PYXUS INTERNATIONAL, INC., 10-K filed on 6/10/2025
Annual Report
v3.25.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2025
May 31, 2025
Sep. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 31, 2025    
Current Fiscal Year End Date --03-31    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 29.5
Entity Common Stock, Shares Outstanding   24,607,791  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Certain information contained in the Proxy Statement for the 2025 Annual Meeting of Shareholders (to be held August 14, 2025) of the registrant is incorporated by reference into Part III hereof.
    
Entity Central Index Key 0000939930    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.1
Audit Information
 12 Months Ended
Mar. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location Raleigh, North Carolina
v3.25.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]      
Sales and other operating revenues $ 2,481,260 $ 2,032,559 $ 1,914,881
Cost of goods and services sold 2,138,276 1,720,224 1,653,864
Gross profit 342,984 312,335 261,017
Selling, general, and administrative expenses 170,998 160,910 151,531
Other expense, net 16,410 9,439 11,023
Restructuring and asset impairment charges 2,259 4,799 4,685
Operating income 153,317 137,187 93,778
Gain on debt retirement 8,178 15,914 0
Loss on deconsolidation/disposition of subsidiaries 0 0 648
Loss on pension settlement 0 12,008 2,588
Interest expense, net 128,041 125,620 113,164
Income (loss) before income taxes and other items 33,454 15,473 (22,622)
Income tax expense 25,053 27,281 34,127
Income from unconsolidated affiliates, net 8,132 14,992 18,512
Net income (loss) 16,533 3,184 (38,237)
Net income attributable to noncontrolling interests 1,367 521 904
Net income (loss) attributable to Pyxus International, Inc. $ 15,166 $ 2,663 $ (39,141)
Earnings (loss) per share:      
Basic (in USD per share) $ 0.59 $ 0.11 $ (1.57)
Diluted (in USD per share) $ 0.59 $ 0.11 $ (1.57)
Weighted average number of shares outstanding:      
Basic (shares) 25,643 25,000 25,000
Diluted (shares) 25,667 25,000 25,000
v3.25.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 16,533 $ 3,184 $ (38,237)
Other comprehensive (loss) income, net of tax:      
Foreign currency translation adjustment (353) 700 2,481
Pension and other postretirement benefit plans (250) 4,419 2,044
Cash flow hedges 132 (2,860) (2,777)
Total other comprehensive (loss) income, net of tax (471) 2,259 1,748
Total comprehensive income (loss) 16,062 5,443 (36,489)
Comprehensive income attributable to noncontrolling interests 1,367 509 941
Comprehensive income (loss) attributable to Pyxus International, Inc. $ 14,695 $ 4,934 $ (37,430)
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Current assets    
Cash and cash equivalents $ 78,254 $ 92,569
Restricted cash 7,290 7,224
Trade receivables, net 189,239 168,764
Other receivables 15,040 18,704
Inventories, net 761,951 931,654
Advances to suppliers, net 30,745 20,397
Recoverable income taxes 6,616 4,455
Prepaid expenses 47,151 50,185
Other current assets 21,874 16,254
Total current assets 1,158,160 1,310,206
Investments in unconsolidated affiliates 96,928 101,255
Intangible assets, net 28,507 33,879
Deferred income taxes, net 13,567 7,196
Long-term recoverable income taxes 5,669 2,963
Other noncurrent assets 33,094 32,617
Right-of-use assets 29,742 35,639
Property, plant, and equipment, net 138,176 134,158
Total assets 1,503,843 1,657,913
Current liabilities    
Notes payable 395,030 499,312
Accounts payable 132,871 181,247
Advances from customers 135,607 90,719
Accrued expenses and other current liabilities 90,912 96,954
Income taxes payable 11,001 8,539
Operating leases payable 8,514 8,100
Current portion of long-term debt 12 20,294
Total current liabilities 773,947 905,165
Long-term taxes payable 5,187 2,678
Long-term debt 454,850 497,734
Deferred income taxes 8,818 7,934
Liability for unrecognized tax benefits 18,635 17,742
Long-term leases 19,584 26,136
Pension, postretirement, and other long-term liabilities 57,052 53,701
Total liabilities 1,338,073 1,511,090
Commitments and contingencies
Common Stock    
Common Stock—no par value: Authorized shares (250,000 for all periods) Issued shares (25,000 for all periods) 392,899 389,789
Retained deficit (240,125) (255,291)
Accumulated other comprehensive income 7,315 7,786
Total stockholders’ equity 160,089 142,284
Noncontrolling interests 5,681 4,539
Total stockholders' equity 165,770 146,823
Total liabilities and stockholders' equity $ 1,503,843 $ 1,657,913
v3.25.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Mar. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, no par value (in USD per share) $ 0 $ 0
Common stock authorized (in shares) 250,000,000 250,000,000
Common stock issued (in shares) 24,608,000 25,000,000
Common stock outstanding (in shares) 24,608,000 25,000,000
v3.25.1
Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock
Retained Deficit
Currency Translation Adjustment
Pensions, Net of Tax
Derivatives, Net of Tax
Noncontrolling Interests
Balance at beginning of period at Mar. 31, 2022 $ 181,371 $ 390,290 $ (218,813) $ (8,873) $ 6,328 $ 6,349 $ 6,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (14,505)   (14,663)       158
Other comprehensive (loss) income, net of tax (556)     947   (1,503)  
Other (3,052)           (3,052)
Balance at end of period at Jun. 30, 2022 163,258 390,290 (233,476) (7,926) 6,328 4,846 3,196
Balance at beginning of period at Mar. 31, 2022 181,371 390,290 (218,813) (8,873) 6,328 6,349 6,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (38,237)            
Other comprehensive (loss) income, net of tax 1,748     2,481 2,007 (2,777)  
Balance at end of period at Mar. 31, 2023 141,830 390,290 (257,954) (6,392) 8,335 3,572 3,979
Balance at beginning of period at Jun. 30, 2022 163,258 390,290 (233,476) (7,926) 6,328 4,846 3,196
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (1,550)   (1,537)       (13)
Other comprehensive (loss) income, net of tax (8,131)     (4,801) (1,562) (1,768)  
Balance at end of period at Sep. 30, 2022 153,577 390,290 (235,013) (12,727) 4,766 3,078 3,183
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (2,237)   (2,333)       96
Other comprehensive (loss) income, net of tax 4,406     4,855 (78) (371)  
Balance at end of period at Dec. 31, 2022 155,746 390,290 (237,346) (7,872) 4,688 2,707 3,279
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (19,945)   (20,608)       663
Other comprehensive (loss) income, net of tax 6,029     1,480 3,647 865 37
Balance at end 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 (loss) income 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 (loss) income 3,184            
Other comprehensive (loss) income, net of tax 2,259     700 4,431 (2,860)  
Balance at end of period at Mar. 31, 2024 146,823 389,789 (255,291) (5,692) 12,766 712 4,539
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 (loss) income 7,896   8,095       (199)
Other comprehensive (loss) income, net of tax (2,545)     (1,545)   (1,000)  
Other 493           493
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 (loss) income 4,179   3,835       344
Other comprehensive (loss) income, net of tax 4,408     2,185 3,511 (1,288)  
Other (493) (501)         8
Dividends (450)           (450)
Balance at end of period at Dec. 31, 2023 157,657 389,789 (245,220) (5,045) 11,846 2,146 4,141
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (9,661)   (10,071)       410
Other comprehensive (loss) income, net of tax (1,173)     (647) 920 (1,434) (12)
Balance at end 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 (loss) income 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 (loss) income 16,533            
Other comprehensive (loss) income, net of tax (471)     (353) (250) 132  
Balance at end of period at Mar. 31, 2025 165,770 392,899 (240,125) (6,045) 12,516 844 5,681
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 (loss) income (3,273)   (3,227)       (46)
Equity-based compensation 601 601          
Other comprehensive (loss) income, net of tax 1,544     278   1,266  
Share repurchases (1,000) (1,000)          
Dividends (225)           (225)
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 (loss) income 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (4,556)   (5,147)       591
Equity-based compensation 211 211          
Other comprehensive (loss) income, net of tax 3,108     (198) (250) 3,556 0
Balance at end of period at Mar. 31, 2025 $ 165,770 $ 392,899 $ (240,125) $ (6,045) $ 12,516 $ 844 $ 5,681
v3.25.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Operating activities:        
Net income (loss) $ 16,533 $ 3,184 $ (38,237)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation and amortization 20,334 19,250 19,137  
Debt amortization/interest 11,235 8,559 18,466  
Gain on debt retirement (8,178) (15,914) 0  
Loss on foreign currency transactions 4,922 4,009 6,028  
Loss on pension settlement 0 12,008 2,588  
Equity-based compensation 4,110 0 0  
Income from unconsolidated affiliates, net of dividends 4,317 (506) (5,835)  
Changes in operating assets and liabilities, net:        
Trade and other receivables (208,374) (167,600) (111,932)  
Inventories and advances to suppliers 156,309 (136,010) (21,110)  
Deferred items 1,052 3,240 (14,758)  
Payables and accrued expenses (49,190) 17,531 5,147  
Advances from customers 45,937 55,302 (10,693)  
Prepaid expenses 8,943 (4,506) 4,761  
Income taxes payable 2,719 (8,207) 13,116  
Other operating assets and liabilities (13,140) 1,425 8,477  
Other, net (10,915) (6,735) (12,977)  
Net cash used in operating activities (13,386) (214,970) (137,822)  
Investing activities:        
Purchases of property, plant, and equipment (23,028) (21,043) (16,307)  
Proceeds from sale of property, plant, and equipment 3,770 4,312 3,060  
Collections from beneficial interests in securitized trade receivables 188,312 175,911 165,262  
Other, net 1,584 269 2,930  
Net cash provided by investing activities 170,638 159,449 154,945  
Financing activities:        
Net (repayments) proceeds from short-term borrowings (102,550) 122,483 5,234  
Repayment of DDTL facility 0 0 (110,250)  
Proceeds from term loan facility 0 0 100,000  
Proceeds from revolving loan facilities 363,000 331,000 170,000  
Repayment of revolving loan facilities (363,000) (356,000) (235,000)  
Proceeds from long-term borrowings 0 0 578,439  
Repayment of long-term borrowings (55,822) (60,342) (578,162)  
Debt issuance costs (9,106) (11,751) (7,686)  
Other, net 217 171 (5,575)  
Net cash (used in) provided by financing activities (167,261) 25,561 (83,000)  
Effect of exchange rate changes on cash (4,240) (9,156) 3,472  
Decrease in cash, cash equivalents, and restricted cash (14,249) (39,116) (62,405)  
Cash and cash equivalents at beginning of period   92,569 136,733 $ 198,777
Restricted cash at beginning of period   7,224 2,176 $ 2,537
Cash, cash equivalents, and restricted cash at end of period 85,544 99,793 138,909  
Other information:        
Cash paid for income taxes, net 31,101 22,501 18,696  
Cash paid for income taxes related to debt exchange 0 12,543 0  
Cash paid for interest, net 115,009 109,518 93,425  
Noncash investing activities:        
Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction $ 241,069 $ 160,041 $ 164,404  
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Pyxus International, Inc. (the "Company" or "Pyxus") is a global agricultural company with businesses having more than 150 years of experience delivering value-added products and services to businesses and customers. The Company is a trusted provider of responsibly sourced, independently verified, sustainable, and traceable products and ingredients. As the context requires, the "Company" and "Pyxus" also includes the consolidated subsidiaries of Pyxus International, Inc. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission applicable to annual reporting on Form 10-K.

Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Intercompany accounts and transactions have been eliminated.

Equity Method Investments
The Company’s equity method investments and its cost method investments are non-marketable securities. When not required to consolidate its investment in another entity, the Company uses the equity method if it (i) can exercise significant influence over the other entity, and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus the Company’s equity in the increases or decreases of the investee’s net assets after the date of acquisition. The Company continually monitors its equity method investments for factors indicating other-than-temporary impairment. The Company's proportionate share of the net income or loss of these entities is included in income from unconsolidated affiliates, net within the consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Distributions from equity method investees are accounted for based on the cumulative earnings approach to determine whether they represent a return of investment, or a return on investment.

Variable Interest Entities
The Company holds variable interests in multiple variable interest entities, which primarily procure or process inventory on behalf of the Company or are securitization entities. These variable interests relate to equity investments, receivables, guarantees, and securitized receivables. The Company is not the primary beneficiary of most of these entities as it does not have the power to direct the activities that most significantly impact the economic performance of these entities, due to these entities’ management and board of directors’ structure. As a result, most of these variable interest entities are not consolidated. Creditors of the Company’s variable interest entities do not have recourse against the general credit of the Company.

The Company's investments in unconsolidated variable interest entities are classified as investments in unconsolidated affiliates in the consolidated balance sheets. The Company's assets and liabilities with variable interest entities are classified as related party balances. The Company's maximum exposure to loss in these variable interest entities is represented by the investments, receivables, guarantees, and the deferred purchase price on the sale of securitized receivables.

Use of Estimates
The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the Company's estimates and assumptions. Estimates are used in accounting for, among other things, revenue recognition, pension and postretirement health care benefits, inventory reserves, credit loss reserves, bank loan guarantees to suppliers and unconsolidated subsidiaries, advances to suppliers reserves, useful lives for depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, deferred tax assets and uncertain income tax positions, intrastate tax credits, incremental borrowing rates for the present value of lease payments, fair value determinations of financial assets and liabilities, including derivatives, securitized beneficial interests, and counterparty risk.

Reclassifications
Certain prior-period amounts were reclassified to conform to the current-year presentation in the consolidated statements of cash flows, and in the income taxes footnote disclosure related to unrecognized tax benefits and related interest and penalties.

Segment Information
The Company reviewed its operations in Africa, Asia, Europe, North America, and South America and concluded the economic characteristics of these five Leaf regional operations were similar. Each geographic region derives its revenues mainly from shipping processed tobacco to manufacturers of cigarettes and other consumer tobacco products around the world, with a smaller percentage of revenue in each region being derived from performing third-party tobacco processing services. The one Leaf reportable segment is consistent with information used by the chief operating decision maker ("CODM") to assess performance, make operating decisions, and allocate resources. The Company's CODM, comprised of both the chief executive
officer and the chief financial officer, regularly evaluates performance using operating income as the measure of segment profitability. This measure is utilized during the budgeting and forecasting process to determine future operating plans and enable strategic decision making for the allocation of capital. Corporate general expenses are allocated to the segments based upon segment selling, general, and administrative expenses. The Company has seven operating segments organized by geographic area and product category that are aggregated into one reportable segment for financial reporting purposes: Leaf. The All Other category does not meet the quantitative and qualitative thresholds to be reportable and are included for purposes of reconciliation of respective balances for the Leaf segment to the consolidated financial statements.

Revenue Recognition
The Company's revenue consists primarily of the sale of processed tobacco and fees charged for processing and related services to the manufacturers of tobacco products. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company’s performance obligations are satisfied when the transfer of control of the distinct product or service to the customer occurs. For products, control is transferred, and revenue is recognized, at a point in time, in accordance with the shipping terms of the contract. For processing and related services, control is transferred, and revenue is recognized, over time using the input method based on a kilogram of packed tobacco. A kilogram of processed tobacco (or tobacco processing services resulting in a kilogram of processed tobacco) is the only material and distinct performance obligation for the Company’s tobacco revenue streams. Consideration is attributed to the performance of this obligation. The Company does not disclose information related to its unsatisfied performance obligations with an expected original duration of one year or less. Revenue is measured as the amount of consideration to which the Company expects to be entitled to receive in exchange for transferring goods or providing services. Contract costs primarily include labor, material, shipping and handling, and overhead expenses.

Significant Judgments
The Company identified two main forms of variable consideration in its contracts with customers: warehousing fees for storing customer-controlled tobacco until the customer requests shipment and claims resulting from tobacco that does not meet customer specifications. Warehousing fees are either included in the price of tobacco based on the customers' best estimate of the date they will request shipment or separately charged using a per-day storage rate. When the Company enters into a contract with a customer, the price communicated is the amount of consideration the Company expects to receive. Price adjustments for tobacco not meeting customer specifications for shrinkage, improper blend, or chemical makeup, etc. are handled through a claims allowance that is assessed quarterly. The Company estimates expected claims using the expected value method due to the large number of contracts with similar characteristics that we enter into with customers, the high volumes of tobacco we sell each year, and our actual history of past claims.

The Company generally records a receivable when revenue is recognized as the timing of revenue recognition may differ from the timing of payment from customers. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 30 to 60 days. The Company's trade receivables do not bear interest, and they are recorded at the invoiced amount less an estimated allowance for expected credit losses. In addition to estimating an allowance based on specific identification of certain receivables that have a higher probability of not being paid, the Company also records an estimate for expected credit losses for the remaining receivables in the aggregate using a loss-rate method that considers historical bad debts, age of customer receivable balances, and current customer receivable balances. Additionally, the Company considers future reasonable and supportable forecasts of economic conditions to adjust historical loss rate percentages, as necessary. Balances are written-off when determined to be uncollectible. The provision for expected credit losses is recorded in selling, general, and administrative expenses in the consolidated statements of operations.

Taxes Collected from Customers
Certain subsidiaries are subject to value-added taxes on local sales. Value-added taxes on local sales are recorded in sales and other operating revenues and cost of goods and services sold in the consolidated statements of operations.

Shipping and Handling
The Company elected to account for shipping and handling as activities to fulfill its performance obligations, regardless of when control transfers. Shipping and handling fees that are billed to customers are recognized in sales and other operating revenues and the associated shipping and handling costs are recognized in cost of goods and services sold in the consolidated statements of operations.

Advances From Customers
On occasion, the Company receives advances and deposits from customers for future promises to deliver goods or services. These cash advance payments are refundable to the customer without penalty. The balance in advances from customers is reduced as the Company satisfies performance obligations under the contract with the customer and the criteria for revenue recognition is met.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities reflect the expected future tax consequences of events that are recognized in the consolidated financial statements in different periods than they are recognized for tax purposes. Deferred tax assets and liabilities are established using enacted tax rates in effect for the year in which these items are expected to reverse.

The realization of deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, the Company considers carryback potential, historical earnings, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), forecasted operating profits and tax planning strategies.

The Company’s provision for income taxes is based on pre-tax income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which it operates. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. The Company recognizes tax benefits from uncertainties if it believes it is more-likely-than-not it will be sustained based on the technical merits. Penalties and interest related to income taxes, if incurred, are included in income tax expense.

Earnings (Loss) 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.

Cash and Cash Equivalents
Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value.

Inventories, Net
Costs in inventory include processed tobacco inventory, unprocessed tobacco inventory, and other inventory. Costs of unprocessed tobacco inventories are determined by the average cost method, which include the cost of green tobacco. Costs of processed tobacco inventories are determined by the average cost method, which include both the cost of unprocessed tobacco, as well as direct and indirect costs related to processing the product. Costs of other inventory are determined by the first-in, first-out method, which include costs of packing materials, agricultural supplies such as seed, fertilizer, herbicides, and pesticides, and non-tobacco agricultural products.

Inventories are carried at the lower of cost or net realizable value ("LCM"). The Company evaluates its inventories for LCM adjustments by country and type of inventory. Processed tobacco and unprocessed tobacco are evaluated separately for LCM purposes. The Company compares the cost of its processed tobacco to net realizable value based on the estimated selling price of similar grades when evaluating those balances for LCM adjustments. The Company also considers whether its processed tobacco is committed to a customer, whereby the expected sales price is utilized in determining the net realizable value for committed tobacco. In addition, the Company writes-down inventory balances for estimates of obsolescence. LCM and obsolescence inventory write-downs are recorded in cost of goods and services sold within the consolidated statements of operations.

Advances to Tobacco Suppliers, Net
The Company purchases seeds, fertilizer, pesticides, and other products related to growing tobacco and advances them to tobacco suppliers to assist in crop production. These seasonal advances are short term, represent prepaid inventory, and are recorded as advances to tobacco suppliers. Upon delivery of tobacco, part of the purchase price to the supplier is paid in cash and part through a reduction of the advance balance. The advances applied to the delivery are reclassified from advances to unprocessed inventory.

The Company also has noncurrent advances, which generally represent the cost of advances to tobacco suppliers for infrastructure, such as curing barns, recovered through the delivery of tobacco to the Company by the tobacco suppliers. Tobacco suppliers may not be able to settle the entirety of advances due each year. In these situations, the Company may allow the farmers to deliver tobacco over future crop years to recover its advances. Noncurrent advances to tobacco suppliers are recorded in other noncurrent assets in the consolidated balance sheets.
The Company accounts for its advances to tobacco suppliers using a cost accumulation model, which reports advances at the lower of cost or recoverable amounts, exclusive of the mark-up and interest. The mark-up and interest on its advances are recognized upon delivery of tobacco as a decrease in the cost of the current crop. A provision for tobacco supplier bad debts is recorded in cost of goods and services sold in the consolidated statements of operations for abnormal yield adjustments or unrecovered advances. Normal yield adjustments are capitalized into the cost of the current crop and are recorded in cost of goods and services sold as that crop is sold.

Intangible Assets, Net
The Company has intangible assets with definite useful lives. These intangible assets are assessed annually and tested for impairment whenever factors indicate the carrying amount may not be recoverable. The trade name, customer relationship, and technology intangibles are amortized on a straight-line basis over fourteen, nine to twelve years, and eight years, respectively. The amortization period is the term of the contract or, if no term is specified in the contract, management’s best estimate of the useful life based on experience. Technology includes internally developed software that is amortized on a straight-line basis over three to five years. Amortization commences once substantial testing activities are completed, and the software is ready for its intended use. Events and changes in circumstance may either result in a revision in the estimated useful life or impairment of an intangible. Amortization expense associated with finite-lived intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of operations.

Leases
The Company has operating leases for land, buildings, automobiles, and other equipment that expire at various dates through fiscal year 2040. The Company does not have material finance leases. Leases for real estate generally have initial terms ranging from two to fifteen years, excluding renewal options. Leases for equipment generally have initial terms ranging from two to five years excluding renewal options. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes. These lease terms may include optional renewals, terminations, or purchases, which are considered in the Company’s assessments when such options are reasonably certain to be exercised.

The Company measures right-of-use assets and related lease liabilities based on the present value of remaining lease payments, including in-substance fixed payments, the current payment amount when payments depend on an index or rate (e.g., inflation adjustments, market renewals), and the amount the Company believes is probable to be paid to the lessor under residual value guarantees, when applicable. Lease contracts may include fixed payments for non-lease components, such as maintenance, which are included in the measurement of lease liabilities for certain asset classes based on the Company’s election to combine lease and non-lease components. The Company does not recognize short-term leases, those lease contracts with durations of twelve months or less, in the consolidated balance sheets.

As applicable borrowing rates are not typically implied within the lease arrangements, the Company discounts lease payments based on its estimated incremental borrowing rate at lease commencement, or modification, which is based on the Company’s estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement.

Property, Plant, and Equipment, Net
Property, plant, and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over a range of nine to forty years. Machinery and equipment are depreciated over a range of two to nineteen years. Repairs and maintenance costs are expensed as incurred. The cost of major improvements is capitalized. Upon sale or disposition of an asset, the cost and related accumulated depreciation are removed from the balance sheet accounts and the resulting gain or loss is included in other expense, net in the consolidated statements of operations.

Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows at which the asset could be bought or sold in a current transaction between willing parties and may be estimated using several techniques, including quoted market prices or valuations, present value techniques based on estimates of cash flows, or multiples of earnings or revenue performance measures.

Guarantees
The Company's guarantees are primarily related to bank loans to suppliers for crop production financing. The Company guarantees bank loans of certain unconsolidated subsidiaries in Asia and South America. Under longer-term arrangements, the Company may guarantee financing on suppliers’ construction of curing barns or other tobacco production assets. Guaranteed loans are generally repaid concurrent with the delivery of tobacco to the Company. The Company is obligated to repay guaranteed loans should the supplier default. If default occurs, the Company has recourse against its various suppliers and their production assets. The fair value of the Company's guarantees is recorded in accrued expenses and other current liabilities in the consolidated balance sheets and included in crop costs, except for the joint venture in Brazil, which are included in other receivables.
In Brazil, certain suppliers obtain government subsidized rural credit financing from local banks that is guaranteed by the Company. Upon delivery of tobacco, the Company remits payments to the local banks on behalf of the suppliers before paying the supplier. Amounts owed to suppliers are recorded in accounts payable in the consolidated balance sheets. Rural credit financing repayment is due to local banks based on contractual due dates.

Derivative Financial Instruments
The Company uses forward or option currency contracts to manage risks associated with foreign currency exchange rates on foreign operations. These contracts are for green tobacco purchases, processing costs, and selling, general, and administrative expenses. The Company does not hold derivatives contracts for speculative or trading purposes.

Derivative financial instruments are recorded in other current assets and other current liabilities in the consolidated balance sheets and are measured at fair value. Changes in fair value are recognized in earnings, unless the derivative is designated and qualifies to be in a hedge accounting relationship. For derivatives designated in a hedge accounting relationship, the Company evaluates hedge effectiveness at inception and on an ongoing basis. If a hedge relationship is no longer expected to be effective, the derivative in that relationship is de-designated and hedge accounting is discontinued.

Changes in fair value of foreign currency derivatives designated in cash flow hedging relationships are recorded in accumulated other comprehensive income in the consolidated balance sheets and reclassified to earnings when the hedged item affects earnings. Cash flows from derivatives are classified in the consolidated statements of cash flows in the same category as the cash flows from the underlying hedged items. The Company has elected not to offset fair value amounts recognized for derivative instruments with the same counterparty under a master netting agreement.

Pension and Other Postretirement Benefits

Retirement Benefits
The Company maintains various excess benefit and supplemental plans that provide additional benefits to certain individuals in key positions and individuals whose compensation and the resulting benefits that would have been paid are limited by regulations imposed by the Internal Revenue Code. In addition, a Supplemental Retirement Account Plan defined contribution plan is maintained. Additional non-U.S. plans sponsored by certain subsidiaries cover certain current and former employees.

Postretirement Health and Life Insurance Benefits
The Company provides certain health and life insurance benefits to retired U.S. employees (and their eligible dependents) who meet specified age and service requirements. The plan excludes new employees after September 2005 and caps the Company’s annual cost commitment to postretirement benefits for retirees. The Company retains the right, subject to existing agreements, to modify or eliminate these postretirement health and life insurance benefits in the future. The Company provides certain health and life insurance benefits to retired Brazilian directors and certain retirees located in Europe including their eligible dependents who meet specified requirements.

Plan Assets
The Company's policy is to contribute amounts to the plans sufficient to meet or exceed funding requirements of local governmental rules and regulations. The Company's investment objectives for plan assets are to generate consistent total investment return to pay anticipated plan benefits, while minimizing long-term costs and portfolio volatility. The financial objectives underlying this policy include maintaining plan contributions at a reasonable level relative to benefits provided and assuring unfunded obligations do not grow to a level that would adversely affect the Company's financial health. Portfolio performance is measured against investment objectives and objective benchmarks. The portfolio objective is to exceed the actuarial return on assets assumption. The Company is exploring partial risk transfers and/or full plan terminations and is implementing a Liability Driven Investment ("LDI") strategy to maintain the high funded status and immunize the portfolio from excessive market volatility. Management and the plan's consultant regularly review portfolio allocations and periodically rebalance the portfolio to the targeted allocations according to the guidelines set forth in the Company's investment policy. Equity securities do not include the Company's common stock. The Company's diversification and risk control processes serve to minimize the concentration and experience of risk. There are no significant concentrations of risk, in terms of sector, industry, geography, or individual company or companies.

The Company’s plan assets primarily consist of cash and cash equivalents and real estate investments. The Plan is transitioning to a LDI strategy, which will consist of high-quality sovereign and corporate bonds whose interest rate sensitivity matches that of the plans' liabilities. Plan assets are measured at fair value annually on March 31, the measurement date. The following are descriptions, valuation methodologies, and inputs used to determine the fair value of each major category of plan assets:

•Cash and cash equivalents include short-term investment funds, primarily in diversified portfolios of investment grade money market instruments that are valued using quoted market prices or other valuation methods and classified as Level 1 or Level 2 in the fair value hierarchy.
•Investments in equity and fixed income mutual funds are publicly traded and valued primarily using quoted market prices and generally classified as Level 1 in the fair value hierarchy.
•Real estate investments include those in private limited partnerships that invest in various domestic and international commercial and residential real estate projects and publicly traded REIT securities. The fair values of private real estate assets are typically determined by using income and/or cost approaches or comparable sales approach, taking into consideration discount and capitalization rates, financial conditions, local market conditions, and the status of the capital markets, and are generally classified as Level 3 in the fair value hierarchy. Publicly traded REIT securities are valued primarily using quoted market prices and are generally classified as Level 1 in the fair value hierarchy.
•Diversified investments include mutual funds with an absolute return strategy. Mutual fund investments with absolute return strategies are publicly traded and valued using quoted market prices and are generally classified as Level 1 in the fair value hierarchy.

Foreign Currency Translation and Remeasurement
The Company translates assets and liabilities of its foreign subsidiaries from their respective functional currencies to USD using exchange rates in effect at period end. The Company's results of operations and its cash flows are translated using average exchange rates for each reporting period. Resulting currency translation adjustments are reflected as a separate component of accumulated other comprehensive income in the consolidated balance sheets.

