rate for the nine months ended December 31, 2024 and 2023 was 70.3% and 72.2%, respectively. For the nine months ended December 31, 2024, the difference between the Company’s effective rate and the U.S. statutory rate of 21.0% is primarily due to U.S. taxation of foreign earnings and tax expense related to foreign currency gains in Africa and South America recognized in the current period, partially offset by foreign tax credits.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The calculations of basic and diluted earnings per share are based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively. Under the treasury stock method, restricted stock units will have a dilutive effect when the respective period's average market price of the Company's common stock exceeds the assumed exercise proceeds and the average amount of cost not yet recognized. Performance based stock units are included in diluted earnings per share if the performance targets have been met at the end of the reporting period. Share-based payment awards that provide contingently issuable shares upon a performance or market condition are included in basic and diluted earnings per share only if the condition is met as of the end of the reporting period. The following summarizes the computation of earnings per share: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Net income attributable to Pyxus International, Inc. $ 18,898 $ 3,835 $ 20,313 $ 12,734 Basic weighted average shares outstanding 25,540 25,000 25,643 25,000 Plus: Dilutive equity awards (1) — — — — Diluted weighted average shares outstanding 25,540 25,000 25,643 25,000 Earnings per share: Basic $ 0.74 $ 0.15 $ 0.79 $ 0.51 Diluted $ 0.74 $ 0.15 $ 0.79 $ 0.51 (1) For the three and nine months ended December 31, 2024, the weighted average number of outstanding restricted stock units not included in the computation of diluted earnings per share because their effect would be antidilutive is 63 and 6, respectively.

Restricted Cash

Restricted Cash	9 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash The following summarizes the composition of restricted cash: December 31, 2024 December 31, 2023 March 31, 2024 Compensating balance for short-term borrowings $ 542 $ 516 $ 516 Escrow 3,416 2,144 2,647 Grants 2,305 1,524 1,375 Other 100 258 2,686 Total $ 6,363 $ 4,442 $ 7,224

Inventories, Net

Inventories, Net	9 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net The following summarizes the composition of inventories, net: December 31, 2024 December 31, 2023 March 31, 2024 Processed tobacco $ 603,283 $ 659,028 $ 585,280 Unprocessed tobacco 151,890 78,033 305,928 Other tobacco related 23,770 30,047 31,213 All Other 3,537 12,721 9,233 Total $ 782,480 $ 779,829 $ 931,654

Equity Method Investments

Equity Method Investments	9 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The following summarizes the Company's equity method investments as of December 31, 2024: Investee Name Location Primary Purpose Ownership Percentage Basis Difference (1) Adams International Ltd. Thailand Purchase and process tobacco 49% $ (4,526) Alliance One Industries India Private Ltd. India Purchase and process tobacco 49% (5,770) China Brasil Tabacos Exportadora S.A. Brazil Purchase and process tobacco 49% 43,000 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 Corporation Ltd. Thailand Purchase and process tobacco 49% (6,098) (1) Basis differences for the Company's equity method investments were due to fair value adjustments recorded during fiscal 2021. The following summarizes financial information for these equity method investments: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Statement of operations: Sales $ 278,031 $ 179,798 $ 421,327 $ 306,085 Gross profit 25,977 29,087 45,692 48,446 Net income 8,933 14,066 15,354 15,222 December 31, 2024 December 31, 2023 March 31, 2024 Balance sheet: Current assets $ 525,087 $ 435,526 $ 542,702 Property, plant, and equipment and other assets 48,206 47,922 50,925 Current liabilities 433,870 353,433 446,597 Long-term obligations and other liabilities 3,827 2,502 3,356

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Dec. 31, 2024
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: December 31, 2024 December 31, 2023 March 31, 2024 Investments in variable interest entities $ 90,685 $ 86,889 $ 94,609 Receivables with variable interest entities 4 — — Guaranteed amounts to variable interest entities (not to exceed) 15,968 11,113 11,113

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net The gross carrying amount and accumulated amortization of intangible assets consist of the following: December 31, 2024 Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships 7.7 years $ 26,101 $ (9,425) $ 16,676 Technology 3.6 years 11,618 (6,469) 5,149 Trade names 9.7 years 11,300 (3,498) 7,802 Total $ 49,019 $ (19,392) $ 29,627 December 31, 2023 Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships 8.7 years $ 26,101 $ (7,250) $ 18,851 Technology 4.6 years 12,948 (5,379) 7,569 Trade names 10.7 years 11,300 (2,690) 8,610 Total $ 50,349 $ (15,319) $ 35,030 March 31, 2024 Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships 8.4 years $ 26,101 $ (7,794) $ 18,307 Technology 4.4 years 12,948 (5,784) 7,164 Trade names 10.4 years 11,300 (2,892) 8,408 Total $ 50,349 $ (16,470) $ 33,879 The following summarizes amortization expense for definite-lived intangible assets: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Amortization expense $ 1,120 $ 1,221 $ 3,412 $ 3,542

Debt Arrangements

Debt Arrangements	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt Arrangements	Debt Arrangements The following summarizes debt and notes payable: (in thousands) Interest Rate December 31, 2024 December 31, 2023 March 31, 2024 Senior secured credit facilities: ABL Credit Facility 8.3 % (1) $ — $ — $ — Senior secured notes: 10.0% Notes Due 2024 10.0 % (1) — 20,169 20,247 8.5% Notes Due 2027 (2) 8.5 % (1) 145,628 254,367 178,146 Senior secured term loans: Intabex Term Loans (3) 13.5 % (1) 187,006 186,546 186,659 Pyxus Term Loans (4) 13.5 % (1) 122,009 133,053 132,819 Other Debt: Other long-term debt 8.7 % (1) 49 193 157 Notes payable (5) 9.7 % (1) 608,648 472,972 499,312 Total debt $ 1,063,340 $ 1,067,300 $ 1,017,340 Short-term (5) $ 608,648 $ 472,972 $ 499,312 Long-term: Current portion of long-term debt $ 49 $ 20,251 $ 20,294 Long-term debt 454,643 574,077 497,734 Total $ 454,692 $ 594,328 $ 518,028 Letters of credit $ 8,095 $ 4,670 $ 5,070 (1) Weighted average rate for the trailing twelve months ended December 31, 2024 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) Balance of $145,628 is net of a debt discount of $2,711. Total repayment at maturity is $148,339. (3) Balance of $187,006 is net of a debt discount of $2,027. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment. (4) Balance of $122,009 is net of a debt premium of $1,804. Total repayment at maturity is $120,205. (5) 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, 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 Agreement was amended on May 23, 2023 to extend the maturity of the ABL Credit Facility to February 8, 2027. The ABL Credit Agreement was amended on October 24, 2023 to, among other things increase the aggregate amount of the revolving loan commitments under the ABL Credit Facility to $120,000. 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, 2024 . 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 $120,000, subject to the limitations described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024. 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 $140,000. At December 31, 2024, 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 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 certain outstanding term debt of Pyxus Holdings, accrued and unpaid PIK interest thereon, and related fees. 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, 2024. At December 31, 2024, 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 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") were deemed made in exchange for certain outstanding term debt of Pyxus Holdings and 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, 2024. At December 31, 2024, 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 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") 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, 2024. At December 31, 2024, Pyxus Holdings and the guarantors of the 2027 Notes were in compliance with all covenants under the 2027 Notes Indenture. Related Party Transactions Based on a Schedule 13D/A filed with the SEC on March 25, 2024, by Monarch Alternative Capital LP (the "Monarch Investor"), MDRA GP LP and Monarch GP LLC, the Monarch Investor reported beneficial ownership of 6,125 shares of the Company’s common stock, representing approximately 24.9% of the outstanding shares of the Company’s common stock. An individual designated by the Monarch Investor serves as a director of Pyxus. On March 21, 2024, Pyxus Holdings entered into an agreement (the "Debt Repurchase Agreement") with funds affiliated with the Monarch Investor to purchase $77,922 of aggregate principal amount of their holdings in the 2027 Notes for $60,000, a 23.0% discount to par value, plus accrued and unpaid interest and specified customary fees. The purchase of $77,922 aggregate principal amount of the 2027 Notes for a total of $62,339 (including fees and accrued and unpaid interest) was completed on March 28, 2024. The Debt Repurchase Agreement also included the right of Pyxus Holdings, at its option, to purchase from such holders an additional $34,191 aggregate principal amount of the 2027 Notes for $26,327, a 23.0% discount to par value, plus accrued and unpaid interest, and $10,345 aggregate principal amount of the Pyxus Term Loans for $9,104, a 12.0% discount to par value, plus accrued and unpaid interest. On April 12, 2024, Pyxus Holdings exercised its rights to complete these repurchases by September 30, 2024. On May 31, 2024, Pyxus Holdings completed the purchase of $10,345 of aggregate principal amount of the Pyxus Term Loans for a total of $9,435 (including accrued and unpaid interest). On August 2, 2024, Pyxus Holdings completed the purchase of $34,191 of aggregate principal amount of the 2027 Notes for a total of $26,707 (including accrued and unpaid interest). The Debt Repurchase Agreement and the transactions contemplated thereunder 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 The 2024 Notes bore 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. On August 26, 2024, upon maturity of the 2024 Notes, Pyxus Holdings paid $20,442, which included $51 for accrued and unpaid interest, to retire the 2024 Notes. Foreign Seasonal Lines of Credit Excluding long-term credit agreements, the Company typically finances its non-U.S. 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 December 31, 2024, the total borrowing capacity under individual foreign seasonal lines of credit range up to $170,000. As of December 31, 2024, the aggregate amount available for borrowing under the seasonal lines of credit was $285,154. At December 31, 2024, the Company was permitted to borrow under foreign seasonal lines of credit up to a total $871,536, subject to limitations under the ABL Credit Agreement and the agreements governing the Intabex Term Loans, the Pyxus Term Loans and the 2027 Notes. At December 31, 2024, the Company, and its subsidiaries, were in compliance with the covenants associated with its short-term seasonal lines of credit.

