PYXUS INTERNATIONAL, INC., 10-K filed on 6/4/2026
Annual Report
v3.26.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2026
May 31, 2026
Sep. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 31, 2026    
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     $ 34.6
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 2026 Annual Meeting of Shareholders (to be held August 13, 2026) of the registrant is incorporated by reference into Part III hereof.
    
Entity Central Index Key 0000939930    
Document Fiscal Year Focus 2026    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.26.1
Audit Information
 12 Months Ended
Mar. 31, 2026
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location Raleigh, North Carolina
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]      
Sales and other operating revenues $ 2,413,000 $ 2,481,260 $ 2,032,559
Cost of goods and services sold 2,065,321 2,138,276 1,720,224
Gross profit 347,679 342,984 312,335
Selling, general, and administrative expenses 162,934 170,998 160,910
Other expense, net 19,193 16,410 9,439
Restructuring and asset impairment charges 2,852 2,259 4,799
Operating income 162,700 153,317 137,187
Gain on debt retirement 0 8,178 15,914
(Gain) loss on pension settlement 283 0 (12,008)
Interest expense, net 134,353 128,041 125,620
Income before income taxes and other items 28,630 33,454 15,473
Income tax expense 30,344 25,053 27,281
Income from unconsolidated affiliates, net 17,371 8,132 14,992
Net income 15,657 16,533 3,184
Net income attributable to noncontrolling interests 1,088 1,367 521
Net income attributable to Pyxus International, Inc. $ 14,569 $ 15,166 $ 2,663
Earnings per share:      
Basic (in USD per share) $ 0.56 $ 0.59 $ 0.11
Diluted (in USD per share) $ 0.56 $ 0.59 $ 0.11
Weighted average number of shares outstanding:      
Basic (shares) 25,790 25,643 25,000
Diluted (shares) 25,957 25,667 25,000
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]      
Net income $ 15,657 $ 16,533 $ 3,184
Other comprehensive (loss) income, net of tax:      
Foreign currency translation adjustment 936 (353) 700
Pension and other postretirement benefit plans (2,307) (250) 4,419
Cash flow hedges 164 132 (2,860)
Total other comprehensive (loss) income, net of tax (1,207) (471) 2,259
Total comprehensive income 14,450 16,062 5,443
Comprehensive income attributable to noncontrolling interests 1,088 1,367 509
Comprehensive income attributable to Pyxus International, Inc. $ 13,362 $ 14,695 $ 4,934
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Current assets    
Cash and cash equivalents at beginning of period $ 134,337 $ 78,254
Restricted cash 3,316 7,290
Trade receivables, net 239,456 189,239
Other receivables 25,451 15,040
Inventories, net 817,950 761,951
Advances to suppliers, net 36,337 30,745
Recoverable income taxes 2,886 6,616
Prepaid expenses 49,000 47,151
Other current assets 21,751 21,874
Total current assets 1,330,484 1,158,160
Investments in unconsolidated affiliates 105,863 96,928
Intangible assets, net 24,076 28,507
Deferred income taxes, net 14,507 13,567
Long-term recoverable income taxes 9,467 5,669
Other noncurrent assets 35,424 33,094
Right-of-use assets 31,717 29,742
Property, plant, and equipment, net 143,154 138,176
Total assets 1,694,692 1,503,843
Current liabilities    
Notes payable 477,132 395,030
Accounts payable 146,828 132,871
Advances from customers 174,995 135,607
Accrued expenses and other current liabilities 114,760 90,912
Income taxes payable 9,145 11,001
Operating leases payable 9,915 8,514
Current portion of long-term debt 0 12
Total current liabilities 932,775 773,947
Long-term taxes payable 4,112 5,187
Long-term debt 455,757 454,850
Deferred income taxes 11,961 8,818
Liability for unrecognized tax benefits 28,074 18,635
Long-term leases 21,020 19,584
Pension, postretirement, and other long-term liabilities 59,886 57,052
Total liabilities 1,513,585 1,338,073
Commitments and contingencies
Common Stock    
Common Stock—no par value: Authorized shares (250,000 for all periods) Issued shares (25,000 for all periods) 393,921 392,899
Retained deficit (225,556) (240,125)
Accumulated other comprehensive income 6,123 7,315
Total stockholders’ equity 174,488 160,089
Noncontrolling interests 6,619 5,681
Total stockholders’ equity 181,107 165,770
Total liabilities and stockholders’ equity $ 1,694,692 $ 1,503,843
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Mar. 31, 2025
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 24,608,000
Common stock outstanding (in shares) 24,608,000 24,608,000
v3.26.1
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, 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 493   0       493
Other comprehensive (loss) income, net of tax (2,545)     (1,545) 0 (1,000)  
Balance at end of period at Sep. 30, 2023 150,013 390,290 (249,055) (7,230) 8,335 3,434 4,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 4,179   3,835       344
Other (493) (501) 0       8
Other comprehensive (loss) income, net of tax 4,408     2,185 3,511 (1,288)  
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (15,263)   (15,825)       562
Equity-based compensation 237 237          
Other comprehensive (loss) income, net of tax 3,496     2,039   1,457  
Balance at end of period at Jun. 30, 2025 154,240 393,136 (255,950) (4,006) 12,516 2,301 6,243
Balance at beginning of period at Mar. 31, 2025 165,770 392,899 (240,125) (6,045) 12,516 844 5,681
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 15,657            
Other comprehensive (loss) income, net of tax (1,207)     936 (2,292) 164  
Balance at end of period at Mar. 31, 2026 181,107 393,921 (225,556) (5,109) 10,224 1,008 6,619
Balance at beginning of period at Jun. 30, 2025 154,240 393,136 (255,950) (4,006) 12,516 2,301 6,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income (902)   (879)       (23)
Equity-based compensation 256 256          
Other comprehensive (loss) income, net of tax (1,493)     (477)   (1,016)  
Dividends (135)           (135)
Balance at end of period at Sep. 30, 2025 151,966 393,392 (256,829) (4,483) 12,516 1,285 6,085
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 17,162   16,903       259
Equity-based compensation 272 272          
Other comprehensive (loss) income, net of tax (1,811)     154 (1,521) (444)  
Balance at end of period at Dec. 31, 2025 167,589 393,664 (239,926) (4,329) 10,995 841 6,344
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 14,660   14,370       290
Equity-based compensation 257 257          
Other comprehensive (loss) income, net of tax (1,399)     (780) (771) 167 (15)
Balance at end of period at Mar. 31, 2026 $ 181,107 $ 393,921 $ (225,556) $ (5,109) $ 10,224 $ 1,008 $ 6,619
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Operating activities:      
Net income $ 15,657 $ 16,533 $ 3,184
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 20,893 20,334 19,250
Debt amortization/interest 10,567 11,235 8,559
Gain on debt retirement 0 (8,178) (15,914)
Loss on foreign currency transactions 6,554 4,922 4,009
(Gain) loss on pension settlement (283) 0 12,008
Equity-based compensation 1,022 4,110 0
Income from unconsolidated affiliates, net of dividends (8,935) 4,317 (506)
Changes in operating assets and liabilities, net:      
Trade and other receivables (254,881) (208,374) (167,600)
Inventories and advances to suppliers (60,350) 156,309 (136,010)
Deferred items 11,539 1,052 3,240
Recoverable income taxes (1,486) (4,721) (2,689)
Payables and accrued expenses 31,512 (49,190) 17,531
Advances from customers 34,798 45,937 55,302
Prepaid expenses (1,642) 8,943 (4,506)
Income taxes (2,182) 2,719 (8,207)
Other operating assets and liabilities (1,221) (8,419) 4,114
Other, net (10,013) (10,915) (6,735)
Net cash used in operating activities (208,451) (13,386) (214,970)
Investing activities:      
Purchases of property, plant, and equipment (22,051) (23,028) (21,043)
Proceeds from sale of property, plant, and equipment 5,215 3,770 4,312
Collections from beneficial interests in securitized trade receivables 200,684 188,312 175,911
Other, net 7,575 1,584 269
Net cash provided by investing activities 191,423 170,638 159,449
Financing activities:      
Net proceeds (repayments) from short-term borrowings 77,293 (102,550) 122,483
Proceeds from revolving loan facilities 281,000 363,000 331,000
Repayment of revolving loan facilities (281,000) (363,000) (356,000)
Repayment of long-term borrowings 0 (55,822) (60,342)
Debt issuance costs (5,350) (9,106) (11,751)
Other, net 580 217 171
Net cash provided by (used in) financing activities 72,523 (167,261) 25,561
Effect of exchange rate changes on cash (3,386) (4,240) (9,156)
Increase (decrease) in cash, cash equivalents, and restricted cash 52,109 (14,249) (39,116)
Cash and cash equivalents at beginning of period 134,337 78,254 92,569
Restricted cash at beginning of period   7,290 7,224
Cash, cash equivalents, and restricted cash at end of period 137,653 85,544 99,793
Other information:      
Cash paid for income taxes, net 20,440 31,101 22,501
Cash paid for income taxes related to debt exchange 0 0 12,543
Cash paid for interest, net 119,470 115,009 109,518
Noncash investing activities:      
Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction $ 198,567 $ 241,069 $ 160,041
v3.26.1
Trade Receivables, Net
 12 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure Trade Receivables, Net
Trade receivables are net of an allowance for expected credit losses. The following summarizes activity in the allowance for expected credit losses:

Years Ended March 31,
202620252024
Balance, beginning of period$(24,035)$(23,940)$(24,730)
Additions(160)(1,299)(1,535)
Write-offs and other adjustments7,316 1,204 2,325 
Balance, end of period(16,879)(24,035)(23,940)
Trade receivables256,335 213,274 192,704 
Trade receivables, net$239,456 $189,239 $168,764 
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Mar. 31, 2026
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," "Pyxus," "we," "us," or "our") is a global agricultural company with businesses having more than 150 years of experience delivering value-added products and services to businesses and customers. Pyxus and its subsidiaries are trusted providers of responsibly sourced, independently verified, sustainable, and traceable products and ingredients. The Company has a diversified geographic footprint with operations in Africa, Asia, Europe, North America, and South America.

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, reserves for advances to suppliers, 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 the segment information footnote disclosure.

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. The Company does not disclose information related to its unsatisfied performance obligations with an expected original duration of one year or less. Contract costs primarily include labor, material, shipping and handling, and overhead expenses.

The transaction price is the amount of consideration to which the Company expects to be entitled to receive in exchange for transferring goods or providing services under the contract. The transaction price consists of fixed cash consideration, which is the invoiced amount, and an estimate for variable consideration. The Company's variable consideration includes price adjustments for claims resulting from tobacco that does not meet customer specifications due to various reasons such as shrinkage, improper blend, or chemical makeup, etc. The Company's process to handle customer claims includes a claims allowance that is assessed quarterly and recorded within accrued expenses and other current liabilities in the consolidated balance sheets and as contra-revenue within sales and other operating revenues. 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.

Warehousing fees for storing customer-controlled tobacco until the customer requests shipment represents another form of variable consideration present in certain contracts with our customers. Warehousing fees are either included in the transaction price for tobacco based on the customers’ best estimate of the date they will request shipment, or is 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.

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 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, Cash Equivalents, and Restricted Cash
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. Cash that is subject to legal restrictions for withdrawal or use in our operations is classified as restricted cash, and primarily relates to amounts held in escrow for customs or performance bonds.

Trade Receivables, Net
Trade receivables are recorded at the invoiced amount less an estimated allowance for expected credit losses. The Company's trade receivables do not bear interest. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 30 to 60 days. 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. The Company has elected the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the customer receivable. 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.

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 at the time of sale 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 in exchange 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.

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 and net realizable value ("NRV"). NRV represents the estimated selling price in the ordinary course of business for similar grades of tobacco for uncommitted inventories, and the expected selling price to the customer for committed inventories, less reasonably predictable costs of completion, disposal, and transportation. If the NRV is estimated to be less than the cost, the Company writes down the carrying value of its inventories to NRV. When valuing its inventories, the Company also takes into consideration obsolescence based on the age and quality of the tobacco. Inventory write-downs resulting from NRV adjustments or due to obsolescence are recorded in cost of goods and services sold in 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 thirteen 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. Certain of our leases contain variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset. Variable lease payments are not included in the consolidated balance sheets and are expensed as incurred. The Company does not recognize short-term leases, those lease contracts with durations of twelve months or less, in the consolidated balance sheets, and the related lease payments are expensed on a straight-line basis over the lease term.

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 also guarantees bank loans of certain unconsolidated subsidiaries primarily 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
We are exposed to foreign currency exchange rate risk due to the scope of the Company's international operations. To manage fluctuations in foreign currency exchange rates, the Company may enter into forward or option currency contracts. These derivative financial instruments are either designated as cash flow hedges of forecasted transactions, including purchases of green tobacco, other processing-related costs, and selling, general, and administrative expenses, or are not designated as hedging instruments and are used to partially offset the immediate earnings impact of foreign currency exchange rate fluctuations on certain foreign currency denominated transactions, or monetary assets and liabilities. The Company does not enter into derivative instruments for speculative or trading purposes.

Derivative assets and liabilities are recorded in other current assets and accrued expenses and other current liabilities, respectively, within 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 has implemented 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, GBP Sterling denominated fixed income securities, and real estate investments. The Plan has transitioned to a LDI strategy, which consists 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.
•Fixed income securities are diversified and publicly traded, and are valued using quoted market prices or other valuation methods classified as Level 1 or Level 2 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.

Realized and unrealized foreign currency exchange gains and losses resulting from remeasurement and settlement of foreign currency transactions denominated in a currency other than the functional currency of an entity are recorded in cost of goods and services sold and other expense, net within the consolidated statements of operations.

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 recorded in selling, general, and administrative expenses within the consolidated statements of operations.
v3.26.1
New Accounting Standards
 12 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
New Accounting Standards New Accounting Standards
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted these new and enhanced annual income tax disclosures on a retrospective basis beginning with the fiscal year ended March 31, 2026. Prior period disclosures have been recast to reflect the new disclosure requirements. The adoption of this new rule resulted in expanded income tax disclosures, which are included in "Note 5. Income Taxes," and did not have an impact on the Company's financial condition, results of operations, or cash flows.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets, to include a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. This new practical expedient allows an entity to assume current economic conditions as of the balance sheet date will not change for the life of the asset, thereby eliminating the need for an entity to develop and consider reasonable and supportable forecasts of future economic conditions. This amendment is effective for the Company’s fiscal year beginning April 1, 2026, with early adoption permitted. The Company early adopted this new ASU in the fourth quarter of fiscal year 2026 and elected to apply the practical expedient. The adoption of this practical expedient did not have a material impact on the Company’s financial condition, results of operations, or cash flows.