The financial statements of foreign subsidiaries, for which the USD is the functional currency, and which have certain transactions denominated in a local currency, are remeasured into USD. The remeasurement of local currencies into USD results in remeasurement adjustments that are included in net income. Exchange gains (losses) from remeasurement are recorded in cost of goods and services sold and other expense, net within the consolidated statements of operations.

Securitized Receivables
The Company sells trade receivables to unaffiliated financial institutions under multiple accounts receivable securitization facilities. Under these facilities, receivables sold for cash are removed from the consolidated balance sheets. Under some of the facilities, a portion of the purchase price for the receivables is paid by the unaffiliated financial institutions in cash and the balance is a deferred purchase price receivable, which is paid as payments on the receivables are collected from account debtors.

The net cash proceeds received by the Company in cash at the time of sale (cash purchase price) are disclosed as an operating activity in the consolidated statements of cash flows. The deferred purchase price receivable represents a continuing involvement and a beneficial interest in the transferred financial assets and is recognized at fair value as part of the sale transaction. The deferred purchase price receivables are included in trade and other receivables, net in the consolidated balance sheets and are valued using unobservable inputs (i.e., Level 3 inputs), primarily discounted cash flow. The net cash proceeds received by the Company as deferred purchase price are disclosed as an investing activity in the consolidated statements of cash flows. Additionally, beneficial interests received for transferring trade receivables in a securitization transaction are disclosed as a noncash investing activity in the consolidated statements of cash flows.

The difference between the carrying amount of the receivables sold under these facilities and the sum of the cash and fair value of the other assets received at the time of transfer is recognized as a loss on sale of the related receivables and recorded in other expense, net in the consolidated statements of operations. Program costs are recorded in other expense, net in the consolidated statements of operations.

Government Assistance
The Company and its subsidiaries periodically receive grants and other assistance (collectively "assistance") from governments and intergovernmental agencies to support operations and capital projects in various jurisdictions. The Company accounts for government assistance by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance, which follows a grant accounting model. Under this accounting framework, government assistance is recognized when it is probable the Company will receive assistance and comply with the conditions attached to the assistance. Operational related assistance is recorded on a systematic basis over the periods in which the related cost or expenditures for which it is intended to compensate have occurred and is presented as a reduction in the related expense for which it is intended to defray. Capital related assistance is recorded as long-term deferred revenue, included within pension, postretirement, and other long-term liabilities in the consolidated balance sheets, and is recognized in other income over the asset's useful life as an offset against depreciation expense.

Equity-Based Compensation
The Company’s Board of Directors adopted the 2020 Incentive Plan on November 18, 2020 (the "Incentive Plan"), and on March 21, 2024 and March 19, 2025, the Board of Directors amended and restated the Company's Incentive Plan to increase the number of shares of the Company's common stock authorized to be issued thereunder. The Incentive Plan provides the Company the flexibility to grant a variety of equity-based awards including stock options, stock appreciation rights, restricted
stock awards, restricted stock unit awards, performance share awards, and incentive awards to its officers, directors, and employees. For equity-based awards without performance conditions, the Company recognizes equity-based compensation cost on a straight-line basis over the vesting period of the award. For equity-based awards with performance conditions, the Company recognizes equity-based compensation cost using the accelerated attribution method over the requisite service period when the Company determines it is probable that the performance condition will be satisfied. The Company recognizes forfeitures of equity-based awards as they occur. Equity-based compensation expense is included in selling, general, and administrative expenses in the consolidated statements of operations.
v3.25.1
New Accounting Standards
 12 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
New Accounting Standards New Accounting Standards
Recently Adopted Accounting Pronouncements
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 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 Company adopted the annual period disclosure requirements for its fiscal year ended March 31, 2025, which are included in "Note 1. Basis of Presentation and Summary of Significant Accounting Policies" and "Note 26. Segment Information". The interim period disclosure requirements are effective beginning April 1, 2025. The adoption of this new accounting standard resulted in additional disclosures for segment reporting, and did not have an impact on the Company's financial condition, results of operations, or cash flows.

Accounting Pronouncements Not Yet Adopted
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.
v3.25.1
Revenue Recognition
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Product revenue is primarily processed tobacco sold to the customer. 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 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 consolidated financial statements:

Years Ended March 31,
202520242023
Leaf:
Product revenue$2,335,107 $1,912,438 $1,812,170 
Processing and other revenues135,877 117,177 88,388 
Leaf sales and other operating revenues2,470,984 2,029,615 1,900,558 
All Other:
All Other sales and other operating revenues10,276 2,944 14,323 
Total sales and other operating revenues$2,481,260 $2,032,559 $1,914,881 

Significant Judgments
The following summarizes activity in the claims allowance:

Years Ended March 31,
202520242023
Balance, beginning of period$3,313 $2,350 $1,130 
Additions2,010 6,191 4,680 
Payments and other adjustments(2,887)(5,228)(3,460)
Balance, end of period$2,436 $3,313 $2,350 

The following summarizes activity in the allowance for expected credit losses:

Years Ended March 31,
202520242023
Balance, beginning of period$(23,940)$(24,730)$(24,541)
Additions(1,299)(1,535)(2,316)
Write-offs and other adjustments1,204 2,325 2,127 
Balance, end of period(24,035)(23,940)(24,730)
Trade receivables213,274 192,704 210,081 
Trade receivables, net$189,239 $168,764 $185,351 

Taxes Collected from Customers
Value-added taxes were $43,298, $34,905, and $28,302 for the years ended March 31, 2025, 2024, and 2023, respectively.
v3.25.1
Other Expense, Net
 12 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other Expense, Net Other Expense, Net
The following summarizes the components of other expense, net:

Years Ended March 31,
202520242023
Losses on sale of receivables(1)
$19,565 $13,121 $10,434 
Foreign currency (gains) losses(2,121)251 (1,057)
Note receivable write-off— — 2,050 
Gain on sale of fixed assets(2,423)(2,300)(1,389)
Miscellaneous expense (income), net1,389 (1,633)985 
Total$16,410 $9,439 $11,023 
(1) See "Note 16. Securitized Receivables" for additional information.
v3.25.1
Income Taxes
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income Tax Provision
The components of income (loss) before income taxes and other items consisted of the following:

Years Ended March 31,
202520242023
U.S.$(4,579)$(17,697)$(43,874)
Non-U.S.38,033 33,170 21,252 
Total$33,454 $15,473 $(22,622)

The details of the amount shown for income taxes in the consolidated statements of operations are as follows:

Years Ended March 31,
202520242023
Current:
    Federal(1)
$6,837 $5,319 $16,353 
    State261 (59)337 
    Non-U.S.23,611 24,385 17,593 
Total Current30,709 29,645 34,283 
Deferred:
    Federal(2)
(10,307)968 (592)
    State(155)(9)2 
    Non-U.S.4,806 (3,323)434 
Total Deferred(5,656)(2,364)(156)
Income tax expense$25,053 $27,281 $34,127 
(1) Current federal expense for fiscal year 2023 was primarily due to the Debt Exchange Transactions. Refer to "Note 15. Debt Arrangements" for further details regarding the Debt Exchange Transactions.
(2) Deferred federal expense for fiscal year 2025 was primarily due to release of a valuation allowance in the U.S. from improved profitability.
The difference between income tax expense based on income (loss) before income taxes and other items and the amount computed by applying the U.S. statutory federal income tax rate to income are as follows:

Years Ended March 31,
202520242023
Tax benefit at U.S. statutory rate$7,025 $3,249 $(4,750)
Effect of non-U.S. income taxes(2,602)23 (3,418)
U.S. taxes on non-U.S. earnings7,759 9,264 6,389 
Tax on unremitted foreign earnings(2,066)1,291 1,777 
Increase in reserves for uncertain tax positions8,789 8,120 2,397 
Withholding tax expense2,526 544 3,058 
Tax credits(6,482)(5,270)(3,853)
Tax incentives— — (2,280)
Nondeductible interest2,969 1,340 2,559 
Exchange effects and currency translation9,367 (5,110)3,101 
Change in valuation allowance(1)
(9,456)15,340 30,412 
Other, net7,224 (1,510)(1,265)
Income tax expense$25,053 $27,281 $34,127 
(1) The change in valuation allowance, is presented without exchange effects and currency translation, for the years ended March 31, 2025, 2024, and 2023. For the year ended March 31, 2023, the change in valuation allowance was primarily driven by $20,823 of deferred tax assets generated by the Debt Exchange Transactions for which the Company is not likely to realize a future benefit. Refer to "Note 15. Debt Arrangements" for further details regarding the Debt Exchange Transactions. For the year ended March 31, 2025, the improvement in the valuation allowance expense relates primarily to reductions in certain U.S. and African valuation allowances due to improved profitability.

The following summarizes deferred tax assets (liabilities):

March 31,
20252024
Deferred tax assets:
Non-deductible interest carryforward$34,940 $30,858 
Original issue discount10,439 14,714 
Reserves and accruals22,691 21,662 
Tax loss carryforwards16,653 16,329 
Unrealized exchange losses1,448 5,961 
Lease obligations6,511 7,344 
Other9,971 10,290 
Gross deferred tax assets102,653 107,158 
Valuation allowance(60,302)(70,391)
Total deferred tax assets$42,351 $36,767 
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries$(27,560)$(29,523)
Right of use asset(7,050)(7,956)
Other(2,989)(25)
Total deferred tax liabilities$(37,599)$(37,504)
Net deferred tax assets (liabilities)$4,752 $(737)
The following summarizes the change in the valuation allowance for deferred tax assets:

Balance at March 31, 2022$32,641 
Changes to expenses (1)
27,598 
Changes to other comprehensive income(733)
Balance at March 31, 202359,506 
Changes to expenses10,727 
Changes to other comprehensive income158 
Balance at March 31, 202470,391 
Changes to expenses(10,081)
Changes to other comprehensive income(8)
Balance at March 31, 2025$60,302 
(1) The change in valuation allowance, is presented without exchange effects and currency translation, for the years ended March 31, 2025, 2024, and 2023. For the years ended March 31, 2025, 2024, and 2023 respectively, the change was primarily driven by a reduction in the valuation allowance in the U.S., an increase in the valuation allowances across various African jurisdictions, and an increase in the valuation allowance related to $20,823 of deferred tax assets generated by the Debt Exchange Transactions for which the Company is not likely to realize a future benefit. Refer to "Note 15. Debt Arrangements" for further details regarding the Debt Exchange Transactions.

As of March 31, 2025, the Company had foreign net operating loss carryforwards of $54,846, of which $26,930 relates to jurisdictions with definite lived carryforward periods and $27,916 relates to jurisdictions with indefinite lived carryforward periods.

Under current U.S. tax regulations, in general, repatriation of foreign earnings to the U.S. can be completed without incurring material incremental U.S. tax. However, repatriation of foreign earnings could subject the Company to U.S. state and non-U.S. jurisdictional taxes (including withholding taxes) on distributions or sales of minority owned investments.

The Company has not recorded a deferred tax liability for U.S. federal, U.S. state, or foreign tax from foreign subsidiary unremitted earnings and profits where an indefinite reinvestment assertion was made on the basis that this group of foreign subsidiaries does not expect to have available excess cash and cash equivalents to remit in the foreseeable future or has specific needs for available excess cash. The unrecorded tax liability associated with indefinitely reinvested foreign subsidiary earnings is not practicable to estimate due to the inherent complexity of the Company's global operations.

Accounting for Uncertainty in Income Taxes
The following summarizes the changes to unrecognized tax benefits and related interest and penalties:

Years Ended March 31,
20252024
Balance at April 1$16,892 $16,085 
Increase (decrease) for prior year tax positions2,989 7,100 
Increase for current year tax positions4,854 1,630 
Reduction for settlements(8,020)(4,662)
Impact of changes in exchange rates(210)(2,553)
Reduction of statute of limitation expirations(3,699)(708)
Balance at March 31(1)
$12,806 $16,892 
Accrued interest1,929 2,065 
Accrued penalties3,900 2,372 
Balance at March 31(1)
$18,635 $21,329 
(1) As of March 31, 2025, $18,635 would impact the Company's effective tax rate, if recognized.
    

Due to the Company’s global operations, numerous tax audits may be ongoing throughout the world at any point in time. The Company's income tax liabilities are based on estimates of potential income taxes due upon the conclusion of such audits and
are updated to reflect changes in facts and circumstances, as they become known. Due to the uncertain and complex application of tax regulations, it is possible that the resolution of audits may result in liabilities which could be materially different from these estimates. The Company will record additional income tax expense or benefit in the period in which such resolution occurs or if estimates or judgments change. The Company believes it is reasonably possible that its unrecognized tax benefits may decrease by approximately $2,919 within the next twelve months from lapses in statutes of limitations.

The Company and its subsidiaries file a U.S. federal consolidated income tax return as well as returns in several U.S. states and a number of foreign jurisdictions. As of March 31, 2025, the Company’s earliest open tax year for U.S. federal income tax purposes relate to tax periods ending in 2021. Open tax years in state and foreign jurisdictions generally range from three to six years. In applicable jurisdictions, the Company’s tax attributes from prior periods remain subject to adjustment.
v3.25.1
Earnings (Loss) Per Share
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The following summarizes the computation of earnings (loss) per share:

Years Ended March 31,
202520242023
Net income (loss) attributable to Pyxus International, Inc.$15,166 $2,663 $(39,141)
Basic weighted average shares outstanding$25,643 25,000 25,000 
Plus: Dilutive equity awards24 — — 
Diluted weighted average shares outstanding25,667 25,000 25,000 
Earnings (loss) per share:
Basic$0.59 $0.11 $(1.57)
Diluted$0.59 $0.11 $(1.57)
v3.25.1
Restricted Cash
 12 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Restricted Cash Restricted Cash
The following summarizes the composition of restricted cash:
March 31,
20252024
Compensating balance for short-term borrowings$542 $516 
Escrow3,534 2,647 
Grants(1)
3,116 1,375 
Other98 2,686 
Total$7,290 $7,224 
(1) Includes grants from a government entity. See "Note 23. Government Assistance" for additional information.
v3.25.1
Inventories, Net
 12 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories, Net Inventories, Net
The following summarizes the composition of inventories, net:

March 31,
20252024
Processed tobacco$490,410 $585,280 
Unprocessed tobacco241,832 305,928 
Other tobacco related25,643 31,213 
All Other4,066 9,233 
Total$761,951 $931,654 
v3.25.1
Advances to Suppliers, Net
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Advances to Suppliers, Net Advances to Suppliers, Net
The following summarizes the composition of advances to suppliers, net:

March 31,
20252024
Advances to tobacco suppliers, net$29,144 $17,068 
Advances to non-tobacco suppliers1,601 3,329 
Total in current assets30,745 20,397 
Long-term advances to tobacco suppliers, net4,980 1,821 
Total current and long-term$35,725 $22,218 

The mark-up and interest on advances to tobacco suppliers, net capitalized, or to be capitalized into inventory for the current crop, were $17,066 and $16,905 for the year ended March 31, 2025 and 2024, respectively. Unrecoverable advances and other costs capitalized, or to be capitalized into the current crop, were $11,833 and $7,975 as of March 31, 2025 and 2024, respectively.
v3.25.1
Equity Method Investments
 12 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
The following summarizes the Company's equity method investments as of March 31, 2025:

Investee NameLocationPrimary PurposeOwnership Percentage
Basis Difference(1)
Adams International Ltd.ThailandPurchase and process tobacco49 %$(4,526)
Alliance One Industries India Private Ltd.IndiaPurchase and process tobacco49 %(5,770)
China Brasil Tabacos Exportadora S.A.BrazilPurchase and process tobacco49 %43,000 
Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş.TurkeyProcess tobacco50 %(416)
Purilum, LLCU.S.Produce flavor formulations and consumable e-liquids50 %4,589 
Siam Tobacco Export Corporation Ltd.ThailandPurchase and process tobacco49 %(6,098)
(1) Basis differences for the Company's equity method investments were primarily due to fair value adjustments recorded during the year ended March 31, 2021.

The following summarizes aggregate financial information for these equity method investments:

Years Ended March 31,
202520242023
Statement of Operations
Sales$611,152 $505,262 $489,532 
Gross profit70,208 82,614 76,206 
Net income 16,851 33,101 40,447 

March 31,
20252024
Balance sheet:
Current assets$419,192 $542,702 
Property, plant, and equipment and other assets49,243 50,925 
Current liabilities328,818 446,597 
Long-term obligations and other liabilities4,560 3,356 
v3.25.1
Variable Interest Entities
 12 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [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:

March 31,
20252024
Investments in variable interest entities$90,239 $94,609 
Guaranteed amounts to variable interest entities (not to exceed)15,995 11,113 
v3.25.1
Intangible Assets, Net
 12 Months Ended
Mar. 31, 2025
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:

March 31, 2025
Weighted Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationIntangible Assets, Net
Intangibles subject to amortization:
Customer relationships7.4 years$26,101 $(9,969)$16,132 
Technology3.4 years11,618 (6,844)4,774 
Trade names9.4 years11,300 (3,699)7,601 
Total$49,019 $(20,512)$28,507 

March 31, 2024
Weighted Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationIntangible Assets, Net
Intangibles subject to amortization:
Customer relationships8.4 years$26,101 $(7,794)$18,307 
Technology4.4 years12,948 (5,784)7,164 
Trade names10.4 years11,300 (2,892)8,408 
Total$50,349 $(16,470)$33,879 

The following summarizes amortization expense for definite-lived intangible assets:

Years Ended March 31,
202520242023
Amortization expense$4,532 $4,631 $6,489 
The following summarizes the estimated intangible asset amortization expense for the next five years and beyond:

For Fiscal Years EndedCustomer Relationships
Technology(1)
Trade NamesTotal
2026$2,175 $1,448 $807 $4,430 
20272,175 1,378 807 4,360 
20282,175 1,375 807 4,357 
20292,175 573 807 3,555 
20302,175 — 807 2,982 
Thereafter5,257 — 3,566 8,823 
Total$16,132 $4,774 $7,601 $28,507 
(1) Estimated amortization expense for technology is based on costs accumulated as of March 31, 2025. These estimates will change as new costs are incurred and until the software is placed into service.
v3.25.1
Leases
 12 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The following summarizes lease costs for operating leases:

Years Ended March 31,
202520242023
Operating lease costs$14,199 $16,028 $14,203 
Variable and short-term lease costs14,848 8,964 8,023 
Total lease costs$29,047 $24,992 $22,226 

The following summarizes weighted average information associated with the measurement of remaining operating leases:
March 31,
20252024
Weighted average remaining lease term4.8 years5.4 years
Weighted average discount rate15.4%15.8%

The following summarizes supplemental cash flow information related to operating leases:

Years Ended March 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows used by operating leases$14,145 $15,764 $13,607 
Right-of-use assets obtained in exchange for new operating leases - noncash3,964 10,444 9,967 
The following reconciles maturities of operating lease liabilities to the lease liabilities reflected in the consolidated balance sheets as of March 31, 2025:

2026$12,099 
20278,342 
20285,487 
20293,476 
20302,957 
Thereafter6,880 
Total future minimum lease payments39,241 
Less: amounts related to imputed interest11,143 
Present value of future minimum lease payments28,098 
Less: operating lease liabilities, current8,514 
Operating lease liabilities, non-current$19,584 
v3.25.1
Property, Plant, and Equipment, Net
 12 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, Net Property, Plant, and Equipment, Net
The following summarizes property, plant, and equipment, net:

March 31,
20252024
Land$26,815 $29,144 
Buildings45,982 45,065 
Machinery and equipment109,247 97,423 
Total182,044 171,632 
Less: accumulated depreciation (1)
(43,868)(37,474)
Total property, plant, and equipment, net$138,176 $134,158 
(1) This balance was partially reduced by the disposition of certain fully depreciated assets during the year ended March 31, 2025.

The following summarizes depreciation expense recorded in cost of goods and services sold and selling, general, and administrative expenses:

Years Ended March 31,
202520242023
Depreciation expense recorded in cost of goods and services sold$13,264 $11,806 $10,132 
Depreciation expense recorded in selling, general, and administrative expenses2,380 2,646 2,346 
Total depreciation$15,644 $14,452 $12,478 
v3.25.1
Debt Arrangements
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Arrangements Debt Arrangements
The following table summarizes the Company’s debt financing as of the dates set forth below:

Outstanding
InterestMarch 31, Long Term Debt Repayment Schedule by Fiscal Year
Rate2025202420262027202820292030Later
Senior secured credit facility:
   ABL Credit Facility8.1 %
(1)
$— $— $— $— $— $— $— $— 
Senior secured notes:
10.0% Notes Due 202410.0 %
(1)
— 20,247 — — — — — — 
8.5% Notes Due 2027 (2)
8.5 %
(1)
145,820 178,146 — — 145,820 — — — 
Senior secured term loans:
Intabex Term Loans (3)
13.2 %
(1)
187,144 186,659 — — 187,144 — — — 
Pyxus Term Loans (4)
13.2 %
(1)
121,886 132,819 — — 121,886 — — — 
Other debt:
Other long-term debt8.8 %
(1)
12 157 12 — — — — — 
Notes payable (5)
9.4 %
(1)
395,030 499,312 395,030 — — — — — 
   Total debt$849,892 $1,017,340 $395,042 $— $454,850 $— $— $— 
Short-term (5)
$395,030 $499,312 
Long-term:
Current portion of long-term debt$12 $20,294 
Long-term debt454,850 497,734 
Total$454,862 $518,028 
Letters of credit$7,790 $5,070 
(1) Weighted average rate for the trailing twelve months ended March 31, 2025 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 $145,820 is net of a debt discount of $2,519. Total repayment at maturity is $148,339.
(3) Balance of $187,144 is net of a debt discount of $1,889. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment.
(4) Balance of $121,886 is net of a debt premium of $1,681. Total repayment at maturity is $120,205.
(5) Primarily seasonal lines of credit.

Outstanding Senior Secured Debt

ABL Credit Facility
Our 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 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, which was subsequently amended on May 23, 2023 and October 24, 2023. Refer to "Note 27. Subsequent Events" for additional information regarding the Fourth Amendment to the ABL Credit Facility.

The ABL Credit Agreement establishes an asset-based revolving credit facility (the "ABL Credit Facility"), the proceeds of which may be used to provide for the ongoing working capital and general corporate purposes of the Borrowers, the Company, Pyxus Parent, and their subsidiaries. The ABL Credit Facility may be used for revolving credit loans and letters of credit from time to time up to a maximum principal amount of $120,000, subject to the limitations described below in this paragraph. 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. The amount available under the ABL Credit Facility is limited by a borrowing base consisting of certain eligible accounts receivable and inventory, reduced by specified reserves, as follows:

•85% of eligible accounts receivable, plus
•the lesser of (i) 85% of the book value of Eligible Extended Terms Receivables (as defined in the ABL Credit Agreement) and (ii) $5,000, plus
•90% of eligible credit insured accounts receivable, plus
•the lesser of (i) 70% of eligible inventory valued at the lower of cost (based on a first-in first-out basis) and market value thereof (net of intercompany profits) or (ii) 85% of the net-orderly-liquidation value percentage of eligible inventory, minus
•applicable reserves.

At March 31, 2025, no borrowings under the ABL Credit Facility were outstanding and $120,000 was available for borrowing under the ABL Credit Facility. Weighted average borrowings outstanding under the ABL Credit Facility during the fiscal year ended March 31, 2025 were $56,332.

The ABL Credit Facility permits both base rate borrowings and borrowings based upon the Secured Overnight Financing Rate ("SOFR"). Borrowings under the ABL Credit Facility bear interest at an annual rate equal to one, three, or six-month reserve-adjusted SOFR Rate plus 300 basis points or 200 basis points above base rate, as applicable, with a fee on unutilized commitments at an annual rate of 25.0 basis points if the outstanding borrowings equal or exceed $60,000 and 37.5 basis points if the outstanding borrowings are less than $60,000.

As of March 31, 2025, there are no amounts outstanding under the ABL Credit Facility.

The ABL Credit Facility may be prepaid from time to time, in whole or in part, without prepayment or premium, subject to a termination fee upon the permanent reduction of commitments under the ABL Credit Facility of 300 basis points for terminations in the first year after entry into the ABL Credit Agreement, 200 basis points for terminations in the second year and 100 basis points for termination in the third year. In addition, customary mandatory prepayments of the loans under the ABL Credit Facility are required upon the occurrence of certain events including, without limitation, outstanding borrowing exposures exceeding the borrowing base, certain dispositions of assets outside of the ordinary course of business in respect of certain collateral securing the ABL Credit Facility and certain casualty and condemnation events. With respect to base rate loans, accrued interest is payable monthly in arrears and, with respect to SOFR loans, accrued interest is payable monthly and on the last day of any applicable interest period.

The Borrowers’ obligations under the ABL Credit Facility (and certain related obligations) are (a) guaranteed by Pyxus Parent, and the Company and all of Pyxus Holdings’ wholly owned domestic subsidiaries, and each of Pyxus Holdings’ future wholly owned domestic subsidiaries is required to guarantee the ABL Credit Facility on a senior secured basis (collectively, the "ABL Loan Parties") and (b) secured by the collateral, as described below, which is owned by the ABL Loan Parties.

Cash Dominion. Under the terms of the ABL Credit Facility, if (i) an event of default has occurred and is continuing, (ii) excess borrowing availability under the ABL Credit Facility (based on the lesser of the commitments thereunder and the borrowing base) (the "Excess Availability") falls below the greater of $10,000 or 10% of the lesser of total commitments under the ABL Credit Facility at such time and the borrowing base at such time, or (iii) Domestic Availability (as defined in the ABL Credit Agreement) being less than the greater of $20,000 or 20% of the lesser of total commitments under the ABL Credit Facility at such time and the borrowing base at such time, the ABL Loan Parties will become subject to cash dominion, which will require daily prepayment of loans under the ABL Credit Facility with the cash deposited in certain deposit accounts of the ABL Loan Parties, including concentration accounts, and will restrict the ABL Loan Parties’ ability to transfer cash from their concentration accounts to their disbursement accounts. Such cash dominion period (a "Dominion Period") shall end when (i) if arising as a result of a continuing event of default, such event of default ceases to exist, (ii) if arising as a result of non-compliance with the Excess Availability threshold, no event of default is continuing and, for a period of 30 consecutive days, Excess Availability is equal to or greater than the greater of $10,000 or 10% of the lesser of total commitments under the ABL Credit Facility and the borrowing base, or (iii) if arising as a result of Domestic Availability being less than the threshold, no event of default is continuing and, for a period of 30 consecutive days, Domestic Availability is greater than the greater of $20,000 or 20% of the lesser of total commitments under the ABL Credit Facility and the borrowing base.

Covenants. The ABL Credit Agreement governing the ABL Credit Facility contains (i) a springing covenant requiring that the Company’s fixed charge coverage ratio be no less than 1.10 to 1.00 during any Dominion Period and (ii) a covenant requiring Domestic Availability greater than $20,000 at all times until audited financial statements for fiscal year ending March 31, 2023 are delivered under the ABL Credit Agreement.
The ABL Credit Agreement governing the ABL Credit Facility contains customary representations and warranties, affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults, including covenants that limit the Company’s ability to, among other things:

•incur additional indebtedness or issue disqualified stock or preferred stock,
•make investments,
•pay dividends and make other restricted payments,
•sell certain assets,
•create liens,
•enter into sale and leaseback transactions,
•consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets,
•enter into transactions with affiliates, and
•designate subsidiaries as Unrestricted Subsidiaries (as defined in the ABL Credit Agreement).

On March 31, 2025, the Borrowers were in compliance with the covenants under the ABL Credit Agreement.

Intabex Term Loans
Pursuant to (i) an exchange offer (the "DDTL Facility Exchange") made to, and accepted by, holders of 100.0% of the outstanding term loans (the "DDTL Term Loans") under the Amended and Restated Term Loan Credit Agreement, effectuated pursuant to that certain Amendment and Restatement Agreement, dated as of June 2, 2022 (the "DDTL Credit Agreement"), by and among Intabex Netherlands B.V., as borrower ("Intabex"), the guarantors party thereto, the administrative agent and collateral agent thereunder, and the several lenders from time to time party thereto and (ii) an exchange offer (the "Exit Facility Exchange") made to, and accepted by, holders of 100.0% of the outstanding term loans (the "Exit Term Loans") under the Exit Term Loan Credit Agreement, dated as of August 24, 2020 (the "Exit Term Loan Credit Agreement"), by and among Pyxus Holdings, as borrower, the guarantors party thereto, the administrative agent and collateral agent thereunder, and the several lenders from time to time party thereto, on February 6, 2023, Pyxus Holdings entered into the Intabex Term Loan Credit Agreement, dated as of February 6, 2023 (the "Intabex Term Loan Credit Agreement"), by and among, Pyxus Holdings, the guarantors party thereto, the lenders party thereto and Alter Domus (US) LLC ("Alter Domus"), as administrative agent and senior collateral agent. The Intabex Term Loan Credit Agreement established a term loan credit facility in an aggregate principal amount of approximately $189,033 (the "Intabex Credit Facility"), under which term loans in the full aggregate principal amount of the Intabex Credit Facility (the "Intabex Term Loans") were deemed made in exchange for (i) $100,000 principal amount of the DDTL Term Loans, plus an additional $2,000 on account of the exit fee payable under the DDTL Credit Agreement and (ii) approximately $87,033 principal amount of Exit Term Loans, representing 40.0% of the outstanding principal amount thereof (including the applicable accrued and unpaid PIK interest thereon).