Securitized Receivables

Securitized Receivables	9 Months Ended
	Dec. 31, 2024
Transfers and Servicing [Abstract]
Securitized Receivables	Securitized Receivables The Company sells trade receivables to unaffiliated financial institutions under various accounts receivable securitization facilities, two of which are subject to annual renewal. Under the first facility, with Finacity Corporation (the "Finacity Facility"), the Company continuously sells a designated pool of trade receivables to a special purpose entity, which sells 100% of the receivables to an unaffiliated financial institution. Following the sale and transfer of the receivables to the special purpose entity, the receivables are isolated from the Company and its affiliates, and effective control of the receivables is passed to the unaffiliated financial institution, which has all rights, including the right to pledge or sell the receivables. This facility requires a minimum level of deferred purchase price be retained by the Company in connection with the sales of the receivables to the unaffiliated financial institution. The Company continues to service, administer, and collect the receivables on behalf of the special purpose entity and receives a servicing fee of 0.5% of serviced receivables per annum. As the Company estimates the expected fee it receives in return for its obligation to service these receivables is at fair value, no servicing assets or liabilities are recognized. Servicing fees are recorded as a reduction of selling, general, and administrative expenses within the condensed consolidated statements of operations. As of December 31, 2024, the investment limit of this facility was $120,000 of trade receivables. Under the second facility, the Company offers trade receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution. Following the sale and transfer of the receivables to the unaffiliated financial institution, the receivables are isolated from the Company and its affiliates, and effective control of the receivables is passed to the unaffiliated financial institution, which has all rights, including the right to pledge or sell the receivables. Although the Company continues to service, administer, and collect the receivables on behalf of the unaffiliated financial institution, the Company does not receive a servicing fee, and as a result, has established a servicing liability based upon unobservable inputs, primarily discounted cash flow. As of December 31, 2024, the investment limit under the second facility was $130,000 of trade receivables. As servicer for the Finacity Facility and the second facility, the Company may receive funds that are due to the unaffiliated financial institutions which are net settled on the next settlement date. As of December 31, 2024 and 2023, and March 31, 2024, trade receivables, net in the condensed consolidated balance sheets has been reduced by $8,927, $5,813, and $15,036 as a result of the net settlement, respectively. As of March 31, 2024, accrued expenses and other current liabilities in the consolidated balance sheets includes $10,279 of net payables for the Finacity Facility. Refer to " Note 15. Fair Value Measurements " for additional information. Under the other facilities, the Company offers trade receivables for sale to unaffiliated financial institutions, which are then subject to acceptance by the unaffiliated financial institutions. Following the sale and transfer of the receivables to the unaffiliated financial institution, the receivables are isolated from the Company and its affiliates, and effective control of the receivables is passed to the unaffiliated financial institution, which has all rights, including the right to pledge or sell the receivables. As of December 31, 2024, the investment limits under these other facilities were variable based on qualifying sales. 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: December 31, 2024 December 31, 2023 March 31, 2024 Receivables outstanding in facility $ 230,845 $ 136,203 $ 170,267 Beneficial interests 17,671 14,312 15,036 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: Nine Months Ended December 31, 2024 2023 Cash proceeds: Cash purchase price $ 646,916 $ 481,858 Deferred purchase price 142,824 127,298

Guarantees

Guarantees	9 Months Ended
	Dec. 31, 2024
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: December 31, 2024 December 31, 2023 March 31, 2024 Amounts guaranteed (not to exceed) $ 75,397 $ 63,967 $ 97,411 Amounts outstanding under guarantee (1) 43,700 38,083 71,427 Fair value of guarantees 2,666 1,703 5,097 Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing 44 42 34,571 (1) Most of the guarantees outstanding at December 31, 2024 expire within one year.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Dec. 31, 2024
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 loss of $537 and $98 from its derivative financial instruments in cost of goods and services sold cost of goods and services sold As of December 31, 2024 and 2023, the Company recorded current derivative liabilities Note 15. Fair Value Measurements " for additional information. The following summarizes the U.S. Dollar notional amount of derivative contracts outstanding: December 31, 2024 December 31, 2023 March 31, 2024 U.S. Dollar notional outstanding $ 55,000 $ — $ —