Accounting Pronouncements Not Yet Adopted
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.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, changing the existing model used to determine when cost capitalization is to occur based on various project stages of software development with a more modern approach that introduces a probable-to-complete recognition threshold. The scope of this new guidance also includes the costs an entity incurs to implement a cloud computing arrangement as a customer. This amendment is effective for the Company’s annual and interim periods beginning April 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact this new accounting standard will have on its financial condition, results of operations, and cash flows.

In November 2025, the FASB issued ASU No. 2025-09, Hedge Accounting Improvements, to clarify certain aspects of existing hedge accounting guidance, and to more closely align hedge accounting with the economics of an entity's risk management activities. This amendment is effective for the Company’s annual and interim periods beginning April 1, 2027 and requires adoption on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact this new accounting standard will have on its financial condition, results of operations, and cash flows.

In December 2025, the FASB issued ASU No. 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. This new guidance is effective for the Company’s fiscal year beginning April 1, 2029, including interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact this new accounting standard will have on its financial condition, results of operations, and cash flows.
v3.26.1
Revenue Recognition
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Product revenues are 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 agricultural 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,
202620252024
Leaf:
Product revenues$2,235,763 $2,335,107 $1,912,438 
Processing and other revenues169,310 135,877 117,177 
Leaf sales and other operating revenues2,405,073 2,470,984 2,029,615 
All Other:
All Other sales and other operating revenues7,927 10,276 2,944 
Total sales and other operating revenues$2,413,000 $2,481,260 $2,032,559 

The following summarizes activity in the claims allowance:

Years Ended March 31,
202620252024
Balance, beginning of period$2,436 $3,313 $2,350 
Additions8,318 2,010 6,191 
Payments and other adjustments(4,846)(2,887)(5,228)
Balance, end of period$5,908 $2,436 $3,313 

Taxes Collected from Customers
Value-added taxes were $50,656, $43,298, and $34,905 for the years ended March 31, 2026, 2025, and 2024, respectively.
v3.26.1
Other Expense, Net
 12 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Other Expense, Net Other Expense, Net
The following summarizes the components of other expense, net:

Years Ended March 31,
202620252024
Losses on sale of receivables(1)
$14,101 $19,565 $13,121 
Foreign currency losses (gains)1,739 (2,121)251 
Loss on resolution of customs matter6,440 — — 
Gain on sale of fixed assets(3,114)(2,423)(2,300)
Miscellaneous expense (income), net27 1,389 (1,633)
Total$19,193 $16,410 $9,439 
(1) See "Note 17. Securitized Receivables" for additional information.
v3.26.1
Income Taxes
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income Tax Provision
The components of income before income taxes and other items consisted of the following:

Years Ended March 31,
202620252024
Domestic$(20,603)$(4,579)$(17,697)
Foreign49,233 38,033 33,170 
Total$28,630 $33,454 $15,473 

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

Years Ended March 31,
202620252024
Current:
    Federal$1,323 $6,837 $5,319 
    State(280)261 (59)
    Foreign26,522 23,611 24,385 
Total Current27,565 30,709 29,645 
Deferred:
    Federal(1)
(151)(10,307)968 
    State6 (155)(9)
    Foreign2,924 4,806 (3,323)
Total Deferred2,779 (5,656)(2,364)
Income tax expense$30,344 $25,053 $27,281 
(1) 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 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,
202620252024
$%$%$%
U.S. federal statutory tax rate6,012 21.07,025 21.03,249 21.0
State and local income taxes, net of federal income tax effect(1)
(196)(0.7)51 0.2(102)(0.7)
Foreign tax effects
Argentina
Changes in valuation allowances1,679 5.95,563 16.6484 3.1
Exchange effects and currency translation(396)(1.4)(2,580)(7.7)1,517 9.8
Other(351)(1.2)(2,492)(7.4)(792)(5.1)
Brazil
Exchange effects and currency translation(1,357)(4.7)6,640 19.8(2,307)(14.9)
Hybrid dividends(3,073)(10.7)(3,142)(9.4)— —
Tax on unremitted foreign earnings1,165 4.1(2,264)(6.8)(426)(2.8)
Other2,538 8.93,036 9.12,508 16.2
Malawi
Changes in valuation allowances36 0.1(4,757)(14.2)7,638 49.4
Exchange effects and currency translation704 2.55,729 17.1(4,683)(30.3)
Other1,910 6.72,965 8.9(404)(2.6)
Tanzania
Nondeductible interest3,646 12.71,346 4.0673 4.3
Other1,333 4.71,606 4.877 0.5
Zambia
Changes in valuation allowances(2,878)(10.1)(2,433)(7.3)2,739 17.7
Exchange effects and currency translation2,317 8.1(361)(1.1)(810)(5.2)
Other2,355 8.21,200 3.6— —
Other foreign jurisdictions3,179 11.12,844 8.5(560)(3.6)
Effect of cross-border tax laws
Global intangible low-taxed income6,855 23.97,081 21.24,578 29.6
U.S. taxes on foreign earnings2,467 8.6509 1.54,240 27.4
Other860 3.0442 1.31,225 7.9
Tax credits
Foreign tax credits(7,270)(25.4)(4,308)(12.9)(4,999)(32.3)
Other— —(42)(0.1)(39)(0.3)
Changes in valuation allowances524 1.8(7,574)(22.6)4,105 26.5
Nontaxable or nondeductible items1,494 5.2(1,243)(3.7)(2,396)(15.5)
Changes in unrecognized tax benefits7,614 26.68,789 26.39,585 61.9
Other, net(823)(2.9)1,423 4.32,181 14.1
Income tax expense30,344 106.025,053 74.927,281 176.3
(1) The effects of individual state and local jurisdictions are immaterial.
The following summarizes the components of deferred tax assets (liabilities):

March 31,
20262025
Deferred tax assets:
Non-deductible interest carryforward$37,406 $34,940 
Original issue discount7,165 10,439 
Reserves and accruals26,520 22,691 
Tax loss carryforwards17,393 16,653 
Unrealized exchange losses— 1,448 
Lease obligations7,333 6,511 
Other12,608 9,971 
Gross deferred tax assets108,425 102,653 
Valuation allowance(60,632)(60,302)
Total deferred tax assets$47,793 $42,351 
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries$(31,607)$(27,560)
Right of use asset(7,567)(7,050)
Unrealized exchange gains(4,176)— 
Other(1,894)(2,989)
Total deferred tax liabilities$(45,244)$(37,599)
Net deferred tax assets$2,549 $4,752 

The following summarizes the change in the valuation allowance for deferred tax assets:

Years Ended March 31,
202620252024
Balance, beginning of period$60,302 $70,391 $59,506 
Changes to expenses(1)
632 (10,081)10,727 
Changes to other comprehensive income(302)(8)158 
Balance, end of period$60,632 $60,302 $70,391 
(1) For the years ended March 31, 2025 and 2024, respectively, the change was primarily driven by a reduction in the valuation allowance in the U.S. and an increase in the valuation allowances across various African jurisdictions.

As of March 31, 2026, the Company had foreign net operating loss carryforwards of $55,740, of which $34,096 relates to jurisdictions with definite lived carryforward periods and $21,644 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 domestic, state, or foreign 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,
20262025
Balance at April 1$12,806 $16,892 
Increase for prior year tax positions5,208 2,989 
Increase for current year tax positions3,319 4,854 
Reduction for settlements(331)(8,020)
Impact of changes in exchange rates(123)(210)
Reduction of statute of limitation expirations(36)(3,699)
Balance at March 31(1)
$20,843 $12,806 
Accrued interest3,253 1,929 
Accrued penalties5,277 3,900 
Balance at March 31(1)
$29,373 $18,635 
(1) As of March 31, 2026, $29,680 would impact the Company's effective tax rate, if recognized. This includes indirect effects such as related valuation allowance releases.
    

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 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, 2026, the Company’s earliest open tax year for U.S. federal income tax purposes relate to tax periods ending in 2022. 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.

Cash Paid for Income Taxes, Net
The following summarizes cash paid for income taxes (net of refunds) by jurisdiction:

Years Ended March 31,
202620252024
U.S. federal$1,621 $2,300 $6,438 
Debt exchange— — 12,543 
U.S. state and local(42)92 299 
1,579 2,392 19,280 
Foreign
Brazil$3,462 $3,895 $(1,359)
Indonesia1,753 2,110 3,184 
Malawi3,027 1,402 542 
Tanzania973 5,389 1,235 
Turkey3,180 3,265 3,823 
Other(1)
6,466 12,648 8,339 
$18,861 $28,709 $15,764 
Total$20,440 $31,101 $35,044 
(1) Includes amounts paid to settle certain income tax matters that were subject to litigation in various jurisdictions.
v3.26.1
Earnings Per Share
 12 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following summarizes the computation of earnings per share:

Years Ended March 31,
202620252024
Net income attributable to Pyxus International, Inc.$14,569 $15,166 $2,663 
Basic weighted average shares outstanding25,790 25,643 25,000 
Plus: Dilutive equity awards167 24 — 
Diluted weighted average shares outstanding25,957 25,667 25,000 
Earnings per share:
Basic$0.56 $0.59 $0.11 
Diluted$0.56 $0.59 $0.11 
v3.26.1
Restricted Cash
 12 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Restricted Cash Restricted Cash
The following summarizes the composition of restricted cash:

March 31,
20262025
Compensating balance for short-term borrowings$107 $542 
Escrow1,953 3,534 
Grants458 3,116 
Other798 98 
Total$3,316 $7,290 
v3.26.1
Inventories, Net
 12 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories, Net Inventories, Net
The following summarizes the composition of inventories, net with the All Other category primarily composed of non-tobacco agricultural products:

March 31,
20262025
Processed tobacco$507,380 $490,410 
Unprocessed tobacco279,348 241,832 
Other tobacco related26,883 25,643 
All Other4,339 4,066 
Total$817,950 $761,951 
v3.26.1
Advances to Suppliers, Net
 12 Months Ended
Mar. 31, 2026
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,
20262025
Advances to tobacco suppliers, net$33,257 $29,144 
Advances to non-tobacco suppliers3,080 1,601 
Total in current assets36,337 30,745 
Long-term advances to tobacco suppliers, net6,928 4,980 
Total current and long-term$43,265 $35,725 

The mark-up and interest on advances to tobacco suppliers, net capitalized, or to be capitalized into inventory for the current crop, were $20,732 and $17,066 for the year ended March 31, 2026 and 2025, respectively. Unrecoverable advances and other costs capitalized, or to be capitalized into the current crop, were $10,911 and $11,833 as of March 31, 2026 and 2025, respectively.
v3.26.1
Equity Method Investments
 12 Months Ended
Mar. 31, 2026
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, 2026:

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 nicotine products50%4,589
Siam Tobacco Export Corporation Ltd.ThailandPurchase and process tobacco49%(6,098)
(1) Basis differences for the Company’s equity method investments are due to fair value adjustments recorded during fiscal 2021.
The following summarizes aggregate financial information for these equity method investments:

Years Ended March 31,
202620252024
Statement of operations:
Sales$581,169 $611,152 $505,262 
Gross profit80,965 70,208 82,614 
Net income 35,780 16,851 33,101 

March 31,
20262025
Balance sheet:
Current assets$457,219 $419,192 
Property, plant, and equipment and other assets65,716 49,243 
Current liabilities362,790 328,818 
Long-term obligations and other liabilities6,333 4,560 
v3.26.1
Variable Interest Entities
 12 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
The following summarizes the Company’s financial relationships with its unconsolidated variable interest entities:

March 31,
20262025
Investments in variable interest entities$99,239 $90,239 
Guaranteed amounts to variable interest entities (not to exceed)18,483 15,995 

See "Note 25. Related Party Transactions" for the asset and liability balances associated with our equity investments. See "Note 17. Securitized Receivables" for the beneficial interests with certain of our securitization facilities.
v3.26.1
Intangible Assets, Net
 12 Months Ended
Mar. 31, 2026
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, 2026
Weighted Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationIntangible Assets, Net
Intangibles subject to amortization:
Customer relationships6.4 years$26,101 $(12,144)$13,957 
Technology2.4 years11,618 (8,292)3,326 
Trade names8.4 years11,300 (4,507)6,793 
Total$49,019 $(24,943)$24,076 
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 

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

Years Ended March 31,
202620252024
Amortization expense$4,431 $4,532 $4,631 

The following summarizes the estimated intangible asset amortization expense for the next five fiscal years and beyond:

Customer Relationships
Technology(1)
Trade NamesTotal
2027$2,175 $1,378 $807 $4,360 
20282,175 1,375 807 4,357 
20292,175 573 807 3,555 
20302,175 — 807 2,982 
20312,175 — 807 2,982 
Thereafter3,082 — 2,758 5,840 
Total$13,957 $3,326 $6,793 $24,076 
(1) Estimated amortization expense for technology is based on costs accumulated as of March 31, 2026. These estimates will change as new costs are incurred and until the software is placed into service.
v3.26.1
Leases
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The following summarizes lease costs:

Years Ended March 31,
202620252024
Operating lease costs$14,998 $14,199 $16,028 
Variable and short-term lease costs19,640 14,848 8,964 
Total lease costs$34,638 $29,047 $24,992 

The following summarizes the measurement of remaining operating lease terms and discount rates:
March 31,
20262025
Weighted average remaining lease term4.3 years4.8 years
Weighted average discount rate16.1%15.4%
The following summarizes supplemental cash flow information related to operating leases:

Years Ended March 31,
202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$14,664 $14,145 $15,764 
Noncash investing activity:
Right-of-use assets obtained in exchange for new operating lease liabilities12,164 3,964 10,444 

Future minimum lease payments required under operating lease agreements, including those with extended lease term options that are reasonably certain of being exercised, as of March 31, 2026 are summarized by fiscal year as follows:

Operating Leases
2027$13,971 
20289,798 
20295,793 
20304,409 
20312,960 
Thereafter5,265 
Total future minimum lease payments42,196 
Less: amounts related to imputed interest11,261 
Present value of lease liabilities(1)
$30,935 
(1) This amount is comprised of $9,915 and $21,020 of current and noncurrent operating lease liabilities, respectively, included in the consolidated balance sheets.
v3.26.1
Property, Plant, and Equipment, Net
 12 Months Ended
Mar. 31, 2026
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,
20262025
Land$27,434 $26,815 
Buildings47,512 45,982 
Machinery and equipment122,820 109,247 
Total197,766 182,044 
Less: accumulated depreciation (1)
(54,612)(43,868)
Total property, plant, and equipment, net$143,154 $138,176 
(1) This balance was partially reduced by the disposition of certain fully depreciated assets during the year ended March 31, 2026.