The Intabex Term Loans bear interest, at Pyxus Holdings’ option, at either (i) a term SOFR rate (subject to a floor of 1.5%) plus 8.0% per annum or (ii) an alternate base rate plus 7.0% per annum. The Intabex Term Loans are stated to mature on December 31, 2027.

The Intabex Term Loans may be prepaid from time to time, in whole or in part, without prepayment or penalty. With respect to alternate base rate loans, accrued interest is payable quarterly in arrears on the last business day of each calendar quarter and, with respect to SOFR loans, accrued interest is payable on the last day of each applicable interest period but no less frequently than every three months.

The Intabex Term Loan Credit Agreement contains customary representations and warranties, affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults, including covenants that limit the Company’s and its restricted subsidiaries’ ability to, among other things, incur additional indebtedness or issue disqualified stock or preferred stock; make investments; pay dividends and make other restricted payments; sell certain assets; incur liens; consolidate, merge, sell or otherwise dispose of all or substantially all their assets; enter into transactions with affiliates; designate subsidiaries as unrestricted subsidiaries; and, in the case of Intabex, undertake business activities and sell certain subsidiaries.

On March 31, 2025, Pyxus Holdings and the guarantors under the Intabex Term Loan Credit Agreement were in compliance with the covenants under the Intabex Term Loan Credit Agreement.

Pyxus Term Loans
Pursuant to the Exit Facility Exchange, on February 6, 2023, Pyxus Holdings entered into the Pyxus Term Loan Credit Agreement, dated as of February 6, 2023 (the "Pyxus Term Loan Credit Agreement"), by and among, Pyxus Holdings, the guarantors party thereto, the lenders party thereto and Alter Domus, as administrative agent and senior collateral agent, to establish a term loan credit facility in an aggregate principal amount of approximately $130,550 (the "Pyxus Credit Facility"),
under which term loans in the full aggregate principal amount of the Pyxus Credit Facility (the "Pyxus Term Loans" and, together with the Intabex Term Loans, the "New Term Loans") were deemed made in exchange for 60.0% of the outstanding principal amount of Exit Term Loans (including the applicable accrued and unpaid PIK interest thereon).

The Pyxus Term Loans bear interest, at Pyxus Holdings’ option, at either (i) a term SOFR rate (subject to a floor of 1.5%) plus 8.0% per annum or (ii) an alternate base rate plus 7.0% per annum. The Pyxus Term Loans are stated to mature on December 31, 2027.

The Pyxus Term Loans may be prepaid from time to time, in whole or in part, without prepayment or penalty. With respect to alternate base rate loans, accrued interest is payable quarterly in arrears on the last business day of each calendar quarter and, with respect to SOFR loans, accrued interest is payable on the last day of each applicable interest period but no less frequently than every three months.

The Pyxus Term Loan Credit Agreement contains customary representations and warranties, affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults, including covenants that limit the Company’s and its restricted subsidiaries’ ability to, among other things, incur additional indebtedness or issue disqualified stock or preferred stock; make investments; pay dividends and make other restricted payments; sell certain assets; incur liens; consolidate, merge, sell or otherwise dispose of all or substantially all their assets; enter into transactions with affiliates; and designate subsidiaries as unrestricted subsidiaries.

On March 31, 2025, Pyxus Holdings and the guarantors under the Pyxus Term Loan Credit Agreement were in compliance with the covenants under the Pyxus Term Loan Credit Agreement.

8.50% Senior Secured Notes due 2027
Pursuant to an exchange offer (the "Notes Exchange" and, together with the DDTL Facility Exchange and the Exit Facility Exchange, the "Debt Exchange Transactions") made by Pyxus Holdings and accepted by holders of approximately 92.7% of the aggregate principal amount of the outstanding 10.0% Senior Secured First Lien Notes due 2024 issued by Pyxus Holdings (the "2024 Notes") pursuant to that certain Indenture, dated as of August 24, 2020 (the "2024 Notes Indenture"), by and among Pyxus Holdings, the guarantors party thereto and the trustee, collateral agent, registrar and paying agent thereunder, on February 6, 2023, Pyxus Holdings issued approximately $260,452 in aggregate principal amount of 8.5% Senior Secured Notes due December 31, 2027 (the "2027 Notes" and, together with the New Term Loans, the "New Secured Debt") to the exchanging holders of the 2024 Notes for an equal principal amount of 2024 Notes. The 2027 Notes were issued pursuant to the Indenture, dated as of February 6, 2023 (the "2027 Notes Indenture"), among Pyxus Holdings, the guarantors party thereto, and Wilmington Trust, National Association, as trustee, and Alter Domus, as collateral agent.

The 2027 Notes bear interest at a rate of 8.5% per annum, which interest is computed based on a 360-day year comprised of twelve 30-day months. Interest accrues on the 2027 Notes from the date of issuance and is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2023. The 2027 Notes are stated to mature on December 31, 2027.

At any time, Pyxus Holdings may redeem the 2027 Notes, in whole or in part, at a redemption price equal to 100.0% of the principal amount of 2027 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

The 2027 Notes Indenture contains customary affirmative and negative covenants (subject, in each case, to exceptions and qualifications) and events of defaults, including covenants that limit the Company’s and its restricted subsidiaries’ ability to, among other things, incur additional indebtedness or issue disqualified stock or preferred stock; make investments; pay dividends and make other restricted payments; sell certain assets; incur liens; consolidate, merge, sell or otherwise dispose of all or substantially all their assets; enter into transactions with affiliates; and designate subsidiaries as unrestricted subsidiaries.

On March 31, 2025, Pyxus Holdings and the guarantors of the 2027 Notes were in compliance with the covenants under the 2027 Notes Indenture.

Guarantees and Collateral
The obligations of Pyxus Holdings under the ABL Credit Agreement and the New Secured Debt are fully and unconditionally guaranteed by the Company, Pyxus Parent and all of the Company’s domestic subsidiaries and certain of the Company’s foreign subsidiaries, subject to certain limitations (the "Senior Secured Debt Obligors"). In addition, under the Intabex Term Loan Credit Facility, Intabex and Alliance One International Tabak B.V. (which were obligors under the DDTL Term Loans) also guarantee the Intabex Credit Facility (together, the "Specified Intabex Obligors") but do not guarantee the 2027 Notes, the Pyxus Term Loans or obligations under the ABL Credit Agreement. In addition, certain assets of the Specified Intabex Obligors
(which were pledged as collateral for the DDTL Term Loans) are pledged as collateral to secure the Intabex Term Loans (the "Intabex Collateral") but do not secure the 2027 Notes, the Pyxus Term Loans, or obligations under the ABL Credit Agreement. On March 27, 2024, Alliance One International Tabak B.V. was merged with and into Intabex.

The Senior Secured Debt Obligors’ obligations under the ABL Credit Agreement are secured by (i) a first-priority senior lien the ABL Priority Collateral (as defined in the ABL/New Secured Debt Intercreditor Agreement (as defined below)), which includes certain accounts receivable and inventory and certain related intercompany notes, cash, deposit accounts, related general intangibles and instruments, certain other related assets and proceeds of the foregoing of the Senior Secured Debt Obligors, and (ii) a junior-priority lien on substantially all assets of the Senior Secured Debt Obligors other than certain exclusions and the ABL Priority Collateral. The New Secured Debt is secured by (i) a first-priority senior lien on substantially all assets of the Senior Secured Debt Obligors other than certain exclusions and the ABL Priority Collateral and (ii) a junior-priority lien on the ABL Priority Collateral. The Intabex Term Loans are further secured by a first-priority lien on the Intabex Collateral.

The obligations under the New Secured Debt share a single lien, held by Alter Domus, as senior collateral agent (the "Senior Collateral Agent"), on the Collateral (as defined below) subject to the payment waterfall pursuant to the intercreditor arrangements described below.

Intercreditor Agreements
The priority of the obligations under the ABL Credit Agreement and the New Secured Debt are set forth in the two intercreditor agreements entered into in connection with consummation of the DDTL Facility Exchange, the Exit Facility Exchange and the Notes Exchange.

ABL/New Secured Debt Intercreditor Agreement. On February 6, 2023, Pyxus Holdings, Inc., the guarantors party thereto, PNC Bank, National Association, as ABL Agent, Alter Domus, as Pyxus Term Loan Administrative Agent, Intabex Term Loan Administrative Agent and Senior Collateral Agent, and Wilmington Trust, National Association, as Senior Notes Trustee entered into an Amended and Restated ABL Intercreditor Agreement, dated as of February 6, 2023 (the "ABL/New Secured Debt Intercreditor Agreement") to provide for the intercreditor relationship between, (i) on one hand, the holders of obligations under the ABL Credit Facility, the guarantees thereof and certain related obligations and (ii) on the other hand, the holders of obligations under the New Secured Debt, the guarantees thereof and certain related obligations. Pursuant to the terms of the ABL/Term Loan/Notes Intercreditor Agreement, Pyxus Holdings’ obligations under the ABL Credit Facility, the guarantees thereof and certain related obligations have first-priority senior liens on the ABL Priority Collateral, which includes certain accounts receivable and inventory and certain related intercompany notes, cash, deposit accounts, related general intangibles and instruments, certain other related assets of the foregoing entities and proceeds of the foregoing, with the obligations under the New Secured Debt having junior-priority liens on the ABL Priority Collateral. Pursuant to the ABL/New Secured Debt Intercreditor Agreement, Pyxus Holdings’ collective obligations under the New Secured Debt, the guarantees thereof and certain related obligations have first-priority senior liens on the collateral that is not ABL Priority Collateral, including owned material real property in the U.S., capital stock of subsidiaries owned directly by Pyxus Holdings or a guarantor (other than the Intabex Collateral), existing and after acquired intellectual property rights, equipment, related general intangibles and instruments and certain other assets related to the foregoing and proceeds of the foregoing, with the obligations under the ABL Credit Facility having junior-priority liens on such collateral, other than real property. The ABL Credit Facility is not secured by real property.

Secured Debt Intercreditor Agreement. On February 6, 2023, the New Secured Debt Obligors, together with the representative for the holders of the New Secured Debt and the Senior Collateral Agent, entered into the Intercreditor and Collateral Agency Agreement, dated as of February 6, 2023 (the "New Secured Debt Intercreditor Agreement"), pursuant to which the Senior Collateral Agent, serves as joint collateral agent for the benefit of the holders of the 2027 Notes, the Pyxus Term Loans and the Intabex Term Loans with respect to all common collateral securing such indebtedness (the "Collateral"; which excludes Intabex Collateral). The New Secured Debt Intercreditor Agreement provides that Collateral or proceeds thereof received in connection with or upon the exercise of secured creditor remedies will be distributed (subject to the provisions described in the next paragraph) first to holders of the New Secured Debt on a pro rata basis based on the aggregate principal amount of each class of New Secured Debt, and then to holders of future junior debt secured by such Collateral on a pro rata basis based on the aggregate principal amount of each class of future junior debt (and in each case permitted refinancing indebtedness thereof).

Exercise of rights and remedies against the Collateral and certain rights in a bankruptcy or insolvency proceeding (including the right to object to debtor-in-possession financing or to credit bid) by the Senior Collateral Agent will be controlled first by the holders of a majority in principal amount of the New Term Loans (including, in any event, each holder holding at least 20.0% of the New Term Loans as of February 6, 2023, provided such holder holds at least 15.0% of the New Term Loans as of the date of determination), second, after repayment in full of the New Term Loans, by the holders of a majority in principal amount of the 2027 Notes and last, after repayment in full of the New Term Loans and the 2027 Notes, by holders of a majority in
principal amount of any future junior debt secured by the Collateral. Any such future junior debt will be subject to certain customary waivers of rights in a bankruptcy or insolvency proceeding in favor of the Senior Collateral Agent, including, but not limited to, with respect to debtor-in-possession financing, adequate protection, and credit bidding.

Related Party Transactions
The Company, Pyxus Parent and Pyxus Holdings (collectively, the "Holding Companies") entered into a Support and Exchange Agreement, effective as of December 27, 2022 (as amended, including by joinders thereto, the "Support Agreement"), with a group of creditors, including Glendon Capital Management LP, Monarch Alternative Capital LP, Nut Tree Capital Management, L.P., Intermarket Corporation and Owl Creek Asset Management, L.P. on behalf of certain funds managed by them and/or certain of their advisory clients, as applicable (collectively, the "Supporting Holders"), holding in aggregate:

•approximately 99.7% of the DDTL Term Loans outstanding under the DDTL Credit Agreement,
•approximately 68.1% of the Exit Term Loans outstanding under the Exit Term Loan Credit Agreement, and
•approximately 64.1% of the 2024 Notes outstanding under the 2024 Notes Indenture.

Pursuant to the Support Agreement, the Supporting Holders agreed to participate in the DDTL Facility Exchange, the Exit Facility Exchange, and the Notes Exchange, which were completed on February 6, 2023. Based on a Schedule 13D/A filed with the SEC on January 4, 2023 by Glendon Capital Management, L.P. (the "Glendon Investor"), Glendon Opportunities Fund, L.P. and Glendon Opportunities Fund II, L.P., Glendon Capital Management, L.P. reported beneficial ownership of 7,939 shares of the Company’s common stock, representing approximately 31.8% of the outstanding shares of the Company’s common stock. Based on a Schedule 13D/A filed with the SEC on January 23, 2023, by Monarch Alternative Capital LP (the "Monarch Investor"), MDRA GP LP and Monarch GP LLC, Monarch Alternative Capital LP reported beneficial ownership of 6,140 shares of the Company’s common stock, representing approximately 24.6% of the outstanding shares of the Company’s common stock. Based on a Schedule 13G/A filed with the SEC on February 10, 2022 by Owl Creek Asset Management, L.P. and Jeffrey A. Altman, Owl Creek Asset Management, L.P. is the investment manager of certain funds and reported beneficial ownership of 2,405 shares of the Company’s common stock on December 31, 2021, representing approximately 9.6% of the outstanding shares of the Company’s common stock. A representative of the Glendon Investor and a representative of the Monarch Investor served as directors of Pyxus at the time the Company and its applicable subsidiaries entered into the Initial DDTL Credit Facility Agreement, the amendments thereto (including the DDTL Credit Agreement) and the Support Agreement, effected borrowings under the Initial DDTL Credit Facility Agreement and the DDTL Credit Agreement and commenced the DDTL Facility Exchange, the Exit Facility Exchange and the Notes Exchange.

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 right 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. Refer to "Note 25. Related Party Transactions" for additional information.

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.

Seasonal Lines of Credit
Excluding its long-term credit agreements, the Company has typically financed its foreign operations with committed and 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 to 365 days corresponding to the tobacco crop cycle in that location. For uncommitted facilities, the lenders have the 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 seasonal lines of credit are guaranteed by the Company and certain of its subsidiaries. At March 31, 2025, the total borrowing capacity under individual seasonal lines of credit range up to $170,000. At March 31, 2025 and 2024, the Company was permitted to borrow under seasonal lines of credit, including letters of credit, up to a total of $918,372 and $776,756, respectively, subject to limitations under the ABL Credit Agreement and the agreements governing the New Secured Debt. The weighted average variable interest rate for the years ended March 31, 2025 and 2024 was 9.4% and 9.8%, respectively. Certain of the seasonal lines of credit with aggregate outstanding borrowings at March 31, 2025 and 2024 of $93,243 and $119,964, respectively, are secured by trade receivables and inventories as collateral. At March 31, 2025 and 2024, respectively, $542 and $516 of cash was held on deposit as a compensating balance. At March 31, 2025, the Company and its subsidiaries were in compliance with the covenants associated with the short-term seasonal lines of credit.
v3.25.1
Securitized Receivables
 12 Months Ended
Mar. 31, 2025
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 statements of consolidated operations. As of March 31, 2025, the investment limit of this facility was $160,000 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 March 31, 2025, the investment limit under the second facility was $160,000 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 March 31, 2025 and 2024, trade receivables, net in the consolidated balance sheets has been reduced by $2,190 and $15,036 as a result of the net settlement, respectively. As of March 31, 2025 and 2024, accrued expenses and other current liabilities in the consolidated balance sheets includes $0 and $10,279 of net payables for the Finacity Facility, respectively. Refer to "Note 19. 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 March 31, 2025, 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:

March 31,
20252024
Receivables outstanding in facility$355,246 $170,267 
Beneficial interest29,354 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:

Years Ended March 31,
202520242023
Cash proceeds:
   Cash purchase price$981,560 $649,680 $696,404 
   Deferred purchase price188,312 175,911 165,262 
v3.25.1
Guarantees
 12 Months Ended
Mar. 31, 2025
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:

March 31,
20252024
Amounts guaranteed (not to exceed)$110,660 $97,411 
Amounts outstanding under guarantee(1)
80,045 71,427 
Fair value of guarantees6,459 5,097 
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing13,787 34,571 
 (1) Most of the guarantees outstanding at March 31, 2025 expire within one year.
v3.25.1
Derivative Financial Instruments
 12 Months Ended
Mar. 31, 2025
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) gain of $(2,411), $6,356, and $6,764 from its derivative financial instruments in cost of goods and services sold for the years ended March 31, 2025, 2024, and 2023, respectively.

As of March 31, 2025 and 2024, accumulated other comprehensive income includes $132 and $(2,860), respectively, net of $(92) and $1,021 of tax, respectively, for net unrealized gains and (losses) related to designated cash flow hedges. As of March 31, 2025, the Company recorded current derivative assets of $982, included within other current assets, and current derivative liabilities of $57, included within accrued expenses and other current liabilities. There were no derivative assets or liabilities outstanding as of March 31, 2024. Refer to "Note 19. Fair Value Measurements" for additional information.

The following summarizes the U.S. Dollar notional amount of derivative contracts outstanding:

March 31,
20252024
U.S. Dollar notional outstanding$49,500 $— 
v3.25.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The inputs used to measure fair value are prioritized based on a three-level valuation hierarchy, which is comprised of observable and non-observable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These three levels of inputs create the following fair value hierarchy:

•Level 1 inputs - Quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs - Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and observable inputs (other than quoted prices) for the assets or liabilities.
•Level 3 inputs - Unobservable inputs for the assets or liabilities.
       
The following summarizes assets and liabilities measured at fair value on a recurring basis:

March 31,
20252024
Level 2Level 3Total Assets /
Liabilities
at Fair Value		Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Derivative financial instruments$982 $— $982 $— $— $— 
Securitized beneficial interests— 29,354 29,354 — 15,036 15,036 
Total assets$982 $29,354 $30,336 $— $15,036 $15,036 
Financial liabilities:
Derivative financial instruments$57 $— $57 $— $— $— 
Long-term debt(1)
433,885 12 433,897 462,987 160 463,147 
Guarantees— 6,459 6,459 — 5,097 5,097 
Total liabilities$433,942 $6,471 $440,413 $462,987 $5,257 $468,244 
(1) This fair value measurement disclosure does not affect the consolidated balance sheets.

Level 2 measurements
•Debt: The fair value of debt is based on the market price for similar financial instruments or model-derived valuations with observable inputs. The primary inputs to the valuation include market expectations, the Company's credit risk, and the contractual terms of the debt instrument.
•Derivatives: The fair value of derivatives is based on the discounted cash flow analysis of the expected future cash flows. The primary inputs to the valuation include forward yield curves, implied volatilities, interest rates, and credit valuation adjustments.

Level 3 measurements
•Guarantees: The fair value of guarantees is based on the discounted cash flow analysis of the expected future cash flows or historical loss rates. The historical loss rate was weighted by the principal balance of the loans.
•Securitized beneficial interests: The fair value of securitized beneficial interests is based on the present value of future expected cash flows. The discount rate was weighted by the outstanding interest. Payment speed was weighted by the average days outstanding.
•Debt: The fair value of debt is based on the present value of future payments. The primary inputs to this valuation include treasury notes interest and borrowing rates. The borrowing rates were weighted by average loans outstanding.
Reconciliation of Change in Recurring Level 3 Balances
The following summarizes the changes in Level 3 instruments measured on a recurring basis.

Securitized Beneficial InterestsLong-Term DebtGuarantees
Beginning balance at March 31, 2023$19,522 $514 $5,262 
Sales of receivables/issuance of guarantees162,229 — 7,184 
Settlements(154,659)(354)(4,801)
Losses recognized in earnings(12,056)— (2,548)
Ending balance at March 31, 2024$15,036 $160 $5,097 
Sales of receivables/issuance of guarantees244,886 — 7,639 
Settlements(212,964)(148)(2,421)
Losses recognized in earnings(17,604)— (3,856)
Ending balance at March 31, 2025$29,354 $12 $6,459 

Total losses included in earnings for the years ended March 31, 2025, 2024 and 2023 were $1,633, $1,027, and $659 on securitized beneficial interests and were attributable to changes in unrealized losses relating to assets held at the respective dates. Gains and losses included in earnings are reported in other expense, net.

Information about Fair Value Measurements Using Significant Unobservable Inputs
The following summarizes significant unobservable inputs and the valuation techniques utilized:

Valuation TechniqueUnobservable InputRange (Weighted Average)
Securitized Beneficial InterestsDiscounted Cash FlowDiscount Rate
3.0% to 6.9%
Payment Speed
64 days to 91 days
GuaranteesHistorical LossHistorical Loss
0.7% to 37.3%
Valuation TechniqueUnobservable InputRange (Weighted Average)
Securitized Beneficial InterestsDiscounted Cash FlowDiscount Rate
5.6% to 7.9%
Payment Speed
58 days to 83 days
GuaranteesHistorical LossHistorical Loss
0.7% to 37.3%
v3.25.1
Pension and Other Postretirement Benefits
 12 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
Defined Benefit Plans
The Company terminated one of its defined benefit pension plans in the United Kingdom ("U.K. Pension Plan") during the year ended March 31, 2024. The U.K. Pension Plan was over-funded. During the year ended March 31, 2024, 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 year ended March 31, 2024, 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 tax benefit, within accumulated other comprehensive income into the Company's consolidated statements of operations.

The Company terminated one of its defined benefit pension plans in the U.S. ("U.S. Pension Plan") during the year ended March 31, 2023. The Company settled benefits with vested participants that elected a lump sum payout and made a cash contribution of $5,300 to fully fund the U.S. Pension Plan liabilities that was used to purchase a group annuity contract to administer payments to the remaining U.S. Pension Plan participants. The Company recorded a noncash pension settlement charge of $2,588 for the year ended March 31, 2023, which included the recognition of unrecognized net pension gains within accumulated other comprehensive income into the Company's consolidated statements of operations.
The following summarizes benefit obligations, plan assets, and funded status for the defined benefit pension plans:

U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Benefit obligation, beginning$33,694 $21,266 $54,960 
Service cost— 235 235 
Interest cost1,679 1,038 2,717 
Actuarial losses (gains)838 (1,132)(294)
Plan settlements— (224)(224)
Effects of currency translation— (51)(51)
Benefits paid(3,334)(1,561)(4,895)
Benefit obligation, ending$32,877 $19,571 $52,448 
Fair value of plan assets, beginning$— $22,380 $22,380 
Actual return on plan assets— 1,011 1,011 
Employer contributions3,334 815 4,149 
Plan settlements— (224)(224)
Benefits paid(3,334)(1,561)(4,895)
Fair value of plan assets, ending$— $22,421 $22,421 
Funded status of the plan$(32,877)$2,850 $(30,027)

U.S. PlansNon-U.S. PlansTotal
March 31, 2024
Benefit obligation, beginning$35,710 $44,671 $80,381 
Service cost— 181 181 
Interest cost1,705 1,780 3,485 
Actuarial (gains) losses(538)7,743 7,205 
Plan settlements— (29,957)(29,957)
Effects of currency translation— (17)(17)
Benefits paid(3,183)(3,135)(6,318)
Benefit obligation, ending$33,694 $21,266 $54,960 
Fair value of plan assets, beginning$— $52,027 $52,027 
Actual return on plan assets— 3,171 3,171 
Employer contributions3,183 896 4,079 
Plan settlements— (31,064)(31,064)
Effects of currency translation— 485 485 
Benefits paid(3,183)(3,135)(6,318)
Fair value of plan assets, ending$— $22,380 $22,380 
Funded status of the plan$(33,694)$1,114 $(32,580)

The following summarizes amounts reported in the consolidated balance sheets for the defined benefit pension plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
2025202420252024
Noncurrent benefit asset recorded in other noncurrent assets$— $— $8,752 $7,562 
Accrued current benefit liability recorded in accrued expenses and other current liabilities(3,313)(3,341)(729)(1,065)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities(29,564)(30,353)(5,173)(5,383)
Funded status of the plan$(32,877)$(33,694)$2,850 $1,114 
The following summarizes pension obligations for the defined benefit pension plans:
U.S. Plans
Non-U.S. Plans (1)
March 31,March 31,
2025202420252024
Information for pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$32,877 $33,694 $5,902 $6,448 
Accumulated benefit obligation32,877 33,694 5,448 5,816 
(1) Certain of the Company's non-U.S. defined benefit pension plans in Europe were over-funded as of March 31, 2025 and 2024.

The following summarizes activity in accumulated other comprehensive income for the defined benefit plans:
U.S. and Non-U.S. PensionU.S. and Non-U.S. Post-retirementTotal
Prior service cost$(82)$— $(82)
Net actuarial gains5,883 1,992 7,875 
Deferred taxes831 (289)542 
Balance at March 31, 2023$6,632 $1,703 $8,335 
Prior service cost$50 $— $50 
Net actuarial gains5,855 (783)5,072 
Deferred taxes(940)249 (691)
Total change for 2024$4,965 $(534)$4,431 
Prior service cost$(32)$— $(32)
Net actuarial gains11,738 1,209 12,947 
Deferred taxes(109)(40)(149)
Balance at March 31, 2024$11,597 $1,169 $12,766 
Prior service cost$13 $— $13 
Net actuarial gains(100)28 (72)
Deferred taxes(118)(73)(191)
Total change for 2025$(205)$(45)$(250)
Prior service cost$(19)$— $(19)
Net actuarial gains11,638 1,237 12,875 
Deferred taxes(227)(113)(340)
Balance at March 31, 2025$11,392 $1,124 $12,516 
The following assumptions were used to determine the expense for the pension plans:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202520242023202520242023
Discount rate5.33%5.08%3.75%5.37%4.94%2.98%
Rate of increase in future compensationNot applicableNot applicableNot applicable10.42%5.72%7.31%
Expected long-term rate of return on plan assetsNot applicableNot applicableNot applicable4.35%4.20%2.16%
Interest crediting rateNot applicableNot applicable4.28%Not applicableNot applicableNot applicable

The following weighted average assumptions were used to determine the benefit obligations for the pension plans:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202520242023202520242023
Discount rate5.37%5.33%5.08%5.75%5.37%4.94%
Rate of increase in future compensationNot applicableNot applicableNot applicable7.52%10.42%5.72%

Plan Assets
The following summarizes asset allocations and the percentage of the fair value of plan assets by asset category:

Non-U.S. Plans
March 31,
20252024
Asset category:
Cash and cash equivalents96.1 %1.6 %
Equity securities— %57.7 %
Debt securities— %36.0 %
Real estate and other investments3.9 %4.7 %
Total100.0 %100.0 %

The fair values for the pension plans by asset category are as follows:

Non-U.S. Pension PlansMarch 31, 2025March 31, 2024
TotalLevel 1TotalLevel 1
Cash and cash equivalents$21,538 $21,538 $374 $374 
U.S. equities / equity funds— — 8,616 8,616 
International equities / equity funds— — 4,290 4,290 
U.S. fixed income funds— — 5,578 5,578 
International fixed income funds— — 2,477 2,477 
Real estate and other (1)
883 — 1,045 1,045 
Total$22,421 $21,538 $22,380 $22,380 
(1) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.
Postretirement Health and Life Insurance Benefits
The following summarizes benefit obligations, plan assets, and funded status for the postretirement health and life insurance benefits plans:

U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Benefit obligation, beginning$3,525 $1,580 $5,105 
Service cost2 — 2 
Interest cost177 129 306 
Effect of currency translation— (199)(199)
Actuarial (gains) losses(177)19 (158)
Benefits paid(156)(143)(299)
Benefit obligation, ending3,371 1,386 4,757 
Funded status of the plan$(3,371)$(1,386)$(4,757)
U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Accrued current benefit liability recorded in accrued expenses and other current liabilities$(334)$(133)$(467)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities(3,037)(1,253)(4,290)
Funded status of the plan$(3,371)$(1,386)$(4,757)

U.S. PlansNon-U.S. PlansTotal
March 31, 2024
Benefit obligation, beginning$3,369 $1,115 $4,484 
Service cost4 — 4 
Interest cost161 117 278 
Effect of currency translation— 10 10 
Actuarial losses160 472 632 
Benefits paid(169)(134)(303)
Benefit obligation, ending3,525 1,580 5,105 
Funded status of the plan$(3,525)$(1,580)$(5,105)
U.S. PlansNon-U.S. PlansTotal
March 31, 2024
Accrued current benefit liability recorded in accrued expenses and other current liabilities$(337)$(130)$(467)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities(3,188)(1,450)(4,638)
Funded status of the plan$(3,525)$(1,580)$(5,105)
The following assumptions were used to determine postretirement benefit obligations:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202520242023202520242023
Discount rate5.45 %5.35 %5.09 %11.67 %9.72 %10.58 %
Health care cost trend rate assumed for next year6.47 %6.58 %5.49 %8.94 %8.75 %9.40 %

Cash Flows
The Company expects to contribute the following to its benefit plans:

Pension BenefitsPostretirement Plans
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. PlansTotal
Fiscal Year 2026$3,313 $729 $334 $133 $4,509 

The Company's contributions to the defined contribution plans are as follows:

Years Ended March 31,
202520242023
Contributions$4,459 $4,395 $5,478 

The following summarizes the expected benefit payments to be paid in future fiscal years, as of March 31, 2025:

Pension BenefitsOther Benefits
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. PlansTotal
2026$3,313 $1,729 $334 $133 $5,509 
20273,246 1,627 323 136 5,332 
20283,172 1,550 313 140 5,175 
20293,091 1,586 302 143 5,122 
20303,002 1,764 292 146 5,204 
Thereafter13,424 10,552 1,293 787 26,056 
Total$29,248 $18,808 $2,857 $1,485 $52,398 
v3.25.1
Contingencies and Other Information
 12 Months Ended
Mar. 31, 2025
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 March 31, 2025, the assessment for intrastate trade tax credits taken is $2,299 and the total assessment including penalties and interest is $9,774. 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 consolidated financial statements of the Company.