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2024
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: December 31, 2024 December 31, 2023 March 31, 2024 Level 2 Level 3 Total Level 2 Level 3 Total Level 2 Level 3 Total Financial Assets: Securitized beneficial interests $ — $ 17,671 $ 17,671 $ — $ 14,312 $ 14,312 $ — $ 15,036 $ 15,036 Total assets $ — $ 17,671 $ 17,671 $ — $ 14,312 $ 14,312 $ — $ 15,036 $ 15,036 Financial Liabilities: Derivative financial instruments $ 3,987 $ — $ 3,987 $ — $ — $ — $ — $ — $ — Long-term debt (1) 421,091 49 421,140 492,114 200 492,314 462,987 160 463,147 Guarantees — 2,666 2,666 — 1,703 1,703 — 5,097 5,097 Total liabilities $ 425,078 $ 2,715 $ 427,793 $ 492,114 $ 1,903 $ 494,017 $ 462,987 $ 5,257 $ 468,244 (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 December 31, 2024 December 31, 2023 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 11,093 $ 91 $ 284 $ 24,393 $ 507 $ 1,458 Issuances of sales of receivables/guarantees 56,192 — 2,408 44,754 — 1,525 Settlements (45,409) (42) (26) (52,151) (307) (31) Losses recognized in earnings (4,205) — — (2,684) — (1,249) Ending balance $ 17,671 $ 49 $ 2,666 $ 14,312 $ 200 $ 1,703 Nine Months Ended December 31, 2024 December 31, 2023 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 15,036 $ 160 $ 5,097 $ 19,522 $ 514 $ 5,262 Issuances of sales of receivables/guarantees 174,631 — 3,738 129,031 — 3,779 Settlements (159,938) (111) (2,421) (125,532) (314) (4,792) Losses recognized in earnings (12,058) — (3,748) (8,709) — (2,546) Ending balance $ 17,671 $ 49 $ 2,666 $ 14,312 $ 200 $ 1,703 For the nine months ended December 31, 2024 and 2023, the impact to earnings attributable to the change in unrealized losses on securitized beneficial interests was $1,272 and $1,551, respectively. Gains and losses included in earnings are reported in other expense, net.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The Company terminated one of its defined benefit pension plans in the U.K. ("U.K. Pension Plan") during the three-month period ended December 31, 2023 . The U.K. Pension Plan was over-funded. During the three-month period ended December 31, 2023 , the Company utilized the surplus assets to pay termination fees and received a $1,106 cash distribution from the plan termination. The Company recorded a noncash pension settlement charge of $12,008 during the three and nine months ended December 31, 2023 , which included the disposition of the U.K. Pension Plan assets and the reclassification of $3,511 unrecognized net pension losses, net of $1,170

Contingencies and Other Informa

Contingencies and Other Information	9 Months Ended
	Dec. 31, 2024
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 December 31, 2024, the assessment for intrastate trade tax credits taken is $2,132 and the total assessment including penalties and interest is $8,963. 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. 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.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Pursuant to the Pyxus International, Inc. Amended and Restated 2020 Incentive Plan (the "Incentive Plan"), the Company granted time-vesting restricted stock units, with the vesting of these restricted stock units being subject to continued employment through specified dates and the condition that the Company’s common stock be listed for trading on a national securities exchange or an approved foreign securities exchange by March 31, 2028 (the "Listing Condition"). On May 10, 2024 (the "Modification Date"), the time-vesting restricted stock units granted under the Incentive Plan that were outstanding immediately prior to that date were amended to extend the period by which the Listing Condition must be satisfied for the vesting of such restricted stock units from March 31, 2028 to March 31, 2031 and to provide that the Listing Condition shall be deemed to be satisfied on March 31, 2031 regardless of whether the Company’s common stock has been listed by that date on a national securities exchange or foreign securities exchange and would vest earlier upon the occurrence of a "Change in Control" (as defined in the Incentive Plan) as a result of a merger, consolidation, share exchange or sale of all or substantially all of the assets of the Company. On the Modification Date, the amended Listing Condition was rendered nonsubstantive, and recipients of all such outstanding time-vesting restricted stock units had satisfied the continued service requirement, meaning the then-outstanding restricted stock units were fully earned for vesting. During the three and nine months ended December 31, 2024, the Company recognized total equity-based compensation expense of $267 and $3,899, respectively, which is recorded in selling, general, and administrative expenses within the condensed consolidated statements of operations. The modified time-vesting restricted stock units accounted for $3,263 of the total equity-based compensation recognized year-to-date to reflect the cumulative catch-up required on the Modification Date. The following summarizes the Company's equity awards granted: Three Months Ended Nine Months Ended December 31, December 31, (in thousands, except grant date fair value) 2024 2023 2024 2023 Restricted stock units Number granted 55 — 862 — Weighted average grant date fair value $ 2.51 $ — $ 3.41 $ — Performance-based stock units Number granted (at target performance level) — — 605 — Weighted average grant date fair value $ — $ — $ 4.36 $ — Restricted stock units granted under the Incentive Plan are earned ratably from the date of the award to March 31, 2027 for certain employees and from the date of the award to the Company's next annual shareholders meeting for certain members of the Board of Directors, and will vest, subject to continued employment or service, upon the earlier of March 31, 2031 or the occurrence of a liquidity event as defined under the terms of the restricted stock unit award agreement. Unrecognized compensation costs for restricted stock units is $2,307 as of December 31, 2024, and is expected to be recognized over a weighted average period of 2.19 years, representing the weighted average remaining service period related to the awards, subject to adjustments for actual forfeitures. Under the terms of the performance-based stock units, the amount of shares to be issued (ranging from 0% to 200% of the number of shares to be issued at the target performance level) will be contingent upon the per share price achieved in a liquidity event (as defined under the terms of the performance-based stock unit award agreement), subject to continued employment through the date of a liquidity event. The contingent liquidity event is not probable as of December 31, 2024, and accordingly, no equity-based compensation expense has been recognized for the performance-based stock units granted during the period.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2024
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 activities with the Company's equity method investees: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Sales $ 474 $ 567 $ 15,015 $ 21,784 Purchases 88,908 60,034 187,202 161,933 Dividends received 11,475 — 11,475 13,660 The Company included the following related party balances in its condensed consolidated balance sheets: December 31, 2024 December 31, 2023 March 31, 2024 Location in Condensed Consolidated Balance Sheet Accounts receivable, related parties $ 54 $ 50 $ 50 Other receivables Accounts payable, related parties 72,182 31,921 35,396 Accounts payable Advances from related parties — 4,062 12,533 Advances from customers Transactions with Significant Shareholders Based on a Schedule 13D/A filed with the SEC on June 13, 2024 by Glendon Capital Management, L.P. (the "Glendon Investor"), Holly Kim Olsen, Glendon Opportunities Fund, L.P. and Glendon Opportunities Fund II, L.P., the Glendon Investor reported beneficial ownership of 8,315 shares of the Company’s common stock, representing approximately 33.8% of the outstanding shares of the Company’s common stock. A representative of the Glendon Investor serves as a director of Pyxus. Based on a Schedule 13G/A filed with the SEC on September 3, 2024 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 3,865 shares of the Company’s common stock on August 31, 2024, representing approximately 15.7% of the outstanding shares of the Company’s common stock. 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") were holders, in part, of the Intabex Term Loans, the Pyxus Term Loans and the 2027 Notes, which are described in " Note 11. Debt Arrangements ," during the nine months ended December 31, 2024. On August 21, 2024, the Company entered into a privately negotiated transaction with CI Investments, Inc. ("CI Investments"), which at that time was a beneficial owner of greater than five percent of the Company's common stock outstanding, to repurchase 392 (which amount is presented in thousands) shares of its common stock for approximately $1,000, inclusive of broker commission fees, which transaction was completed on August 22, 2024. This transaction was 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. Following the completion of this transaction and other contemporaneous dispositions of the Company’s common stock by CI Investments, CI Investments ceased to be a beneficial owner of more than five percent of the Company's common stock outstanding. Accrued expenses and other current liabilities as presented in the condensed consolidated balance sheets as of December 31, 2024 and 2023, and March 31, 2024, includes $3,362, $4,091 , and $4,239, respectively, of interest payable to Investor-Affiliated Funds and CI Investments (applicable only for the periods in which CI Investments was a beneficial owner of more than five percent of the Company's common stock outstanding). Interest expense as presented in the condensed consolidated statements of operations includes $5,762 and $18,968 for the three and nine months ended December 31, 2024, respectively, and $10,314 and $30,683 for the three and nine months ended December 31, 2023, respectively, that relates to the Investor-Affiliated Funds and CI Investments (applicable only for the periods in which CI Investments was a beneficial owner of more than five percent of the Company's common stock outstanding). The holders of senior debt that are parties to the Debt Repurchase Agreement entered into on March 21, 2024 are funds affiliated with the Monarch Investor and of which the Monarch Investor is the investment advisor. The Debt Repurchase Agreement and the transactions contemplated thereby, including the exercise by Pyxus Holdings of its right to purchase the Pyxus Term Loans and additional 2027 Notes thereunder on April 12, 2024, 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. Under the terms of the Debt Repurchase Agreement, the Company has paid the following amounts to funds affiliated with the Monarch Investor: • On March 28, 2024, the Company paid a total of $62,339, which included $1,849 of accrued and unpaid interest and $490 in other fees, to retire $77,922 of aggregate principal amount of the 2027 Notes. • On May 31, 2024, the Company paid a total of $9,435, which included $332 of accrued and unpaid interest, to retire $10,345 of aggregate principal amount of the Pyxus Term Loans. • On August 2, 2024, the Company paid a total of $26,707, which included $379 of accrued and unpaid interest, to retire $34,191 of aggregate principal amount of the 2027 Notes. Upon completion of the transactions under the Debt Repurchase Agreement, the Monarch Investor is no longer a holder of the 2027 Notes and the Pyxus Term Loans. The Monarch Investor remains a related party as a holder of the Intabex Term Loan and a beneficial owner of more than five percent of the outstanding shares of common stock of the Company.