The following summarizes the classification of depreciation expense recorded in the consolidated statements of operations:

Years Ended March 31,
202620252024
Depreciation expense recorded in cost of goods and services sold$14,220 $13,264 $11,806 
Depreciation expense recorded in selling, general, and administrative expenses2,036 2,380 2,646 
Total depreciation expense$16,256 $15,644 $14,452 
v3.26.1
Debt Arrangements
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Arrangements Debt Arrangements
The following summarizes debt and notes payable:

Outstanding
InterestMarch 31, Long-Term Debt Repayment Schedule by Fiscal Year
Rate(1)
2026202520272028202920302031Later
Senior secured credit facility:
   ABL Credit Facility7.0 %$— $— $— $— $— $— $— $— 
Senior secured notes:
8.5% Notes Due 2027(2)
8.5 %146,662 145,820 — 146,662 — — — — 
Senior secured term loans:
Intabex Term Loans(3)
12.4 %187,752 187,144 — 187,752 — — — — 
Pyxus Term Loans(4)
12.4 %121,343 121,886 — 121,343 — — — — 
Other debt:
Other long-term debt8.8 %— 12 — — — — — — 
Notes payable(5)
8.8 %477,132 395,030 477,132 — — — — — 
   Total debt$932,889 $849,892 $477,132 $455,757 $— $— $— $— 
Short-term(5)
$477,132 $395,030 
Long-term:
Current portion of long-term debt$— $12 
Long-term debt455,757 454,850 
Total$455,757 $454,862 
Letters of credit$8,024 $7,790 
(1) Weighted average stated rate for the trailing twelve months ended March 31, 2026 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 $146,662 is net of a debt discount of $1,677. Total repayment at maturity is $148,339.
(3) Balance of $187,752 is net of a debt discount of $1,281. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment.
(4) Balance of $121,343 is net of a debt premium of $1,138. Total repayment at maturity is $120,205.
(5) Primarily foreign seasonal lines of credit.

Outstanding Senior Secured Debt

ABL Credit Facility
The Company’s wholly owned subsidiary, Pyxus Holdings, Inc. ("Pyxus Holdings"), certain subsidiaries of Pyxus Holdings (together with Pyxus Holdings, the "Borrowers"), and the Company and its wholly owned subsidiary, Pyxus Parent, Inc. ("Pyxus Parent"), as parent guarantors, entered into an ABL Credit Agreement (as amended, the "ABL Credit Agreement"), dated as of February 8, 2022, by and among Pyxus Holdings, as Borrower Agent, the Borrowers and parent guarantors party thereto, the lenders party thereto, and PNC Bank, National Association, as Administrative Agent and Collateral Agent (the "ABL Agent"), which was subsequently amended on January 5, 2023, May 23, 2023, October 24, 2023, and May 12, 2025.

The ABL Credit Agreement establishes the ABL Credit Facility, an asset-based revolving 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, and for other permitted purposes described in the ABL Credit Agreement. 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 $150,000, subject to the borrowing base 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 $170,000. The amount available under the ABL Credit Facility is limited by a borrowing base consisting of certain eligible accounts receivable and the value of inventory, as reduced by specified reserves, as follows:
•85% of the book value 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 (to the extent the ABL Agent is named as a beneficiary or loss payee with respect to the applicable policy), 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, plus
•the least of (i) 70% of the eligible foreign in-transit inventory valued at the lower of cost (based on a first-in first-out basis) and market value thereof (net of intercompany profits), (ii) 85% of the net-orderly-liquidation value percentage of eligible foreign in-transit inventory, and (iii) $10,000, minus
•applicable reserves established by the ABL Agent from time to time.

At March 31, 2026, no borrowings under the ABL Credit Facility were outstanding and $150,000 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, 2026 were $47,373.

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 275 basis points or 175 basis points above base rate, as applicable, with a fee on unutilized commitments at an annual rate of 25.0 basis points.

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 some or all of the commitments under the ABL Credit Facility in the amount of (i) 2% of the amount of commitments permanently reduced on or prior to May 12, 2026 and (ii) 1% of the amount of commitments permanently reduced on or prior to May 12, 2027 but after May 12, 2026. No such termination fee is payable for reductions after May 12, 2027. 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 $12,500 and 10% of the lesser of total revolving loan 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 $25,000 and 20% of the lesser of total revolving loan 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 $12,500 and 10% of the lesser of total revolving loan 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 $25,000 and 20% of the lesser of total revolving loan commitments under the ABL Credit Facility and the borrowing base.

Covenants. The ABL Credit Agreement governing the ABL Credit Facility contains a covenant requiring that the Company’s fixed charge coverage ratio be no less than 1.10 to 1.00 during any Dominion Period.
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,
•engage directly or indirectly in any business other than the businesses engaged in by the Company,
•directly or indirectly open, maintain or otherwise have accounts other than permitted accounts under the ABL Credit Agreement, and
•designate subsidiaries as Unrestricted Subsidiaries (as defined in the ABL Credit Agreement).

Maturity. The ABL Credit Facility matures on May 12, 2030 or, if earlier, 90 days prior to the earliest maturity date of (i) the Company's existing senior secured notes and the senior secured term loans (each scheduled to mature on December 31, 2027) in the event any such notes or loans remain outstanding or (ii) any indebtedness that refinances any of the foregoing.

On March 31, 2026, 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, 2026, 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 "Senior Secured 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, 2026, 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 Senior Secured Term Loans, the "Senior Secured Term 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, 2026, 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 Senior Secured Term 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/Senior Secured Term 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 Senior Secured Term 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 Senior Secured Term 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 Senior Secured Term 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/Senior Secured Term 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/Senior Secured Term 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 Senior Secured Term 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 Senior Secured Term Debt having junior-priority liens on the ABL Priority Collateral. Pursuant to the ABL/Senior Secured Term Debt Intercreditor Agreement, Pyxus Holdings’ collective obligations under the Senior Secured Term 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 Senior Secured Debt Obligors, together with the representative for the holders of the Senior Secured Term Debt and the Senior Collateral Agent, entered into the Intercreditor and Collateral Agency Agreement, dated as of February 6, 2023 (the "Senior Secured Term 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 Senior Secured Term 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 Senior Secured Term Debt on a pro rata basis based on the aggregate principal amount of each class of Senior Secured Term 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 Senior Secured Term Loans (including, in any event, each holder holding at least 20.0% of the Senior Secured Term Loans as of February 6, 2023, provided such holder holds at least 15.0% of the Senior Secured Term Loans as of the date of determination), second, after repayment in full of the Senior Secured Term Loans, by the holders of a majority in principal amount of the 2027 Notes and last, after repayment in full of the Senior Secured 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.

Other Outstanding Debt

Foreign 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 secured by trade receivables and inventories as collateral and are guaranteed by the Company and certain of its subsidiaries. At March 31, 2026, the total borrowing capacity under individual seasonal lines of credit range up to $170,000. At March 31, 2026 and 2025, the Company was permitted to borrow under foreign seasonal lines of credit, including letters of credit, up to a total of $1,064,468 and $918,372, respectively, subject to limitations under the ABL Credit Agreement and the agreements governing the Senior Secured Term Debt. The weighted average variable interest rate for the years ended March 31, 2026 and 2025 was 8.8% and 9.4%, respectively. Certain of the seasonal lines of credit with aggregate outstanding borrowings at March 31, 2026 and 2025 of $106,850 and $93,243, respectively, are secured by trade receivables and inventories as collateral. At March 31, 2026 and 2025, respectively, $107 and $542 of cash was held on deposit as a compensating balance. At March 31, 2026, the Company and its subsidiaries were in compliance with the covenants associated with the short-term foreign seasonal lines of credit.
v3.26.1
Securitized Receivables
 12 Months Ended
Mar. 31, 2026
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. The Company estimates the expected fee it receives in return for its obligation to service these receivables reflects fair value, and accordingly, no servicing assets or liabilities are recognized. Servicing fees are recorded as a reduction of selling, general, and administrative expenses within the consolidated statements of operations. Under this facility, the Company may request a temporary increase in the investment limit up to an additional $40,000, applicable only for the period from January 1, 2026 through May 31, 2026. As of March 31, 2026, the investment limit of this facility was $160,000 of trade receivables, inclusive of the temporary increase.

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, 2026, 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, 2026 and 2025, trade receivables, net in the consolidated balance sheets have been reduced by $13,610 and $2,190 as a result of the net settlement, respectively. See "Note 20. 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, 2026, 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, applicable only to the first and second facilities, which represents the Company’s residual interest in receivables sold that have not been collected from the customer:

March 31,
20262025
Receivables outstanding in facility$341,679 $355,246 
Beneficial interest29,034 29,354 

Cash proceeds from the sale of trade receivables are comprised of an initial cash payment received at the time of transfer and a deferred purchase price receivable, applicable only to the first and second facilities, which represents the Company's right to receive the remaining consideration upon collection of the underlying trade receivables by the purchasers. The following summarizes the Company’s cash collections from both the initial cash proceeds and the deferred purchase price receivable:

Years Ended March 31,
202620252024
Cash collections from:
   Initial proceeds$842,093 $981,560 $649,680 
   Deferred purchase price receivable200,684 188,312 175,911 
v3.26.1
Guarantees
 12 Months Ended
Mar. 31, 2026
Guarantees [Abstract]  
Guarantees Guarantees
In certain sourcing regions, the Company guarantees bank loans for suppliers to finance their crops. The Company also guarantees bank loans of certain unconsolidated affiliates. See "Note 20. Fair Value Measurements" for the fair value of the Company’s guarantee liability and corresponding fair value classification. The following summarizes amounts guaranteed:

March 31,
20262025
Amounts guaranteed (not to exceed)$119,728 $110,660 
Amounts outstanding under guarantee(1)
92,550 80,045 
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing10,204 13,787 
 (1) Most of the guarantees outstanding at March 31, 2026 expire within one year.
v3.26.1
Derivative Financial Instruments
 12 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
As of March 31, 2026 and 2025, the Company’s derivative financial instruments outstanding were designated as cash flow hedges and were primarily used to hedge Brazilian real denominated purchases of green tobacco and the related processing costs. See "Note 23. Accumulated Other Comprehensive Income" for a summary of cash flow hedging activity within accumulated other comprehensive income. See "Note 20. Fair Value Measurements" for the fair values of the Company’s outstanding derivative assets and liabilities and corresponding fair value classifications.
The following summarizes the U.S. dollar notional amount of derivative contracts outstanding:

March 31,
20262025
Foreign currency exchange contracts$54,100 $49,500 

The following summarizes the impact of foreign currency exchange contracts designated as cash flow hedges ("hedged derivatives") and non-designated hedges ("non-hedged derivatives") within cost of goods and services sold in the consolidated statements of operations:

Years Ended March 31,
202620252024
Foreign currency exchange contracts gains (losses), net from:
Hedged derivatives$4,022 $(2,411)$6,356 
Non-hedged derivatives(1)
4,887 — — 
(1) There were foreign currency exchange contracts not designated as hedging instruments (related to the Malawian kwacha) outstanding during the year ended March 31, 2026, but all had expired or settled by period end.
v3.26.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
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 are quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs include data points that are observable such as 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, or other data points that are observable (other than quoted prices) or can be corroborated by observable market data.
•Level 3 inputs are unobservable data points that are supported by little or no market activity, which requires management of the Company to develop its own assumptions.
       
The following summarizes the fair value of the Company's financial assets and liabilities measured on a recurring basis, along with their corresponding level within the fair value hierarchy:

March 31,
20262025
Level 2Level 3Total at Fair ValueLevel 2Level 3Total at Fair Value
Financial assets:
Derivative financial instruments$649 $— $649 $982 $— $982 
Securitized beneficial interests— 29,034 29,034 — 29,354 29,354 
Total assets$649 $29,034 $29,683 $982 $29,354 $30,336 
Financial liabilities:
Derivative financial instruments$— $— $— $57 $— $57 
Long-term debt(1)
433,490 — 433,490 433,885 12 433,897 
Guarantees— 7,537 7,537 — 6,459 6,459 
Total liabilities$433,490 $7,537 $441,027 $433,942 $6,471 $440,413 
(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.

The following summarizes the changes in Level 3 instruments measured on a recurring basis.

Years Ended March 31,
20262025
Securitized Beneficial InterestsLong-Term DebtGuaranteesSecuritized Beneficial InterestsLong-Term DebtGuarantees
Balance, beginning of period$29,354 $12 $6,459 $15,036 $160 $5,097 
Issuances198,567 — 8,026 244,886 — 7,639 
Settlements(189,786)(12)(3,798)(212,964)(148)(2,421)
Losses recognized in earnings(9,101)— (3,150)(17,604)— (3,856)
Balance, end of period$29,034 $— $7,537 $29,354 $12 $6,459 

The following summarizes significant unobservable inputs and the valuation techniques utilized:

Year Ended March 31, 2026
Valuation TechniqueUnobservable InputRange (Weighted Average)
Securitized Beneficial InterestsDiscounted Cash FlowDiscount Rate
2.7% to 6.2%
Payment Speed
59 days to 91 days
GuaranteesHistorical LossHistorical Loss
1.2% to 39.1%
Year Ended March 31, 2025
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%
v3.26.1
Pension and Other Postretirement Benefits
 12 Months Ended
Mar. 31, 2026
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 following summarizes benefit obligations, plan assets, and funded status for the defined benefit pension plans:

U.S. PlansNon-U.S. PlansTotal
March 31, 2026
Benefit obligation, beginning$32,877 $19,571 $52,448 
Service cost— 211 211 
Interest cost1,559 1,003 2,562 
Plan amendments— 15 15 
Actuarial losses (gains)765 (666)99 
Plan settlements— (1,032)(1,032)
Effects of currency translation— 232 232 
Benefits paid(3,337)(1,489)(4,826)
Benefit obligation, ending$31,864 $17,845 $49,709 
Fair value of plan assets, beginning$— $22,421 $22,421 
Actual return on plan assets— (670)(670)
Employer contributions3,337 605 3,942 
Plan settlements— (1,032)(1,032)
Benefits paid(3,337)(1,489)(4,826)
Fair value of plan assets, ending$— $19,835 $19,835 
Funded status of the plan$(31,864)$1,990 $(29,874)

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)

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,
2026202520262025
Noncurrent benefit asset recorded in other noncurrent assets$— $— $7,632 $8,752 
Accrued current benefit liability recorded in accrued expenses and other current liabilities(3,306)(3,313)(653)(729)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities(28,558)(29,564)(4,989)(5,173)
Funded status of the plan$(31,864)$(32,877)$1,990 $2,850 
The following summarizes pension obligations for the defined benefit pension plans:
U.S. Plans
Non-U.S. Plans(1)
March 31,March 31,
2026202520262025
Information for pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$31,864 $32,877 $5,642 $5,902 
Accumulated benefit obligation31,864 32,877 4,747 5,448 
(1) Certain of the Company's non-U.S. defined benefit pension plans in Europe were over-funded as of March 31, 2026 and 2025.