Other Matters
In addition to the above-mentioned matter, certain of the Company’s subsidiaries are involved in other litigation or legal matters incidental to their business activities, including tax matters. While the outcome of these matters cannot be predicted with certainty, 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.
v3.25.1
Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
The following summarizes changes in each component of accumulated other comprehensive income, net of tax, attributable to the Company:

Currency Translation AdjustmentPensions, Net of TaxDerivatives, Net of TaxAccumulated Other Comprehensive Income
Balances at March 31, 2022$(8,873)$6,328 $6,349 $3,804 
Other comprehensive income (loss) before reclassifications2,481 1,873 1,750 6,104 
Amounts reclassified to net loss, net of tax— 134 (4,527)(4,393)
Other comprehensive income (loss), net of tax2,481 2,007 (2,777)1,711 
Balances at March 31, 2023$(6,392)$8,335 $3,572 $5,515 
Other comprehensive income (loss) before reclassifications700 (4,436)1,698 (2,038)
Amounts reclassified to net income, net of tax— 8,867 (4,558)4,309 
Other comprehensive income (loss), net of tax700 4,431 (2,860)2,271 
Balances at March 31, 2024$(5,692)$12,766 $712 $7,786 
Other comprehensive (loss) income before reclassifications(353)62 (2,226)(2,517)
Amounts reclassified to net income, net of tax— (312)2,358 2,046 
Other comprehensive (loss) income, net of tax(353)(250)132 (471)
Balances at March 31, 2025$(6,045)$12,516 $844 $7,315 

The following summarizes amounts by component, reclassified from accumulated other comprehensive income to net income (loss):

Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
20252024
Pension and postretirement plans(1):
Settlement loss$— $4,681 Loss on pension settlement
Actuarial (gain) loss(581)6,780 Interest expense
Amortization of prior service cost3 4 Interest expense
Amounts reclassified from equity to the income statement, gross(578)11,465 
Tax effects of amounts reclassified from accumulated other comprehensive income to net income266 (2,598)
Amounts reclassified from equity to the income statement, net$(312)$8,867 
(1) Amounts are included in net periodic benefit costs for pension and postretirement plans.
Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
202520242023
Derivatives:
Loss (gain) on forward foreign exchange contracts designated as cash flow hedges$3,185 $(6,356)$(6,764)
Cost of goods and services sold;
selling, general, and administrative expenses(1)
Amounts reclassified from equity to the income statement, gross3,185 (6,356)(6,764)
Tax effects of amounts reclassified from accumulated other comprehensive income to net income (loss)(827)1,798 2,237 
Amounts reclassified from equity to the income statement, net$2,358 $(4,558)$(4,527)
(1) For the year ended March 31, 2025, $2,411 was included in cost of goods and services sold and $774 was included in selling, general, and administrative expenses. For the years ended March 31, 2024 and 2023, the gains were included in cost of goods and services sold.
v3.25.1
Government Assistance
 12 Months Ended
Mar. 31, 2025
Government Assistance [Abstract]  
Government Assistance Government Assistance
In fiscal year 2024, the Company partnered with the U.S. Agency for International Development ("USAID") to support programs that promote sustainable agriculture developments in certain markets. In conjunction with this partnership, USAID awarded a total of $16,600 in grants to be received over a five-year period based on the achievement of certain agreed-upon milestones. The grants awarded are governed by a fixed-amount cooperative agreement that outlines how the funds should be used, which includes providing crop financing to farmers, acquiring capital assets, and funding certain operating expenses to achieve desired outcomes.

Following the U.S. Executive Order titled "Reevaluating and Realigning U.S. Foreign Aid" of January 20, 2025, the grant award was terminated effective February 25, 2025 and the Company is in the process of utilizing the remaining funds from USAID. The termination of the cooperative agreement did not have a material impact on the Company's consolidated financial condition, results of operations, or cash flows. During the years ended March 31, 2025 and 2024, the Company received $3,840 and $4,900, respectively, in cash grants from USAID.
v3.25.1
Equity–Based Compensation
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation
24. Equity-Based Compensation

On March 21, 2024 and March 19, 2025, the Board of Directors amended and restated the Incentive Plan to increase the number of shares of the Company's common stock authorized to be issued thereunder to 3,220 shares and to 3,612 shares (which amounts are presented in thousands), respectively. Pursuant to the Incentive Plan, prior to May 10, 2024, the Company granted time-vesting restricted stock units, with the vesting of these restricted stock units being subject to continued employment or service 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 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 (a "change-in-control event"). On the Modification Date, the amended Listing Condition was rendered nonsubstantive, and recipients of the outstanding restricted stock units had satisfied the continued service requirement, meaning the then-outstanding restricted stock units were fully earned for vesting.

Performance-based stock units awarded under the Incentive Plan prior to the fiscal year ended March 31, 2025 provided for the issuance of shares based on satisfaction of performance criteria over a three-year measurement period ended March 31, 2024, subject to continued employment, with payouts at 50% of the target level upon satisfaction of threshold performance levels, 100% of the target level upon satisfaction of target performance levels and 150% of the target level upon performance equaling or exceeding the maximum performance levels, with payouts interpolated for performance between these levels. Such performance-based restricted stock units were subject to an additional condition to vesting that the Company’s common stock be listed for trading on a national securities exchange or an approved foreign securities exchange by a specified date. The
performance criteria for these performance-based stock units were not satisfied at the threshold level for the three-year measurement period ended March 31, 2024 and all such performance-based stock units were forfeited.

During the year ended March 31, 2025, the Company recognized total equity-based compensation expense of $4,110, which is recorded in selling, general, and administrative expenses within the 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. No equity-based compensation expense was recognized in the years ended March 31, 2024 and 2023.

Restricted Stock Units
Restricted stock units granted under the Incentive Plan in the fiscal year ended March 31, 2025 are earned ratably, subject to continued employment, from the date of the award to March 31, 2027 for awards to employees and are earned, subject to continued service, from the date of the award to the earlier of August 15, 2025 or the Company's next annual shareholders meeting for awards to certain members of the Board of Directors of Pyxus. Restricted stock units vest upon the earlier of March 31, 2031 or upon the occurrence of a change-in-control event or the listing of Pyxus' common stock in certain stock exchanges (a "liquidity event"). The following summarizes activity for restricted stock units:

(in thousands except grant date fair value)Restricted Stock UnitsWeighted Average Grant Date Fair Value Per Share
Nonvested, March 31, 2024(1)
956 $3.50 
Granted862 3.41 
Canceled or forfeited(94)3.50 
Nonvested, March 31, 2025
1,724 $3.46 
(1) The weighted average grant date fair value per share is as of the Modification Date, the date at which these outstanding units were fully earned for vesting.

Unrecognized compensation costs for restricted stock units were $1,851 as of March 31, 2025, and are expected to be recognized over a weighted average period of 1.96 years, representing the weighted average remaining service period related to the awards, subject to adjustments for actual forfeitures.

Performance-Based Stock Units
Performance-based stock units granted under the Incentive Plan in the fiscal year ended March 31, 2025 will vest if the per share price achieved in a liquidity event equals or exceeds the specified target level. The amount of common stock shares to be issued after a liquidity event will range from 0% to 200% of the number of performance-based stock units granted, contingent upon the per share price achieved in the liquidity event and subject to continued employment through the date of the liquidity event. A liquidity event was not probable as of March 31, 2025. As a result, no equity-based compensation expense was recognized for the performance-based stock units in the year ended March 31, 2025. The following summarizes activity for performance-based stock units (at the target performance level):

(in thousands except grant date fair value)Performance-Based Stock UnitsWeighted Average Grant Date Fair Value Per Share
Nonvested, March 31, 2024
589 $— 
Granted605 4.36 
Canceled or forfeited(1)
(642)4.36 
Nonvested, March 31, 2025*
553 $4.36 
*Amounts may not equal totals due to rounding.
(1) On the Modification Date, the performance-based restricted stock units granted under the Incentive Plan that were outstanding at March 31, 2024 were canceled as the vesting requirements were not met.
v3.25.1
Related Party Transactions
 12 Months Ended
Mar. 31, 2025
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 sales and purchases transactions with related parties:

Years Ended March 31,
202520242023
   Sales$16,512 $25,059 $22,695 
   Purchases214,341 204,193 158,140 
Dividends received12,449 14,486 12,677 
          
The Company included the following related party balances in its consolidated balances sheets:

March 31,
20252024Location in Consolidated Balance Sheet
Accounts receivable, related parties$50 $50 Other receivables
Accounts payable, related parties19,731 35,396 Accounts payable
Advances from related parties— 12,533 Advances from customers

Transactions with Significant Shareholders
As described in "Note 15. Debt Arrangements," funds managed by the Glendon Investor, funds managed by the Monarch Investor, and funds managed by Owl Creek Asset Management, L.P., (such funds are collectively referred to as the "Investor-Affiliated Funds") entered into the Support Agreement, and received the New Secured Debt pursuant to the Debt Exchange Transactions. The Company paid a total of $1,575 in transaction costs incurred by the parties receiving the New Secured Debt in the Debt Exchange Transactions, of which an aggregate $910 related to costs paid on behalf of the Investor-Affiliated Funds.

On August 24, 2020, pursuant to the Exit Term Loan Credit Agreement, Pyxus Holdings became obligated with respect to the Exit Term Loans in an aggregate principal amount of approximately $213,418. The Exit Term Loans accrued interest at an annual rate equal to LIBOR plus 800 basis points or 700 basis points above base rate, as applicable. In addition to the cash interest payments, from and after August 24, 2021, the Exit Term Loans accrued "payment in kind" (PIK) interest in an annual rate equal to 100 basis points, which rate increased by an additional 100 basis points on August 24, 2022. The Exit Term Loans were exchanged upon consummation of the DDTL Facility Exchange and the Exit Facility Exchange on February 6, 2023.

On April 23, 2021 (the “DDTL Closing Date”), Intabex entered into a Term Loan Credit Agreement (as amended on May 21, 2021, the "Initial DDTL Facility Credit Agreement"), dated as of April 23, 2021, by and among (i) Intabex, as borrower, (ii) the Company, Pyxus Parent, Pyxus Holdings, Alliance One International, LLC, Alliance One International Holdings, Ltd, as guarantors (collectively, the "Parent Guarantors"), (iii) the lenders thereto, which included certain funds managed by Glendon Capital Management, L.P., Monarch Alternative Capital LP, and Owl Creek Asset Management, L.P. (collectively and, together other lenders that became parties thereto as lenders, the "DDTL Facility Lenders"), and (iv) Alter Domus, as administrative agent and collateral agent. The Initial DDTL Facility Credit Agreement established a $120,000 delayed-draw term loan credit facility (the "Initial DDTL Facility") under which the full amount was drawn (the "Initial DDTL Loans") by March 31, 2022. The proceeds of the Initial DDTL Loans were used to provide working capital and for other general corporate purposes of Intabex, the guarantors of the Initial DDTL Loans and their subsidiaries.

Interest on the aggregate principal amount of outstanding Initial DDTL Loans accrued at an annual rate of LIBOR plus 9.0%, subject to a LIBOR floor of 1.5%, for LIBOR loans or, for loans that are not LIBOR loans, at an annual rate of an alternative base rate (as specified in the Initial DDTL Facility Credit Agreement) plus 8.0%. Pursuant to the Initial DDTL Facility Credit Agreement, the DDTL Facility Lenders received a non-refundable commitment fee equal to 2.0% of the aggregate commitments under the Initial DDTL Facility, paid in cash in full on the DDTL Closing Date and netted from the proceeds of the Initial DDTL Loans borrowed on the DDTL Closing Date. The Initial DDTL Facility Credit Agreement provided for the payment by Intabex to the DDTL Facility Lenders of a non-refundable exit fee (the "Exit Fee") increasing in increments from 1.0% for repayment on or before September 30, 2021 to 5.0% for repayment after March 31, 2022 (whether prepaid voluntarily or paid following acceleration or at maturity).

The obligations of Intabex under the Initial DDTL Facility Credit Agreement (and certain related obligations) were (a) guaranteed by the Parent Guarantors and Alliance One International Tabak B.V., then an indirect subsidiary of the Company, and each of the Company’s domestic and foreign subsidiaries that was or became a guarantor of borrowings under the Exit Term Loan Credit Agreement and (b) was secured by the pledge of all of the outstanding equity interests of (i) Alliance One
Brasil Exportadora de Tabacos Ltda. ("AO Brazil"), which principally operates the Company’s leaf tobacco operations in Brazil, and (ii) Alliance One International Tabak B.V., which owned a 0.001% interest of AO Brazil.

The Initial DDTL Credit Facility Agreement was amended and restated by the DDTL Credit Agreement, which established a $100,000 term loan credit facility (the "DDTL Term Loan Facility") and required that Intabex use the net proceeds of the DDTL Term Loans made thereunder and other funds to repay in full its obligations under the Initial DDTL Facility Credit Agreement, including the payment of fees and expenses incurred in connection with repaying borrowings under the Initial DDTL Facility and incurring the DDTL Term Loans under the DDTL Credit Agreement. The DDTL Credit Agreement provided for a 2.0% fee due with respect to any principal payment made after the one-year anniversary of the incurrence of the DDTL Term Loans, including a payment made at maturity. Interest on the outstanding principal amount of the DDTL Term Loans accrued at an annual rate of SOFR plus 7.5%, subject to a SOFR floor of 1.0%, for "SOFR loans" or, for loans that are not SOFR loans, at an annual rate of an alternate base rate (as specified in the DDTL Credit Agreement and subject to a specified floor) plus 6.5%. Pursuant to the DDTL Credit Agreement, the DDTL Facility Lenders received a non-refundable commitment fee equal to 3.0% of the aggregate commitments under the DDTL Term Loan Facility and a closing fee equal to 1.0% of the aggregate commitments under the DDTL Term Loan Facility, as original issue discount. Under the DDTL Credit Agreement, the obligations of Intabex under the Amended Credit Agreement (and certain related obligations) continued to be guaranteed and secured by the same guarantors of, and the same collateral securing, Intabex’s obligations under the Initial DDTL Facility Credit Agreement. The DDTL Term Loans were exchanged upon consummation of the DDTL Facility Exchange on February 6, 2023.

The Initial DDTL Credit Facility Agreement and the amendments thereto (including the DDTL Credit Agreement), any and all borrowings thereunder, the related guaranty transactions, the Support Agreement, the DDTL Facility Exchange, the Exit Facility Exchange and the Notes Exchange, including the Intabex Term Loan Credit Agreement, the Intabex Term Loans, the Pyxus Term Loan Credit Agreement, the Pyxus Term Loans, the 2027 Notes and the 2027 Notes Indenture were approved, and determined to be on terms and conditions at least as favorable to the Company and its subsidiaries as could reasonably have been obtained in a comparable arm’s-length transaction with an unaffiliated party, by a majority of the disinterested members of the Board of Directors of Pyxus.

On December 30, 2021, the Investor-Affiliated Funds received $14,991 of the repayment of $15,375 principal amount of the Initial DDTL Loans. In connection with the effectiveness of the DDTL Credit Agreement on July 28, 2022, in addition to the deemed repayment of the Initial DDTL Loans, the Investor-Affiliated Funds received $5,119 of the aggregate $5,250 in exit fee payments from the repayment of the principal amount under the Initial DDTL Facility. In addition, the Investor-Affiliated Funds received in the aggregate $3,900 of the total $4,000 in commitment and closing fees with respect to the DDTL Credit Agreement, which were reflected as original issue discount, paid to all DDTL Facility Lenders in connection with the aggregate $97,500 principal amount of the DDTL Term Loans made by them of the total $100,000 aggregate principal amount of the DDTL Term Loans made by all DDTL Facility Lenders.

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 consolidated balance sheets as of March 31, 2025 included $1,600 of interest payable to Investor-Affiliated Funds and $4,239 of interest payable to Investor-Affiliated Funds and CI Investments as of March 31, 2024. Interest expense as presented in the consolidated statements of operations included $24,416, $40,909 and $35,649 for the years ended March 31, 2025, 2024, and 2023, respectively, that related to the Investor-Affiliated Funds and CI Investments for the period during which such persons' beneficial ownership of the Company's common stock was five percent or more 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, 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.
v3.25.1
Segment Information
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The following summarizes segment information, with the All Other category being included for purposes of reconciliation of the respective balances below of the Leaf segment (the Company's sole reportable segment) to the consolidated financial statements:

Years Ended March 31,
202520242023
Sales and other operating revenues:
Leaf$2,470,984 $2,029,615 $1,900,558 
All Other10,276 2,944 14,323 
Consolidated sales and other operating revenues2,481,260 2,032,559 1,914,881 
Cost of goods and services sold:
Leaf2,125,756 1,714,053 1,636,378 
All Other12,520 6,171 17,486 
Consolidated cost of goods and services sold2,138,276 1,720,224 1,653,864 
Selling, general, and administrative expenses:
Leaf164,228 154,074 139,160 
All Other6,770 6,836 12,371 
Consolidated selling, general, and administrative expenses170,998 160,910 151,531 
Other segment items:(1)
Leaf16,714 8,281 7,964 
All Other(304)1,158 3,059 
Consolidated other segment items16,410 9,439 11,023 
Leaf segment operating income164,286 153,207 117,056 
All Other operating loss(8,710)(11,221)(18,593)
Restructuring and asset impairment charges2,259 4,799 4,685 
Consolidated operating income153,317 137,187 93,778 
Gain on debt retirement8,178 15,914 — 
Loss on deconsolidation/disposition of subsidiaries— — 648 
Loss on pension settlement— 12,008 2,588 
Interest expense, net128,041 125,620 113,164 
Income (loss) before income taxes and other items$33,454 $15,473 $(22,622)
(1) Represents the other expense, net caption within the consolidated statements of operations. See "Note 4. Other Expense, Net" for additional information.
March 31, 2025
LeafAll OtherTotal
Segment assets$1,466,400 $37,443 $1,503,843 
Trade and other receivables, net204,054 175 204,229 
Equity in net assets of investee companies90,238 6,690 96,928 
Depreciation and amortization18,772 1,562 20,334 
Capital expenditures21,137 2,977 24,114 

March 31, 2024
LeafAll OtherTotal
Segment assets$1,616,486 $41,427 $1,657,913 
Trade and other receivables, net187,083 336 187,419 
Equity in net assets of investee companies94,609 6,636 101,245 
Depreciation and amortization17,767 1,483 19,250 
Capital expenditures18,062 2,973 21,035 

The following summarizes geographic information for sales and other operating revenues by destination of the product shipped:

Years Ended March 31,
202520242023
Sales and Other Operating Revenues:
China$497,437 $362,778 $338,174 
U.S.244,556 192,745 220,266 
Indonesia227,369 215,491 170,492 
United Arab Emirates213,321 182,687 182,306 
Belgium (1)
160,337 156,085 132,456 
Egypt133,023 43,495 52,428 
Turkey84,957 62,089 50,559 
Other920,260 817,189 768,200 
Total$2,481,260 $2,032,559 $1,914,881 
(1) The Belgium destination represents a customer-owned storage and distribution center from which the tobacco will be shipped on to manufacturing facilities.

The following summarizes the customers, including their respective affiliates, that account for 10% or more of total sales and other operating revenues for the respective periods, as indicated by an "x":

Years Ended March 31,
202520242023
British American Tobaccox
China National Tobacco Corporationxxx
Japan Tobacco Internationalxx
Philip Morris International Inc.xxx
The following summarizes geographic information for property, plant, and equipment by location:

March 31,
20252024
Property, Plant, and Equipment, Net:
Brazil$33,720 $31,455 
Malawi26,091 28,400 
Zimbabwe24,049 22,861 
U.S.22,293 21,429 
Other11,304 11,565 
Jordan9,588 10,664 
Tanzania11,131 7,784 
Total$138,176 $134,158 
v3.25.1
Subsequent Events
 12 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Securitized Receivables
On May 1, 2025, the investment limit of the Finacity Facility was decreased from $160,000 to $120,000 of trade receivables. On May 30, 2025, the existing facility arrangement was extended to May 31, 2026, and, during specified periods, allows the Company to request a temporary increase with a 30-day notice.

Fourth Amendment to the ABL Credit Facility
On May 12, 2025, Pyxus Holdings, certain subsidiaries of Pyxus Holdings, and the Company and its wholly owned subsidiary, Pyxus Parent, entered into a Fourth Amendment to the ABL Credit Agreement (the "ABL Amendment"), with the lenders party thereto and PNC Bank, National Association, as Administrative Agent and Collateral Agent. The ABL Amendment amends the ABL Credit Agreement to, among other things:

•increase the aggregate amount of the revolving loan commitments under the ABL Credit Facility by $30,000 from $120,000 to $150,000,
•reduce the margin for the interest rate by 0.25% per annum from 3.00% to 2.75% and eliminate the SOFR adjustment charge,
•reduce the commitment fee for the unused amounts of the ABL Credit Facility to 0.25%, and
•extend the maturity to May 12, 2030 or, if earlier, 90 days prior to the earliest stated maturity date of (i) the outstanding senior secured notes and the senior secured term loans (each currently scheduled to mature on December 31, 2027) or (ii) any indebtedness that refinances any of the foregoing.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure      
Net income (loss) attributable to Pyxus International, Inc. $ 15,166 $ 2,663 $ (39,141)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Mar. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company recognizes the importance of maintaining cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Our information security framework leverages information and guidance from external sources and is managed by an internal team, led by the Cybersecurity Manager. This team provides updates on the overall effectiveness of the cybersecurity framework, including information on cyber threats and incidents, to the Information Services leadership team consisting of the Executive Vice President ("EVP") – Global Business & Information Services, Vice President ("VP") – Global Business Systems, VP – Global Information Technology Operations and Governance, and Senior Director – Data Insights and Innovation. We utilize a multi-layered, risk-based approach to our security controls to prevent, detect, and respond to cybersecurity threats. Our capabilities, processes, and security measures include, and are not limited to:

•reactive endpoint protection to detect and prevent virus and malware threats,
•network perimeter firewalls, including malware prevention,
•e-mail scanning to prevent spam and phishing campaigns,
•vulnerability scanning and remediation of vulnerabilities based on priority,
•logical access controls, including multi-factor authentication,
•incident response procedures, and
•disaster recovery protocols.

The Company educates its workforce as part of our security awareness program to understand the risks and potential impacts cybersecurity threats pose to our business, and ways employees can remain vigilant to prevent cybersecurity incidents from occurring. The program includes annual employee acknowledgement of security related policies, ongoing communication about prevalent vulnerabilities, security awareness training, and simulated phishing campaigns.

We maintain strategic partnerships with third-party service providers to enhance our security measures and improve resilience against cybersecurity threats. Annual penetration tests are conducted by a third party to evaluate existing security measures and identify improvements. Additionally, the Company engages a managed detection and response service to monitor our end points, identify suspicious activity, and perform actions to prevent or stop attacks.

The Company maintains a cybersecurity insurance policy that provides coverage for potential losses arising from a cybersecurity incident. Although we maintain cybersecurity insurance, there can be no guarantee that our policy will cover all losses or all types of claims that may arise from such incidents.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company recognizes the importance of maintaining cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Our information security framework leverages information and guidance from external sources and is managed by an internal team, led by the Cybersecurity Manager. This team provides updates on the overall effectiveness of the cybersecurity framework, including information on cyber threats and incidents, to the Information Services leadership team consisting of the Executive Vice President ("EVP") – Global Business & Information Services, Vice President ("VP") – Global Business Systems, VP – Global Information Technology Operations and Governance, and Senior Director – Data Insights and Innovation. We utilize a multi-layered, risk-based approach to our security controls to prevent, detect, and respond to cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our processes for assessing, identifying, and managing material risks from cybersecurity are included in our Enterprise Risk Management ("ERM") program. Oversight of the Company's ERM program resides with the Audit Committee and our Board of Directors. The Audit Committee regularly reviews the results from the Company's ERM program with management. The Board of Directors receives updates from the EVP – Global Business & Information Services regarding cybersecurity framework developments and information that may impact the Company’s cybersecurity posture.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee regularly reviews the results from the Company's ERM program with management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our processes for assessing, identifying, and managing material risks from cybersecurity are included in our Enterprise Risk Management ("ERM") program. Oversight of the Company's ERM program resides with the Audit Committee and our Board of Directors. The Audit Committee regularly reviews the results from the Company's ERM program with management. The Board of Directors receives updates from the EVP – Global Business & Information Services regarding cybersecurity framework developments and information that may impact the Company’s cybersecurity posture.
Cybersecurity Risk Role of Management [Text Block] Our capabilities, processes, and security measures include, and are not limited to:
•reactive endpoint protection to detect and prevent virus and malware threats,
•network perimeter firewalls, including malware prevention,
•e-mail scanning to prevent spam and phishing campaigns,
•vulnerability scanning and remediation of vulnerabilities based on priority,
•logical access controls, including multi-factor authentication,
•incident response procedures, and
•disaster recovery protocols.

The Company educates its workforce as part of our security awareness program to understand the risks and potential impacts cybersecurity threats pose to our business, and ways employees can remain vigilant to prevent cybersecurity incidents from occurring. The program includes annual employee acknowledgement of security related policies, ongoing communication about prevalent vulnerabilities, security awareness training, and simulated phishing campaigns.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] false
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our processes for assessing, identifying, and managing material risks from cybersecurity are included in our Enterprise Risk Management ("ERM") program. Oversight of the Company's ERM program resides with the Audit Committee and our Board of Directors. The Audit Committee regularly reviews the results from the Company's ERM program with management. The Board of Directors receives updates from the EVP – Global Business & Information Services regarding cybersecurity framework developments and information that may impact the Company’s cybersecurity posture.

The Company’s EVP – Global Business & Information Services reports to the Chief Executive Officer and has 36 years of experience leading information technology functions, which includes information security and incident management prevention and response. Under the direction of the EVP – Global Business & Information Services and the Chief Executive Officer, an internal team within the Company's Information Services department analyzes cybersecurity risks, considers industry trends, and implements controls, as appropriate, to mitigate these risks.

Impact of Cybersecurity Risks and Threats
As of the date of this Annual Report on Form 10-K, we are not aware of cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, there can be no assurance that a material cybersecurity incident will not occur in the future. Additional information on cybersecurity risks is discussed in "Item 1A. Risk Factors," which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Company’s EVP – Global Business & Information Services reports to the Chief Executive Officer and has 36 years of experience leading information technology functions, which includes information security and incident management prevention and response.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Board of Directors receives updates from the EVP – Global Business & Information Services regarding cybersecurity framework developments and information that may impact the Company’s cybersecurity posture.
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its majority-owned and controlled subsidiaries. Intercompany accounts and transactions have been eliminated.
Equity Method Investments
Equity Method Investments
The Company’s equity method investments and its cost method investments are non-marketable securities. When not required to consolidate its investment in another entity, the Company uses the equity method if it (i) can exercise significant influence over the other entity, and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, plus or minus the Company’s equity in the increases or decreases of the investee’s net assets after the date of acquisition. The Company continually monitors its equity method investments for factors indicating other-than-temporary impairment. The Company's proportionate share of the net income or loss of these entities is included in income from unconsolidated affiliates, net within the consolidated statements of operations. Dividends received from the investee reduce the carrying amount of the investment. Distributions from equity method investees are accounted for based on the cumulative earnings approach to determine whether they represent a return of investment, or a return on investment.
Variable Interest Entities
Variable Interest Entities
The Company holds variable interests in multiple variable interest entities, which primarily procure or process inventory on behalf of the Company or are securitization entities. These variable interests relate to equity investments, receivables, guarantees, and securitized receivables. The Company is not the primary beneficiary of most of these entities as it does not have the power to direct the activities that most significantly impact the economic performance of these entities, due to these entities’ management and board of directors’ structure. As a result, most of these variable interest entities are not consolidated. Creditors of the Company’s variable interest entities do not have recourse against the general credit of the Company.