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2024
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 of the Leaf segment (the Company's sole reportable segment) to the condensed consolidated financial statements: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Sales and other operating revenues: Leaf $ 775,335 $ 529,072 $ 1,970,469 $ 1,628,632 All Other 2,972 744 9,076 2,529 Consolidated sales and other operating revenues $ 778,307 $ 529,816 $ 1,979,545 $ 1,631,161 Segment operating income (loss): Leaf $ 67,428 $ 49,183 $ 146,193 $ 137,421 All Other (1,258) (1,339) (6,161) (5,575) Segment operating income 66,170 47,844 140,032 131,846 Restructuring and asset impairment charges 89 85 416 1,379 Consolidated operating income $ 66,081 $ 47,759 $ 139,616 $ 130,467 December 31, 2024 December 31, 2023 March 31, 2024 Segment assets: Leaf $ 1,683,709 $ 1,553,460 $ 1,616,486 All Other 36,475 47,920 41,427 Total assets $ 1,720,184 $ 1,601,380 $ 1,657,913

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	S ubsequent Events Securitized Receivables Two of the Company's accounts receivable securitization facilities described in " Note 12. Securitized Receivables " were amended as follows: • Effective January 1, 2025, the investment limit of the Finacity Facility was temporarily increased from $120,000 to $160,000 of trade receivables through April 30, 2025. • Effective February 10, 2025, the investment limit of the second facility was increased from $130,000 to $160,000 of trade receivables.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Pyxus International, Inc.	$ 18,898	$ 3,835	$ 20,313	$ 12,734

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2024
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 Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 filed on June 6, 2024. 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.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures . This ASU amends FASB Topic 280 to permit the disclosure of multiple measures of a segment's profit or loss, and requires an entity with a single reportable segment to apply FASB Topic 280 in its entirety. In addition, this ASU requires the following new segment disclosures: • Significant segment expenses by reportable segment if regularly provided to the Chief Operating Decision Maker ("CODM") and included within the reported measure of segment profit or loss; • Other segment items, which represents the difference between reported segment revenues less the significant segment expenses less reported segment profit or loss; and • Title and position of the CODM. Disclosures required under this new ASU and the existing segment profit or loss and assets disclosures currently required annually by FASB Topic 280 are to be disclosed in interim periods. The annual disclosure requirements are effective for the Company's fiscal year ending March 31, 2025, and the interim period disclosure requirements are effective beginning April 1, 2025. Early adoption is permitted. This ASU will result in additional disclosures for segment reporting, and does not have an impact on the Company's financial condition, results of operations, or cash flows. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures , to provide more disaggregation of income tax information mainly related to the effective tax rate reconciliation and the income taxes paid disclosure requirements. Under the new accounting rules, the tabular effective tax rate reconciliation must include specific categories with certain reconciling items based on the expected tax further disaggregated by nature and/or jurisdiction. Income taxes paid, net of refunds received, must be broken out by federal, state, and foreign taxes, and further disaggregated by individual jurisdictions based on total income taxes paid. These new annual disclosure requirements are effective for the Company's fiscal year ending March 31, 2026. Early adoption is permitted. The Company is currently evaluating the impact that this new accounting standard will have on its income tax disclosures. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses , which requires a tabular disclosure of relevant expense captions into prescribed natural expense categories. The annual disclosure requirements are effective for the Company’s fiscal year ending March 31, 2028, and the interim period disclosure requirements are effective beginning April 1, 2028. Early adoption is permitted. This new standard will result in additional disclosures within the footnotes to the financial statements, and is not expected to have an impact on the Company’s financial condition, results of operations, or cash flows.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Major Source	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 Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Leaf: Product revenue $ 742,919 $ 500,529 $ 1,847,949 $ 1,537,268 Processing and other revenues 32,416 28,543 122,520 91,364 Total sales and other operating revenues 775,335 529,072 1,970,469 1,628,632 All Other: Total sales and other operating revenues 2,972 744 9,076 2,529 Total sales and other operating revenues $ 778,307 $ 529,816 $ 1,979,545 $ 1,631,161
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 Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Balance, beginning of period $ (24,250) $ (24,373) $ (23,940) $ (24,730) Additions (671) (631) (1,299) (1,189) Write-offs and other adjustments 525 168 843 1,083 Balance, end of period (24,396) (24,836) (24,396) (24,836) Trade receivables 351,037 252,365 351,037 252,365 Trade receivables, net $ 326,641 $ 227,529 $ 326,641 $ 227,529

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted (Loss) Earnings Per Share	The following summarizes the computation of earnings per share: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Net income attributable to Pyxus International, Inc. $ 18,898 $ 3,835 $ 20,313 $ 12,734 Basic weighted average shares outstanding 25,540 25,000 25,643 25,000 Plus: Dilutive equity awards (1) — — — — Diluted weighted average shares outstanding 25,540 25,000 25,643 25,000 Earnings per share: Basic $ 0.74 $ 0.15 $ 0.79 $ 0.51 Diluted $ 0.74 $ 0.15 $ 0.79 $ 0.51 (1) For the three and nine months ended December 31, 2024, the weighted average number of outstanding restricted stock units not included in the computation of diluted earnings per share because their effect would be antidilutive is 63 and 6, respectively.

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash Balance	The following summarizes the composition of restricted cash: December 31, 2024 December 31, 2023 March 31, 2024 Compensating balance for short-term borrowings $ 542 $ 516 $ 516 Escrow 3,416 2,144 2,647 Grants 2,305 1,524 1,375 Other 100 258 2,686 Total $ 6,363 $ 4,442 $ 7,224

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The following summarizes the composition of inventories, net: December 31, 2024 December 31, 2023 March 31, 2024 Processed tobacco $ 603,283 $ 659,028 $ 585,280 Unprocessed tobacco 151,890 78,033 305,928 Other tobacco related 23,770 30,047 31,213 All Other 3,537 12,721 9,233 Total $ 782,480 $ 779,829 $ 931,654

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following summarizes the Company's equity method investments as of December 31, 2024: Investee Name Location Primary Purpose Ownership Percentage Basis Difference (1) Adams International Ltd. Thailand Purchase and process tobacco 49% $ (4,526) Alliance One Industries India Private Ltd. India Purchase and process tobacco 49% (5,770) China Brasil Tabacos Exportadora S.A. Brazil Purchase and process tobacco 49% 43,000 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 Corporation Ltd. Thailand Purchase and process tobacco 49% (6,098) (1) Basis differences for the Company's equity method investments were due to fair value adjustments recorded during fiscal 2021. The following summarizes financial information for these equity method investments: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Statement of operations: Sales $ 278,031 $ 179,798 $ 421,327 $ 306,085 Gross profit 25,977 29,087 45,692 48,446 Net income 8,933 14,066 15,354 15,222 December 31, 2024 December 31, 2023 March 31, 2024 Balance sheet: Current assets $ 525,087 $ 435,526 $ 542,702 Property, plant, and equipment and other assets 48,206 47,922 50,925 Current liabilities 433,870 353,433 446,597 Long-term obligations and other liabilities 3,827 2,502 3,356