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$(32)$— $(32)
Net actuarial gain11,738 1,209 12,947 
Deferred taxes(109)(40)(149)
Balance at March 31, 2024$11,597 $1,169 $12,766 
Prior service credit$13 $— $13 
Net actuarial (loss) gain(100)28 (72)
Deferred taxes(118)(73)(191)
Total change for 2025$(205)$(45)$(250)
Prior service cost$(19)$— $(19)
Net actuarial gain11,638 1,237 12,875 
Deferred taxes(227)(113)(340)
Balance at March 31, 2025$11,392 $1,124 $12,516 
Prior service cost$(10)$— $(10)
Net actuarial loss(2,641)(281)(2,922)
Deferred taxes518 122 640 
Total change for 2026$(2,133)$(159)$(2,292)
Prior service cost$(29)$— $(29)
Net actuarial gain8,997 956 9,953 
Deferred taxes291 9 300 
Balance at March 31, 2026$9,259 $965 $10,224 
The following assumptions were used to determine the expense for the pension plans:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202620252024202620252024
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%
Expected long-term rate of return on plan assetsNot applicableNot applicableNot applicable5.04%4.35%4.20%

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,
202620252024202620252024
Discount rate5.44%5.37%5.33%6.35%5.75%5.37%
Rate of increase in future compensationNot applicableNot applicableNot applicable9.07%7.52%10.42%

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,
20262025
Asset category:
Cash and cash equivalents42.3 %96.1 %
Debt securities53.2 %— %
Real estate and other investments4.5 %3.9 %
Total100.0 %100.0 %

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

Non-U.S. Pension PlansMarch 31, 2026March 31, 2025
TotalLevel 1TotalLevel 1
Cash and cash equivalents$8,390 $8,390 $21,538 $21,538 
U.S. equities / equity funds— — — — 
International equities / equity funds— — — — 
U.S. fixed income funds— — — — 
International fixed income funds10,544 10,544 — — 
Real estate and other(1)
901 — 883 — 
Total$19,835 $18,934 $22,421 $21,538 
(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, 2026
Benefit obligation, beginning$3,371 $1,386 $4,757 
Service cost2 — 2 
Interest cost161 164 325 
Effect of currency translation— 145 145 
Actuarial (gains) losses(123)318 195 
Benefits paid(179)(145)(324)
Benefit obligation, ending3,232 1,868 5,100 
Fair value of plan assets, beginning$— $— $— 
Employer contributions179 145 324 
Benefits paid(179)(145)(324)
Fair value of plan assets, ending$— $— $— 
Funded status of the plan$(3,232)$(1,868)$(5,100)
U.S. PlansNon-U.S. PlansTotal
March 31, 2026
Accrued current benefit liability recorded in accrued expenses and other current liabilities$(332)$(173)$(505)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities(2,900)(1,695)(4,595)
Funded status of the plan$(3,232)$(1,868)$(5,100)

U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Benefit obligation, beginning$3,525 $1,580 $5,105 
Service cost2 — 2 
Interest cost177 129 306 
Effect of currency translation— (199)(199)
Actuarial (gains) losses(177)19 (158)
Benefits paid(156)(143)(299)
Benefit obligation, ending3,371 1,386 4,757 
Fair value of plan assets, beginning$— $— $— 
Employer contributions156 143 299 
Benefits paid(156)(143)(299)
Fair value of plan assets, ending$— $— $— 
Funded status of the plan$(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)
The following assumptions were used to determine postretirement benefit obligations:

U.S. PlansNon-U.S. Plans
March 31,March 31,
202620252024202620252024
Discount rate5.55 %5.45 %5.35 %11.46 %11.67 %9.72 %
Health care cost trend rate assumed for next year7.01 %6.47 %6.58 %8.76 %8.94 %8.75 %

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 2027$3,306 $653 $332 $173 $4,464 

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

Years Ended March 31,
202620252024
Contributions$4,856 $4,459 $4,395 

The following summarizes the expected benefit payments to be paid in future fiscal years, as of March 31, 2026:

Pension BenefitsOther Benefits
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. PlansTotal
2027$3,306 $1,597 $332 $173 $5,408 
20283,231 1,568 321 178 5,298 
20293,148 1,422 309 183 5,062 
20303,058 1,568 298 189 5,113 
20312,960 1,353 285 194 4,792 
Thereafter13,083 9,922 1,255 1,056 25,316 
Total$28,786 $17,430 $2,800 $1,973 $50,989 
v3.26.1
Contingencies and Other Information
 12 Months Ended
Mar. 31, 2026
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, 2026, the assessment for intrastate trade tax credits taken is $2,529 and the total assessment including penalties and interest is $11,306. 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, the Company or certain of its subsidiaries are involved in other litigation or legal matters incidental to their business activities, including tax matters. While the outcome of these matters cannot be predicted with certainty, they are being vigorously defended and the Company does not currently expect that any of them will have a material adverse effect on its business or financial position. However, should one or more of these matters be resolved in a manner adverse to its current expectation, the effect on the Company’s results of operations for a particular fiscal reporting period could be material.
v3.26.1
Accumulated Other Comprehensive Income
 12 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive 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, 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 $7,315 
Other comprehensive income (loss) before reclassifications1,366 (1,570)2,819 2,615 
Amounts reclassified to net income, net of tax(430)(722)(2,655)(3,807)
Other comprehensive income (loss), net of tax936 (2,292)164 (1,192)
Balances at March 31, 2026$(5,109)$10,224 $1,008 $6,123 

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

Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
202620252024
Pension and postretirement plans(1):
Settlement (gain) loss$(283)$— $4,681 Gain (loss) on pension settlement
Actuarial (gain) loss(583)(581)6,780 Interest expense, net
Amortization of prior service cost2 3 4 Interest expense, net
Amounts reclassified from equity to the income statement, gross(864)(578)11,465 
Tax effects of amounts reclassified from accumulated other comprehensive income to net income142 266 (2,598)
Amounts reclassified from equity to the income statement, net$(722)$(312)$8,867 
(1) Amounts are included in net periodic benefit costs for pension and postretirement plans.
Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
202620252024
Derivatives:
(Gain) loss on foreign exchange contracts designated as cash flow hedges$(4,022)$3,185 $(6,356)
Cost of goods and services sold;
selling, general, and administrative expenses(1)
Amounts reclassified from equity to the income statement, gross(4,022)3,185 (6,356)
Tax effects of amounts reclassified from accumulated other comprehensive income to net income1,367 (827)1,798 
Amounts reclassified from equity to the income statement, net$(2,655)$2,358 $(4,558)
(1) All amounts recorded in cost of goods and services sold, except during the year ended March 31, 2025, when $2,411 was recorded in cost of goods and services sold and $774 was recorded in selling, general, and administrative expenses.
v3.26.1
Equity–Based Compensation
 12 Months Ended
Mar. 31, 2026
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.
Restricted Stock Units
Restricted stock units granted under the Incentive Plan on or after the Modification Date are earned ratably for certain employees, subject to their continued employment, from the date of the award to March 31, 2027, and for certain non-employee directors, subject to continued board service, from the date of the award to the Company’s next annual meeting of shareholders. Restricted stock units vest upon the earlier of March 31, 2031 or the occurrence of certain corporate events as specified in the restricted stock unit award agreement. 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 
Granted85 4.23 
Canceled or forfeited(60)3.50 
Nonvested, March 31, 2026
1,749 $3.49 
(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 equity-based compensation expense for restricted stock units:

Years Ended March 31,
2026
2025(1)
2024
Equity-based compensation expense$1,022 $4,110 $— 
(1) The amount recorded during the year ended March 31, 2025 included the impact of a cumulative catch-up adjustment of $3,263 due to the modification on May 10, 2024 of awards then outstanding under the Incentive Plan.

Unrecognized compensation cost for restricted stock units is $979 as of March 31, 2026, and is expected to be recognized over a weighted average period of 0.93 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 on or after the Modification Date 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. The contingent liquidity event is not probable as of March 31, 2026, and accordingly, no equity-based compensation expense has been recognized for performance-based stock units. 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 
Granted23 6.79 
Canceled or forfeited(67)4.36 
Nonvested, March 31, 2026*
508 $4.47 
*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.
v3.26.1
Related Party Transactions
 12 Months Ended
Mar. 31, 2026
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,
202620252024
Sales$23,112 $16,512 $25,059 
Purchases193,856 214,341 204,193 
Dividends received8,436 12,449 14,486 
          
The Company included the following related party balances in its consolidated balance sheets:

March 31,
20262025Location in Consolidated Balance Sheet
Accounts receivable, related parties$62 $50 Other receivables
Accounts payable, related parties39,317 19,731 Accounts payable

Transactions with Significant Shareholders
Based on a Schedule 13D/A filed with the SEC on June 13, 2024 by Glendon Capital Management, L.P. (the "Glendon Investor"), Holly Kim Olsen, Glendon Opportunities Fund, L.P. and Glendon Opportunities Fund II, L.P., the Glendon Investor reported beneficial ownership of 8,315 shares of the Company’s common stock, representing approximately 33.8% of the outstanding shares of the Company’s common stock. A representative of the Glendon Investor serves as a director of Pyxus. Based on a Schedule 13D/A filed with the SEC on March 25, 2024, by Monarch Alternative Capital LP (the "Monarch Investor"), MDRA GP LP and Monarch GP LLC, the Monarch Investor reported beneficial ownership of 6,125 shares of the Company’s common stock, representing approximately 24.9% of the outstanding shares of the Company’s common stock. An individual designated by the Monarch Investor serves as a director of Pyxus. Based on a Schedule 13G/A filed with the SEC on September 3, 2024 by Owl Creek Asset Management, L.P. and Jeffrey A. Altman, Owl Creek Asset Management, L.P. is the investment manager of certain funds and reported beneficial ownership of 3,865 shares of the Company’s common stock on August 31, 2024, representing approximately 15.7% of the outstanding shares of the Company’s common stock. Funds managed by the Glendon Investor, funds managed by the Monarch Investor, and funds managed by Owl Creek Asset Management, L.P., (such funds are collectively referred to as the "Investor-Affiliated Funds") were holders, in part, of the Intabex Term Loans, the Pyxus Term Loans and the 2027 Notes, which are described in "Note 16. Debt Arrangements," during the fiscal year ended March 31, 2026.

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 Debt Repurchase Agreement also included the right of Pyxus Holdings, at its option, to purchase from such holders an additional $34,191 aggregate principal amount of the 2027 Notes for $26,327, a 23.0% discount to par value, plus accrued and unpaid interest, and $10,345 aggregate principal amount of the Pyxus Term Loans for $9,104, a 12.0% discount to par value, plus accrued and unpaid interest. On April 12, 2024, Pyxus Holdings exercised its rights to complete these repurchases by September 30, 2024.

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 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 a portion of the Intabex Term Loans and a beneficial owner of more than five percent of the Company's common stock outstanding.

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, 2026 and 2025 included $1,352 and $1,600, respectively, of interest payable to Investor-Affiliated Funds. Interest expense as presented in the consolidated statements of operations included $21,534, $24,416 and $40,909 for the years ended March 31, 2026, 2025, and 2024, respectively, that related to the Investor-Affiliated Funds and CI Investments (applicable only for the periods in which CI Investments was a beneficial owner of more than five percent of the Company’s common stock outstanding).
v3.26.1
Segment Information
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is primarily engaged in the processing and sale of leaf 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 Company's leaf tobacco operations are organized by six operating segments, represented by five geographic regions and one product category. The geographic regions of Africa, Asia, Europe, North America, and South America, as well as Value-Added Tobacco Products ("VATP"), which is primarily comprised of the Company's cut rag tobacco operations, each have their own management teams responsible for the operating and financial results of their operating segment. Further, revenues for each geographic region and VATP are derived mainly from shipping processed tobacco. The Company evaluated its leaf tobacco operations and concluded they have similar economic characteristics and meet qualitative aggregation criteria to be combined into one reportable segment for financial reporting purposes: Leaf.

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.

An All Other category exists to reflect business activities that are incidental to our core leaf tobacco operations, and primarily relate to the Company's non-tobacco agricultural products business. The All Other category does not meet the quantitative and qualitative thresholds to be reportable.
The following summarizes financial information relating to the Leaf segment (the Company’s sole reportable segment) with the All Other category included for purposes of reconciliation of the Leaf segment balances to the consolidated financial statements:

Years Ended March 31,
202620252024
Sales and other operating revenues:
Leaf$2,405,073 $2,470,984 $2,029,615 
All Other7,927 10,276 2,944 
Consolidated sales and other operating revenues2,413,000 2,481,260 2,032,559 
Cost of goods and services sold:
Leaf2,059,050 2,125,756 1,714,053 
All Other6,271 12,520 6,171 
Consolidated cost of goods and services sold2,065,321 2,138,276 1,720,224 
Selling, general, and administrative expenses:
Leaf157,381 164,228 154,074 
All Other5,553 6,770 6,836 
Consolidated selling, general, and administrative expenses162,934 170,998 160,910 
Other segment items:(1)
Leaf19,489 16,714 8,281 
All Other(296)(304)1,158 
Consolidated other segment items19,193 16,410 9,439 
Leaf segment operating income169,153 164,286 153,207 
All Other operating loss(3,601)(8,710)(11,221)
Restructuring and asset impairment charges2,852 2,259 4,799 
Consolidated operating income162,700 153,317 137,187 
Gain on debt retirement— 8,178 15,914 
Gain (loss) on pension settlement283 — (12,008)
Interest expense, net134,353 128,041 125,620 
Income before income taxes and other items$28,630 $33,454 $15,473 
(1) Represents the other expense, net caption within the consolidated statements of operations. See "Note 4. Other Expense, Net" for additional information.