The Company's investments in unconsolidated variable interest entities are classified as investments in unconsolidated affiliates in the consolidated balance sheets. The Company's assets and liabilities with variable interest entities are classified as related party balances. The Company's maximum exposure to loss in these variable interest entities is represented by the investments, receivables, guarantees, and the deferred purchase price on the sale of securitized receivables.
Use of Estimates
Use of Estimates
The preparation of these consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the Company's estimates and assumptions. Estimates are used in accounting for, among other things, revenue recognition, pension and postretirement health care benefits, inventory reserves, credit loss reserves, bank loan guarantees to suppliers and unconsolidated subsidiaries, advances to suppliers reserves, useful lives for depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, deferred tax assets and uncertain income tax positions, intrastate tax credits, incremental borrowing rates for the present value of lease payments, fair value determinations of financial assets and liabilities, including derivatives, securitized beneficial interests, and counterparty risk.
Reclassifications
Reclassifications
Certain prior-period amounts were reclassified to conform to the current-year presentation in the consolidated statements of cash flows, and in the income taxes footnote disclosure related to unrecognized tax benefits and related interest and penalties.
Segment Information
Segment Information
The Company reviewed its operations in Africa, Asia, Europe, North America, and South America and concluded the economic characteristics of these five Leaf regional operations were similar. Each geographic region derives its revenues mainly from shipping processed tobacco to manufacturers of cigarettes and other consumer tobacco products around the world, with a smaller percentage of revenue in each region being derived from performing third-party tobacco processing services. The one Leaf reportable segment is consistent with information used by the chief operating decision maker ("CODM") to assess performance, make operating decisions, and allocate resources. The Company's CODM, comprised of both the chief executive
officer and the chief financial officer, regularly evaluates performance using operating income as the measure of segment profitability. This measure is utilized during the budgeting and forecasting process to determine future operating plans and enable strategic decision making for the allocation of capital. Corporate general expenses are allocated to the segments based upon segment selling, general, and administrative expenses. The Company has seven operating segments organized by geographic area and product category that are aggregated into one reportable segment for financial reporting purposes: Leaf. The All Other category does not meet the quantitative and qualitative thresholds to be reportable and are included for purposes of reconciliation of respective balances for the Leaf segment to the consolidated financial statements.
Revenue Recognition
Revenue Recognition
The Company's revenue consists primarily of the sale of processed tobacco and fees charged for processing and related services to the manufacturers of tobacco products. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company’s performance obligations are satisfied when the transfer of control of the distinct product or service to the customer occurs. For products, control is transferred, and revenue is recognized, at a point in time, in accordance with the shipping terms of the contract. For processing and related services, control is transferred, and revenue is recognized, over time using the input method based on a kilogram of packed tobacco. A kilogram of processed tobacco (or tobacco processing services resulting in a kilogram of processed tobacco) is the only material and distinct performance obligation for the Company’s tobacco revenue streams. Consideration is attributed to the performance of this obligation. The Company does not disclose information related to its unsatisfied performance obligations with an expected original duration of one year or less. Revenue is measured as the amount of consideration to which the Company expects to be entitled to receive in exchange for transferring goods or providing services. Contract costs primarily include labor, material, shipping and handling, and overhead expenses.

Significant Judgments
The Company identified two main forms of variable consideration in its contracts with customers: warehousing fees for storing customer-controlled tobacco until the customer requests shipment and claims resulting from tobacco that does not meet customer specifications. Warehousing fees are either included in the price of tobacco based on the customers' best estimate of the date they will request shipment or separately charged using a per-day storage rate. When the Company enters into a contract with a customer, the price communicated is the amount of consideration the Company expects to receive. Price adjustments for tobacco not meeting customer specifications for shrinkage, improper blend, or chemical makeup, etc. are handled through a claims allowance that is assessed quarterly. The Company estimates expected claims using the expected value method due to the large number of contracts with similar characteristics that we enter into with customers, the high volumes of tobacco we sell each year, and our actual history of past claims.

The Company generally records a receivable when revenue is recognized as the timing of revenue recognition may differ from the timing of payment from customers. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 30 to 60 days. The Company's trade receivables do not bear interest, and they are recorded at the invoiced amount less an estimated allowance for expected credit losses. In addition to estimating an allowance based on specific identification of certain receivables that have a higher probability of not being paid, the Company also records an estimate for expected credit losses for the remaining receivables in the aggregate using a loss-rate method that considers historical bad debts, age of customer receivable balances, and current customer receivable balances. Additionally, the Company considers future reasonable and supportable forecasts of economic conditions to adjust historical loss rate percentages, as necessary. Balances are written-off when determined to be uncollectible. The provision for expected credit losses is recorded in selling, general, and administrative expenses in the consolidated statements of operations.

Taxes Collected from Customers
Certain subsidiaries are subject to value-added taxes on local sales. Value-added taxes on local sales are recorded in sales and other operating revenues and cost of goods and services sold in the consolidated statements of operations.

Shipping and Handling
The Company elected to account for shipping and handling as activities to fulfill its performance obligations, regardless of when control transfers. Shipping and handling fees that are billed to customers are recognized in sales and other operating revenues and the associated shipping and handling costs are recognized in cost of goods and services sold in the consolidated statements of operations.
Income Taxes
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities reflect the expected future tax consequences of events that are recognized in the consolidated financial statements in different periods than they are recognized for tax purposes. Deferred tax assets and liabilities are established using enacted tax rates in effect for the year in which these items are expected to reverse.

The realization of deferred tax assets is dependent on generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. When assessing the need for a valuation allowance, the Company considers carryback potential, historical earnings, future reversals of existing taxable temporary differences (including liabilities for unrecognized tax benefits), forecasted operating profits and tax planning strategies.

The Company’s provision for income taxes is based on pre-tax income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which it operates. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. The Company recognizes tax benefits from uncertainties if it believes it is more-likely-than-not it will be sustained based on the technical merits. Penalties and interest related to income taxes, if incurred, are included in income tax expense.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value.
Inventories, Net
Inventories, Net
Costs in inventory include processed tobacco inventory, unprocessed tobacco inventory, and other inventory. Costs of unprocessed tobacco inventories are determined by the average cost method, which include the cost of green tobacco. Costs of processed tobacco inventories are determined by the average cost method, which include both the cost of unprocessed tobacco, as well as direct and indirect costs related to processing the product. Costs of other inventory are determined by the first-in, first-out method, which include costs of packing materials, agricultural supplies such as seed, fertilizer, herbicides, and pesticides, and non-tobacco agricultural products.

Inventories are carried at the lower of cost or net realizable value ("LCM"). The Company evaluates its inventories for LCM adjustments by country and type of inventory. Processed tobacco and unprocessed tobacco are evaluated separately for LCM purposes. The Company compares the cost of its processed tobacco to net realizable value based on the estimated selling price of similar grades when evaluating those balances for LCM adjustments. The Company also considers whether its processed tobacco is committed to a customer, whereby the expected sales price is utilized in determining the net realizable value for committed tobacco. In addition, the Company writes-down inventory balances for estimates of obsolescence. LCM and obsolescence inventory write-downs are recorded in cost of goods and services sold within the consolidated statements of operations.
Advances to Tobacco Suppliers, Net
Advances to Tobacco Suppliers, Net
The Company purchases seeds, fertilizer, pesticides, and other products related to growing tobacco and advances them to tobacco suppliers to assist in crop production. These seasonal advances are short term, represent prepaid inventory, and are recorded as advances to tobacco suppliers. Upon delivery of tobacco, part of the purchase price to the supplier is paid in cash and part through a reduction of the advance balance. The advances applied to the delivery are reclassified from advances to unprocessed inventory.

The Company also has noncurrent advances, which generally represent the cost of advances to tobacco suppliers for infrastructure, such as curing barns, recovered through the delivery of tobacco to the Company by the tobacco suppliers. Tobacco suppliers may not be able to settle the entirety of advances due each year. In these situations, the Company may allow the farmers to deliver tobacco over future crop years to recover its advances. Noncurrent advances to tobacco suppliers are recorded in other noncurrent assets in the consolidated balance sheets.
The Company accounts for its advances to tobacco suppliers using a cost accumulation model, which reports advances at the lower of cost or recoverable amounts, exclusive of the mark-up and interest. The mark-up and interest on its advances are recognized upon delivery of tobacco as a decrease in the cost of the current crop. A provision for tobacco supplier bad debts is recorded in cost of goods and services sold in the consolidated statements of operations for abnormal yield adjustments or unrecovered advances. Normal yield adjustments are capitalized into the cost of the current crop and are recorded in cost of goods and services sold as that crop is sold.
Intangible Assets, Net
Intangible Assets, Net
The Company has intangible assets with definite useful lives. These intangible assets are assessed annually and tested for impairment whenever factors indicate the carrying amount may not be recoverable. The trade name, customer relationship, and technology intangibles are amortized on a straight-line basis over fourteen, nine to twelve years, and eight years, respectively. The amortization period is the term of the contract or, if no term is specified in the contract, management’s best estimate of the useful life based on experience. Technology includes internally developed software that is amortized on a straight-line basis over three to five years. Amortization commences once substantial testing activities are completed, and the software is ready for its intended use. Events and changes in circumstance may either result in a revision in the estimated useful life or impairment of an intangible. Amortization expense associated with finite-lived intangible assets is recorded in selling, general, and administrative expenses in the consolidated statements of operations.
Leases
Leases
The Company has operating leases for land, buildings, automobiles, and other equipment that expire at various dates through fiscal year 2040. The Company does not have material finance leases. Leases for real estate generally have initial terms ranging from two to fifteen years, excluding renewal options. Leases for equipment generally have initial terms ranging from two to five years excluding renewal options. Most leases have fixed rentals, with many of the real estate leases requiring additional payments for real estate taxes. These lease terms may include optional renewals, terminations, or purchases, which are considered in the Company’s assessments when such options are reasonably certain to be exercised.

The Company measures right-of-use assets and related lease liabilities based on the present value of remaining lease payments, including in-substance fixed payments, the current payment amount when payments depend on an index or rate (e.g., inflation adjustments, market renewals), and the amount the Company believes is probable to be paid to the lessor under residual value guarantees, when applicable. Lease contracts may include fixed payments for non-lease components, such as maintenance, which are included in the measurement of lease liabilities for certain asset classes based on the Company’s election to combine lease and non-lease components. The Company does not recognize short-term leases, those lease contracts with durations of twelve months or less, in the consolidated balance sheets.
As applicable borrowing rates are not typically implied within the lease arrangements, the Company discounts lease payments based on its estimated incremental borrowing rate at lease commencement, or modification, which is based on the Company’s estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement.
Property, Plant, and Equipment, Net
Property, Plant, and Equipment, Net
Property, plant, and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over a range of nine to forty years. Machinery and equipment are depreciated over a range of two to nineteen years. Repairs and maintenance costs are expensed as incurred. The cost of major improvements is capitalized. Upon sale or disposition of an asset, the cost and related accumulated depreciation are removed from the balance sheet accounts and the resulting gain or loss is included in other expense, net in the consolidated statements of operations.

Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows at which the asset could be bought or sold in a current transaction between willing parties and may be estimated using several techniques, including quoted market prices or valuations, present value techniques based on estimates of cash flows, or multiples of earnings or revenue performance measures.
Guarantees
Guarantees
The Company's guarantees are primarily related to bank loans to suppliers for crop production financing. The Company guarantees bank loans of certain unconsolidated subsidiaries in Asia and South America. Under longer-term arrangements, the Company may guarantee financing on suppliers’ construction of curing barns or other tobacco production assets. Guaranteed loans are generally repaid concurrent with the delivery of tobacco to the Company. The Company is obligated to repay guaranteed loans should the supplier default. If default occurs, the Company has recourse against its various suppliers and their production assets. The fair value of the Company's guarantees is recorded in accrued expenses and other current liabilities in the consolidated balance sheets and included in crop costs, except for the joint venture in Brazil, which are included in other receivables.
In Brazil, certain suppliers obtain government subsidized rural credit financing from local banks that is guaranteed by the Company. Upon delivery of tobacco, the Company remits payments to the local banks on behalf of the suppliers before paying the supplier. Amounts owed to suppliers are recorded in accounts payable in the consolidated balance sheets. Rural credit financing repayment is due to local banks based on contractual due dates.
Derivative Financial Instruments
Derivative Financial Instruments
The Company uses forward or option currency contracts to manage risks associated with foreign currency exchange rates on foreign operations. These contracts are for green tobacco purchases, processing costs, and selling, general, and administrative expenses. The Company does not hold derivatives contracts for speculative or trading purposes.

Derivative financial instruments are recorded in other current assets and other current liabilities in the consolidated balance sheets and are measured at fair value. Changes in fair value are recognized in earnings, unless the derivative is designated and qualifies to be in a hedge accounting relationship. For derivatives designated in a hedge accounting relationship, the Company evaluates hedge effectiveness at inception and on an ongoing basis. If a hedge relationship is no longer expected to be effective, the derivative in that relationship is de-designated and hedge accounting is discontinued.

Changes in fair value of foreign currency derivatives designated in cash flow hedging relationships are recorded in accumulated other comprehensive income in the consolidated balance sheets and reclassified to earnings when the hedged item affects earnings. Cash flows from derivatives are classified in the consolidated statements of cash flows in the same category as the cash flows from the underlying hedged items. The Company has elected not to offset fair value amounts recognized for derivative instruments with the same counterparty under a master netting agreement.
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits

Retirement Benefits
The Company maintains various excess benefit and supplemental plans that provide additional benefits to certain individuals in key positions and individuals whose compensation and the resulting benefits that would have been paid are limited by regulations imposed by the Internal Revenue Code. In addition, a Supplemental Retirement Account Plan defined contribution plan is maintained. Additional non-U.S. plans sponsored by certain subsidiaries cover certain current and former employees.

Postretirement Health and Life Insurance Benefits
The Company provides certain health and life insurance benefits to retired U.S. employees (and their eligible dependents) who meet specified age and service requirements. The plan excludes new employees after September 2005 and caps the Company’s annual cost commitment to postretirement benefits for retirees. The Company retains the right, subject to existing agreements, to modify or eliminate these postretirement health and life insurance benefits in the future. The Company provides certain health and life insurance benefits to retired Brazilian directors and certain retirees located in Europe including their eligible dependents who meet specified requirements.

Plan Assets
The Company's policy is to contribute amounts to the plans sufficient to meet or exceed funding requirements of local governmental rules and regulations. The Company's investment objectives for plan assets are to generate consistent total investment return to pay anticipated plan benefits, while minimizing long-term costs and portfolio volatility. The financial objectives underlying this policy include maintaining plan contributions at a reasonable level relative to benefits provided and assuring unfunded obligations do not grow to a level that would adversely affect the Company's financial health. Portfolio performance is measured against investment objectives and objective benchmarks. The portfolio objective is to exceed the actuarial return on assets assumption. The Company is exploring partial risk transfers and/or full plan terminations and is implementing a Liability Driven Investment ("LDI") strategy to maintain the high funded status and immunize the portfolio from excessive market volatility. Management and the plan's consultant regularly review portfolio allocations and periodically rebalance the portfolio to the targeted allocations according to the guidelines set forth in the Company's investment policy. Equity securities do not include the Company's common stock. The Company's diversification and risk control processes serve to minimize the concentration and experience of risk. There are no significant concentrations of risk, in terms of sector, industry, geography, or individual company or companies.

The Company’s plan assets primarily consist of cash and cash equivalents and real estate investments. The Plan is transitioning to a LDI strategy, which will consist of high-quality sovereign and corporate bonds whose interest rate sensitivity matches that of the plans' liabilities. Plan assets are measured at fair value annually on March 31, the measurement date. The following are descriptions, valuation methodologies, and inputs used to determine the fair value of each major category of plan assets:

•Cash and cash equivalents include short-term investment funds, primarily in diversified portfolios of investment grade money market instruments that are valued using quoted market prices or other valuation methods and classified as Level 1 or Level 2 in the fair value hierarchy.
•Investments in equity and fixed income mutual funds are publicly traded and valued primarily using quoted market prices and generally classified as Level 1 in the fair value hierarchy.
•Real estate investments include those in private limited partnerships that invest in various domestic and international commercial and residential real estate projects and publicly traded REIT securities. The fair values of private real estate assets are typically determined by using income and/or cost approaches or comparable sales approach, taking into consideration discount and capitalization rates, financial conditions, local market conditions, and the status of the capital markets, and are generally classified as Level 3 in the fair value hierarchy. Publicly traded REIT securities are valued primarily using quoted market prices and are generally classified as Level 1 in the fair value hierarchy.
•Diversified investments include mutual funds with an absolute return strategy. Mutual fund investments with absolute return strategies are publicly traded and valued using quoted market prices and are generally classified as Level 1 in the fair value hierarchy.
Foreign Currency Translation and Remeasurement
Foreign Currency Translation and Remeasurement
The Company translates assets and liabilities of its foreign subsidiaries from their respective functional currencies to USD using exchange rates in effect at period end. The Company's results of operations and its cash flows are translated using average exchange rates for each reporting period. Resulting currency translation adjustments are reflected as a separate component of accumulated other comprehensive income in the consolidated balance sheets.

The financial statements of foreign subsidiaries, for which the USD is the functional currency, and which have certain transactions denominated in a local currency, are remeasured into USD. The remeasurement of local currencies into USD results in remeasurement adjustments that are included in net income. Exchange gains (losses) from remeasurement are recorded in cost of goods and services sold and other expense, net within the consolidated statements of operations.
Securitized Receivables
Securitized Receivables
The Company sells trade receivables to unaffiliated financial institutions under multiple accounts receivable securitization facilities. Under these facilities, receivables sold for cash are removed from the consolidated balance sheets. Under some of the facilities, a portion of the purchase price for the receivables is paid by the unaffiliated financial institutions in cash and the balance is a deferred purchase price receivable, which is paid as payments on the receivables are collected from account debtors.

The net cash proceeds received by the Company in cash at the time of sale (cash purchase price) are disclosed as an operating activity in the consolidated statements of cash flows. The deferred purchase price receivable represents a continuing involvement and a beneficial interest in the transferred financial assets and is recognized at fair value as part of the sale transaction. The deferred purchase price receivables are included in trade and other receivables, net in the consolidated balance sheets and are valued using unobservable inputs (i.e., Level 3 inputs), primarily discounted cash flow. The net cash proceeds received by the Company as deferred purchase price are disclosed as an investing activity in the consolidated statements of cash flows. Additionally, beneficial interests received for transferring trade receivables in a securitization transaction are disclosed as a noncash investing activity in the consolidated statements of cash flows.
The difference between the carrying amount of the receivables sold under these facilities and the sum of the cash and fair value of the other assets received at the time of transfer is recognized as a loss on sale of the related receivables and recorded in other expense, net in the consolidated statements of operations. Program costs are recorded in other expense, net in the consolidated statements of operations.
Government Assistance
Government Assistance
The Company and its subsidiaries periodically receive grants and other assistance (collectively "assistance") from governments and intergovernmental agencies to support operations and capital projects in various jurisdictions. The Company accounts for government assistance by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance, which follows a grant accounting model. Under this accounting framework, government assistance is recognized when it is probable the Company will receive assistance and comply with the conditions attached to the assistance. Operational related assistance is recorded on a systematic basis over the periods in which the related cost or expenditures for which it is intended to compensate have occurred and is presented as a reduction in the related expense for which it is intended to defray. Capital related assistance is recorded as long-term deferred revenue, included within pension, postretirement, and other long-term liabilities in the consolidated balance sheets, and is recognized in other income over the asset's useful life as an offset against depreciation expense.
Equity-Based Compensation
Equity-Based Compensation
The Company’s Board of Directors adopted the 2020 Incentive Plan on November 18, 2020 (the "Incentive Plan"), and on March 21, 2024 and March 19, 2025, the Board of Directors amended and restated the Company's Incentive Plan to increase the number of shares of the Company's common stock authorized to be issued thereunder. The Incentive Plan provides the Company the flexibility to grant a variety of equity-based awards including stock options, stock appreciation rights, restricted
stock awards, restricted stock unit awards, performance share awards, and incentive awards to its officers, directors, and employees. For equity-based awards without performance conditions, the Company recognizes equity-based compensation cost on a straight-line basis over the vesting period of the award. For equity-based awards with performance conditions, the Company recognizes equity-based compensation cost using the accelerated attribution method over the requisite service period when the Company determines it is probable that the performance condition will be satisfied. The Company recognizes forfeitures of equity-based awards as they occur. Equity-based compensation expense is included in selling, general, and administrative expenses in the consolidated statements of operations.
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted
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.
v3.25.1
Revenue Recognition (Tables)
 12 Months Ended
Mar. 31, 2025
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 consolidated financial statements:
Years Ended March 31,
202520242023
Leaf:
Product revenue$2,335,107 $1,912,438 $1,812,170 
Processing and other revenues135,877 117,177 88,388 
Leaf sales and other operating revenues2,470,984 2,029,615 1,900,558 
All Other:
All Other sales and other operating revenues10,276 2,944 14,323 
Total sales and other operating revenues$2,481,260 $2,032,559 $1,914,881 
Schedule of Activity in the Claims Allowance
The following summarizes activity in the claims allowance:

Years Ended March 31,
202520242023
Balance, beginning of period$3,313 $2,350 $1,130 
Additions2,010 6,191 4,680 
Payments and other adjustments(2,887)(5,228)(3,460)
Balance, end of period$2,436 $3,313 $2,350 
Schedule of Allowance for Doubtful Accounts and Activity of Claims Allowances
The following summarizes activity in the allowance for expected credit losses:

Years Ended March 31,
202520242023
Balance, beginning of period$(23,940)$(24,730)$(24,541)
Additions(1,299)(1,535)(2,316)
Write-offs and other adjustments1,204 2,325 2,127 
Balance, end of period(24,035)(23,940)(24,730)
Trade receivables213,274 192,704 210,081 
Trade receivables, net$189,239 $168,764 $185,351 
v3.25.1
Other Expense, Net (Tables)
 12 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other (Expense) Income, Net
The following summarizes the components of other expense, net:

Years Ended March 31,
202520242023
Losses on sale of receivables(1)
$19,565 $13,121 $10,434 
Foreign currency (gains) losses(2,121)251 (1,057)
Note receivable write-off— — 2,050 
Gain on sale of fixed assets(2,423)(2,300)(1,389)
Miscellaneous expense (income), net1,389 (1,633)985 
Total$16,410 $9,439 $11,023 
(1) See "Note 16. Securitized Receivables" for additional information.
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income (loss) before income taxes and other items consisted of the following:

Years Ended March 31,
202520242023
U.S.$(4,579)$(17,697)$(43,874)
Non-U.S.38,033 33,170 21,252 
Total$33,454 $15,473 $(22,622)
Schedule of Components of Income Tax Expense (Benefit)
The details of the amount shown for income taxes in the consolidated statements of operations are as follows:

Years Ended March 31,
202520242023
Current:
    Federal(1)
$6,837 $5,319 $16,353 
    State261 (59)337 
    Non-U.S.23,611 24,385 17,593 
Total Current30,709 29,645 34,283 
Deferred:
    Federal(2)
(10,307)968 (592)
    State(155)(9)2 
    Non-U.S.4,806 (3,323)434 
Total Deferred(5,656)(2,364)(156)
Income tax expense$25,053 $27,281 $34,127 
(1) Current federal expense for fiscal year 2023 was primarily due to the Debt Exchange Transactions. Refer to "Note 15. Debt Arrangements" for further details regarding the Debt Exchange Transactions.
(2) Deferred federal expense for fiscal year 2025 was primarily due to release of a valuation allowance in the U.S. from improved profitability.
Schedule of Effective Income Tax Rate Reconciliation
The difference between income tax expense based on income (loss) before income taxes and other items and the amount computed by applying the U.S. statutory federal income tax rate to income are as follows:

Years Ended March 31,
202520242023
Tax benefit at U.S. statutory rate$7,025 $3,249 $(4,750)
Effect of non-U.S. income taxes(2,602)23 (3,418)
U.S. taxes on non-U.S. earnings7,759 9,264 6,389 
Tax on unremitted foreign earnings(2,066)1,291 1,777 
Increase in reserves for uncertain tax positions8,789 8,120 2,397 
Withholding tax expense2,526 544 3,058 
Tax credits(6,482)(5,270)(3,853)
Tax incentives— — (2,280)
Nondeductible interest2,969 1,340 2,559 
Exchange effects and currency translation9,367 (5,110)3,101 
Change in valuation allowance(1)
(9,456)15,340 30,412 
Other, net7,224 (1,510)(1,265)
Income tax expense$25,053 $27,281 $34,127 
(1) The change in valuation allowance, is presented without exchange effects and currency translation, for the years ended March 31, 2025, 2024, and 2023. For the year ended March 31, 2023, the change in valuation allowance was primarily driven by $20,823 of deferred tax assets generated by the Debt Exchange Transactions for which the Company is not likely to realize a future benefit. Refer to "Note 15. Debt Arrangements" for further details regarding the Debt Exchange Transactions. For the year ended March 31, 2025, the improvement in the valuation allowance expense relates primarily to reductions in certain U.S. and African valuation allowances due to improved profitability.
Schedule of Deferred Tax Assets and Liabilities
The following summarizes deferred tax assets (liabilities):

March 31,
20252024
Deferred tax assets:
Non-deductible interest carryforward$34,940 $30,858 
Original issue discount10,439 14,714 
Reserves and accruals22,691 21,662 
Tax loss carryforwards16,653 16,329 
Unrealized exchange losses1,448 5,961 
Lease obligations6,511 7,344 
Other9,971 10,290 
Gross deferred tax assets102,653 107,158 
Valuation allowance(60,302)(70,391)
Total deferred tax assets$42,351 $36,767 
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries$(27,560)$(29,523)
Right of use asset(7,050)(7,956)
Other(2,989)(25)
Total deferred tax liabilities$(37,599)$(37,504)
Net deferred tax assets (liabilities)$4,752 $(737)
Schedule of Changes in Valuation Allowance for Deferred Tax Assets
The following summarizes the change in the valuation allowance for deferred tax assets:

Balance at March 31, 2022$32,641 
Changes to expenses (1)
27,598 
Changes to other comprehensive income(733)
Balance at March 31, 202359,506 
Changes to expenses10,727 
Changes to other comprehensive income158 
Balance at March 31, 202470,391 
Changes to expenses(10,081)
Changes to other comprehensive income(8)
Balance at March 31, 2025$60,302 
(1) The change in valuation allowance, is presented without exchange effects and currency translation, for the years ended March 31, 2025, 2024, and 2023. For the years ended March 31, 2025, 2024, and 2023 respectively, the change was primarily driven by a reduction in the valuation allowance in the U.S., an increase in the valuation allowances across various African jurisdictions, and an increase in the valuation allowance related to $20,823 of deferred tax assets generated by the Debt Exchange Transactions for which the Company is not likely to realize a future benefit. Refer to "Note 15. Debt Arrangements" for further details regarding the Debt Exchange Transactions.
Schedule of Income Tax Contingencies
The following summarizes the changes to unrecognized tax benefits and related interest and penalties:
Years Ended March 31,
20252024
Balance at April 1$16,892 $16,085 
Increase (decrease) for prior year tax positions2,989 7,100 
Increase for current year tax positions4,854 1,630 
Reduction for settlements(8,020)(4,662)
Impact of changes in exchange rates(210)(2,553)
Reduction of statute of limitation expirations(3,699)(708)
Balance at March 31(1)
$12,806 $16,892 
Accrued interest1,929 2,065 
Accrued penalties3,900 2,372 
Balance at March 31(1)
$18,635 $21,329 
(1) As of March 31, 2025, $18,635 would impact the Company's effective tax rate, if recognized.
v3.25.1
Earnings (Loss) Per Share (Tables)
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted (Loss) Earnings Per Share
The following summarizes the computation of earnings (loss) per share:

Years Ended March 31,
202520242023
Net income (loss) attributable to Pyxus International, Inc.$15,166 $2,663 $(39,141)
Basic weighted average shares outstanding$25,643 25,000 25,000 
Plus: Dilutive equity awards24 — — 
Diluted weighted average shares outstanding25,667 25,000 25,000 
Earnings (loss) per share:
Basic$0.59 $0.11 $(1.57)
Diluted$0.59 $0.11 $(1.57)
v3.25.1
Restricted Cash (Tables)
 12 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Composition of Restricted Cash
The following summarizes the composition of restricted cash:
March 31,
20252024
Compensating balance for short-term borrowings$542 $516 
Escrow3,534 2,647 
Grants(1)
3,116 1,375 
Other98 2,686 
Total$7,290 $7,224 
(1) Includes grants from a government entity. See "Note 23. Government Assistance" for additional information.
v3.25.1
Inventories, Net (Tables)
 12 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net
The following summarizes the composition of inventories, net:

March 31,
20252024
Processed tobacco$490,410 $585,280 
Unprocessed tobacco241,832 305,928 
Other tobacco related25,643 31,213 
All Other4,066 9,233 
Total$761,951 $931,654 
v3.25.1
Advances to Suppliers, Net (Tables)
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Advances to Tobacco Suppliers
The following summarizes the composition of advances to suppliers, net:

March 31,
20252024
Advances to tobacco suppliers, net$29,144 $17,068 
Advances to non-tobacco suppliers1,601 3,329 
Total in current assets30,745 20,397 
Long-term advances to tobacco suppliers, net4,980 1,821 
Total current and long-term$35,725 $22,218 
v3.25.1
Equity Method Investments (Tables)
 12 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The following summarizes the Company's equity method investments as of March 31, 2025:

Investee NameLocationPrimary PurposeOwnership Percentage
Basis Difference(1)
Adams International Ltd.ThailandPurchase and process tobacco49 %$(4,526)
Alliance One Industries India Private Ltd.IndiaPurchase and process tobacco49 %(5,770)
China Brasil Tabacos Exportadora S.A.BrazilPurchase and process tobacco49 %43,000 
Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş.TurkeyProcess tobacco50 %(416)
Purilum, LLCU.S.Produce flavor formulations and consumable e-liquids50 %4,589 
Siam Tobacco Export Corporation Ltd.ThailandPurchase and process tobacco49 %(6,098)
(1) Basis differences for the Company's equity method investments were primarily due to fair value adjustments recorded during the year ended March 31, 2021.