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Dec. 31, 2024
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The following summarizes the Company's financial relationships with its unconsolidated variable interest entities: December 31, 2024 December 31, 2023 March 31, 2024 Investments in variable interest entities $ 90,685 $ 86,889 $ 94,609 Receivables with variable interest entities 4 — — Guaranteed amounts to variable interest entities (not to exceed) 15,968 11,113 11,113

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Asset Rollforward	The gross carrying amount and accumulated amortization of intangible assets consist of the following: December 31, 2024 Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships 7.7 years $ 26,101 $ (9,425) $ 16,676 Technology 3.6 years 11,618 (6,469) 5,149 Trade names 9.7 years 11,300 (3,498) 7,802 Total $ 49,019 $ (19,392) $ 29,627 December 31, 2023 Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships 8.7 years $ 26,101 $ (7,250) $ 18,851 Technology 4.6 years 12,948 (5,379) 7,569 Trade names 10.7 years 11,300 (2,690) 8,610 Total $ 50,349 $ (15,319) $ 35,030 March 31, 2024 Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization: Customer relationships 8.4 years $ 26,101 $ (7,794) $ 18,307 Technology 4.4 years 12,948 (5,784) 7,164 Trade names 10.4 years 11,300 (2,892) 8,408 Total $ 50,349 $ (16,470) $ 33,879
Schedule of Amortization Expense for Definite-Lived Intangible Assets	The following summarizes amortization expense for definite-lived intangible assets: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Amortization expense $ 1,120 $ 1,221 $ 3,412 $ 3,542

Debt Arrangements (Tables)

Debt Arrangements (Tables)	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Financing	The following summarizes debt and notes payable: (in thousands) Interest Rate December 31, 2024 December 31, 2023 March 31, 2024 Senior secured credit facilities: ABL Credit Facility 8.3 % (1) $ — $ — $ — Senior secured notes: 10.0% Notes Due 2024 10.0 % (1) — 20,169 20,247 8.5% Notes Due 2027 (2) 8.5 % (1) 145,628 254,367 178,146 Senior secured term loans: Intabex Term Loans (3) 13.5 % (1) 187,006 186,546 186,659 Pyxus Term Loans (4) 13.5 % (1) 122,009 133,053 132,819 Other Debt: Other long-term debt 8.7 % (1) 49 193 157 Notes payable (5) 9.7 % (1) 608,648 472,972 499,312 Total debt $ 1,063,340 $ 1,067,300 $ 1,017,340 Short-term (5) $ 608,648 $ 472,972 $ 499,312 Long-term: Current portion of long-term debt $ 49 $ 20,251 $ 20,294 Long-term debt 454,643 574,077 497,734 Total $ 454,692 $ 594,328 $ 518,028 Letters of credit $ 8,095 $ 4,670 $ 5,070 (1) Weighted average rate for the trailing twelve months ended December 31, 2024 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) Balance of $145,628 is net of a debt discount of $2,711. Total repayment at maturity is $148,339. (3) Balance of $187,006 is net of a debt discount of $2,027. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment. (4) Balance of $122,009 is net of a debt premium of $1,804. Total repayment at maturity is $120,205. (5) Primarily foreign seasonal lines of credit.

Securitized Receivables (Tables

Securitized Receivables (Tables)	9 Months Ended
	Dec. 31, 2024
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: December 31, 2024 December 31, 2023 March 31, 2024 Receivables outstanding in facility $ 230,845 $ 136,203 $ 170,267 Beneficial interests 17,671 14,312 15,036 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: Nine Months Ended December 31, 2024 2023 Cash proceeds: Cash purchase price $ 646,916 $ 481,858 Deferred purchase price 142,824 127,298

Guarantees (Tables)

Guarantees (Tables)	9 Months Ended
	Dec. 31, 2024
Guarantees [Abstract]
Schedule of Guarantees and Associated Fair Values	The following summarizes amounts guaranteed and the fair value of those guarantees: December 31, 2024 December 31, 2023 March 31, 2024 Amounts guaranteed (not to exceed) $ 75,397 $ 63,967 $ 97,411 Amounts outstanding under guarantee (1) 43,700 38,083 71,427 Fair value of guarantees 2,666 1,703 5,097 Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing 44 42 34,571 (1) Most of the guarantees outstanding at December 31, 2024 expire within one year.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following summarizes the U.S. Dollar notional amount of derivative contracts outstanding: December 31, 2024 December 31, 2023 March 31, 2024 U.S. Dollar notional outstanding $ 55,000 $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2024
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: December 31, 2024 December 31, 2023 March 31, 2024 Level 2 Level 3 Total Level 2 Level 3 Total Level 2 Level 3 Total Financial Assets: Securitized beneficial interests $ — $ 17,671 $ 17,671 $ — $ 14,312 $ 14,312 $ — $ 15,036 $ 15,036 Total assets $ — $ 17,671 $ 17,671 $ — $ 14,312 $ 14,312 $ — $ 15,036 $ 15,036 Financial Liabilities: Derivative financial instruments $ 3,987 $ — $ 3,987 $ — $ — $ — $ — $ — $ — Long-term debt (1) 421,091 49 421,140 492,114 200 492,314 462,987 160 463,147 Guarantees — 2,666 2,666 — 1,703 1,703 — 5,097 5,097 Total liabilities $ 425,078 $ 2,715 $ 427,793 $ 492,114 $ 1,903 $ 494,017 $ 462,987 $ 5,257 $ 468,244 (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 December 31, 2024 December 31, 2023 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 11,093 $ 91 $ 284 $ 24,393 $ 507 $ 1,458 Issuances of sales of receivables/guarantees 56,192 — 2,408 44,754 — 1,525 Settlements (45,409) (42) (26) (52,151) (307) (31) Losses recognized in earnings (4,205) — — (2,684) — (1,249) Ending balance $ 17,671 $ 49 $ 2,666 $ 14,312 $ 200 $ 1,703 Nine Months Ended December 31, 2024 December 31, 2023 Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees Beginning balance $ 15,036 $ 160 $ 5,097 $ 19,522 $ 514 $ 5,262 Issuances of sales of receivables/guarantees 174,631 — 3,738 129,031 — 3,779 Settlements (159,938) (111) (2,421) (125,532) (314) (4,792) Losses recognized in earnings (12,058) — (3,748) (8,709) — (2,546) Ending balance $ 17,671 $ 49 $ 2,666 $ 14,312 $ 200 $ 1,703

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Awards	The following summarizes the Company's equity awards granted: Three Months Ended Nine Months Ended December 31, December 31, (in thousands, except grant date fair value) 2024 2023 2024 2023 Restricted stock units Number granted 55 — 862 — Weighted average grant date fair value $ 2.51 $ — $ 3.41 $ — Performance-based stock units Number granted (at target performance level) — — 605 — Weighted average grant date fair value $ — $ — $ 4.36 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following summarizes activities with the Company's equity method investees: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Sales $ 474 $ 567 $ 15,015 $ 21,784 Purchases 88,908 60,034 187,202 161,933 Dividends received 11,475 — 11,475 13,660
Schedule of Related Party Balances in Condensed Consolidated Balance Sheets	The Company included the following related party balances in its condensed consolidated balance sheets: December 31, 2024 December 31, 2023 March 31, 2024 Location in Condensed Consolidated Balance Sheet Accounts receivable, related parties $ 54 $ 50 $ 50 Other receivables Accounts payable, related parties 72,182 31,921 35,396 Accounts payable Advances from related parties — 4,062 12,533 Advances from customers