Years Ended March 31,
202620252024
LeafAll OtherTotalLeafAll OtherTotalLeafAll OtherTotal
Depreciation and amortization$19,375 $1,518 $20,893 $18,772 $1,562 $20,334 $17,767 $1,483 $19,250 
Capital expenditures19,878 2,195 22,073 21,137 2,977 24,114 18,062 2,973 21,035 
March 31, 2026March 31, 2025
LeafAll OtherTotalLeafAll OtherTotal
Assets$1,660,016 $34,676 $1,694,692 $1,466,400 $37,443 $1,503,843 
Trade and other receivables, net264,410 497 264,907 204,054 175 204,229 
Investments in unconsolidated affiliates99,239 6,624 105,863 90,238 6,690 96,928 

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

Years Ended March 31,
202620252024
Sales and Other Operating Revenues:
China$354,250 $497,437 $362,778 
Indonesia268,913 227,369 215,491 
U.S.267,567 244,556 192,745 
Belgium(1)
205,644 160,337 156,085 
United Arab Emirates204,674 213,321 182,687 
Turkey116,376 84,957 62,089 
Poland100,497 79,390 63,826 
Russia75,496 53,564 70,794 
Egypt35,411 133,023 43,495 
Other784,172 787,306 682,569 
Total$2,413,000 $2,481,260 $2,032,559 
(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,
202620252024
China National Tobacco Corporationxxx
Japan Tobacco Internationalxxx
Philip Morris International Inc.xxx

The following summarizes geographic information for property, plant, and equipment by location:

March 31,
20262025
Property, Plant, and Equipment, Net:
Brazil$37,648 $33,720 
Malawi25,856 26,091 
Zimbabwe23,565 24,049 
U.S.25,241 22,293 
Tanzania10,483 11,131 
Jordan8,626 9,588 
Other11,735 11,304 
Total$143,154 $138,176 
v3.26.1
Subsequent Events
 12 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Securitized Receivables
On May 29, 2026, the Finacity Facility arrangement was extended to May 31, 2027. Additionally, on June 1, 2026, the investment limit of the Finacity Facility was decreased from $160,000 to $120,000 of trade receivables.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.26.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Mar. 31, 2026
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 of cybersecurity threats on 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 of cybersecurity threats on 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 37 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 37 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.
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Mar. 31, 2026
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, reserves for advances to suppliers, 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 the segment information footnote disclosure.
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. The Company does not disclose information related to its unsatisfied performance obligations with an expected original duration of one year or less. Contract costs primarily include labor, material, shipping and handling, and overhead expenses.

The transaction price is the amount of consideration to which the Company expects to be entitled to receive in exchange for transferring goods or providing services under the contract. The transaction price consists of fixed cash consideration, which is the invoiced amount, and an estimate for variable consideration. The Company's variable consideration includes price adjustments for claims resulting from tobacco that does not meet customer specifications due to various reasons such as shrinkage, improper blend, or chemical makeup, etc. The Company's process to handle customer claims includes a claims allowance that is assessed quarterly and recorded within accrued expenses and other current liabilities in the consolidated balance sheets and as contra-revenue within sales and other operating revenues. 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.

Warehousing fees for storing customer-controlled tobacco until the customer requests shipment represents another form of variable consideration present in certain contracts with our customers. Warehousing fees are either included in the transaction price for tobacco based on the customers’ best estimate of the date they will request shipment, or is 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.

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, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash
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. Cash that is subject to legal restrictions for withdrawal or use in our operations is classified as restricted cash, and primarily relates to amounts held in escrow for customs or performance bonds.

Trade Receivables, Net
Trade receivables are recorded at the invoiced amount less an estimated allowance for expected credit losses. The Company's trade receivables do not bear interest. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 30 to 60 days. 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. The Company has elected the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the customer receivable. 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.

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 at the time of sale 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 in exchange 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.
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 and net realizable value ("NRV"). NRV represents the estimated selling price in the ordinary course of business for similar grades of tobacco for uncommitted inventories, and the expected selling price to the customer for committed inventories, less reasonably predictable costs of completion, disposal, and transportation. If the NRV is estimated to be less than the cost, the Company writes down the carrying value of its inventories to NRV. When valuing its inventories, the Company also takes into consideration obsolescence based on the age and quality of the tobacco. Inventory write-downs resulting from NRV adjustments or due to obsolescence are recorded in cost of goods and services sold in 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 thirteen 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. Certain of our leases contain variable lease payments that are not known at the commencement date and are determinable based on the performance or use of the underlying asset. Variable lease payments are not included in the consolidated balance sheets and are expensed as incurred. The Company does not recognize short-term leases, those lease contracts with durations of twelve months or less, in the consolidated balance sheets, and the related lease payments are expensed on a straight-line basis over the lease term.
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 also guarantees bank loans of certain unconsolidated subsidiaries primarily 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
We are exposed to foreign currency exchange rate risk due to the scope of the Company's international operations. To manage fluctuations in foreign currency exchange rates, the Company may enter into forward or option currency contracts. These derivative financial instruments are either designated as cash flow hedges of forecasted transactions, including purchases of green tobacco, other processing-related costs, and selling, general, and administrative expenses, or are not designated as hedging instruments and are used to partially offset the immediate earnings impact of foreign currency exchange rate fluctuations on certain foreign currency denominated transactions, or monetary assets and liabilities. The Company does not enter into derivative instruments for speculative or trading purposes.

Derivative assets and liabilities are recorded in other current assets and accrued expenses and other current liabilities, respectively, within 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 has implemented 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, GBP Sterling denominated fixed income securities, and real estate investments. The Plan has transitioned to a LDI strategy, which consists 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.
•Fixed income securities are diversified and publicly traded, and are valued using quoted market prices or other valuation methods classified as Level 1 or Level 2 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.

Realized and unrealized foreign currency exchange gains and losses resulting from remeasurement and settlement of foreign currency transactions denominated in a currency other than the functional currency of an entity are recorded in cost of goods and services sold and other expense, net within the consolidated statements of operations.
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 recorded in selling, general, and administrative expenses within the consolidated statements of operations.
Recently Adopted Accounting Pronouncements / Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted these new and enhanced annual income tax disclosures on a retrospective basis beginning with the fiscal year ended March 31, 2026. Prior period disclosures have been recast to reflect the new disclosure requirements. The adoption of this new rule resulted in expanded income tax disclosures, which are included in "Note 5. Income Taxes," and did not have an impact on the Company's financial condition, results of operations, or cash flows.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets, to include a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. This new practical expedient allows an entity to assume current economic conditions as of the balance sheet date will not change for the life of the asset, thereby eliminating the need for an entity to develop and consider reasonable and supportable forecasts of future economic conditions. This amendment is effective for the Company’s fiscal year beginning April 1, 2026, with early adoption permitted. The Company early adopted this new ASU in the fourth quarter of fiscal year 2026 and elected to apply the practical expedient. The adoption of this practical expedient did not have a material impact on the Company’s financial condition, results of operations, or cash flows.

Accounting Pronouncements Not Yet Adopted
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.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, changing the existing model used to determine when cost capitalization is to occur based on various project stages of software development with a more modern approach that introduces a probable-to-complete recognition threshold. The scope of this new guidance also includes the costs an entity incurs to implement a cloud computing arrangement as a customer. This amendment is effective for the Company’s annual and interim periods beginning April 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact this new accounting standard will have on its financial condition, results of operations, and cash flows.

In November 2025, the FASB issued ASU No. 2025-09, Hedge Accounting Improvements, to clarify certain aspects of existing hedge accounting guidance, and to more closely align hedge accounting with the economics of an entity's risk management activities. This amendment is effective for the Company’s annual and interim periods beginning April 1, 2027 and requires adoption on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact this new accounting standard will have on its financial condition, results of operations, and cash flows.

In December 2025, the FASB issued ASU No. 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. This new guidance is effective for the Company’s fiscal year beginning April 1, 2029, including interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact this new accounting standard will have on its financial condition, results of operations, and cash flows.
v3.26.1
Trade Receivables, Net (Tables)
 12 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
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,
202620252024
Balance, beginning of period$(24,035)$(23,940)$(24,730)
Additions(160)(1,299)(1,535)
Write-offs and other adjustments7,316 1,204 2,325 
Balance, end of period(16,879)(24,035)(23,940)
Trade receivables256,335 213,274 192,704 
Trade receivables, net$239,456 $189,239 $168,764 
v3.26.1
Revenue Recognition (Tables)
 12 Months Ended
Mar. 31, 2026
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,
202620252024
Leaf:
Product revenues$2,235,763 $2,335,107 $1,912,438 
Processing and other revenues169,310 135,877 117,177 
Leaf sales and other operating revenues2,405,073 2,470,984 2,029,615 
All Other:
All Other sales and other operating revenues7,927 10,276 2,944 
Total sales and other operating revenues$2,413,000 $2,481,260 $2,032,559 
Schedule of Activity in the Claims Allowance
The following summarizes activity in the claims allowance:

Years Ended March 31,
202620252024
Balance, beginning of period$2,436 $3,313 $2,350 
Additions8,318 2,010 6,191 
Payments and other adjustments(4,846)(2,887)(5,228)
Balance, end of period$5,908 $2,436 $3,313 
v3.26.1
Other Expense, Net (Tables)
 12 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule of Other (Expense) Income, Net
The following summarizes the components of other expense, net:

Years Ended March 31,
202620252024
Losses on sale of receivables(1)
$14,101 $19,565 $13,121 
Foreign currency losses (gains)1,739 (2,121)251 
Loss on resolution of customs matter6,440 — — 
Gain on sale of fixed assets(3,114)(2,423)(2,300)
Miscellaneous expense (income), net27 1,389 (1,633)
Total$19,193 $16,410 $9,439 
(1) See "Note 17. Securitized Receivables" for additional information.
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components Of Income Before Income Taxes
The components of income before income taxes and other items consisted of the following:

Years Ended March 31,
202620252024
Domestic$(20,603)$(4,579)$(17,697)
Foreign49,233 38,033 33,170 
Total$28,630 $33,454 $15,473 
Schedule of Income Taxes In The Consolidated Statements Of Operations
The details of the amount shown for income taxes in the consolidated statements of operations are as follows:

Years Ended March 31,
202620252024
Current:
    Federal$1,323 $6,837 $5,319 
    State(280)261 (59)
    Foreign26,522 23,611 24,385 
Total Current27,565 30,709 29,645 
Deferred:
    Federal(1)
(151)(10,307)968 
    State6 (155)(9)
    Foreign2,924 4,806 (3,323)
Total Deferred2,779 (5,656)(2,364)
Income tax expense$30,344 $25,053 $27,281 
(1) 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 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,
202620252024
$%$%$%
U.S. federal statutory tax rate6,012 21.07,025 21.03,249 21.0
State and local income taxes, net of federal income tax effect(1)
(196)(0.7)51 0.2(102)(0.7)
Foreign tax effects
Argentina
Changes in valuation allowances1,679 5.95,563 16.6484 3.1
Exchange effects and currency translation(396)(1.4)(2,580)(7.7)1,517 9.8
Other(351)(1.2)(2,492)(7.4)(792)(5.1)
Brazil
Exchange effects and currency translation(1,357)(4.7)6,640 19.8(2,307)(14.9)
Hybrid dividends(3,073)(10.7)(3,142)(9.4)— —
Tax on unremitted foreign earnings1,165 4.1(2,264)(6.8)(426)(2.8)
Other2,538 8.93,036 9.12,508 16.2
Malawi
Changes in valuation allowances36 0.1(4,757)(14.2)7,638 49.4
Exchange effects and currency translation704 2.55,729 17.1(4,683)(30.3)
Other1,910 6.72,965 8.9(404)(2.6)
Tanzania
Nondeductible interest3,646 12.71,346 4.0673 4.3
Other1,333 4.71,606 4.877 0.5
Zambia
Changes in valuation allowances(2,878)(10.1)(2,433)(7.3)2,739 17.7
Exchange effects and currency translation2,317 8.1(361)(1.1)(810)(5.2)
Other2,355 8.21,200 3.6— —
Other foreign jurisdictions3,179 11.12,844 8.5(560)(3.6)
Effect of cross-border tax laws
Global intangible low-taxed income6,855 23.97,081 21.24,578 29.6
U.S. taxes on foreign earnings2,467 8.6509 1.54,240 27.4
Other860 3.0442 1.31,225 7.9
Tax credits
Foreign tax credits(7,270)(25.4)(4,308)(12.9)(4,999)(32.3)
Other— —(42)(0.1)(39)(0.3)
Changes in valuation allowances524 1.8(7,574)(22.6)4,105 26.5
Nontaxable or nondeductible items1,494 5.2(1,243)(3.7)(2,396)(15.5)
Changes in unrecognized tax benefits7,614 26.68,789 26.39,585 61.9
Other, net(823)(2.9)1,423 4.32,181 14.1
Income tax expense30,344 106.025,053 74.927,281 176.3
(1) The effects of individual state and local jurisdictions are immaterial.
Schedule of Deferred Tax Assets and Liabilities
The following summarizes the components of deferred tax assets (liabilities):

March 31,
20262025
Deferred tax assets:
Non-deductible interest carryforward$37,406 $34,940 
Original issue discount7,165 10,439 
Reserves and accruals26,520 22,691 
Tax loss carryforwards17,393 16,653 
Unrealized exchange losses— 1,448 
Lease obligations7,333 6,511 
Other12,608 9,971 
Gross deferred tax assets108,425 102,653 
Valuation allowance(60,632)(60,302)
Total deferred tax assets$47,793 $42,351 
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries$(31,607)$(27,560)
Right of use asset(7,567)(7,050)
Unrealized exchange gains(4,176)— 
Other(1,894)(2,989)
Total deferred tax liabilities$(45,244)$(37,599)
Net deferred tax assets$2,549 $4,752 
Schedule of Changes in Valuation Allowance for Deferred Tax Assets
The following summarizes the change in the valuation allowance for deferred tax assets:

Years Ended March 31,
202620252024
Balance, beginning of period$60,302 $70,391 $59,506 
Changes to expenses(1)
632 (10,081)10,727 
Changes to other comprehensive income(302)(8)158 
Balance, end of period$60,632 $60,302 $70,391 
(1) For the years ended March 31, 2025 and 2024, respectively, the change was primarily driven by a reduction in the valuation allowance in the U.S. and an increase in the valuation allowances across various African jurisdictions.
Schedule of Changes To Unrecognized Tax Benefits
The following summarizes the changes to unrecognized tax benefits and related interest and penalties:
Years Ended March 31,
20262025
Balance at April 1$12,806 $16,892 
Increase for prior year tax positions5,208 2,989 
Increase for current year tax positions3,319 4,854 
Reduction for settlements(331)(8,020)
Impact of changes in exchange rates(123)(210)
Reduction of statute of limitation expirations(36)(3,699)
Balance at March 31(1)
$20,843 $12,806 
Accrued interest3,253 1,929 
Accrued penalties5,277 3,900 
Balance at March 31(1)
$29,373 $18,635 
(1) As of March 31, 2026, $29,680 would impact the Company's effective tax rate, if recognized. This includes indirect effects such as related valuation allowance releases.
Schedule of Summarizes Cash Paid For Income Taxes (Net of Refunds)
The following summarizes cash paid for income taxes (net of refunds) by jurisdiction:

Years Ended March 31,
202620252024
U.S. federal$1,621 $2,300 $6,438 
Debt exchange— — 12,543 
U.S. state and local(42)92 299 
1,579 2,392 19,280 
Foreign
Brazil$3,462 $3,895 $(1,359)
Indonesia1,753 2,110 3,184 
Malawi3,027 1,402 542 
Tanzania973 5,389 1,235 
Turkey3,180 3,265 3,823 
Other(1)
6,466 12,648 8,339 
$18,861 $28,709 $15,764 
Total$20,440 $31,101 $35,044 
(1) Includes amounts paid to settle certain income tax matters that were subject to litigation in various jurisdictions.
v3.26.1
Earnings Per Share (Tables)
 12 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted (Loss) Earnings Per Share
The following summarizes the computation of earnings per share:

Years Ended March 31,
202620252024
Net income attributable to Pyxus International, Inc.$14,569 $15,166 $2,663 
Basic weighted average shares outstanding25,790 25,643 25,000 
Plus: Dilutive equity awards167 24 — 
Diluted weighted average shares outstanding25,957 25,667 25,000 
Earnings per share:
Basic$0.56 $0.59 $0.11 
Diluted$0.56 $0.59 $0.11 
v3.26.1
Restricted Cash (Tables)
 12 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Schedule of Composition of Restricted Cash
The following summarizes the composition of restricted cash:

March 31,
20262025
Compensating balance for short-term borrowings$107 $542 
Escrow1,953 3,534 
Grants458 3,116 
Other798 98 
Total$3,316 $7,290 
v3.26.1
Inventories, Net (Tables)
 12 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net
The following summarizes the composition of inventories, net with the All Other category primarily composed of non-tobacco agricultural products:

March 31,
20262025
Processed tobacco$507,380 $490,410 
Unprocessed tobacco279,348 241,832 
Other tobacco related26,883 25,643 
All Other4,339 4,066 
Total$817,950 $761,951 
v3.26.1
Advances to Suppliers, Net (Tables)
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Advances to Tobacco Suppliers
The following summarizes the composition of advances to suppliers, net:

March 31,
20262025
Advances to tobacco suppliers, net$33,257 $29,144 
Advances to non-tobacco suppliers3,080 1,601 
Total in current assets36,337 30,745 
Long-term advances to tobacco suppliers, net6,928 4,980 
Total current and long-term$43,265 $35,725 
v3.26.1
Equity Method Investments (Tables)
 12 Months Ended
Mar. 31, 2026
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, 2026:

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 nicotine products50%4,589
Siam Tobacco Export Corporation Ltd.ThailandPurchase and process tobacco49%(6,098)
(1) Basis differences for the Company’s equity method investments are due to fair value adjustments recorded during fiscal 2021.
The following summarizes aggregate financial information for these equity method investments:

Years Ended March 31,
202620252024
Statement of operations:
Sales$581,169 $611,152 $505,262 
Gross profit80,965 70,208 82,614 
Net income 35,780 16,851 33,101 

March 31,
20262025
Balance sheet:
Current assets$457,219 $419,192 
Property, plant, and equipment and other assets65,716 49,243 
Current liabilities362,790 328,818 
Long-term obligations and other liabilities6,333 4,560 
v3.26.1
Variable Interest Entities (Tables)
 12 Months Ended
Mar. 31, 2026
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,
20262025
Investments in variable interest entities$99,239 $90,239 
Guaranteed amounts to variable interest entities (not to exceed)18,483 15,995 

See "Note 25. Related Party Transactions" for the asset and liability balances associated with our equity investments. See "Note 17. Securitized Receivables" for the beneficial interests with certain of our securitization facilities.
v3.26.1
Intangible Assets, Net (Tables)
 12 Months Ended
Mar. 31, 2026
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, 2026
Weighted Average Remaining Useful LifeGross Carrying AmountAccumulated AmortizationIntangible Assets, Net
Intangibles subject to amortization:
Customer relationships6.4 years$26,101 $(12,144)$13,957 
Technology2.4 years11,618 (8,292)3,326 
Trade names8.4 years11,300 (4,507)6,793 
Total$49,019 $(24,943)$24,076 
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 
Schedule of Amortization Expense for Definite-Lived Intangible Assets
The following summarizes amortization expense for definite-lived intangible assets:

Years Ended March 31,
202620252024
Amortization expense$4,431 $4,532 $4,631 
Schedule of Estimated Intangible Asset Amortization Expense
The following summarizes the estimated intangible asset amortization expense for the next five fiscal years and beyond:

Customer Relationships
Technology(1)
Trade NamesTotal
2027$2,175 $1,378 $807 $4,360 
20282,175 1,375 807 4,357 
20292,175 573 807 3,555 
20302,175 — 807 2,982 
20312,175 — 807 2,982 
Thereafter3,082 — 2,758 5,840 
Total$13,957 $3,326 $6,793 $24,076 
(1) Estimated amortization expense for technology is based on costs accumulated as of March 31, 2026. These estimates will change as new costs are incurred and until the software is placed into service.
v3.26.1
Leases (Tables)
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Costs and Other Information
The following summarizes lease costs:

Years Ended March 31,
202620252024
Operating lease costs$14,998 $14,199 $16,028 
Variable and short-term lease costs19,640 14,848 8,964 
Total lease costs$34,638 $29,047 $24,992 
The following summarizes supplemental cash flow information related to operating leases:

Years Ended March 31,
202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$14,664 $14,145 $15,764 
Noncash investing activity:
Right-of-use assets obtained in exchange for new operating lease liabilities12,164 3,964 10,444 
Schedule of Weighted-Average Remaining Lease Term and Discount Rates of Leases
The following summarizes the measurement of remaining operating lease terms and discount rates:
March 31,
20262025
Weighted average remaining lease term4.3 years4.8 years
Weighted average discount rate16.1%15.4%
Schedule of Maturities of Operating Lease Liabilities uture minimum lease payments required under operating lease agreements, including those with extended lease term options that are reasonably certain of being exercised, as of March 31, 2026 are summarized by fiscal year as follows:
Operating Leases
2027$13,971 
20289,798 
20295,793 
20304,409 
20312,960 
Thereafter5,265 
Total future minimum lease payments42,196 
Less: amounts related to imputed interest11,261 
Present value of lease liabilities(1)
$30,935 
(1) This amount is comprised of $9,915 and $21,020 of current and noncurrent operating lease liabilities, respectively, included in the consolidated balance sheets.
v3.26.1
Property, Plant, and Equipment, Net (Tables)
 12 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net
The following summarizes property, plant, and equipment, net:

March 31,
20262025
Land$27,434 $26,815 
Buildings47,512 45,982 
Machinery and equipment122,820 109,247 
Total197,766 182,044 
Less: accumulated depreciation (1)
(54,612)(43,868)
Total property, plant, and equipment, net$143,154 $138,176 
(1) This balance was partially reduced by the disposition of certain fully depreciated assets during the year ended March 31, 2026.
Schedule of Depreciation Expense of Property, Plant, and Equipment, Net
The following summarizes the classification of depreciation expense recorded in the consolidated statements of operations:

Years Ended March 31,
202620252024
Depreciation expense recorded in cost of goods and services sold$14,220 $13,264 $11,806 
Depreciation expense recorded in selling, general, and administrative expenses2,036 2,380 2,646 
Total depreciation expense$16,256 $15,644 $14,452 
v3.26.1
Debt Arrangements (Tables)
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Financing
The following summarizes debt and notes payable:

Outstanding
InterestMarch 31, Long-Term Debt Repayment Schedule by Fiscal Year
Rate(1)
2026202520272028202920302031Later
Senior secured credit facility:
   ABL Credit Facility7.0 %$— $— $— $— $— $— $— $— 
Senior secured notes:
8.5% Notes Due 2027(2)
8.5 %146,662 145,820 — 146,662 — — — — 
Senior secured term loans:
Intabex Term Loans(3)
12.4 %187,752 187,144 — 187,752 — — — — 
Pyxus Term Loans(4)
12.4 %121,343 121,886 — 121,343 — — — — 
Other debt:
Other long-term debt8.8 %— 12 — — — — — — 
Notes payable(5)
8.8 %477,132 395,030 477,132 — — — — — 
   Total debt$932,889 $849,892 $477,132 $455,757 $— $— $— $— 
Short-term(5)
$477,132 $395,030 
Long-term:
Current portion of long-term debt$— $12 
Long-term debt455,757 454,850 
Total$455,757 $454,862 
Letters of credit$8,024 $7,790 
(1) Weighted average stated rate for the trailing twelve months ended March 31, 2026 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 $146,662 is net of a debt discount of $1,677. Total repayment at maturity is $148,339.
(3) Balance of $187,752 is net of a debt discount of $1,281. Total repayment at maturity is $189,033, which includes a $2,000 exit fee payable upon repayment.
(4) Balance of $121,343 is net of a debt premium of $1,138. Total repayment at maturity is $120,205.
(5) Primarily foreign seasonal lines of credit.
v3.26.1
Securitized Receivables (Tables)
 12 Months Ended
Mar. 31, 2026
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, applicable only to the first and second facilities, which represents the Company’s residual interest in receivables sold that have not been collected from the customer:

March 31,
20262025
Receivables outstanding in facility$341,679 $355,246 
Beneficial interest29,034 29,354 

Cash proceeds from the sale of trade receivables are comprised of an initial cash payment received at the time of transfer and a deferred purchase price receivable, applicable only to the first and second facilities, which represents the Company's right to receive the remaining consideration upon collection of the underlying trade receivables by the purchasers. The following summarizes the Company’s cash collections from both the initial cash proceeds and the deferred purchase price receivable:

Years Ended March 31,
202620252024
Cash collections from:
   Initial proceeds$842,093 $981,560 $649,680 
   Deferred purchase price receivable200,684 188,312 175,911 
v3.26.1
Guarantees (Tables)
 12 Months Ended
Mar. 31, 2026
Guarantees [Abstract]  
Schedule of Guarantees and Associated Fair Values The following summarizes amounts guaranteed:
March 31,
20262025
Amounts guaranteed (not to exceed)$119,728 $110,660 
Amounts outstanding under guarantee(1)
92,550 80,045 
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing10,204 13,787 
 (1) Most of the guarantees outstanding at March 31, 2026 expire within one year.
v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Mar. 31, 2026
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,
20262025
Foreign currency exchange contracts$54,100 $49,500 
Schedule of Derivative Financial Instruments On Condensed Statements of Operations
The following summarizes the impact of foreign currency exchange contracts designated as cash flow hedges ("hedged derivatives") and non-designated hedges ("non-hedged derivatives") within cost of goods and services sold in the consolidated statements of operations:

Years Ended March 31,
202620252024
Foreign currency exchange contracts gains (losses), net from:
Hedged derivatives$4,022 $(2,411)$6,356 
Non-hedged derivatives(1)
4,887 — — 
(1) There were foreign currency exchange contracts not designated as hedging instruments (related to the Malawian kwacha) outstanding during the year ended March 31, 2026, but all had expired or settled by period end.
v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following summarizes the fair value of the Company's financial assets and liabilities measured on a recurring basis, along with their corresponding level within the fair value hierarchy:

March 31,
20262025
Level 2Level 3Total at Fair ValueLevel 2Level 3Total at Fair Value
Financial assets:
Derivative financial instruments$649 $— $649 $982 $— $982 
Securitized beneficial interests— 29,034 29,034 — 29,354 29,354 
Total assets$649 $29,034 $29,683 $982 $29,354 $30,336 
Financial liabilities:
Derivative financial instruments$— $— $— $57 $— $57 
Long-term debt(1)
433,490 — 433,490 433,885 12 433,897 
Guarantees— 7,537 7,537 — 6,459 6,459 
Total liabilities$433,490 $7,537 $441,027 $433,942 $6,471 $440,413 
(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.

Years Ended March 31,
20262025
Securitized Beneficial InterestsLong-Term DebtGuaranteesSecuritized Beneficial InterestsLong-Term DebtGuarantees
Balance, beginning of period$29,354 $12 $6,459 $15,036 $160 $5,097 
Issuances198,567 — 8,026 244,886 — 7,639 
Settlements(189,786)(12)(3,798)(212,964)(148)(2,421)
Losses recognized in earnings(9,101)— (3,150)(17,604)— (3,856)
Balance, end of period$29,034 $— $7,537 $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:

Year Ended March 31, 2026
Valuation TechniqueUnobservable InputRange (Weighted Average)
Securitized Beneficial InterestsDiscounted Cash FlowDiscount Rate
2.7% to 6.2%
Payment Speed
59 days to 91 days
GuaranteesHistorical LossHistorical Loss
1.2% to 39.1%
Year Ended March 31, 2025
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%
v3.26.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Mar. 31, 2026
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, 2026
Benefit obligation, beginning$32,877 $19,571 $52,448 
Service cost— 211 211 
Interest cost1,559 1,003 2,562 
Plan amendments— 15 15 
Actuarial losses (gains)765 (666)99 
Plan settlements— (1,032)(1,032)
Effects of currency translation— 232 232 
Benefits paid(3,337)(1,489)(4,826)
Benefit obligation, ending$31,864 $17,845 $49,709 
Fair value of plan assets, beginning$— $22,421 $22,421 
Actual return on plan assets— (670)(670)
Employer contributions3,337 605 3,942 
Plan settlements— (1,032)(1,032)
Benefits paid(3,337)(1,489)(4,826)
Fair value of plan assets, ending$— $19,835 $19,835 
Funded status of the plan$(31,864)$1,990 $(29,874)