The following summarizes aggregate financial information for these equity method investments:

Years Ended March 31,
202520242023
Statement of Operations
Sales$611,152 $505,262 $489,532 
Gross profit70,208 82,614 76,206 
Net income 16,851 33,101 40,447 

March 31,
20252024
Balance sheet:
Current assets$419,192 $542,702 
Property, plant, and equipment and other assets49,243 50,925 
Current liabilities328,818 446,597 
Long-term obligations and other liabilities4,560 3,356 
v3.25.1
Variable Interest Entities (Tables)
 12 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities The following summarizes the Company's financial relationships with its unconsolidated variable interest entities:
March 31,
20252024
Investments in variable interest entities$90,239 $94,609 
Guaranteed amounts to variable interest entities (not to exceed)15,995 11,113 
v3.25.1
Intangible Assets, Net (Tables)
 12 Months Ended
Mar. 31, 2025
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:

March 31, 2025
Weighted Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationIntangible Assets, Net
Intangibles subject to amortization:
Customer relationships7.4 years$26,101 $(9,969)$16,132 
Technology3.4 years11,618 (6,844)4,774 
Trade names9.4 years11,300 (3,699)7,601 
Total$49,019 $(20,512)$28,507 

March 31, 2024
Weighted Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationIntangible Assets, Net
Intangibles subject to amortization:
Customer relationships8.4 years$26,101 $(7,794)$18,307 
Technology4.4 years12,948 (5,784)7,164 
Trade names10.4 years11,300 (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:

Years Ended March 31,
202520242023
Amortization expense$4,532 $4,631 $6,489 
Schedule of Estimated Intangible Asset Amortization Expense
The following summarizes the estimated intangible asset amortization expense for the next five years and beyond:

For Fiscal Years EndedCustomer Relationships
Technology(1)
Trade NamesTotal
2026$2,175 $1,448 $807 $4,430 
20272,175 1,378 807 4,360 
20282,175 1,375 807 4,357 
20292,175 573 807 3,555 
20302,175 — 807 2,982 
Thereafter5,257 — 3,566 8,823 
Total$16,132 $4,774 $7,601 $28,507 
(1) Estimated amortization expense for technology is based on costs accumulated as of March 31, 2025. These estimates will change as new costs are incurred and until the software is placed into service.
v3.25.1
Leases (Tables)
 12 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Costs and Other Information
The following summarizes lease costs for operating leases:

Years Ended March 31,
202520242023
Operating lease costs$14,199 $16,028 $14,203 
Variable and short-term lease costs14,848 8,964 8,023 
Total lease costs$29,047 $24,992 $22,226 
The following summarizes supplemental cash flow information related to operating leases:

Years Ended March 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows used by operating leases$14,145 $15,764 $13,607 
Right-of-use assets obtained in exchange for new operating leases - noncash3,964 10,444 9,967 
Schedule of Weighted-Average Remaining Lease Term and Discount Rates of Leases
The following summarizes weighted average information associated with the measurement of remaining operating leases:
March 31,
20252024
Weighted average remaining lease term4.8 years5.4 years
Weighted average discount rate15.4%15.8%
Schedule of Maturities of Operating Lease Liabilities
The following reconciles maturities of operating lease liabilities to the lease liabilities reflected in the consolidated balance sheets as of March 31, 2025:

2026$12,099 
20278,342 
20285,487 
20293,476 
20302,957 
Thereafter6,880 
Total future minimum lease payments39,241 
Less: amounts related to imputed interest11,143 
Present value of future minimum lease payments28,098 
Less: operating lease liabilities, current8,514 
Operating lease liabilities, non-current$19,584 
v3.25.1
Property, Plant, and Equipment, Net (Tables)
 12 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net
The following summarizes property, plant, and equipment, net:

March 31,
20252024
Land$26,815 $29,144 
Buildings45,982 45,065 
Machinery and equipment109,247 97,423 
Total182,044 171,632 
Less: accumulated depreciation (1)
(43,868)(37,474)
Total property, plant, and equipment, net$138,176 $134,158 
(1) This balance was partially reduced by the disposition of certain fully depreciated assets during the year ended March 31, 2025.
Schedule of Depreciation Expense of Property, Plant, and Equipment, Net
The following summarizes depreciation expense recorded in cost of goods and services sold and selling, general, and administrative expenses:

Years Ended March 31,
202520242023
Depreciation expense recorded in cost of goods and services sold$13,264 $11,806 $10,132 
Depreciation expense recorded in selling, general, and administrative expenses2,380 2,646 2,346 
Total depreciation$15,644 $14,452 $12,478 
v3.25.1
Debt Arrangements (Tables)
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Financing
The following table summarizes the Company’s debt financing as of the dates set forth below:

Outstanding
InterestMarch 31, Long Term Debt Repayment Schedule by Fiscal Year
Rate2025202420262027202820292030Later
Senior secured credit facility:
   ABL Credit Facility8.1 %
(1)
$— $— $— $— $— $— $— $— 
Senior secured notes:
10.0% Notes Due 202410.0 %
(1)
— 20,247 — — — — — — 
8.5% Notes Due 2027 (2)
8.5 %
(1)
145,820 178,146 — — 145,820 — — — 
Senior secured term loans:
Intabex Term Loans (3)
13.2 %
(1)
187,144 186,659 — — 187,144 — — — 
Pyxus Term Loans (4)
13.2 %
(1)
121,886 132,819 — — 121,886 — — — 
Other debt:
Other long-term debt8.8 %
(1)
12 157 12 — — — — — 
Notes payable (5)
9.4 %
(1)
395,030 499,312 395,030 — — — — — 
   Total debt$849,892 $1,017,340 $395,042 $— $454,850 $— $— $— 
Short-term (5)
$395,030 $499,312 
Long-term:
Current portion of long-term debt$12 $20,294 
Long-term debt454,850 497,734 
Total$454,862 $518,028 
Letters of credit$7,790 $5,070 
(1) Weighted average rate for the trailing twelve months ended March 31, 2025 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 $145,820 is net of a debt discount of $2,519. Total repayment at maturity is $148,339.
(3) Balance of $187,144 is net of a debt discount of $1,889. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment.
(4) Balance of $121,886 is net of a debt premium of $1,681. Total repayment at maturity is $120,205.
(5) Primarily seasonal lines of credit.
v3.25.1
Securitized Receivables (Tables)
 12 Months Ended
Mar. 31, 2025
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:

March 31,
20252024
Receivables outstanding in facility$355,246 $170,267 
Beneficial interest29,354 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:

Years Ended March 31,
202520242023
Cash proceeds:
   Cash purchase price$981,560 $649,680 $696,404 
   Deferred purchase price188,312 175,911 165,262 
v3.25.1
Guarantees (Tables)
 12 Months Ended
Mar. 31, 2025
Guarantees [Abstract]  
Schedule of Guarantees and Associated Fair Values The following summarizes amounts guaranteed and the fair value of those guarantees:
March 31,
20252024
Amounts guaranteed (not to exceed)$110,660 $97,411 
Amounts outstanding under guarantee(1)
80,045 71,427 
Fair value of guarantees6,459 5,097 
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing13,787 34,571 
 (1) Most of the guarantees outstanding at March 31, 2025 expire within one year.
v3.25.1
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following summarizes the U.S. Dollar notional amount of derivative contracts outstanding:

March 31,
20252024
U.S. Dollar notional outstanding$49,500 $— 
v3.25.1
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following summarizes assets and liabilities measured at fair value on a recurring basis:

March 31,
20252024
Level 2Level 3Total Assets /
Liabilities
at Fair Value		Level 2Level 3Total Assets /
Liabilities
at Fair Value
Financial assets:
Derivative financial instruments$982 $— $982 $— $— $— 
Securitized beneficial interests— 29,354 29,354 — 15,036 15,036 
Total assets$982 $29,354 $30,336 $— $15,036 $15,036 
Financial liabilities:
Derivative financial instruments$57 $— $57 $— $— $— 
Long-term debt(1)
433,885 12 433,897 462,987 160 463,147 
Guarantees— 6,459 6,459 — 5,097 5,097 
Total liabilities$433,942 $6,471 $440,413 $462,987 $5,257 $468,244 
(1) This fair value measurement disclosure does not affect the consolidated balance sheets.
Schedule of Unobservable Input Reconciliation of Fair Value of Assets Measured on Recurring Basis
The following summarizes the changes in Level 3 instruments measured on a recurring basis.

Securitized Beneficial InterestsLong-Term DebtGuarantees
Beginning balance at March 31, 2023$19,522 $514 $5,262 
Sales of receivables/issuance of guarantees162,229 — 7,184 
Settlements(154,659)(354)(4,801)
Losses recognized in earnings(12,056)— (2,548)
Ending balance at March 31, 2024$15,036 $160 $5,097 
Sales of receivables/issuance of guarantees244,886 — 7,639 
Settlements(212,964)(148)(2,421)
Losses recognized in earnings(17,604)— (3,856)
Ending balance at March 31, 2025$29,354 $12 $6,459 
Schedule of Valuation Techniques of Fair Value Measurements of Recurring and Nonrecurring
The following summarizes significant unobservable inputs and the valuation techniques utilized:

Valuation TechniqueUnobservable InputRange (Weighted Average)
Securitized Beneficial InterestsDiscounted Cash FlowDiscount Rate
3.0% to 6.9%
Payment Speed
64 days to 91 days
GuaranteesHistorical LossHistorical Loss
0.7% to 37.3%
Valuation TechniqueUnobservable InputRange (Weighted Average)
Securitized Beneficial InterestsDiscounted Cash FlowDiscount Rate
5.6% to 7.9%
Payment Speed
58 days to 83 days
GuaranteesHistorical LossHistorical Loss
0.7% to 37.3%
v3.25.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following summarizes benefit obligations, plan assets, and funded status for the defined benefit pension plans:

U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Benefit obligation, beginning$33,694 $21,266 $54,960 
Service cost— 235 235 
Interest cost1,679 1,038 2,717 
Actuarial losses (gains)838 (1,132)(294)
Plan settlements— (224)(224)
Effects of currency translation— (51)(51)
Benefits paid(3,334)(1,561)(4,895)
Benefit obligation, ending$32,877 $19,571 $52,448 
Fair value of plan assets, beginning$— $22,380 $22,380 
Actual return on plan assets— 1,011 1,011 
Employer contributions3,334 815 4,149 
Plan settlements— (224)(224)
Benefits paid(3,334)(1,561)(4,895)
Fair value of plan assets, ending$— $22,421 $22,421 
Funded status of the plan$(32,877)$2,850 $(30,027)

U.S. PlansNon-U.S. PlansTotal
March 31, 2024
Benefit obligation, beginning$35,710 $44,671 $80,381 
Service cost— 181 181 
Interest cost1,705 1,780 3,485 
Actuarial (gains) losses(538)7,743 7,205 
Plan settlements— (29,957)(29,957)
Effects of currency translation— (17)(17)
Benefits paid(3,183)(3,135)(6,318)
Benefit obligation, ending$33,694 $21,266 $54,960 
Fair value of plan assets, beginning$— $52,027 $52,027 
Actual return on plan assets— 3,171 3,171 
Employer contributions3,183 896 4,079 
Plan settlements— (31,064)(31,064)
Effects of currency translation— 485 485 
Benefits paid(3,183)(3,135)(6,318)
Fair value of plan assets, ending$— $22,380 $22,380 
Funded status of the plan$(33,694)$1,114 $(32,580)
Schedule of Net Funded Status
The following summarizes amounts reported in the consolidated balance sheets for the defined benefit pension plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
2025202420252024
Noncurrent benefit asset recorded in other noncurrent assets$— $— $8,752 $7,562 
Accrued current benefit liability recorded in accrued expenses and other current liabilities(3,313)(3,341)(729)(1,065)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities(29,564)(30,353)(5,173)(5,383)
Funded status of the plan$(32,877)$(33,694)$2,850 $1,114 
Schedule of Accumulated and Projected Benefit Obligations
The following summarizes pension obligations for the defined benefit pension plans:
U.S. Plans
Non-U.S. Plans (1)
March 31,March 31,
2025202420252024
Information for pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$32,877 $33,694 $5,902 $6,448 
Accumulated benefit obligation32,877 33,694 5,448 5,816 
(1) Certain of the Company's non-U.S. defined benefit pension plans in Europe were over-funded as of March 31, 2025 and 2024.
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income
The following summarizes activity in accumulated other comprehensive income for the defined benefit plans:
U.S. and Non-U.S. PensionU.S. and Non-U.S. Post-retirementTotal
Prior service cost$(82)$— $(82)
Net actuarial gains5,883 1,992 7,875 
Deferred taxes831 (289)542 
Balance at March 31, 2023$6,632 $1,703 $8,335 
Prior service cost$50 $— $50 
Net actuarial gains5,855 (783)5,072 
Deferred taxes(940)249 (691)
Total change for 2024$4,965 $(534)$4,431 
Prior service cost$(32)$— $(32)
Net actuarial gains11,738 1,209 12,947 
Deferred taxes(109)(40)(149)
Balance at March 31, 2024$11,597 $1,169 $12,766 
Prior service cost$13 $— $13 
Net actuarial gains(100)28 (72)
Deferred taxes(118)(73)(191)
Total change for 2025$(205)$(45)$(250)
Prior service cost$(19)$— $(19)
Net actuarial gains11,638 1,237 12,875 
Deferred taxes(227)(113)(340)
Balance at March 31, 2025$11,392 $1,124 $12,516 
Schedule of Weighted Average Assumptions Used
The following assumptions were used to determine the expense for the pension plans:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202520242023202520242023
Discount rate5.33%5.08%3.75%5.37%4.94%2.98%
Rate of increase in future compensationNot applicableNot applicableNot applicable10.42%5.72%7.31%
Expected long-term rate of return on plan assetsNot applicableNot applicableNot applicable4.35%4.20%2.16%
Interest crediting rateNot applicableNot applicable4.28%Not applicableNot applicableNot applicable
Schedule of Assumptions Used
The following weighted average assumptions were used to determine the benefit obligations for the pension plans:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202520242023202520242023
Discount rate5.37%5.33%5.08%5.75%5.37%4.94%
Rate of increase in future compensationNot applicableNot applicableNot applicable7.52%10.42%5.72%
Schedule of Asset Allocations and the Percentage of the Fair Value of Plan Assets
The following summarizes asset allocations and the percentage of the fair value of plan assets by asset category:

Non-U.S. Plans
March 31,
20252024
Asset category:
Cash and cash equivalents96.1 %1.6 %
Equity securities— %57.7 %
Debt securities— %36.0 %
Real estate and other investments3.9 %4.7 %
Total100.0 %100.0 %
Schedule of Fair Value of Pension Plans
The fair values for the pension plans by asset category are as follows:

Non-U.S. Pension PlansMarch 31, 2025March 31, 2024
TotalLevel 1TotalLevel 1
Cash and cash equivalents$21,538 $21,538 $374 $374 
U.S. equities / equity funds— — 8,616 8,616 
International equities / equity funds— — 4,290 4,290 
U.S. fixed income funds— — 5,578 5,578 
International fixed income funds— — 2,477 2,477 
Real estate and other (1)
883 — 1,045 1,045 
Total$22,421 $21,538 $22,380 $22,380 
(1) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The following summarizes benefit obligations, plan assets, and funded status for the postretirement health and life insurance benefits plans:

U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Benefit obligation, beginning$3,525 $1,580 $5,105 
Service cost2 — 2 
Interest cost177 129 306 
Effect of currency translation— (199)(199)
Actuarial (gains) losses(177)19 (158)
Benefits paid(156)(143)(299)
Benefit obligation, ending3,371 1,386 4,757 
Funded status of the plan$(3,371)$(1,386)$(4,757)
U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Accrued current benefit liability recorded in accrued expenses and other current liabilities$(334)$(133)$(467)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities(3,037)(1,253)(4,290)
Funded status of the plan$(3,371)$(1,386)$(4,757)

U.S. PlansNon-U.S. PlansTotal
March 31, 2024
Benefit obligation, beginning$3,369 $1,115 $4,484 
Service cost4 — 4 
Interest cost161 117 278 
Effect of currency translation— 10 10 
Actuarial losses160 472 632 
Benefits paid(169)(134)(303)
Benefit obligation, ending3,525 1,580 5,105 
Funded status of the plan$(3,525)$(1,580)$(5,105)
U.S. PlansNon-U.S. PlansTotal
March 31, 2024
Accrued current benefit liability recorded in accrued expenses and other current liabilities$(337)$(130)$(467)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities(3,188)(1,450)(4,638)
Funded status of the plan$(3,525)$(1,580)$(5,105)
Schedule of Assumptions Used, Post Employment Benefit Obligations
The following assumptions were used to determine postretirement benefit obligations:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202520242023202520242023
Discount rate5.45 %5.35 %5.09 %11.67 %9.72 %10.58 %
Health care cost trend rate assumed for next year6.47 %6.58 %5.49 %8.94 %8.75 %9.40 %
Schedule of Expected Contributions to Benefit Plans
The Company expects to contribute the following to its benefit plans:

Pension BenefitsPostretirement Plans
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. PlansTotal
Fiscal Year 2026$3,313 $729 $334 $133 $4,509 
Schedule of Contributions to Defined Contribution Plans
The Company's contributions to the defined contribution plans are as follows:

Years Ended March 31,
202520242023
Contributions$4,459 $4,395 $5,478 
Schedule of Expected Benefit Payments
The following summarizes the expected benefit payments to be paid in future fiscal years, as of March 31, 2025:

Pension BenefitsOther Benefits
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. PlansTotal
2026$3,313 $1,729 $334 $133 $5,509 
20273,246 1,627 323 136 5,332 
20283,172 1,550 313 140 5,175 
20293,091 1,586 302 143 5,122 
20303,002 1,764 292 146 5,204 
Thereafter13,424 10,552 1,293 787 26,056 
Total$29,248 $18,808 $2,857 $1,485 $52,398 
v3.25.1
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive (Loss) Income
The following summarizes changes in each component of accumulated other comprehensive income, net of tax, attributable to the Company:

Currency Translation AdjustmentPensions, Net of TaxDerivatives, Net of TaxAccumulated Other Comprehensive Income
Balances at March 31, 2022$(8,873)$6,328 $6,349 $3,804 
Other comprehensive income (loss) before reclassifications2,481 1,873 1,750 6,104 
Amounts reclassified to net loss, net of tax— 134 (4,527)(4,393)
Other comprehensive income (loss), net of tax2,481 2,007 (2,777)1,711 
Balances at March 31, 2023$(6,392)$8,335 $3,572 $5,515 
Other comprehensive income (loss) before reclassifications700 (4,436)1,698 (2,038)
Amounts reclassified to net income, net of tax— 8,867 (4,558)4,309 
Other comprehensive income (loss), net of tax700 4,431 (2,860)2,271 
Balances at March 31, 2024$(5,692)$12,766 $712 $7,786 
Other comprehensive (loss) income before reclassifications(353)62 (2,226)(2,517)
Amounts reclassified to net income, net of tax— (312)2,358 2,046 
Other comprehensive (loss) income, net of tax(353)(250)132 (471)
Balances at March 31, 2025$(6,045)$12,516 $844 $7,315 

The following summarizes amounts by component, reclassified from accumulated other comprehensive income to net income (loss):

Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
20252024
Pension and postretirement plans(1):
Settlement loss$— $4,681 Loss on pension settlement
Actuarial (gain) loss(581)6,780 Interest expense
Amortization of prior service cost3 4 Interest expense
Amounts reclassified from equity to the income statement, gross(578)11,465 
Tax effects of amounts reclassified from accumulated other comprehensive income to net income266 (2,598)
Amounts reclassified from equity to the income statement, net$(312)$8,867 
(1) Amounts are included in net periodic benefit costs for pension and postretirement plans.
Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
202520242023
Derivatives:
Loss (gain) on forward foreign exchange contracts designated as cash flow hedges$3,185 $(6,356)$(6,764)
Cost of goods and services sold;
selling, general, and administrative expenses(1)
Amounts reclassified from equity to the income statement, gross3,185 (6,356)(6,764)
Tax effects of amounts reclassified from accumulated other comprehensive income to net income (loss)(827)1,798 2,237 
Amounts reclassified from equity to the income statement, net$2,358 $(4,558)$(4,527)
(1) For the year ended March 31, 2025, $2,411 was included in cost of goods and services sold and $774 was included in selling, general, and administrative expenses. For the years ended March 31, 2024 and 2023, the gains were included in cost of goods and services sold.
v3.25.1
Equity–Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Activity
Restricted Stock Units
Restricted stock units granted under the Incentive Plan in the fiscal year ended March 31, 2025 are earned ratably, subject to continued employment, from the date of the award to March 31, 2027 for awards to employees and are earned, subject to continued service, from the date of the award to the earlier of August 15, 2025 or the Company's next annual shareholders meeting for awards to certain members of the Board of Directors of Pyxus. Restricted stock units vest upon the earlier of March 31, 2031 or upon the occurrence of a change-in-control event or the listing of Pyxus' common stock in certain stock exchanges (a "liquidity event"). The following summarizes activity for restricted stock units:

(in thousands except grant date fair value)Restricted Stock UnitsWeighted Average Grant Date Fair Value Per Share
Nonvested, March 31, 2024(1)
956 $3.50 
Granted862 3.41 
Canceled or forfeited(94)3.50 
Nonvested, March 31, 2025
1,724 $3.46 
(1) The weighted average grant date fair value per share is as of the Modification Date, the date at which these outstanding units were fully earned for vesting.
The following summarizes activity for performance-based stock units (at the target performance level):
(in thousands except grant date fair value)Performance-Based Stock UnitsWeighted Average Grant Date Fair Value Per Share
Nonvested, March 31, 2024
589 $— 
Granted605 4.36 
Canceled or forfeited(1)
(642)4.36 
Nonvested, March 31, 2025*
553 $4.36 
*Amounts may not equal totals due to rounding.
(1) On the Modification Date, the performance-based restricted stock units granted under the Incentive Plan that were outstanding at March 31, 2024 were canceled as the vesting requirements were not met.
v3.25.1
Related Party Transactions (Tables)
 12 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The following summarizes sales and purchases transactions with related parties:
Years Ended March 31,
202520242023
   Sales$16,512 $25,059 $22,695 
   Purchases214,341 204,193 158,140 
Dividends received12,449 14,486 12,677 
Schedule of Related Party Balances in Condensed Consolidated Balance Sheets
The Company included the following related party balances in its consolidated balances sheets:

March 31,
20252024Location in Consolidated Balance Sheet
Accounts receivable, related parties$50 $50 Other receivables
Accounts payable, related parties19,731 35,396 Accounts payable
Advances from related parties— 12,533 Advances from customers
v3.25.1
Segment Information (Tables)
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment
The following summarizes segment information, with the All Other category being included for purposes of reconciliation of the respective balances below of the Leaf segment (the Company's sole reportable segment) to the consolidated financial statements:

Years Ended March 31,
202520242023
Sales and other operating revenues:
Leaf$2,470,984 $2,029,615 $1,900,558 
All Other10,276 2,944 14,323 
Consolidated sales and other operating revenues2,481,260 2,032,559 1,914,881 
Cost of goods and services sold:
Leaf2,125,756 1,714,053 1,636,378 
All Other12,520 6,171 17,486 
Consolidated cost of goods and services sold2,138,276 1,720,224 1,653,864 
Selling, general, and administrative expenses:
Leaf164,228 154,074 139,160 
All Other6,770 6,836 12,371 
Consolidated selling, general, and administrative expenses170,998 160,910 151,531 
Other segment items:(1)
Leaf16,714 8,281 7,964 
All Other(304)1,158 3,059 
Consolidated other segment items16,410 9,439 11,023 
Leaf segment operating income164,286 153,207 117,056 
All Other operating loss(8,710)(11,221)(18,593)
Restructuring and asset impairment charges2,259 4,799 4,685 
Consolidated operating income153,317 137,187 93,778 
Gain on debt retirement8,178 15,914 — 
Loss on deconsolidation/disposition of subsidiaries— — 648 
Loss on pension settlement— 12,008 2,588 
Interest expense, net128,041 125,620 113,164 
Income (loss) before income taxes and other items$33,454 $15,473 $(22,622)
(1) Represents the other expense, net caption within the consolidated statements of operations. See "Note 4. Other Expense, Net" for additional information.
March 31, 2025
LeafAll OtherTotal
Segment assets$1,466,400 $37,443 $1,503,843 
Trade and other receivables, net204,054 175 204,229 
Equity in net assets of investee companies90,238 6,690 96,928 
Depreciation and amortization18,772 1,562 20,334 
Capital expenditures21,137 2,977 24,114 

March 31, 2024
LeafAll OtherTotal
Segment assets$1,616,486 $41,427 $1,657,913 
Trade and other receivables, net187,083 336 187,419 
Equity in net assets of investee companies94,609 6,636 101,245 
Depreciation and amortization17,767 1,483 19,250 
Capital expenditures18,062 2,973 21,035 
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area
The following summarizes geographic information for sales and other operating revenues by destination of the product shipped:

Years Ended March 31,
202520242023
Sales and Other Operating Revenues:
China$497,437 $362,778 $338,174 
U.S.244,556 192,745 220,266 
Indonesia227,369 215,491 170,492 
United Arab Emirates213,321 182,687 182,306 
Belgium (1)
160,337 156,085 132,456 
Egypt133,023 43,495 52,428 
Turkey84,957 62,089 50,559 
Other920,260 817,189 768,200 
Total$2,481,260 $2,032,559 $1,914,881 
(1) The Belgium destination represents a customer-owned storage and distribution center from which the tobacco will be shipped on to manufacturing facilities.
Schedule of Customers that Account for More than 10% of Total Sales and Other Operating Revenues
The following summarizes the customers, including their respective affiliates, that account for 10% or more of total sales and other operating revenues for the respective periods, as indicated by an "x":

Years Ended March 31,
202520242023
British American Tobaccox
China National Tobacco Corporationxxx
Japan Tobacco Internationalxx
Philip Morris International Inc.xxx
Schedule of Long-Lived Assets in Individual Foreign Countries
The following summarizes geographic information for property, plant, and equipment by location:

March 31,
20252024
Property, Plant, and Equipment, Net:
Brazil$33,720 $31,455 
Malawi26,091 28,400 
Zimbabwe24,049 22,861 
U.S.22,293 21,429 
Other11,304 11,565 
Jordan9,588 10,664 
Tanzania11,131 7,784 
Total$138,176 $134,158 
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Details)
 12 Months Ended
Mar. 31, 2025
segment
Product Information [Line Items]  
Number of operating segments 7
Number of reportable segments 1
Trade names  
Product Information [Line Items]  
Useful life of intangible assets 14 years
Minimum  
Product Information [Line Items]  
Payments due period (in days) 30 days
Minimum | Real Estate  
Product Information [Line Items]  
Lease term 2 years
Minimum | Equipment  
Product Information [Line Items]  
Lease term 2 years
Minimum | Buildings  
Product Information [Line Items]  
Useful life of property, plant and equipment 9 years
Minimum | Machinery and equipment  
Product Information [Line Items]  
Useful life of property, plant and equipment 2 years
Minimum | Customer relationships  
Product Information [Line Items]  
Useful life of intangible assets 9 years
Minimum | Internally developed software  
Product Information [Line Items]  
Useful life of intangible assets 3 years
Maximum  
Product Information [Line Items]  
Payments due period (in days) 60 days
Maximum | Real Estate  
Product Information [Line Items]  
Lease term 15 years
Maximum | Equipment  
Product Information [Line Items]  
Lease term 5 years
Maximum | Buildings  
Product Information [Line Items]  
Useful life of property, plant and equipment 40 years
Maximum | Machinery and equipment  
Product Information [Line Items]  
Useful life of property, plant and equipment 19 years
Maximum | Customer relationships  
Product Information [Line Items]  
Useful life of intangible assets 12 years
Maximum | License  
Product Information [Line Items]  
Useful life of intangible assets 8 years
Maximum | Internally developed software  
Product Information [Line Items]  
Useful life of intangible assets 5 years
Other Regions  
Product Information [Line Items]  
Number of operating segments 5
v3.25.1
Revenue Recognition - Revenue Disaggregated by Product or Service (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues $ 2,481,260 $ 2,032,559 $ 1,914,881
Leaf      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues 2,470,984 2,029,615 1,900,558
Leaf | Product revenue      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues 2,335,107 1,912,438 1,812,170
Leaf | Processing and other revenues      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues 135,877 117,177 88,388
All Other      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues $ 10,276 $ 2,944 $ 14,323
v3.25.1
Revenue Recognition - Activity in the Claims Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Balance, beginning of period $ 3,313 $ 2,350 $ 1,130
Additions 2,010 6,191 4,680
Payments and other adjustments (2,887) (5,228) (3,460)
Balance, end of period $ 2,436 $ 3,313 $ 2,350
v3.25.1
Revenue Recognition - Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]      
Balance, beginning of period $ (23,940) $ (24,730) $ (24,541)
Additions (1,299) (1,535) (2,316)
Write-offs and other adjustments 1,204 2,325 2,127
Balance, end of period (24,035) (23,940) (24,730)
Trade receivables 213,274 192,704 210,081
Trade receivables, net $ 189,239 $ 168,764 $ 185,351
v3.25.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]      
Value added tax expense $ 43,298 $ 34,905 $ 28,302
v3.25.1
Other Expense, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Other Income and Expenses [Abstract]      
Losses on sale of receivables $ 19,565 $ 13,121 $ 10,434
Foreign currency (gains) losses (2,121) 251 (1,057)
Note receivable write-off 0 0 2,050
Gain on sale of fixed assets (2,423) (2,300) (1,389)
Miscellaneous expense (income), net 1,389 (1,633) 985
Total $ 16,410 $ 9,439 $ 11,023
v3.25.1
Income Taxes - Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Income Tax Expense (Benefit), Continuing Operations [Abstract]      
U.S. $ (4,579) $ (17,697) $ (43,874)
Non-U.S. 38,033 33,170 21,252
Income (loss) before income taxes and other items 33,454 15,473 (22,622)
Current:      
Federal 6,837 5,319 16,353
    State 261 (59) 337
    Non-U.S. 23,611 24,385 17,593
Total Current 30,709 29,645 34,283
Deferred:      
    Federal(2) (10,307) 968 (592)
    State (155) (9) 2
    Non-U.S. 4,806 (3,323) 434
Total Deferred (5,656) (2,364) (156)
Income tax expense 25,053 27,281 34,127
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]      
Tax benefit at U.S. statutory rate 7,025 3,249 (4,750)
Effect of non-U.S. income taxes (2,602) 23 (3,418)
U.S. taxes on non-U.S. earnings 7,759 9,264 6,389
Tax on unremitted foreign earnings (2,066) 1,291 1,777
Increase in reserves for uncertain tax positions 8,789 8,120 2,397
Withholding tax expense 2,526 544 3,058
Tax credits (6,482) (5,270) (3,853)
Tax incentives 0 0 (2,280)
Nondeductible interest 2,969 1,340 2,559
Exchange effects and currency translation 9,367 (5,110) 3,101
Change in valuation allowance (9,456) 15,340 30,412
Other, net 7,224 (1,510) (1,265)
Income tax expense $ 25,053 $ 27,281 $ 34,127
v3.25.1
Income Taxes - Deferred Taxes (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Deferred tax assets:    
Non-deductible interest carryforward $ 34,940 $ 30,858
Original issue discount 10,439 14,714
Reserves and accruals 22,691 21,662
Tax loss carryforwards 16,653 16,329
Unrealized exchange losses 1,448 5,961
Lease obligations 6,511 7,344
Other 9,971 10,290
Gross deferred tax assets 102,653 107,158
Valuation allowance (60,302) (70,391)
Total deferred tax assets 42,351 36,767
Deferred tax liabilities:    
Unremitted earnings of foreign subsidiaries (27,560) (29,523)
Right of use asset (7,050) (7,956)
Other (2,989) (25)
Total deferred tax liabilities (37,599) (37,504)
Net deferred tax assets (liabilities) $ 4,752  
Net deferred tax assets (liabilities)   $ (737)
v3.25.1
Income Taxes - Changes in Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 70,391 $ 59,506 $ 32,641
Changes to expenses (10,081) 10,727 27,598
Changes to other comprehensive income (8) 158 (733)
Balance at end of period $ 60,302 $ 70,391 $ 59,506
v3.25.1
Income Taxes - Narrative (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Foreign operating loss carryforwards $ 54,846
Definite lived carryforward 26,930
Indefinite lived carryforward 27,916
Unrecognized tax benefits may decrease in the next twelve months $ 2,919
v3.25.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of period $ 16,892 $ 16,085
Increase (decrease) for prior year tax positions 2,989 7,100
Increase for current year tax positions 4,854 1,630
Reduction for settlements (8,020) (4,662)
Impact from decrease in exchange rates (210) (2,553)
Reduction of statute of limitation expirations (3,699) (708)
Balance at end of period 12,806 16,892
Accrued interest 1,929 2,065
Accrued penalties 3,900 2,372
Balance at end of period 18,635 $ 21,329
Unrecognized tax benefits that would impact effective tax rate if recognized $ 18,635  
v3.25.1
Earnings (Loss) Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share Reconciliation [Abstract]      
Net income (loss) attributable to Pyxus International, Inc. $ 15,166 $ 2,663 $ (39,141)
Basic weighted average shares outstanding (in shares) 25,643 25,000 25,000
Plus: Dilutive equity awards (in shares) 24 0 0
Diluted weighted average shares outstanding (in shares) 25,667 25,000 25,000
Earnings (loss) per share:      
Basic (in USD per share) $ 0.59 $ 0.11 $ (1.57)
Diluted (in USD per share) $ 0.59 $ 0.11 $ (1.57)
v3.25.1
Restricted Cash - Composition of Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Cash and Cash Equivalents [Abstract]    
Compensating balance for short-term borrowings $ 542 $ 516
Escrow 3,534 2,647
Grants 3,116 1,375
Other 98 2,686
Total $ 7,290 $ 7,224
v3.25.1
Inventories, Net - Schedule of Inventories, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Inventory Disclosure [Abstract]    
Processed tobacco $ 490,410 $ 585,280
Unprocessed tobacco 241,832 305,928
Other tobacco related 25,643 31,213
All Other 4,066 9,233
Total $ 761,951 $ 931,654
v3.25.1
Advances to Suppliers, Net - Schedule of Advances to Tobacco Suppliers (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Advances to tobacco suppliers, net $ 29,144 $ 17,068
Advances to non-tobacco suppliers 1,601 3,329
Total in current assets 30,745 20,397
Long-term advances to tobacco suppliers, net 4,980 1,821
Total current and long-term $ 35,725 $ 22,218
v3.25.1
Advances to Suppliers, Net - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Markup and capitalized interest on tobacco advances $ 17,066 $ 16,905
Unrecoverable advances and other capitalized costs $ 11,833 $ 7,975
v3.25.1
Equity Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 19, 2025
Mar. 21, 2024
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]                                  
Gross profit                         $ 342,984 $ 312,335 $ 261,017    
Net (loss) income $ (4,556) $ 19,410 $ (3,273) $ 4,952 $ (9,661) $ 4,179 $ 7,896 $ 770 $ (19,945) $ (2,237) $ (1,550) $ (14,505) 16,533 3,184 (38,237)    
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]                                  
Current assets 1,158,160       1,310,206               1,158,160 1,310,206      
Current liabilities 773,947       905,165               773,947 905,165      
Share-based payment arrangement, expense                         4,110 $ 0 0    
Restricted Stock Units (RSUs)                                  
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]                                  
Share-based payment arrangement, expense                         3,263        
Unrecognized compensation costs 1,851                       $ 1,851        
Total unrecognized stock-based compensation, expected period (in years)                         1 year 11 months 15 days        
2020 Incentive Plan                                  
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]                                  
Number of remaining shares available for issuance (in shares)                               3,612,000 3,220,000
2020 Incentive Plan | Performance Shares                                  
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]                                  
Award vesting period                           3 years      
Payout rate upon threshold performance level achieved (as a percent)                           50.00%      
Payout rate upon target performance level achieved (as a percent)                           100.00%      
Payout rate upon exceeding performance level achieved (as a percent)                           150.00%      
Equity Method Investment, Nonconsolidated Investee or Group of Investees                                  
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]                                  
Sales                         $ 611,152 $ 505,262 489,532    
Gross profit                         70,208 82,614 76,206    
Net (loss) income                         16,851 33,101 $ 40,447    
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]                                  
Current assets 419,192       542,702               419,192 542,702      
Property, plant, and equipment and other assets 49,243       50,925               49,243 50,925      
Current liabilities 328,818       446,597               328,818 446,597      
Long-term obligations and other liabilities $ 4,560       $ 3,356               $ 4,560 $ 3,356      
Adams International Ltd.                                  
Schedule of Equity Method Investments [Line Items]                                  
Ownership Percentage 49.00%                       49.00%        
Basis Difference $ (4,526)                       $ (4,526)        
Alliance One Industries India Private Ltd.                                  
Schedule of Equity Method Investments [Line Items]                                  
Ownership Percentage 49.00%                       49.00%        
Basis Difference $ (5,770)                       $ (5,770)        
China Brasil Tabacos Exportadora S.A.                                  
Schedule of Equity Method Investments [Line Items]                                  
Ownership Percentage 49.00%                       49.00%        
Basis Difference $ 43,000                       $ 43,000        
Oryantal Tütün Paketleme Sanayi ve Ticaret A.Ş.                                  
Schedule of Equity Method Investments [Line Items]                                  
Ownership Percentage 50.00%                       50.00%        
Basis Difference $ (416)                       $ (416)        
Purilum, LLC                                  
Schedule of Equity Method Investments [Line Items]                                  
Ownership Percentage 50.00%                       50.00%        
Basis Difference $ 4,589                       $ 4,589        
Siam Tobacco Export Corporation Ltd.                                  
Schedule of Equity Method Investments [Line Items]                                  
Ownership Percentage 49.00%                       49.00%        
Basis Difference $ (6,098)                       $ (6,098)        
v3.25.1
Variable Interest Entities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Investments in variable interest entities $ 96,928 $ 101,255
Variable Interest Entity, Not Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Investments in variable interest entities 90,239 94,609
Guaranteed amounts to variable interest entities (not to exceed) $ 15,995 $ 11,113
v3.25.1
Intangible Assets, Net - Goodwill and Intangible Asset Rollforward (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Schedule of Intangible Assets [Line Items]    
Gross Carrying Amount $ 49,019 $ 50,349
Accumulated Amortization (20,512) (16,470)
Intangible Assets, Net $ 28,507 $ 33,879
Customer relationships    
Schedule of Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life 7 years 4 months 24 days 8 years 4 months 24 days
Gross Carrying Amount $ 26,101 $ 26,101
Accumulated Amortization (9,969) (7,794)
Intangible Assets, Net $ 16,132 $ 18,307
Technology    
Schedule of Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life 3 years 4 months 24 days 4 years 4 months 24 days
Gross Carrying Amount $ 11,618 $ 12,948
Accumulated Amortization (6,844) (5,784)
Intangible Assets, Net $ 4,774 $ 7,164
Trade names    
Schedule of Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life 9 years 4 months 24 days 10 years 4 months 24 days
Gross Carrying Amount $ 11,300 $ 11,300
Accumulated Amortization (3,699) (2,892)
Intangible Assets, Net $ 7,601 $ 8,408
v3.25.1
Intangible Assets, Net - Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of Intangible Assets $ 4,532 $ 4,631 $ 6,489
v3.25.1
Intangible Assets, Net - Estimated Intangible Asset Amortization Expense (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2026 $ 4,430
2027 4,360
2028 4,357
2029 3,555
2030 2,982
Thereafter 8,823
Amortizable intangibles, net 28,507
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
2026 2,175
2027 2,175
2028 2,175
2029 2,175
2030 2,175
Thereafter 5,257
Amortizable intangibles, net 16,132
Technology  
Finite-Lived Intangible Assets [Line Items]  
2026 1,448
2027 1,378
2028 1,375
2029 573
2030 0
Thereafter 0
Amortizable intangibles, net 4,774
Trade names  
Finite-Lived Intangible Assets [Line Items]  
2026 807
2027 807
2028 807
2029 807
2030 807
Thereafter 3,566
Amortizable intangibles, net $ 7,601
v3.25.1
Leases - Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]      
Operating lease costs $ 14,199 $ 16,028 $ 14,203
Variable and short-term lease costs 14,848 8,964 8,023
Total lease costs $ 29,047 $ 24,992 $ 22,226
v3.25.1
Leases - Weighted-Average Information of Operating Lease Obligations (Details)
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Weighted average remaining lease term 4 years 9 months 18 days 5 years 4 months 24 days
Weighted average discount rate 15.40% 15.80%
v3.25.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Cash Flow, Lessee [Abstract]      
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows used by operating leases $ 14,145 $ 15,764 $ 13,607
Right-of-use assets obtained in exchange for new operating leases - noncash $ 3,964 $ 10,444 $ 9,967
v3.25.1
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Operating Leases, After Adoption of 842:    
2026 $ 12,099  
2027 8,342  
2028 5,487  
2029 3,476  
2030 2,957  
Thereafter 6,880  
Total future minimum lease payments 39,241  
Less: amounts related to imputed interest 11,143  
Present value of future minimum lease payments 28,098  
Less: operating lease liabilities, current 8,514 $ 8,100
Operating lease liabilities, non-current $ 19,584 $ 26,136
v3.25.1
Property, Plant, and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 182,044 $ 171,632
Less: accumulated depreciation (43,868) (37,474)
Property, plant, and equipment, net 138,176 134,158
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 26,815 29,144
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 45,982 45,065
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 109,247 $ 97,423
v3.25.1
Property, Plant, and Equipment, Net - Depreciation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Property, Plant and Equipment [Line Items]      
Total depreciation $ 15,644 $ 14,452 $ 12,478
Depreciation expense recorded in cost of goods and services sold      
Property, Plant and Equipment [Line Items]      
Total depreciation 13,264 11,806 10,132
Depreciation expense recorded in selling, general, and administrative expenses      
Property, Plant and Equipment [Line Items]      
Total depreciation $ 2,380 $ 2,646 $ 2,346
v3.25.1
Debt Arrangements - Schedule of Debt Financing (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Feb. 06, 2023
Interest Rate      
   Total debt $ 849,892 $ 1,017,340  
Short-term 395,030 499,312  
Current portion of long-term debt 12 20,294  
Long-term debt 454,850 497,734  
Long-term debt including current maturities 454,862 518,028  
Letters of credit outstanding 7,790 5,070  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 395,042    
2027 0    
2028 454,850    
2029 0    
2030 0    
Later 0    
Outstanding borrowings 849,892 1,017,340  
Face amount of debt instrument     $ 120,205
Senior notes | 10.0% Notes Due 2024      
Interest Rate      
Interest rate (as a percent)     10.00%
   Total debt 0 20,247  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 0    
2027 0    
2028 0    
2029 0    
2030 0    
Later 0    
Outstanding borrowings $ 0 20,247  
Senior notes | 8.5% Notes Due 2027      
Interest Rate      
Interest rate (as a percent) 8.50%    
   Total debt $ 145,820 178,146  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 0    
2027 0    
2028 145,820    
2029 0    
2030 0    
Later 0    
Outstanding borrowings $ 145,820 178,146  
Intabex Term Loan      
Interest Rate      
Weighted-average interest rate (as a percent) 13.20%    
   Total debt $ 187,144 186,659  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 0    
2027 0    
2028 187,144    
2029 0    
2030 0    
Later 0    
Outstanding borrowings $ 187,144 186,659  
Pyxus Term Loan      
Interest Rate      
Weighted-average interest rate (as a percent) 13.20%    
   Total debt $ 121,886 132,819  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 0    
2027 0    
2028 121,886    
2029 0    
2030 0    
Later 0    
Outstanding borrowings 121,886 132,819  
Unamortized premium $ 1,681    
Other long-term debt      
Interest Rate      
Weighted-average interest rate (as a percent) 8.80%    
   Total debt $ 12 157  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 12    
2027 0    
2028 0    
2029 0    
2030 0    
Later 0    
Outstanding borrowings $ 12 157  
Notes payable to banks      
Interest Rate      
Weighted-average interest rate (as a percent) 9.40%    
   Total debt $ 395,030 499,312  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 395,030    
2027 0    
2028 0    
2029 0    
2030 0    
Later 0    
Outstanding borrowings $ 395,030 499,312  
   ABL Credit Facility | Credit Facility      
Interest Rate      
Interest rate (as a percent) 8.10%    
   Total debt $ 0 0  
Long Term Debt Repayment Schedule by Fiscal Year      
2026 0    
2027 0    
2028 0    
2029 0    
2030 0    
Later 0    
Outstanding borrowings 0 $ 0  
DDTL Facility | Senior notes      
Long Term Debt Repayment Schedule by Fiscal Year      
Unamortized discount of debt instrument $ 2,519    
Intabex Term Loans | 8.5% Notes Due 2027      
Long Term Debt Repayment Schedule by Fiscal Year      
Unamortized discount of debt instrument     $ 1,889
Face amount of debt instrument     189,033
Exit fee amount     2,000
Pyxus Credit Facility | Term Loan Credit Agreement      
Long Term Debt Repayment Schedule by Fiscal Year      
Face amount of debt instrument     $ 130,550
v3.25.1
Debt Arrangements - ABL Credit Facility (Details) - USD ($)
 12 Months Ended
Feb. 08, 2022
Mar. 31, 2025
Mar. 31, 2024
Line of Credit Facility [Line Items]      
Outstanding borrowings   $ 849,892,000 $ 1,017,340,000
PNC ABL Credit Facility | Credit Facility      
Line of Credit Facility [Line Items]      
Borrowing base, proportion of eligible accounts receivable (as a percent) 85.00%    
Terms receivables borrowing $ 5,000,000    
Borrowing base, proportion of eligible accounts receivable, credit (as a percent) 90.00%    
Borrowing base, proportion of eligible inventory valued at lower of cost and market value (as a percent) 70.00%    
Proportion of liquidation value inventory borrowing base (as a percent) 85.00%    
Average outstanding amount   56,332,000  
Commitment fee percentage (in basis points) 0.25%    
Line of credit facility, covenant, excess borrowing ability $ 20,000,000    
Lower threshold of excess borrowing ability of credit facility (as a percent) 10.00%    
Less than borrowing ability $ 20,000,000    
Financial covenant threshold of credit facility, consecutive days 30 days    
Fixed charge ratio of credit facility 1.10    
PNC ABL Credit Facility | Credit Facility | Debt Instrument, Redemption, Period One      
Line of Credit Facility [Line Items]      
Termination fee (in basis points) 300    
PNC ABL Credit Facility | Credit Facility | Debt Instrument, Redemption, Period Two      
Line of Credit Facility [Line Items]      
Termination fee (in basis points) 200    
PNC ABL Credit Facility | Credit Facility | Debt Instrument, Redemption, Period Three      
Line of Credit Facility [Line Items]      
Termination fee (in basis points) 100    
PNC ABL Credit Facility | Credit Facility | Maximum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 3.00%    
PNC ABL Credit Facility | Credit Facility | Minimum      
Line of Credit Facility [Line Items]      
Basis spread on variable rate (as a percent) 2.00%    
PNC ABL Credit Facility | Revolving Line of Credit      
Line of Credit Facility [Line Items]      
Maximum borrowing capacity of credit facility $ 140,000,000    
Additional borrowing capacity 20,000,000    
Exit ABL Credit Facility | Credit Facility      
Line of Credit Facility [Line Items]      
Outstanding borrowings   0  
Borrowings outstanding of line of credit   120,000,000  
ABL Credit Facility      
Line of Credit Facility [Line Items]      
Commitment fee percentage, threshold amount $ 60,000,000    
ABL Credit Facility | Maximum      
Line of Credit Facility [Line Items]      
Commitment fee percentage (in basis points) 0.375%    
ABL Credit Facility | Credit Facility      
Line of Credit Facility [Line Items]      
Outstanding borrowings   $ 0  
Line of credit facility, covenant, excess borrowing ability $ 10,000,000    
Line of credit facility, covenant, less than borrowing ability threshold percent 20.00%    
v3.25.1
Debt Arrangements - INTABEX Term Loans (Details) - USD ($)
$ in Thousands
Feb. 06, 2023
Apr. 23, 2021
Jun. 02, 2022
Aug. 24, 2020
Debt Instrument [Line Items]        
Face amount of debt instrument $ 120,205      
Delayed Draw Term Loan Facility Credit Agreement | Delayed Draw Term Loan Facility Credit Agreement        
Debt Instrument [Line Items]        
Outstanding term loan     100.00%  
Exit Term Loans | Delayed Draw Term Loan Facility Credit Agreement        
Debt Instrument [Line Items]        
Outstanding term loan       100.00%
Intabex Term Loans        
Debt Instrument [Line Items]        
Redemption price (as a percent) 40.00%      
Intabex Term Loans | Senior Secured First Lien Notes due 2027        
Debt Instrument [Line Items]        
Face amount of debt instrument $ 189,033      
Exit fee amount $ 2,000      
Intabex Term Loans | Term Loan Credit Agreement | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as a percent) 7.00%      
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) 8.00%      
Intabex Term Loans | Existing Notes        
Debt Instrument [Line Items]        
Face amount of debt instrument $ 87,033      
Term Loan Credit Facility | Term Loan Credit Agreement        
Debt Instrument [Line Items]        
Face amount of debt instrument $ 100,000      
Interest rate (as a percent)   2.00%    
Term Loan Credit Facility | Term Loan Credit Agreement | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as a percent)   6.50%    
Term Loan Credit Facility | Term Loan Credit Agreement | SOFR        
Debt Instrument [Line Items]        
Basis spread on variable rate (as a percent)   7.50%    
Term Loan Credit Facility | Term Loan Credit Agreement | Minimum | SOFR        
Debt Instrument [Line Items]        
Interest rate (as a percent)   1.00%    
v3.25.1
Debt Arrangements - PYXUS Term Loans (Details)
$ in Thousands
Feb. 06, 2023
USD ($)
Debt Instrument [Line Items]  
Face amount of debt instrument $ 120,205
Pyxus Credit Facility  
Debt Instrument [Line Items]  
Redemption price (as a percent) 60.00%
Pyxus Credit Facility | Term Loan Credit Agreement  
Debt Instrument [Line Items]  
Face amount of debt instrument $ 130,550
Pyxus Term Loan | Term Loan Credit Agreement | Base Rate  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 7.00%
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) 8.00%
v3.25.1
Debt Arrangements - 8.50% Senior Secured Notes due 2027 (Details) - USD ($)
$ in Thousands
Feb. 06, 2023
Mar. 31, 2025
Aug. 24, 2020
Debt Instrument [Line Items]      
Face amount of debt instrument $ 120,205    
8.50 Percentage Senior Secured Notes Due 2027 | New Pyxus Credit Facility      
Debt Instrument [Line Items]      
Interest rate (as a percent) 8.50%    
Face amount of debt instrument $ 260,452 $ 148,339  
Redemption price (as a percent) 100.00%    
8.50 Percentage Senior Secured Notes Due 2027 | Senior notes      
Debt Instrument [Line Items]      
Interest rate (as a percent) 8.50%    
Senior Secured First Lien Notes due 2024 | Senior notes      
Debt Instrument [Line Items]      
Interest rate (as a percent) 10.00%    
Debt instrument, covenant compliance, shareholder election percent     92.70%
Debt instrument, percentage of outstanding     10.00%
v3.25.1
Debt Arrangements - Secured Debt Intercreditor Agreement (Details) - Minimum - Senior Secured First Lien Notes due 2027 - Term Loans
Feb. 06, 2023
Debt Instrument [Line Items]  
Exercise of rights and remedies against collateral, any event, shareholder minimum percent of New Term Loans 20.00%
Exercise of rights and remedies against collateral, date of determination, shareholder minimum percent of New Term Loans 15.00%
v3.25.1
Debt Arrangements - Related Party Transactions (Details) - USD ($)
 12 Months Ended
Aug. 26, 2024
Aug. 02, 2024
Apr. 12, 2024
Mar. 28, 2024
Mar. 21, 2024
Mar. 31, 2025
May 31, 2024
Feb. 06, 2023
Jan. 23, 2023
Jan. 04, 2023
Feb. 10, 2022
Dec. 31, 2021
Debt Instrument [Line Items]                        
Face amount of debt instrument               $ 120,205,000        
Glendon Investor and Monarch Investor | Glendon Capital Management LP                        
Debt Instrument [Line Items]                        
Number of common stock owned by related party (in shares)                   7,939,000    
Proportion of common stock outstanding owned by related party (as a percent)                   31.80%    
Glendon Investor and Monarch Investor | Monarch Alternative Capital LP                        
Debt Instrument [Line Items]                        
Number of common stock owned by related party (in shares)                 6,140,000      
Proportion of common stock outstanding owned by related party (as a percent)                 24.60%      
Glendon Investor and Monarch Investor | Owl Creek Asset Management LP                        
Debt Instrument [Line Items]                        
Number of common stock owned by related party (in shares)                     2,405,000  
Proportion of common stock outstanding owned by related party (as a percent)                       9.60%
Delayed Draw Term Loan Facility Credit Agreement                        
Debt Instrument [Line Items]                        
Outstanding loan percentage (as a percent)           99.70%            
Exit Term Loan Credit Agreement                        
Debt Instrument [Line Items]                        
Outstanding loan percentage (as a percent)           68.10%            
Senior Secured First Lien Notes due 2024                        
Debt Instrument [Line Items]                        
Outstanding loan percentage (as a percent)           64.10%            
Senior Secured First Lien Notes due 2024 | Senior notes                        
Debt Instrument [Line Items]                        
Payment for accrued and unpaid interest $ 51,000                      
Debt Repurchase Agreement | Senior notes                        
Debt Instrument [Line Items]                        
Payment for accrued and unpaid interest   $ 26,707,000   $ 62,339,000                
Debt Repurchase Agreement | Debt Instrument, Redemption, Period Two | Senior notes                        
Debt Instrument [Line Items]                        
Face amount of debt instrument       $ 77,922,000                
Debt Repurchase Agreement | Debt Instrument, Redemption, Period Three | Senior notes                        
Debt Instrument [Line Items]                        
Face amount of debt instrument   $ 34,191,000         $ 9,435,000          
Debt Repurchase Agreement | Debt Instrument, Redemption, Period One | Senior notes                        
Debt Instrument [Line Items]                        
Face amount of debt instrument             $ 10,345,000          
Debt Repurchase Agreement | Debt Instrument, Redemption, Period One | Term Loans | Pyxus Term Loan                        
Debt Instrument [Line Items]                        
Face amount of debt instrument         $ 9,104,000              
Redemption price (as a percent)     12.00%                  
Debt Repurchase Agreement 2027 Notes | Debt Instrument, Redemption, Period Two | Senior notes                        
Debt Instrument [Line Items]                        
Face amount of debt instrument         $ 60,000,000              
Redemption price (as a percent)         23.00%              
Debt Repurchase Agreement 2027 Notes | Debt Instrument, Redemption, Period Three | Senior notes                        
Debt Instrument [Line Items]                        
Face amount of debt instrument         $ 26,327,000              
Redemption price (as a percent)         23.00%              
v3.25.1
Debt Arrangements - Other Outstanding Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 26, 2024
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]      
Short-term debt   $ 395,030 $ 499,312
Compensating balance for short-term borrowings   542 516
Senior Secured First Lien Notes due 2024 | Senior notes      
Debt Instrument [Line Items]      
Repayments of Other Debt $ 20,442    
Payment for accrued and unpaid interest $ 51    
Credit Facility      
Debt Instrument [Line Items]      
Short-term debt, maximum outstanding amount   170,000  
Maximum borrowing capacity of credit facility   $ 918,372 $ 776,756
Weighted-average interest rate (as a percent)   9.40% 9.80%
Compensating balance for short-term borrowings   $ 542 $ 516
Credit Facility | Other Regions      
Debt Instrument [Line Items]      
Short-term debt   $ 93,243 $ 119,964
Minimum | Credit Facility      
Debt Instrument [Line Items]      
Term of debt instrument   180 days  
Maximum | Credit Facility      
Debt Instrument [Line Items]      
Term of debt instrument   365 days  
v3.25.1
Securitized Receivables - Narrative (Details)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
USD ($)
account
Mar. 31, 2024
USD ($)
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) 100.00%  
Accounts receivable, net current, increase (decrease) due to settlement $ 2,190 $ 15,036
Accrued expenses and other current liabilities due to settlements $ 0 $ 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%  
Accounts Receivable Securitization, Program Two | Minimum    
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items]    
Receivable securitization programs, designated receivable amount $ 160,000  
v3.25.1
Securitized Receivables - Schedule of Accounts Receivable Securitization Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Transfers and Servicing [Abstract]      
Receivables outstanding in facility $ 355,246 $ 170,267  
Beneficial interest 29,354 15,036  
Cash proceeds:      
   Cash purchase price 981,560 649,680 $ 696,404
   Deferred purchase price $ 188,312 $ 175,911 $ 165,262
v3.25.1
Guarantees (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Guarantees [Abstract]    
Amounts guaranteed (not to exceed) $ 110,660 $ 97,411
Amounts outstanding under guarantee 80,045 71,427
Fair value of guarantees 6,459 5,097
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing $ 13,787 $ 34,571
Guarantee expiration term (in years) 1 year  
v3.25.1
Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Derivative [Line Items]      
Gain (loss) recognized in income $ (2,411) $ 6,356 $ 6,764
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
AOCI before Tax $ 132 $ (2,860)  
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets  
Current derivative assets $ 982    
Derivative contracts outstanding 49,500 $ 0  
Estimate of Fair Value      
Derivative [Line Items]      
Derivative financial instruments 57 0  
Level 2 | Estimate of Fair Value      
Derivative [Line Items]      
Derivative financial instruments 57 0  
Loss on Derivatives      
Derivative [Line Items]      
Tax on accumulated other comprehensive income (loss), net $ (92) $ 1,021  
v3.25.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Estimate of Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments $ 982 $ 0
Securitized beneficial interests 29,354 15,036
Total assets 30,336 15,036
Derivative financial instruments 57 0
Long-term debt 433,897 463,147
Guarantees 6,459 5,097
Total liabilities 440,413 468,244
Estimate of Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments 982 0
Securitized beneficial interests 0 0
Total assets 982 0
Derivative financial instruments 57 0
Long-term debt 433,885 462,987
Guarantees 0 0
Total liabilities 433,942 462,987
Estimate of Fair Value | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments 0 0
Securitized beneficial interests 29,354 15,036
Total assets 29,354 15,036
Derivative financial instruments 0 0
Long-term debt 12 160
Guarantees 6,459 5,097
Total liabilities $ 6,471 $ 5,257
v3.25.1
Fair Value Measurements - Reconciliation of Change in Recurring Level 3 Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Long-Term Debt    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 160 $ 514