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2024
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 of the Leaf segment (the Company's sole reportable segment) to the condensed consolidated financial statements: Three Months Ended Nine Months Ended December 31, December 31, 2024 2023 2024 2023 Sales and other operating revenues: Leaf $ 775,335 $ 529,072 $ 1,970,469 $ 1,628,632 All Other 2,972 744 9,076 2,529 Consolidated sales and other operating revenues $ 778,307 $ 529,816 $ 1,979,545 $ 1,631,161 Segment operating income (loss): Leaf $ 67,428 $ 49,183 $ 146,193 $ 137,421 All Other (1,258) (1,339) (6,161) (5,575) Segment operating income 66,170 47,844 140,032 131,846 Restructuring and asset impairment charges 89 85 416 1,379 Consolidated operating income $ 66,081 $ 47,759 $ 139,616 $ 130,467 December 31, 2024 December 31, 2023 March 31, 2024 Segment assets: Leaf $ 1,683,709 $ 1,553,460 $ 1,616,486 All Other 36,475 47,920 41,427 Total assets $ 1,720,184 $ 1,601,380 $ 1,657,913

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenue Disaggregated by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Consolidated sales and other operating revenues	$ 778,307	$ 529,816	$ 1,979,545	$ 1,631,161
Leaf
Disaggregation of Revenue [Line Items]
Consolidated sales and other operating revenues	775,335	529,072	1,970,469	1,628,632
Leaf | Product revenue
Disaggregation of Revenue [Line Items]
Consolidated sales and other operating revenues	742,919	500,529	1,847,949	1,537,268
Leaf | Processing and other revenues
Disaggregation of Revenue [Line Items]
Consolidated sales and other operating revenues	32,416	28,543	122,520	91,364
All Other
Disaggregation of Revenue [Line Items]
Consolidated sales and other operating revenues	$ 2,972	$ 744	$ 9,076	$ 2,529

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Allowance for Doubtful Accounts and Activity of Claims Allowances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of period	$ (24,250)	$ (24,373)	$ (23,940)	$ (24,730)
Additions	(671)	(631)	(1,299)	(1,189)
Write-offs and other adjustments	525	168	843	1,083
Balance, end of period	(24,396)	(24,836)	(24,396)	(24,836)
Trade receivables	351,037	252,365	351,037	252,365
Trade receivables, net	$ 326,641	$ 227,529	$ 326,641	$ 227,529

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	70.30%	72.20%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Pyxus International, Inc.	$ 18,898	$ 3,835	$ 20,313	$ 12,734
Basic weighted average shares outstanding (in shares)	25,540,000	25,000,000	25,643,000	25,000,000
Plus: Dilutive equity awards (in shares)	0	0	0	0
Diluted weighted average shares outstanding (in shares)	25,540,000	25,000,000	25,643,000	25,000,000
Earnings per share:
Basic (in USD per share)	$ 0.74	$ 0.15	$ 0.79	$ 0.51
Diluted (in USD per share)	$ 0.74	$ 0.15	$ 0.79	$ 0.51
Restricted stock units
Earnings per share:
Antidilutive securities excluded from computation of earnings (loss) per share (in shares)	63,000		6,000

Restricted Cash - Schedule of R

Restricted Cash - Schedule of Restricted Cash Balance (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Compensating balance for short-term borrowings	$ 542	$ 516	$ 516
Escrow	3,416	2,647	2,144
Grants	2,305	1,375	1,524
Other	100	2,686	258
Total	$ 6,363	$ 7,224	$ 4,442

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Processed tobacco	$ 603,283	$ 585,280	$ 659,028
Unprocessed tobacco	151,890	305,928	78,033
Other tobacco related	23,770	31,213	30,047
All Other	3,537	9,233	12,721
Total	$ 782,480	$ 931,654	$ 779,829

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Statement of operations:
Gross profit	$ 116,447			$ 92,548			$ 275,768	$ 254,359
Net income	19,410	$ (3,273)	$ 4,952	4,179	$ 7,896	$ 770	21,089	12,845
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	1,385,231			1,259,055			1,385,231	1,259,055	$ 1,310,206
Current liabilities	999,831			765,451			999,831	765,451	905,165
Equity Method Investment
Statement of operations:
Sales	278,031			179,798			421,327	306,085
Gross profit	25,977			29,087			45,692	48,446
Net income	8,933			14,066			15,354	15,222
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	525,087			435,526			525,087	435,526	542,702
Property, plant, and equipment and other assets	48,206			47,922			48,206	47,922	50,925
Current liabilities	433,870			353,433			433,870	353,433	446,597
Long-term obligations and other liabilities	$ 3,827			$ 2,502			$ 3,827	$ 2,502	$ 3,356
Adams International Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest (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 interest (as a percent)	49%						49%
Basis difference	$ (5,770)						$ (5,770)
China Brasil Tabacos Exportadora S.A.
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	49%						49%
Basis difference	$ 43,000						$ 43,000
Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş.
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	50%						50%
Basis difference	$ (416)						$ (416)
Purilum, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	50%						50%
Basis difference	$ 4,589						$ 4,589
Siam Tobacco Export Corporation Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	49%						49%
Basis difference	$ (6,098)						$ (6,098)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in variable interest entities	$ 97,258	$ 101,255	$ 93,619
Receivables with variable interest entities	326,641		227,529
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in variable interest entities	90,685	94,609	86,889
Receivables with variable interest entities	4	0	0
Guaranteed amounts to variable interest entities (not to exceed)	$ 15,968	$ 11,113	$ 11,113

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Goodwill and Intangible Asset Rollforward (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	$ 49,019	$ 50,349	$ 50,349
Accumulated Amortization	(19,392)	(16,470)	(15,319)
Intangible Assets, Net	$ 29,627	$ 33,879	$ 35,030
Customer relationships
Schedule of Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	7 years 8 months 12 days	8 years 4 months 24 days	8 years 8 months 12 days
Gross Carrying Amount	$ 26,101	$ 26,101	$ 26,101
Accumulated Amortization	(9,425)	(7,794)	(7,250)
Intangible Assets, Net	$ 16,676	$ 18,307	$ 18,851
Technology
Schedule of Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	3 years 7 months 6 days	4 years 4 months 24 days	4 years 7 months 6 days
Gross Carrying Amount	$ 11,618	$ 12,948	$ 12,948
Accumulated Amortization	(6,469)	(5,784)	(5,379)
Intangible Assets, Net	$ 5,149	$ 7,164	$ 7,569
Trade names
Schedule of Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	9 years 8 months 12 days	10 years 4 months 24 days	10 years 8 months 12 days
Gross Carrying Amount	$ 11,300	$ 11,300	$ 11,300
Accumulated Amortization	(3,498)	(2,892)	(2,690)
Intangible Assets, Net	$ 7,802	$ 8,408	$ 8,610

Intangible Assets, Net - Sche_2

Intangible Assets, Net - Schedule of Amortization Expense for Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,120	$ 1,221	$ 3,412	$ 3,542