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 $(30,027)
Schedule of Net Funded Status
The following summarizes amounts reported in the consolidated balance sheets for the defined benefit pension plans:
U.S. PlansNon-U.S. Plans
March 31,March 31,
2026202520262025
Noncurrent benefit asset recorded in other noncurrent assets$— $— $7,632 $8,752 
Accrued current benefit liability recorded in accrued expenses and other current liabilities(3,306)(3,313)(653)(729)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities(28,558)(29,564)(4,989)(5,173)
Funded status of the plan$(31,864)$(32,877)$1,990 $2,850 
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,
2026202520262025
Information for pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$31,864 $32,877 $5,642 $5,902 
Accumulated benefit obligation31,864 32,877 4,747 5,448 
(1) Certain of the Company's non-U.S. defined benefit pension plans in Europe were over-funded as of March 31, 2026 and 2025.
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income
The following summarizes activity in accumulated other comprehensive income for the defined benefit plans:
U.S. and Non-U.S. PensionU.S. and Non-U.S. Post-retirementTotal
Prior service cost$(32)$— $(32)
Net actuarial gain11,738 1,209 12,947 
Deferred taxes(109)(40)(149)
Balance at March 31, 2024$11,597 $1,169 $12,766 
Prior service credit$13 $— $13 
Net actuarial (loss) gain(100)28 (72)
Deferred taxes(118)(73)(191)
Total change for 2025$(205)$(45)$(250)
Prior service cost$(19)$— $(19)
Net actuarial gain11,638 1,237 12,875 
Deferred taxes(227)(113)(340)
Balance at March 31, 2025$11,392 $1,124 $12,516 
Prior service cost$(10)$— $(10)
Net actuarial loss(2,641)(281)(2,922)
Deferred taxes518 122 640 
Total change for 2026$(2,133)$(159)$(2,292)
Prior service cost$(29)$— $(29)
Net actuarial gain8,997 956 9,953 
Deferred taxes291 9 300 
Balance at March 31, 2026$9,259 $965 $10,224 
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,
202620252024202620252024
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%
Expected long-term rate of return on plan assetsNot applicableNot applicableNot applicable5.04%4.35%4.20%
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,
202620252024202620252024
Discount rate5.44%5.37%5.33%6.35%5.75%5.37%
Rate of increase in future compensationNot applicableNot applicableNot applicable9.07%7.52%10.42%
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,
20262025
Asset category:
Cash and cash equivalents42.3 %96.1 %
Debt securities53.2 %— %
Real estate and other investments4.5 %3.9 %
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, 2026March 31, 2025
TotalLevel 1TotalLevel 1
Cash and cash equivalents$8,390 $8,390 $21,538 $21,538 
U.S. equities / equity funds— — — — 
International equities / equity funds— — — — 
U.S. fixed income funds— — — — 
International fixed income funds10,544 10,544 — — 
Real estate and other(1)
901 — 883 — 
Total$19,835 $18,934 $22,421 $21,538 
(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, 2026
Benefit obligation, beginning$3,371 $1,386 $4,757 
Service cost2 — 2 
Interest cost161 164 325 
Effect of currency translation— 145 145 
Actuarial (gains) losses(123)318 195 
Benefits paid(179)(145)(324)
Benefit obligation, ending3,232 1,868 5,100 
Fair value of plan assets, beginning$— $— $— 
Employer contributions179 145 324 
Benefits paid(179)(145)(324)
Fair value of plan assets, ending$— $— $— 
Funded status of the plan$(3,232)$(1,868)$(5,100)
U.S. PlansNon-U.S. PlansTotal
March 31, 2026
Accrued current benefit liability recorded in accrued expenses and other current liabilities$(332)$(173)$(505)
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities(2,900)(1,695)(4,595)
Funded status of the plan$(3,232)$(1,868)$(5,100)

U.S. PlansNon-U.S. PlansTotal
March 31, 2025
Benefit obligation, beginning$3,525 $1,580 $5,105 
Service cost2 — 2 
Interest cost177 129 306 
Effect of currency translation— (199)(199)
Actuarial (gains) losses(177)19 (158)
Benefits paid(156)(143)(299)
Benefit obligation, ending3,371 1,386 4,757 
Fair value of plan assets, beginning$— $— $— 
Employer contributions156 143 299 
Benefits paid(156)(143)(299)
Fair value of plan assets, ending$— $— $— 
Funded status of the plan$(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)
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,
202620252024202620252024
Discount rate5.55 %5.45 %5.35 %11.46 %11.67 %9.72 %
Health care cost trend rate assumed for next year7.01 %6.47 %6.58 %8.76 %8.94 %8.75 %
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 2027$3,306 $653 $332 $173 $4,464 
Schedule of Contributions to Defined Contribution Plans
The Company’s contributions to the defined contribution plans are as follows:

Years Ended March 31,
202620252024
Contributions$4,856 $4,459 $4,395 
Schedule of Expected Benefit Payments
The following summarizes the expected benefit payments to be paid in future fiscal years, as of March 31, 2026:

Pension BenefitsOther Benefits
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. PlansTotal
2027$3,306 $1,597 $332 $173 $5,408 
20283,231 1,568 321 178 5,298 
20293,148 1,422 309 183 5,062 
20303,058 1,568 298 189 5,113 
20312,960 1,353 285 194 4,792 
Thereafter13,083 9,922 1,255 1,056 25,316 
Total$28,786 $17,430 $2,800 $1,973 $50,989 
v3.26.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Mar. 31, 2026
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, 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 $7,315 
Other comprehensive income (loss) before reclassifications1,366 (1,570)2,819 2,615 
Amounts reclassified to net income, net of tax(430)(722)(2,655)(3,807)
Other comprehensive income (loss), net of tax936 (2,292)164 (1,192)
Balances at March 31, 2026$(5,109)$10,224 $1,008 $6,123 

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

Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
202620252024
Pension and postretirement plans(1):
Settlement (gain) loss$(283)$— $4,681 Gain (loss) on pension settlement
Actuarial (gain) loss(583)(581)6,780 Interest expense, net
Amortization of prior service cost2 3 4 Interest expense, net
Amounts reclassified from equity to the income statement, gross(864)(578)11,465 
Tax effects of amounts reclassified from accumulated other comprehensive income to net income142 266 (2,598)
Amounts reclassified from equity to the income statement, net$(722)$(312)$8,867 
(1) Amounts are included in net periodic benefit costs for pension and postretirement plans.
Years Ended March 31,Affected Line Item in the Consolidated Statements of Operations
202620252024
Derivatives:
(Gain) loss on foreign exchange contracts designated as cash flow hedges$(4,022)$3,185 $(6,356)
Cost of goods and services sold;
selling, general, and administrative expenses(1)
Amounts reclassified from equity to the income statement, gross(4,022)3,185 (6,356)
Tax effects of amounts reclassified from accumulated other comprehensive income to net income1,367 (827)1,798 
Amounts reclassified from equity to the income statement, net$(2,655)$2,358 $(4,558)
(1) All amounts recorded in cost of goods and services sold, except during the year ended March 31, 2025, when $2,411 was recorded in cost of goods and services sold and $774 was recorded in selling, general, and administrative expenses.
v3.26.1
Equity–Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Activity
Restricted Stock Units
Restricted stock units granted under the Incentive Plan on or after the Modification Date are earned ratably for certain employees, subject to their continued employment, from the date of the award to March 31, 2027, and for certain non-employee directors, subject to continued board service, from the date of the award to the Company’s next annual meeting of shareholders. Restricted stock units vest upon the earlier of March 31, 2031 or the occurrence of certain corporate events as specified in the restricted stock unit award agreement. 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 
Granted85 4.23 
Canceled or forfeited(60)3.50 
Nonvested, March 31, 2026
1,749 $3.49 
(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 
Granted23 6.79 
Canceled or forfeited(67)4.36 
Nonvested, March 31, 2026*
508 $4.47 
*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.
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following summarizes equity-based compensation expense for restricted stock units:

Years Ended March 31,
2026
2025(1)
2024
Equity-based compensation expense$1,022 $4,110 $— 
(1) The amount recorded during the year ended March 31, 2025 included the impact of a cumulative catch-up adjustment of $3,263 due to the modification on May 10, 2024 of awards then outstanding under the Incentive Plan.
v3.26.1
Related Party Transactions (Tables)
 12 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The following summarizes sales and purchases transactions with related parties:
Years Ended March 31,
202620252024
Sales$23,112 $16,512 $25,059 
Purchases193,856 214,341 204,193 
Dividends received8,436 12,449 14,486 
Schedule of Related Party Balances in Condensed Consolidated Balance Sheets
The Company included the following related party balances in its consolidated balance sheets:

March 31,
20262025Location in Consolidated Balance Sheet
Accounts receivable, related parties$62 $50 Other receivables
Accounts payable, related parties39,317 19,731 Accounts payable
v3.26.1
Segment Information (Tables)
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment
The following summarizes financial information relating to the Leaf segment (the Company’s sole reportable segment) with the All Other category included for purposes of reconciliation of the Leaf segment balances to the consolidated financial statements:

Years Ended March 31,
202620252024
Sales and other operating revenues:
Leaf$2,405,073 $2,470,984 $2,029,615 
All Other7,927 10,276 2,944 
Consolidated sales and other operating revenues2,413,000 2,481,260 2,032,559 
Cost of goods and services sold:
Leaf2,059,050 2,125,756 1,714,053 
All Other6,271 12,520 6,171 
Consolidated cost of goods and services sold2,065,321 2,138,276 1,720,224 
Selling, general, and administrative expenses:
Leaf157,381 164,228 154,074 
All Other5,553 6,770 6,836 
Consolidated selling, general, and administrative expenses162,934 170,998 160,910 
Other segment items:(1)
Leaf19,489 16,714 8,281 
All Other(296)(304)1,158 
Consolidated other segment items19,193 16,410 9,439 
Leaf segment operating income169,153 164,286 153,207 
All Other operating loss(3,601)(8,710)(11,221)
Restructuring and asset impairment charges2,852 2,259 4,799 
Consolidated operating income162,700 153,317 137,187 
Gain on debt retirement— 8,178 15,914 
Gain (loss) on pension settlement283 — (12,008)
Interest expense, net134,353 128,041 125,620 
Income before income taxes and other items$28,630 $33,454 $15,473 
(1) Represents the other expense, net caption within the consolidated statements of operations. See "Note 4. Other Expense, Net" for additional information.