Settlements (148) (354)
Balance at end of period 12 160
Securitized Beneficial Interests    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 15,036 19,522
Sales of receivables/issuance of guarantees 244,886 162,229
Settlements (212,964) (154,659)
Losses recognized in earnings (17,604) (12,056)
Balance at end of period 29,354 15,036
Guarantees    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 5,097 5,262
Sales of receivables/issuance of guarantees 7,639 7,184
Settlements (2,421) (4,801)
Losses recognized in earnings (3,856) (2,548)
Balance at end of period $ 6,459 $ 5,097
v3.25.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 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 $ 1,633 $ 1,027 $ 659
v3.25.1
Fair Value Measurements - Information about Fair Value Measurements using Significant Unobservable Inputs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Securitized Beneficial Interests      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]      
Fair value of unobservable inputs of asset $ 29,354 $ 15,036 $ 19,522
Discounted Cash Flow | Minimum | Securitized Beneficial Interests      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]      
Securitized market rate (as a percent) 3.00% 5.60%  
Payment speed period 64 days 58 days  
Discounted Cash Flow | Maximum | Securitized Beneficial Interests      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]      
Securitized market rate (as a percent) 6.90% 7.90%  
Payment speed period 91 days 83 days  
Historical Loss | Minimum | Guarantees of Farmers      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]      
Historical loss rate (as a percent) 0.70% 0.70%  
Historical Loss | Maximum | Guarantees of Farmers      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]      
Historical loss rate (as a percent) 37.30% 37.30%  
v3.25.1
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Loss on pension settlement $ 0 $ 12,008 $ 2,588
Reclassification of unrecognized net pension losses (12,875) (12,947) (7,875)
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Reclassification of unrecognized net pension losses (11,638) (11,738) $ (5,883)
Pension Plan | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Loss on pension settlement   2,588  
Cash contributions to fully fund liabilities upon termination   $ 5,300  
Pension Plan | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Termination fees and received 1,106    
Loss on pension settlement 12,008    
Reclassification of unrecognized net pension losses 3,511    
Unrecognized net pension losses $ 1,170    
v3.25.1
Pension and Other Postretirement Benefits - Reconciliation of Benefit Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning $ 54,960 $ 80,381
Service cost 235 181
Interest cost 2,717 3,485
Actuarial losses (gains) (294) 7,205
Plan settlements (224) (29,957)
Effects of currency translation (51) (17)
Benefits paid (4,895) (6,318)
Benefit obligation, ending 52,448 54,960
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of plan assets, beginning 22,380 52,027
Actual return on plan assets 1,011 3,171
Employer contributions 4,149 4,079
Plan settlements (224) (31,064)
Effects of currency translation   485
Benefits paid (4,895) (6,318)
Fair value of plan assets, ending 22,421 22,380
Funded status of the plan $ (30,027) $ (32,580)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest Income (Expense), Operating Interest Income (Expense), Operating
U.S.    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning $ 33,694 $ 35,710
Service cost 0 0
Interest cost 1,679 1,705
Actuarial losses (gains) 838 (538)
Plan settlements 0 0
Effects of currency translation 0 0
Benefits paid (3,334) (3,183)
Benefit obligation, ending 32,877 33,694
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of plan assets, beginning 0 0
Actual return on plan assets 0 0
Employer contributions 3,334 3,183
Plan settlements 0 0
Effects of currency translation   0
Benefits paid (3,334) (3,183)
Fair value of plan assets, ending 0 0
Funded status of the plan (32,877) (33,694)
Foreign Plan    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning 21,266 44,671
Service cost 235 181
Interest cost 1,038 1,780
Actuarial losses (gains) (1,132) 7,743
Plan settlements (224) (29,957)
Effects of currency translation (51) (17)
Benefits paid (1,561) (3,135)
Benefit obligation, ending 19,571 21,266
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of plan assets, beginning 22,380 52,027
Actual return on plan assets 1,011 3,171
Employer contributions 815 896
Plan settlements (224) (31,064)
Effects of currency translation   485
Benefits paid (1,561) (3,135)
Fair value of plan assets, ending 22,421 22,380
Funded status of the plan $ 2,850 $ 1,114
v3.25.1
Pension and Other Postretirement Benefits - Net Funded Status (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities $ (57,052) $ (53,701)
Funded status of the plan (30,027) (32,580)
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Noncurrent benefit asset recorded in other noncurrent assets 0 0
Accrued current benefit liability recorded in accrued expenses and other current liabilities (3,313) (3,341)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities (29,564) (30,353)
Funded status of the plan (32,877) (33,694)
Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Noncurrent benefit asset recorded in other noncurrent assets 8,752 7,562
Accrued current benefit liability recorded in accrued expenses and other current liabilities (729) (1,065)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities (5,173) (5,383)
Funded status of the plan $ 2,850 $ 1,114
v3.25.1
Pension and Other Postretirement Benefits - Pension Obligations for all Defined Benefit Pension Plans (Details) - Pension Plan - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 32,877 $ 33,694
Accumulated benefit obligation 32,877 33,694
Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation 5,902 6,448
Accumulated benefit obligation $ 5,448 $ 5,816
v3.25.1
Pension and Other Postretirement Benefits - Amounts Showing in Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost $ (19) $ (32) $ (82)
Net actuarial gains 12,875 12,947 7,875
Deferred taxes (340) (149) 542
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance 12,766 8,335  
Prior service cost 13 50  
Net actuarial gains (72) 5,072  
Deferred taxes (191) (691)  
Total change for 2025 (250) 4,431  
Ending balance 12,516 12,766  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost (19) (32) (82)
Net actuarial gains 11,638 11,738 5,883
Deferred taxes (227) (109) 831
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance 11,597 6,632  
Prior service cost 13 50  
Net actuarial gains (100) 5,855  
Deferred taxes (118) (940)  
Total change for 2025 (205) 4,965  
Ending balance 11,392 11,597  
Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost 0 0 0
Net actuarial gains 1,237 1,209 1,992
Deferred taxes (113) (40) $ (289)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance 1,169 1,703  
Prior service cost 0 0  
Net actuarial gains 28 (783)  
Deferred taxes (73) 249  
Total change for 2025 (45) (534)  
Ending balance $ 1,124 $ 1,169  
v3.25.1
Pension and Other Postretirement Benefits - Weighted-Average Assumptions (Details) - Pension Plan
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
U.S.      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 5.33% 5.08% 3.75%
Interest crediting rate     4.28%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.37% 5.33% 5.08%
Foreign Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 5.37% 4.94% 2.98%
Rate of increase in future compensation 10.42% 5.72% 7.31%
Expected long-term rate of return on plan assets 4.35% 4.20% 2.16%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.75% 5.37% 4.94%
Rate of increase in future compensation 7.52% 10.42% 5.72%
v3.25.1
Pension and Other Postretirement Benefits - Plan Assets (Details) - Foreign Plan
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Plan asset allocations (as a percent) 100.00% 100.00%
Cash and cash equivalents    
Defined Benefit Plan Disclosure [Line Items]    
Plan asset allocations (as a percent) 96.10% 1.60%
Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Plan asset allocations (as a percent) 0.00% 57.70%
Debt securities    
Defined Benefit Plan Disclosure [Line Items]    
Plan asset allocations (as a percent) 0.00% 36.00%
Real estate and other investments    
Defined Benefit Plan Disclosure [Line Items]    
Plan asset allocations (as a percent) 3.90% 4.70%
v3.25.1
Pension and Other Postretirement Benefits - Fair Value of Plan Assets (Details) - Estimate of Fair Value - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets $ 30,336 $ 15,036
Pension Plan | Foreign Plan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 21,538 374
U.S. equities / equity funds 0 8,616
International equities / equity funds 0 4,290
U.S. fixed income funds 0 5,578
International fixed income funds 0 2,477
Real estate and other 883 1,045
Total assets 22,421 22,380
Pension Plan | Foreign Plan | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 21,538 374
U.S. equities / equity funds 0 8,616
International equities / equity funds 0 4,290
U.S. fixed income funds 0 5,578
International fixed income funds 0 2,477
Real estate and other 0 1,045
Total assets $ 21,538 $ 22,380
v3.25.1
Pension and Other Postretirement Benefits - Postretirement Health and Life Insurance Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning $ 54,960 $ 80,381
Service cost 235 181
Interest cost 2,717 3,485
Effect of currency translation 51 17
Actuarial (gain) loss 294 (7,205)
Benefits paid (4,895) (6,318)
Benefit obligation, ending 52,448 54,960
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (57,052) (53,701)
Funded status of the plan (30,027) (32,580)
Postretirement Benefits Plan    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning 5,105 4,484
Service cost 2 4
Interest cost 306 278
Effect of currency translation (199) 10
Actuarial (gain) loss (158) 632
Benefits paid (299) (303)
Benefit obligation, ending 4,757 5,105
Accrued current benefit liability recorded in accrued expenses and other current liabilities (467) (467)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (4,290) (4,638)
Funded status of the plan (4,757) (5,105)
U.S.    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning 33,694 35,710
Service cost 0 0
Interest cost 1,679 1,705
Effect of currency translation 0 0
Actuarial (gain) loss (838) 538
Benefits paid (3,334) (3,183)
Benefit obligation, ending 32,877 33,694
Accrued current benefit liability recorded in accrued expenses and other current liabilities (3,313) (3,341)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (29,564) (30,353)
Funded status of the plan (32,877) (33,694)
U.S. | Postretirement Benefits Plan    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning 3,525 3,369
Service cost 2 4
Interest cost 177 161
Effect of currency translation 0 0
Actuarial (gain) loss (177) 160
Benefits paid (156) (169)
Benefit obligation, ending 3,371 3,525
Accrued current benefit liability recorded in accrued expenses and other current liabilities (334) (337)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (3,037) (3,188)
Funded status of the plan (3,371) (3,525)
Foreign Plan    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning 21,266 44,671
Service cost 235 181
Interest cost 1,038 1,780
Effect of currency translation 51 17
Actuarial (gain) loss 1,132 (7,743)
Benefits paid (1,561) (3,135)
Benefit obligation, ending 19,571 21,266
Accrued current benefit liability recorded in accrued expenses and other current liabilities (729) (1,065)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (5,173) (5,383)
Funded status of the plan 2,850 1,114
Foreign Plan | Postretirement Benefits Plan    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning 1,580 1,115
Service cost 0 0
Interest cost 129 117
Effect of currency translation (199) 10
Actuarial (gain) loss 19 472
Benefits paid (143) (134)
Benefit obligation, ending 1,386 1,580
Accrued current benefit liability recorded in accrued expenses and other current liabilities (133) (130)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (1,253) (1,450)
Funded status of the plan $ (1,386) $ (1,580)
v3.25.1
Pension and Other Postretirement Benefits - Assumptions Used to Determine Benefit Obligations (Details) - Postretirement Benefits Plan
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
U.S.      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.45% 5.35% 5.09%
Health care cost trend rate assumed for next year 6.47% 6.58% 5.49%
Foreign Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 11.67% 9.72% 10.58%
Health care cost trend rate assumed for next year 8.94% 8.75% 9.40%
v3.25.1
Pension and Other Postretirement Benefits - Expected Contributions (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2026 $ 4,509
U.S. | Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2026 3,313
U.S. | Postretirement Benefits Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2026 334
Foreign Plan | Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2026 729
Foreign Plan | Postretirement Benefits Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2026 $ 133
v3.25.1
Pension and Other Postretirement Benefits - Contributions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 4,459 $ 4,395 $ 5,478
v3.25.1
Pension and Other Postretirement Benefits - Expected Future Benefit Payments (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 5,509
2027 5,332
2028 5,175
2029 5,122
2030 5,204
Thereafter 26,056
Total 52,398
Pension Plan | U.S.  
Defined Benefit Plan Disclosure [Line Items]  
2026 3,313
2027 3,246
2028 3,172
2029 3,091
2030 3,002
Thereafter 13,424
Total 29,248
Pension Plan | Foreign Plan  
Defined Benefit Plan Disclosure [Line Items]  
2026 1,729
2027 1,627
2028 1,550
2029 1,586
2030 1,764
Thereafter 10,552
Total 18,808
Postretirement Benefits Plan | U.S.  
Defined Benefit Plan Disclosure [Line Items]  
2026 334
2027 323
2028 313
2029 302
2030 292
Thereafter 1,293
Total 2,857
Postretirement Benefits Plan | Foreign Plan  
Defined Benefit Plan Disclosure [Line Items]  
2026 133
2027 136
2028 140
2029 143
2030 146
Thereafter 787
Total $ 1,485
v3.25.1
Contingencies and Other Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Oct. 26, 2007
Tax Assessment | Brazilian State of Parana    
Loss Contingencies [Line Items]    
Loss contingency, estimate of possible loss $ 9,774 $ 2,299
v3.25.1
Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period       $ 142,284                 $ 142,284    
Total other comprehensive (loss) income, net of tax $ 3,108 $ (3,429) $ 1,544 (1,694) $ (1,173) $ 4,408 $ (2,545) $ 1,569 $ 6,029 $ 4,406 $ (8,131) $ (556) (471) $ 2,259 $ 1,748
Balance at end of period 160,089       142,284               160,089 142,284  
Accumulated Other Comprehensive Income                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period       7,786       5,515       3,804 7,786 5,515 3,804
Other comprehensive income (loss) before reclassifications                         (2,517) (2,038) 6,104
Amounts reclassified to net income (loss), net of tax                         2,046 4,309 (4,393)
Total other comprehensive (loss) income, net of tax                         (471) 2,271 1,711
Balance at end of period 7,315       7,786       5,515       7,315 7,786 5,515
Currency Translation Adjustment                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period       (5,692)       (6,392)       (8,873) (5,692) (6,392) (8,873)
Other comprehensive income (loss) before reclassifications                         (353) 700 2,481
Amounts reclassified to net income (loss), net of tax                         0 0 0
Total other comprehensive (loss) income, net of tax (198) (976) 278 543 (647) 2,185 (1,545) 707 1,480 4,855 (4,801) 947 (353) 700 2,481
Balance at end of period (6,045)       (5,692)       (6,392)       (6,045) (5,692) (6,392)
Pensions, Net of Tax                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period       12,766       8,335       6,328 12,766 8,335 6,328
Other comprehensive income (loss) before reclassifications                         62 (4,436) 1,873
Amounts reclassified to net income (loss), net of tax                         (312) 8,867 134
Total other comprehensive (loss) income, net of tax (250)       920 3,511     3,647 (78) (1,562)   (250) 4,431 2,007
Balance at end of period 12,516       12,766       8,335       12,516 12,766 8,335
Derivatives, Net of Tax                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period       712       3,572       6,349 712 3,572 6,349
Other comprehensive income (loss) before reclassifications                         (2,226) 1,698 1,750
Amounts reclassified to net income (loss), net of tax                         2,358 (4,558) (4,527)
Total other comprehensive (loss) income, net of tax 3,556 $ (2,453) $ 1,266 $ (2,237) (1,434) $ (1,288) $ (1,000) $ 862 865 $ (371) $ (1,768) $ (1,503) 132 (2,860) (2,777)
Balance at end of period $ 844       $ 712       $ 3,572       $ 844 $ 712 $ 3,572
v3.25.1
Other Comprehensive Income (Loss) - Pension and Postretirement Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Settlement loss                         $ 235 $ 181  
Actuarial (gain) loss                         294 (7,205)  
Income Tax Expense (Benefit)                         (25,053) (27,281) $ (34,127)
Net income (loss) $ (4,556) $ 19,410 $ (3,273) $ 4,952 $ (9,661) $ 4,179 $ 7,896 $ 770 $ (19,945) $ (2,237) $ (1,550) $ (14,505) 16,533 3,184 $ (38,237)
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Plans Costs                              
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Settlement loss                         0 4,681  
Actuarial (gain) loss                         (581) 6,780  
Amortization of prior service cost                         3 4  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total                         (578) 11,465  
Income Tax Expense (Benefit)                         266 (2,598)  
Net income (loss)                         $ (312) $ 8,867  
v3.25.1
Other Comprehensive Income (Loss) - Components Reclassified from AOCI to Earnings (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Cost of goods and services sold                         $ 2,138,276 $ 1,720,224 $ 1,653,864
Tax effects of amounts reclassified from accumulated other comprehensive income to net income (loss)                         (25,053) (27,281) (34,127)
Net income (loss) $ (4,556) $ 19,410 $ (3,273) $ 4,952 $ (9,661) $ 4,179 $ 7,896 $ 770 $ (19,945) $ (2,237) $ (1,550) $ (14,505) 16,533 3,184 (38,237)
Selling, general, and administrative expenses                         170,998 160,910 151,531
Reclassification out of Accumulated Other Comprehensive Income                              
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Cost of goods and services sold                         2,411    
Selling, general, and administrative expenses                         774    
Derivatives | Reclassification out of Accumulated Other Comprehensive Income                              
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Cost of goods and services sold                         (3,185) 6,356 6,764
Amounts reclassified from equity to the income statement, gross                         3,185 (6,356) (6,764)
Tax effects of amounts reclassified from accumulated other comprehensive income to net income (loss)                         (827) 1,798 2,237
Net income (loss)                         $ 2,358 $ (4,558) $ (4,527)
v3.25.1
Government Assistance - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Government Assistance [Line Items]    
Government Assistance Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag   grants
Government Assistance Statement Of Financial Position Extensible Enumeration Not Disclosed Flag cash cash
USAID    
Government Assistance [Line Items]    
Government assistance, amount   $ 16,600
Government assistance, transaction duration   5 years
Government assistance, amount, cumulative $ 3,840 $ 4,900
v3.25.1
Equity–Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 19, 2025
Mar. 21, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based payment arrangement, expense $ 4,110 $ 0 $ 0    
Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based payment arrangement, expense 3,263        
Unrecognized compensation costs $ 1,851        
Total unrecognized stock-based compensation, expected period (in years) 1 year 11 months 15 days        
Performance-based Stock Units | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance based awards, target performance percentage range 0.00%        
Performance-based Stock Units | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance based awards, target performance percentage range 200.00%        
2020 Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of remaining shares available for issuance (in shares)       3,612,000 3,220,000
2020 Incentive Plan | Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period   3 years      
Payout rate upon threshold performance level achieved (as a percent)   50.00%      
Payout rate upon target performance level achieved (as a percent)   100.00%      
Payout rate upon exceeding performance level achieved (as a percent)   150.00%      
v3.25.1
Equity-Based Compensation - Schedule of Equity Awards Granted (Details)
shares in Thousands
 12 Months Ended
Mar. 31, 2025
$ / shares
shares
Restricted Stock Units (RSUs)  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Balance at beginning of period (shares) | shares 956
Granted (in shares) | shares 862
Canceled or forfeited (in shares) | shares (94)
Balance at end of period (shares) | shares 1,724
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning Balance (in USD per share) | $ / shares $ 3.50
Granted (in USD per share) | $ / shares 3.41
Canceled or forfeited (in USD per share) | $ / shares 3.50
Ending Balance (in USD per share) | $ / shares $ 3.46
Performance-based Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Balance at beginning of period (shares) | shares 589
Granted (in shares) | shares 605
Canceled or forfeited (in shares) | shares (642)
Balance at end of period (shares) | shares 553
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Beginning Balance (in USD per share) | $ / shares $ 0
Granted (in USD per share) | $ / shares 4.36
Canceled or forfeited (in USD per share) | $ / shares 4.36
Ending Balance (in USD per share) | $ / shares $ 4.36
v3.25.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - Related Party - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Related Party Transaction [Line Items]      
Sales $ 16,512 $ 25,059 $ 22,695
   Purchases 214,341 204,193 158,140
Dividends received $ 12,449 $ 14,486 $ 12,677
v3.25.1
Related Party Transactions - Schedule of Related Party Balances in Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]    
Trade receivables, net $ 189,239 $ 168,764
Accounts payable 132,871 181,247
Other Receivables | Related Party    
Related Party Transaction [Line Items]    
Trade receivables, net 50 50
Accounts Payable | Related Party    
Related Party Transaction [Line Items]    
Accounts payable 19,731 35,396
Contract with Customer, Liability, Current | Related Party    
Related Party Transaction [Line Items]    
Other Liabilities, Current $ 0 $ 12,533
v3.25.1
Related Party Transactions - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Aug. 22, 2024
Aug. 02, 2024
May 31, 2024
Mar. 28, 2024
Jul. 28, 2022
Dec. 30, 2021
Apr. 23, 2021
Aug. 24, 2020
Sep. 30, 2024
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Feb. 06, 2023
Apr. 01, 2022
Sep. 30, 2021
Related Party Transaction [Line Items]                              
Repayments of long-term lines of credit                   $ 0 $ 0 $ 110,250,000      
Repayments of debt                   55,822,000 60,342,000 578,162,000      
Face amount of debt instrument                         $ 120,205,000    
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                      
CI Investments, Inc. | Common Stock                              
Related Party Transaction [Line Items]                              
Stock repurchased (in shares) 392,000                            
Share repurchases $ 1,000,000                            
Alliance One Brazil | Alliance One International Tabak B.V.                              
Related Party Transaction [Line Items]                              
Ownership interest (as a percent)             0.001%                
Glendon Investor and Monarch Investor                              
Related Party Transaction [Line Items]                              
Interest payable to related parties                   1,600,000 4,239,000        
Related Party                              
Related Party Transaction [Line Items]                              
Interest expense                   24,416,000 $ 40,909,000 $ 35,649,000      
Term Loans | Term Loan Credit Facility | London Interbank Offered Rate Plus                              
Related Party Transaction [Line Items]                              
Basis spread on variable rate (as a percent)               8.00%              
Paid-in-kind interest (in basis points)               0.0100              
Period increase of paid-in-kind interest (in basis points)               0.0100              
Term Loans | Term Loan Credit Facility | Base Rate                              
Related Party Transaction [Line Items]                              
Basis spread on variable rate (as a percent)               7.00%              
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility                              
Related Party Transaction [Line Items]                              
Maximum borrowing capacity of credit facility             $ 120,000,000                
Floor on LIBOR rate (as a percent)             1.50%                
Commitment fee percentage (in basis points)             2.00%                
Exit fee (as a percent)                           5.00% 1.00%
Repayments of long-term lines of credit           $ 15,375,000                  
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | Investor-Affiliated Funds                              
Related Party Transaction [Line Items]                              
Repayments of long-term lines of credit           $ 14,991,000                  
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | London Interbank Offered Rate Plus                              
Related Party Transaction [Line Items]                              
Basis spread on variable rate (as a percent)             9.00%                
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | Base Rate                              
Related Party Transaction [Line Items]                              
Basis spread on variable rate (as a percent)             8.00%                
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility                              
Related Party Transaction [Line Items]                              
Exit fee amount                   1,575,000          
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | Owl Creek Asset Management LP | Intabex                              
Related Party Transaction [Line Items]                              
Proceeds from related party         $ 5,119,000                    
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | DDTL Facility | Intabex                              
Related Party Transaction [Line Items]                              
Proceeds from related party         5,250,000                    
Delayed Draw Term Loan Facility Credit Agreement | Credit Facility | Glendon Investor and Monarch Investor                              
Related Party Transaction [Line Items]                              
Exit fee amount                   $ 910,000          
Term Loan Credit Agreement | Term Loan Credit Facility                              
Related Party Transaction [Line Items]                              
Maximum borrowing capacity of credit facility             $ 100,000 $ 213,418,000              
Commitment fee percentage (in basis points)             3.00%                
Interest rate (as a percent)             2.00%                
Line of credit facility closing fee (as a percentage)             1.00%                
Face amount of debt instrument                         $ 100,000,000    
Term Loan Credit Agreement | Term Loan Credit Facility | Base Rate                              
Related Party Transaction [Line Items]                              
Basis spread on variable rate (as a percent)             6.50%                
Term Loan Credit Agreement | Term Loan Credit Facility | SOFR                              
Related Party Transaction [Line Items]                              
Basis spread on variable rate (as a percent)             7.50%                
Term Loan Credit Agreement | Term Loan Credit Facility | SOFR | Minimum                              
Related Party Transaction [Line Items]                              
Interest rate (as a percent)             1.00%                
Term Loan Credit Agreement | Credit Facility | Intabex                              
Related Party Transaction [Line Items]                              
Repayment of credit agreement, aggregate amount receivable         3,900,000                    
Repayment of credit agreement, payment received         4,000,000                    
Term Loan Credit Agreement | Credit Facility | Intabex                              
Related Party Transaction [Line Items]                              
Repayments of debt         97,500,000                    
Face amount of debt instrument         $ 100,000,000                    
Debt Repurchase Agreement | Senior notes                              
Related Party Transaction [Line Items]                              
Payment for accrued and unpaid interest   26,707,000   62,339,000                      
Debt Repurchase Agreement | Senior notes | Debt Instrument, Redemption, Period Two                              
Related Party Transaction [Line Items]                              
Face amount of debt instrument       $ 77,922,000                      
Debt Repurchase Agreement | Senior notes | Debt Instrument, Redemption, Period Three                              
Related Party Transaction [Line Items]                              
Face amount of debt instrument   $ 34,191,000 9,435,000                        
Debt Repurchase Agreement | Senior notes | Debt Instrument, Redemption, Period One                              
Related Party Transaction [Line Items]                              
Face amount of debt instrument     $ 10,345,000                        
v3.25.1
Segment Information - Analysis of Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues $ 2,481,260 $ 2,032,559 $ 1,914,881
Cost of goods and services sold 2,138,276 1,720,224 1,653,864
Selling, general, and administrative expenses 170,998 160,910 151,531
Consolidated other segment items (16,410) (9,439) (11,023)
Restructuring and asset impairment charges 2,259 4,799 4,685
Consolidated operating income 153,317 137,187 93,778
Segment assets 1,503,843 1,657,913  
Trade and other receivables, net 204,229 187,419  
Equity in net assets of investee companies 96,928 101,245  
Depreciation and amortization 20,334 19,250 19,137
Capital expenditures 24,114 21,035  
Operating Segments      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 2,481,260 2,032,559 1,914,881
Cost of goods and services sold 2,138,276 1,720,224 1,653,864
Selling, general, and administrative expenses 170,998 160,910 151,531
Consolidated other segment items 16,410 9,439 11,023
Leaf      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 2,470,984 2,029,615 1,900,558
Segment operating income 164,286 153,207 117,056
Segment assets 1,466,400 1,616,486  
Trade and other receivables, net 204,054 187,083  
Equity in net assets of investee companies 90,238 94,609  
Depreciation and amortization 18,772 17,767  
Capital expenditures 21,137 18,062  
Leaf | Operating Segments      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 2,470,984 2,029,615 1,900,558
Cost of goods and services sold 2,125,756 1,714,053 1,636,378
Selling, general, and administrative expenses 164,228 154,074 139,160
Consolidated other segment items 16,714 8,281 7,964
All Other      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 10,276 2,944 14,323
Segment operating income (8,710) (11,221) (18,593)
Segment assets 37,443 41,427  
Trade and other receivables, net 175 336  
Equity in net assets of investee companies 6,690 6,636  
Depreciation and amortization 1,562 1,483  
Capital expenditures 2,977 2,973  
All Other | Operating Segments      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 10,276 2,944 14,323
Cost of goods and services sold 12,520 6,171 17,486
Selling, general, and administrative expenses 6,770 6,836 12,371
Consolidated other segment items $ (304) $ 1,158 $ 3,059
v3.25.1
Segment Information - Geographical Locations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues $ 2,481,260 $ 2,032,559 $ 1,914,881
Property, plant and equipment, net 138,176 134,158  
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 497,437 362,778 338,174
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 244,556 192,745 220,266
Property, plant and equipment, net 22,293 21,429  
Indonesia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 227,369 215,491 170,492
United Arab Emirates      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 213,321 182,687 182,306
Belgium      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 160,337 156,085 132,456
Egypt      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 133,023 43,495 52,428
Turkey      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 84,957 62,089 50,559
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 920,260 817,189 $ 768,200
Property, plant and equipment, net 11,304 11,565  
Brazil      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 33,720 31,455  
Malawi      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 26,091 28,400  
Zimbabwe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 24,049 22,861  
Jordan      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 9,588 10,664  
Tanzania      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net $ 11,131 $ 7,784  
v3.25.1
Subsequent Events (Details) - USD ($)
$ in Thousands
May 30, 2025
May 12, 2025
May 11, 2025
May 01, 2025
Apr. 30, 2025
Mar. 31, 2025
   ABL Credit Facility | Credit Facility            
Subsequent Event [Line Items]            
Interest rate (as a percent)           8.10%
Subsequent Event            
Subsequent Event [Line Items]            
Receivable securitization programs, designated receivable amount       $ 120,000 $ 160,000  
Request for temporary increase, notice period (in days) 30 days          
Subsequent Event | PNC ABL Credit Facility | Credit Facility            
Subsequent Event [Line Items]            
Increase in credit facility   $ 30,000        
Maximum borrowing capacity of credit facility   $ 150,000 $ 120,000      
Subsequent Event |    ABL Credit Facility | Credit Facility            
Subsequent Event [Line Items]            
Debt instrument, interest rate, increase (decrease)   0.25%        
Interest rate (as a percent)   2.75% 3.00%      
Line of credit facility, reduction in unused capacity, commitment fee percentage   0.25%        
Earliest redemption prior to stated maturity (in days)   90 days