Debt Arrangements - Schedule of

Debt Arrangements - Schedule of Debt Financing (Details) - USD ($) $ in Thousands	Feb. 06, 2023	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Interest Rate
Total debt		$ 1,063,340	$ 1,017,340	$ 1,067,300
Short-term		608,648	499,312	472,972
Current portion of long-term debt		49	20,294	20,251
Long-term debt		454,643	497,734	574,077
Total		454,692	518,028	594,328
Letters of credit		$ 8,095	5,070	4,670
Senior secured credit facilities: | ABL Credit Facility
Interest Rate
Interest rate (as a percent)		8.30%
Total debt		$ 0	0	0
Senior secured credit facilities: | DDTL Term Loans
Interest Rate
Debt instrument, unamortized discount (premium), net		1,804
Senior secured notes: | DDTL Term Loans
Interest Rate
Original issue discount		$ 2,711
Intabex Term Loan
Interest Rate
Weighted-average interest rate (as a percent)		13.50%
Total debt		$ 187,006	186,659	186,546
Pyxus Term Loan
Interest Rate
Weighted-average interest rate (as a percent)		13.50%
Total debt		$ 122,009	132,819	133,053
Other long-term debt
Interest Rate
Weighted-average interest rate (as a percent)		8.70%
Total debt		$ 49	157	193
Notes Payable to Banks
Interest Rate
Weighted-average interest rate (as a percent)		9.70%
Total debt		$ 608,648	499,312	472,972
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%
Total debt		$ 0	20,247	20,169
8.5% Notes Due 2027 | New Pyxus Credit Facility
Interest Rate
Repayments of debt, net of original issue discount	$ 148,339
8.5% Notes Due 2027 | Intabex Term Loans
Interest Rate
Repayments of debt, net of original issue discount	189,033
Debt instrument, fee amount	2,000
8.5% Notes Due 2027 | Senior secured credit facilities: | DDTL Term Loans
Interest Rate
Original issue discount		$ 2,027
8.5% Notes Due 2027 | Senior secured notes:
Interest Rate
Interest rate (as a percent)		8.50%
Total debt		$ 145,628	$ 178,146	$ 254,367
Term Loan Credit Agreement | Pyxus Credit Facility
Interest Rate
Repayments of debt, net of original issue discount	$ 120,205

Debt Arrangements - Narrative (

Debt Arrangements - Narrative (Details) - USD ($)

9 Months Ended

Aug. 26, 2024

Aug. 02, 2024

May 31, 2024

Apr. 12, 2024

Mar. 28, 2024

Mar. 21, 2024

Feb. 06, 2023

Dec. 31, 2024

Mar. 31, 2024

Dec. 31, 2023

Oct. 24, 2023

Jan. 23, 2023

Feb. 08, 2022

Aug. 24, 2020

Debt Instrument [Line Items]

Total debt

$ 1,063,340,000

$ 1,017,340,000

$ 1,067,300,000

Senior secured credit facilities:

Debt Instrument [Line Items]

Maximum borrowing capacity

285,154,000

Short-term debt, maximum outstanding amount

$ 170,000,000

Equity Method Investee | Monarch Alternative Capital LP

Debt Instrument [Line Items]

Number of common stock owned by related party (in shares)

6,125

Proportion of common stock outstanding owned by related party (as a percent)

24.90%

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

Senior secured notes: | 8.5% Notes Due 2027

Debt Instrument [Line Items]

Interest rate (as a percent)

8.50%

Total debt

$ 145,628,000

178,146,000

254,367,000

Senior secured notes: | 8.50% Senior Secured Notes Due 2027

Debt Instrument [Line Items]

Interest rate (as a percent)

8.50%

Senior secured notes: | 10.0% Notes Due 2024

Debt Instrument [Line Items]

Interest rate (as a percent)

10%

Shareholder election percent

92.70%

Debt instrument, percentage of outstanding

10%

Debt instrument, increase, accrued interest

$ 51,000

Repayments of debt

$ 20,442,000

Total debt

$ 0

20,247,000

$ 20,169,000

Senior secured notes: | Debt Repurchase Agreement

Debt Instrument [Line Items]

Debt instrument, increase, accrued interest

$ 26,707,000

$ 9,435,000

$ 62,339,000

Senior secured notes: | Debt Repurchase Agreement | Period Two

Debt Instrument [Line Items]

Face amount of debt instrument

$ 10,345,000

$ 77,922,000

$ 10,345,000

Senior secured notes: | Debt Repurchase Agreement | Period Three

Debt Instrument [Line Items]

Face amount of debt instrument

$ 9,104,000

34,191,000

Redemption price (as a percent)

12%

Senior secured notes: | Debt Repurchase Agreement 2027 Notes | Period Two

Debt Instrument [Line Items]

Face amount of debt instrument

$ 60,000,000

Redemption price (as a percent)

23%

Senior secured notes: | Debt Repurchase Agreement 2027 Notes | Period Three

Debt Instrument [Line Items]

Face amount of debt instrument

$ 34,191,000

$ 26,327,000

Redemption price (as a percent)

23%

ABL Credit Facility | Revolving Loans Facilities

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 120,000

PNC ABL Credit Facility | Revolving Loans Facilities

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 140,000

Additional borrowing capacity

20,000

PNC ABL Credit Facility | Senior secured credit facilities:

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 120,000,000

Intabex Term Loans | 8.5% Notes Due 2027

Debt Instrument [Line Items]

Face amount of debt instrument

$ 189,033,000

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%

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 | 8.50% Senior Secured Notes Due 2027

Debt Instrument [Line Items]

Face amount of debt instrument

$ 260,452,000

Interest rate (as a percent)

8.50%

New Pyxus Credit Facility | 10.0% Notes Due 2024

Debt Instrument [Line Items]

Interest rate (as a percent)

10%

Foreign seasonal lines of credit | Senior secured credit facilities:

Debt Instrument [Line Items]

Total debt

$ 871,536,000

Securitized Receivables - Narra

Securitized Receivables - Narrative (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) account	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Number of accounts with automatic annual renewal | account	2
Receivables sold, face value discounted (as a percent)	100%
Reductions of trade and other receivables due to settlements	$ 8,927	$ 5,813	$ 15,036
Accrued expenses and other current liabilities due to settlements			$ 10,279
Accounts Receivable Securitization, Program One
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Servicing fee rate (as a percent)	0.50%
Receivable securitization programs, designated receivable amount	$ 120,000
Accounts Receivable Securitization, Program Two
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]
Receivable securitization programs, designated receivable amount	$ 130,000

Securitized Receivables - Sched

Securitized Receivables - Schedule of Accounts Receivable Securitization Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Transfers and Servicing [Abstract]
Receivables outstanding in facility	$ 230,845	$ 136,203	$ 170,267
Beneficial interests	17,671	14,312	$ 15,036
Cash proceeds:
Cash purchase price	646,916	481,858
Deferred purchase price	$ 142,824	$ 127,298

Guarantees (Details)

Guarantees (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Guarantees [Abstract]
Amounts guaranteed (not to exceed)	$ 75,397	$ 97,411	$ 63,967
Amounts outstanding under guarantee	43,700	71,427	38,083
Fair value of guarantees	2,666	5,097	1,703
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing	$ 44	$ 34,571	$ 42
Guarantor obligations, term	1 year

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (Loss) on derivatives	$ 537	$ 1,548	$ 98	$ 4,368
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods and services sold	Cost of goods and services sold	Cost of goods and services sold	Cost of goods and services sold
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Derivative financial instruments, liability	$ 3,987	$ 0	$ 3,987	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
U.S. Dollar notional outstanding	$ 55,000	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Financial Liabilities:
Derivative financial instruments	$ 3,987		$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt	Long-term debt
Estimate of Fair Value
Financial Assets:
Securitized beneficial interests	$ 17,671	$ 15,036	$ 14,312
Total assets	17,671	15,036	14,312
Financial Liabilities:
Derivative financial instruments	3,987	0	0
Long-term debt	421,140	463,147	492,314
Guarantees	2,666	5,097	1,703
Total liabilities	427,793	468,244	494,017
Level 2 | Estimate of Fair Value
Financial Assets:
Securitized beneficial interests	0	0	0
Total assets	0	0	0
Financial Liabilities:
Derivative financial instruments	3,987	0	0
Long-term debt	421,091	462,987	492,114
Guarantees	0	0	0
Total liabilities	425,078	462,987	492,114
Level 3 | Estimate of Fair Value
Financial Assets:
Securitized beneficial interests	17,671	15,036	14,312
Total assets	17,671	15,036	14,312
Financial Liabilities:
Derivative financial instruments	0	0	0
Long-term debt	49	160	200
Guarantees	2,666	5,097	1,703
Total liabilities	$ 2,715	$ 5,257	$ 1,903

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 91	$ 507	$ 160	$ 514
Settlements	(42)	(307)	(111)	(314)
Losses recognized in earnings	0	0	0	0
Balance at end of period	49	200	49	200
Securitized Beneficial Interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	11,093	24,393	15,036	19,522
Issuances of sales of receivables/guarantees	56,192	44,754	174,631	129,031
Settlements	(45,409)	(52,151)	(159,938)	(125,532)
Losses recognized in earnings	(4,205)	(2,684)	(12,058)	(8,709)
Balance at end of period	17,671	14,312	17,671	14,312
Guarantees
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	284	1,458	5,097	5,262
Issuances of sales of receivables/guarantees	2,408	1,525	3,738	3,779
Settlements	(26)	(31)	(2,421)	(4,792)
Losses recognized in earnings	0	(1,249)	(3,748)	(2,546)
Balance at end of period	$ 2,666	$ 1,703	$ 2,666	$ 1,703

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Securitized Beneficial Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Unrealized losses for securitized beneficial interests	$ 1,272	$ 1,551

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Loss on pension settlement	$ 0	$ (12,008)	$ 0	$ (12,008)
UNITED KINGDOM | Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Reimbursement from plan termination		1,106
Loss on pension settlement		$ 12,008		12,008
Reclassification of unrecognized net pension (losses) gain, net of tax				3,511
Unrecognized net pension losses, tax benefit				$ 1,170

Contingencies and Other Infor_2

Contingencies and Other Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 26, 2007
Brazilian State of Parana | Tax Assessment
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 8,963	$ 2,132

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 267	$ 3,899
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		3,263
Unrecognized compensation costs	$ 2,307	$ 2,307
Total unrecognized stock-based compensation, expected period (in years)		2 years 2 months 8 days
Performance-based stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based awards, target performance percentage range		0%
Performance-based stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based awards, target performance percentage range		200%

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Equity Awards Granted (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number granted (at target performance level) (in shares)	55	0	862	0
Weighted average grant date fair value (in USD per share)	$ 2.51	$ 0	$ 3.41	$ 0
Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number granted (at target performance level) (in shares)	0	0	605	0
Weighted average grant date fair value (in USD per share)	$ 0	$ 0	$ 4.36	$ 0

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - Related Party - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Sales	$ 474	$ 567	$ 15,015	$ 21,784
Purchases	88,908	60,034	187,202	161,933
Dividends received	$ 11,475	$ 0	$ 11,475	$ 13,660

Related Party Transactions - _2

Related Party Transactions - Schedule of Related Party Balances in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, related parties	$ 326,641	$ 168,764	$ 227,529
Accounts payable, related parties	169,807	181,247	136,397
Other receivables | Related Party
Related Party Transaction [Line Items]
Accounts receivable, related parties	54	50	50
Accounts payable | Related Party
Related Party Transaction [Line Items]
Accounts payable, related parties	72,182	35,396	31,921
Advances from customers | Related Party
Related Party Transaction [Line Items]
Advances from related parties	$ 0	$ 12,533	$ 4,062

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)

3 Months Ended

9 Months Ended

Aug. 22, 2024

Aug. 02, 2024

May 31, 2024

Mar. 28, 2024

Dec. 31, 2024

Sep. 30, 2024

Dec. 31, 2023

Dec. 31, 2024

Dec. 31, 2023

Aug. 31, 2024

Jun. 13, 2024

Apr. 12, 2024

Mar. 31, 2024

Mar. 21, 2024

Related Party Transaction [Line Items]

Share repurchases

$ 1,000,000

Debt instrument, increase, accrued interest and unpaid interest

$ 379,000

$ 332,000

$ 1,849,000

Debt instrument, collateral fee

490,000

Common Stock | CI Investments, Inc.

Related Party Transaction [Line Items]

Stock repurchased (in shares)

392,000

Share repurchases

$ 1,000,000

Debt Repurchase Agreement | Senior secured notes:

Related Party Transaction [Line Items]

Debt instrument, increase, accrued interest

26,707,000

9,435,000

$ 62,339,000

Debt Repurchase Agreement | Senior secured notes: | Period Two

Related Party Transaction [Line Items]

Face amount of debt instrument

$ 10,345,000

$ 10,345,000

$ 77,922,000

Debt Repurchase Agreement | Senior secured notes: | Period Three

Related Party Transaction [Line Items]

Face amount of debt instrument

$ 9,104,000

34,191,000

Debt Repurchase Agreement 2027 Notes | Senior secured notes: | Period Two

Related Party Transaction [Line Items]

Face amount of debt instrument

$ 60,000,000

Debt Repurchase Agreement 2027 Notes | Senior secured notes: | Period Three

Related Party Transaction [Line Items]

Face amount of debt instrument

$ 34,191,000

$ 26,327,000

Equity Method Investee

Related Party Transaction [Line Items]

Interest payable, related parties

$ 3,362,000

$ 4,091,000

$ 3,362,000

$ 4,091,000

$ 4,239,000

Related Party

Related Party Transaction [Line Items]

Interest expense

$ 5,762,000

$ 10,314,000

$ 18,968,000

$ 30,683,000

Glendon Investor | Beneficial Owner

Related Party Transaction [Line Items]

Beneficial ownership (in shares)

8,315,000

Ownership interest (as a percent)

33.80%

Owl Creek Asset Management, LP | Beneficial Owner

Related Party Transaction [Line Items]

Beneficial ownership (in shares)

3,865,000

Ownership interest (as a percent)

15.70%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	$ 778,307	$ 529,816	$ 1,979,545	$ 1,631,161
Segment and consolidated operating income	66,081	47,759	139,616	130,467
Restructuring and asset impairment charges	89	85	416	1,379
Total assets	1,720,184	1,601,380	1,720,184	1,601,380	$ 1,657,913
Operating Segments
Segment Reporting Information [Line Items]
Segment and consolidated operating income	66,170	47,844	140,032	131,846
Leaf
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	775,335	529,072	1,970,469	1,628,632
Total assets	1,683,709	1,553,460	1,683,709	1,553,460	1,616,486
Leaf | Operating Segments
Segment Reporting Information [Line Items]
Segment and consolidated operating income	67,428	49,183	146,193	137,421
All Other
Segment Reporting Information [Line Items]
Consolidated sales and other operating revenues	2,972	744	9,076	2,529
Total assets	36,475	47,920	36,475	47,920	$ 41,427
All Other | Operating Segments
Segment Reporting Information [Line Items]
Segment and consolidated operating income	$ (1,258)	$ (1,339)	$ (6,161)	$ (5,575)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 10, 2025	Jan. 01, 2025	Dec. 31, 2024
Accounts Receivable Securitization, Program One
Subsequent Event [Line Items]
Receivable securitization programs, designated receivable amount			$ 120,000
Accounts Receivable Securitization, Program Two
Subsequent Event [Line Items]
Receivable securitization programs, designated receivable amount			$ 130,000
Subsequent Event | Accounts Receivable Securitization, Program One
Subsequent Event [Line Items]
Receivable securitization programs, designated receivable amount		$ 160,000
Subsequent Event | Accounts Receivable Securitization, Program Two
Subsequent Event [Line Items]
Receivable securitization programs, designated receivable amount	$ 160,000