Years Ended March 31,
202620252024
LeafAll OtherTotalLeafAll OtherTotalLeafAll OtherTotal
Depreciation and amortization$19,375 $1,518 $20,893 $18,772 $1,562 $20,334 $17,767 $1,483 $19,250 
Capital expenditures19,878 2,195 22,073 21,137 2,977 24,114 18,062 2,973 21,035 
March 31, 2026March 31, 2025
LeafAll OtherTotalLeafAll OtherTotal
Assets$1,660,016 $34,676 $1,694,692 $1,466,400 $37,443 $1,503,843 
Trade and other receivables, net264,410 497 264,907 204,054 175 204,229 
Investments in unconsolidated affiliates99,239 6,624 105,863 90,238 6,690 96,928 
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,
202620252024
Sales and Other Operating Revenues:
China$354,250 $497,437 $362,778 
Indonesia268,913 227,369 215,491 
U.S.267,567 244,556 192,745 
Belgium(1)
205,644 160,337 156,085 
United Arab Emirates204,674 213,321 182,687 
Turkey116,376 84,957 62,089 
Poland100,497 79,390 63,826 
Russia75,496 53,564 70,794 
Egypt35,411 133,023 43,495 
Other784,172 787,306 682,569 
Total$2,413,000 $2,481,260 $2,032,559 
(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,
202620252024
China National Tobacco Corporationxxx
Japan Tobacco Internationalxxx
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,
20262025
Property, Plant, and Equipment, Net:
Brazil$37,648 $33,720 
Malawi25,856 26,091 
Zimbabwe23,565 24,049 
U.S.25,241 22,293 
Tanzania10,483 11,131 
Jordan8,626 9,588 
Other11,735 11,304 
Total$143,154 $138,176 
v3.26.1
Trade Receivables, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Allowance for Doubtful Accounts Receivable [Roll Forward]      
Balance, beginning of period $ (24,035) $ (23,940) $ (24,730)
Additions (160) (1,299) (1,535)
Write-offs and other adjustments 7,316 1,204 2,325
Balance, end of period (16,879) (24,035) (23,940)
Trade receivables 256,335 213,274 192,704
Trade receivables, net $ 239,456 $ 189,239 $ 168,764
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies (Details)
 12 Months Ended
Mar. 31, 2026
Trade names  
Product Information [Line Items]  
Useful life of intangible assets (in years) 14 years
Minimum  
Product Information [Line Items]  
Payments due period (in days) 30 days
Minimum | Real Estate  
Product Information [Line Items]  
Lease term (in years) 2 years
Minimum | Equipment  
Product Information [Line Items]  
Lease term (in years) 2 years
Minimum | Buildings  
Product Information [Line Items]  
Useful life of property, plant and equipment (in years) 9 years
Minimum | Machinery and equipment  
Product Information [Line Items]  
Useful life of property, plant and equipment (in years) 2 years
Minimum | Customer relationships  
Product Information [Line Items]  
Useful life of intangible assets (in years) 9 years
Minimum | Internally developed software  
Product Information [Line Items]  
Useful life of intangible assets (in years) 3 years
Maximum  
Product Information [Line Items]  
Payments due period (in days) 60 days
Maximum | Real Estate  
Product Information [Line Items]  
Lease term (in years) 13 years
Maximum | Equipment  
Product Information [Line Items]  
Lease term (in years) 5 years
Maximum | Buildings  
Product Information [Line Items]  
Useful life of property, plant and equipment (in years) 40 years
Maximum | Machinery and equipment  
Product Information [Line Items]  
Useful life of property, plant and equipment (in years) 19 years
Maximum | Customer relationships  
Product Information [Line Items]  
Useful life of intangible assets (in years) 12 years
Maximum | License  
Product Information [Line Items]  
Useful life of intangible assets (in years) 8 years
Maximum | Internally developed software  
Product Information [Line Items]  
Useful life of intangible assets (in years) 5 years
v3.26.1
Revenue Recognition - Schedule of Revenue Disaggregated by Product or Service (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues $ 2,413,000 $ 2,481,260 $ 2,032,559
Leaf:      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues 2,405,073 2,470,984 2,029,615
All Other      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues 7,927 10,276 2,944
Product revenues | Leaf:      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues 2,235,763 2,335,107 1,912,438
Processing and other revenues | Leaf:      
Disaggregation of Revenue [Line Items]      
Consolidated sales and other operating revenues $ 169,310 $ 135,877 $ 117,177
v3.26.1
Revenue Recognition - Schedule of Activity in the Claims Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Balance, beginning of period $ 2,436 $ 3,313 $ 2,350
Additions 8,318 2,010 6,191
Payments and other adjustments (4,846) (2,887) (5,228)
Balance, end of period $ 5,908 $ 2,436 $ 3,313
v3.26.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]      
Value added tax expense $ 50,656 $ 43,298 $ 34,905
v3.26.1
Other Expense, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]      
Losses on sale of receivables $ 14,101 $ 19,565 $ 13,121
Foreign currency losses (gains) 1,739 (2,121) 251
Loss on resolution of customs matter 6,440 0 0
Gain on sale of fixed assets (3,114) (2,423) (2,300)
Miscellaneous expense (income), net 27 1,389 (1,633)
Total $ 19,193 $ 16,410 $ 9,439
v3.26.1
Income Taxes - Schedule of Components Of Income Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]      
Domestic $ (20,603) $ (4,579) $ (17,697)
Foreign 49,233 38,033 33,170
Income before income taxes and other items $ 28,630 $ 33,454 $ 15,473
v3.26.1
Income Taxes - Schedule of Income Taxes In The Consolidated Statements Of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Current:      
    Federal $ 1,323 $ 6,837 $ 5,319
    State (280) 261 (59)
Foreign 26,522 23,611 24,385
Total Current 27,565 30,709 29,645
Deferred:      
Federal (151) (10,307) 968
    State 6 (155) (9)
Foreign 2,924 4,806 (3,323)
Total Deferred 2,779 (5,656) (2,364)
Income tax expense $ 30,344 $ 25,053 $ 27,281
v3.26.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Amount      
U.S. federal statutory tax rate $ 6,012 $ 7,025 $ 3,249
State and local income taxes, net of federal income tax effect (196) 51 (102)
Global intangible low-taxed income 6,855 7,081 4,578
State and local income taxes, net of federal income tax effect(1) 2,467 509 4,240
Other 860 442 1,225
Foreign tax credits (7,270) (4,308) (4,999)
Other 0 (42) (39)
Changes in unrecognized tax benefits 7,614 8,789 9,585
Income tax expense $ 30,344 $ 25,053 $ 27,281
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect (0.70%) 0.20% (0.70%)
Global intangible low-taxed income 23.90% 21.20% 29.60%
U.S. taxes on foreign earnings 8.60% 1.50% 27.40%
Other 3.00% 1.30% 7.90%
Foreign tax credits (25.40%) (12.90%) (32.30%)
Other 0.00% (0.10%) (0.30%)
Changes in unrecognized tax benefits 26.60% 26.30% 61.90%
Income tax expense 106.00% 74.90% 176.30%
Argentina      
Amount      
Change in valuation allowance $ 1,679 $ 5,563 $ 484
Exchange effects and currency translation (396) (2,580) 1,517
Other $ (351) $ (2,492) $ (792)
Percent      
Changes in valuation allowances 5.90% 16.60% 3.10%
Exchange effects and currency translation (1.40%) (7.70%) 9.80%
Other (1.20%) (7.40%) (5.10%)
Brazil      
Amount      
Exchange effects and currency translation $ (1,357) $ 6,640 $ (2,307)
Other 2,538 3,036 2,508
Hybrid dividends (3,073) (3,142) 0
Tax on unremitted foreign earnings $ 1,165 $ (2,264) $ (426)
Percent      
Exchange effects and currency translation (4.70%) 19.80% (14.90%)
Other 8.90% 9.10% 16.20%
Hybrid dividends (10.70%) (9.40%) 0.00%
Tax on unremitted foreign earnings 4.10% (6.80%) (2.80%)
Malawi      
Amount      
Change in valuation allowance $ 36 $ (4,757) $ 7,638
Exchange effects and currency translation 704 5,729 (4,683)
Other $ 1,910 $ 2,965 $ (404)
Percent      
Changes in valuation allowances 0.10% (14.20%) 49.40%
Exchange effects and currency translation 2.50% 17.10% (30.30%)
Other 6.70% 8.90% (2.60%)
Tanzania      
Amount      
Other $ 1,333 $ 1,606 $ 77
Nontaxable or nondeductible items $ 3,646 $ 1,346 $ 673
Percent      
Other 4.70% 4.80% 0.50%
Nontaxable or nondeductible items 12.70% 4.00% 4.30%
Zambia      
Amount      
Change in valuation allowance $ (2,878) $ (2,433) $ 2,739
Exchange effects and currency translation 2,317 (361) (810)
Other $ 2,355 $ 1,200 $ 0
Percent      
Changes in valuation allowances (10.10%) (7.30%) 17.70%
Exchange effects and currency translation 8.10% (1.10%) (5.20%)
Other 8.20% 3.60% 0.00%
Other      
Amount      
Other foreign jurisdictions $ 3,179 $ 2,844 $ (560)
Percent      
Other foreign jurisdictions 11.10% 8.50% (3.60%)
U.S.      
Amount      
Change in valuation allowance $ 524 $ (7,574) $ 4,105
Other (823) 1,423 2,181
Nontaxable or nondeductible items $ 1,494 $ (1,243) $ (2,396)
Percent      
Changes in valuation allowances 1.80% (22.60%) 26.50%
Other (2.90%) 4.30% 14.10%
Nontaxable or nondeductible items 5.20% (3.70%) (15.50%)
v3.26.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Deferred tax assets:    
Non-deductible interest carryforward $ 37,406 $ 34,940
Original issue discount 7,165 10,439
Reserves and accruals 26,520 22,691
Tax loss carryforwards 17,393 16,653
Unrealized exchange losses 0 1,448
Lease obligations 7,333 6,511
Other 12,608 9,971
Gross deferred tax assets 108,425 102,653
Valuation allowance (60,632) (60,302)
Total deferred tax assets 47,793 42,351
Deferred tax liabilities:    
Unremitted earnings of foreign subsidiaries (31,607) (27,560)
Right of use asset (7,567) (7,050)
Unrealized exchange gains (4,176) 0
Other (1,894) (2,989)
Total deferred tax liabilities (45,244) (37,599)
Net deferred tax assets $ 2,549 $ 4,752
v3.26.1
Income Taxes - Schedule of Changes in Valuation Allowance for Deferred Tax Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 60,302 $ 70,391 $ 59,506
Changes to expenses 632 (10,081) 10,727
Changes to other comprehensive income (302) (8) 158
Balance at end of period $ 60,632 $ 60,302 $ 70,391
v3.26.1
Income Taxes - Narrative (Details) - Foreign Tax Authority
$ in Thousands
Mar. 31, 2026
USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Operating loss carryforwards $ 55,740
Definite lived carryforward 34,096
Indefinite lived carryforward $ 21,644
v3.26.1
Income Taxes - Schedule of Changes To Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of period $ 12,806 $ 16,892
Increase for prior year tax positions 5,208 2,989
Increase for current year tax positions 3,319 4,854
Reduction for settlements (331) (8,020)
Impact of changes in exchange rates (123) (210)
Reduction of statute of limitation expirations (36) (3,699)
Balance at end of period 20,843 12,806
Accrued interest 3,253 1,929
Accrued penalties 5,277 3,900
Balance at end of period 29,373 $ 18,635
Unrecognized tax benefits that would impact effective tax rate if recognized $ 29,680  
v3.26.1
Income Taxes - Schedule of Summarizes Cash Paid For Income Taxes (Net of Refunds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. federal $ 1,621 $ 2,300 $ 6,438
Debt exchange 0 0 12,543
U.S. state and local (42) 92 299
Foreign      
Foreign 18,861 28,709 15,764
Total 20,440 31,101 35,044
U.S.      
Foreign      
Total 1,579 2,392 19,280
Brazil      
Foreign      
Foreign 3,462 3,895 (1,359)
Indonesia      
Foreign      
Foreign 1,753 2,110 3,184
Malawi      
Foreign      
Foreign 3,027 1,402 542
Tanzania      
Foreign      
Foreign 973 5,389 1,235
Turkey      
Foreign      
Foreign 3,180 3,265 3,823
Other      
Foreign      
Foreign $ 6,466 $ 12,648 $ 8,339
v3.26.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]      
Net income attributable to Pyxus International, Inc. $ 14,569 $ 15,166 $ 2,663
Basic weighted average shares outstanding (in shares) 25,790 25,643 25,000
Plus: Dilutive equity awards (in shares) 167 24 0
Diluted weighted average shares outstanding (in shares) 25,957 25,667 25,000
Earnings per share:      
Basic (in USD per share) $ 0.56 $ 0.59 $ 0.11
Diluted (in USD per share) $ 0.56 $ 0.59 $ 0.11
v3.26.1
Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]    
Compensating balance for short-term borrowings $ 107 $ 542
Escrow 1,953 3,534
Grants 458 3,116
Other 798 98
Total $ 3,316 $ 7,290
v3.26.1
Inventories, Net - Schedule of Inventories, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Inventory Disclosure [Abstract]    
Processed tobacco $ 507,380 $ 490,410
Unprocessed tobacco 279,348 241,832
Other tobacco related 26,883 25,643
All Other 4,339 4,066
Total $ 817,950 $ 761,951
v3.26.1
Advances to Suppliers, Net - Schedule of Advances to Tobacco Suppliers (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Advances to tobacco suppliers, net $ 33,257 $ 29,144
Advances to non-tobacco suppliers 3,080 1,601
Total in current assets 36,337 30,745
Long-term advances to tobacco suppliers, net 6,928 4,980
Total current and long-term $ 43,265 $ 35,725
v3.26.1
Advances to Suppliers, Net - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Markup and capitalized interest on tobacco advances $ 20,732 $ 17,066
Unrecoverable advances and other capitalized costs $ 10,911 $ 11,833
v3.26.1
Equity Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
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, 2026
Mar. 31, 2025
Mar. 31, 2024
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]                              
Gross profit                         $ 347,679 $ 342,984 $ 312,335
Net (loss) income $ 14,660 $ 17,162 $ (902) $ (15,263) $ (4,556) $ 19,410 $ (3,273) $ 4,952 $ (9,661) $ 4,179 $ 7,896 $ 770 15,657 16,533 3,184
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]                              
Current assets 1,330,484       1,158,160               1,330,484 1,158,160  
Current liabilities 932,775       773,947               932,775 773,947  
Equity Method Investment, Nonconsolidated Investee or Group of Investees                              
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]                              
Sales                         581,169 611,152 505,262
Gross profit                         80,965 70,208 82,614
Net (loss) income                         35,780 16,851 $ 33,101
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract]                              
Current assets 457,219       419,192               457,219 419,192  
Property, plant, and equipment and other assets 65,716       49,243               65,716 49,243  
Current liabilities 362,790       328,818               362,790 328,818  
Long-term obligations and other liabilities $ 6,333       $ 4,560               $ 6,333 $ 4,560  
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)    
v3.26.1
Variable Interest Entities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]    
Investments in variable interest entities $ 105,863 $ 96,928
Variable Interest Entity, Not Primary Beneficiary    
Schedule of Equity Method Investments [Line Items]    
Investments in variable interest entities 99,239 90,239
Guaranteed amounts to variable interest entities (not to exceed) $ 18,483 $ 15,995
v3.26.1
Intangible Assets, Net - Schedule of Goodwill and Intangible Asset Rollforward (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Schedule of Intangible Assets [Line Items]    
Gross Carrying Amount $ 49,019 $ 49,019
Accumulated Amortization (24,943) (20,512)
Intangible Assets, Net $ 24,076 $ 28,507
Customer relationships    
Schedule of Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life 6 years 4 months 24 days 7 years 4 months 24 days
Gross Carrying Amount $ 26,101 $ 26,101
Accumulated Amortization (12,144) (9,969)
Intangible Assets, Net $ 13,957 $ 16,132
Technology    
Schedule of Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life 2 years 4 months 24 days 3 years 4 months 24 days
Gross Carrying Amount $ 11,618 $ 11,618
Accumulated Amortization (8,292) (6,844)
Intangible Assets, Net $ 3,326 $ 4,774
Trade names    
Schedule of Intangible Assets [Line Items]    
Weighted Average Remaining Useful Life 8 years 4 months 24 days 9 years 4 months 24 days
Gross Carrying Amount $ 11,300 $ 11,300
Accumulated Amortization (4,507) (3,699)
Intangible Assets, Net $ 6,793 $ 7,601
v3.26.1
Intangible Assets, Net - Schedule of Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 4,431 $ 4,532 $ 4,631
v3.26.1
Intangible Assets, Net - Schedule of Estimated Intangible Asset Amortization Expense (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2027 $ 4,360
2028 4,357
2029 3,555
2030 2,982
2031 2,982
Thereafter 5,840
Amortizable intangibles, net 24,076
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
2027 2,175
2028 2,175
2029 2,175
2030 2,175
2031 2,175
Thereafter 3,082
Amortizable intangibles, net 13,957
Technology  
Finite-Lived Intangible Assets [Line Items]  
2027 1,378
2028 1,375
2029 573
2030 0
2031 0
Thereafter 0
Amortizable intangibles, net 3,326
Trade names  
Finite-Lived Intangible Assets [Line Items]  
2027 807
2028 807
2029 807
2030 807
2031 807
Thereafter 2,758
Amortizable intangibles, net $ 6,793
v3.26.1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]      
Operating lease costs $ 14,998 $ 14,199 $ 16,028
Variable and short-term lease costs 19,640 14,848 8,964
Total lease costs $ 34,638 $ 29,047 $ 24,992
v3.26.1
Leases - Schedule of Weighted-Average Information of Operating Lease Obligations (Details)
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Weighted average remaining lease term 4 years 3 months 18 days 4 years 9 months 18 days
Weighted average discount rate 16.10% 15.40%
v3.26.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash Flow, Lessee [Abstract]      
Operating cash flows used for operating leases $ 14,664 $ 14,145 $ 15,764
Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,164 $ 3,964 $ 10,444
v3.26.1
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Operating Leases, After Adoption of 842:    
2027 $ 13,971  
2028 9,798  
2029 5,793  
2030 4,409  
2031 2,960  
Thereafter 5,265  
Total future minimum lease payments 42,196  
Less: amounts related to imputed interest 11,261  
Present value of lease liabilities 30,935  
Operating lease, liability, current 9,915 $ 8,514
Operating lease, liability, noncurrent $ 21,020 $ 19,584
v3.26.1
Property, Plant, and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 197,766 $ 182,044
Less: accumulated depreciation (54,612) (43,868)
Property, plant, and equipment, net 143,154 138,176
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 27,434 26,815
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 47,512 45,982
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 122,820 $ 109,247
v3.26.1
Property, Plant, and Equipment, Net - Depreciation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 16,256 $ 15,644 $ 14,452
Depreciation expense recorded in cost of goods and services sold      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 14,220 13,264 11,806
Depreciation expense recorded in selling, general, and administrative expenses      
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 2,036 $ 2,380 $ 2,646
v3.26.1
Debt Arrangements - Schedule of Debt Financing (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Feb. 06, 2023
Interest Rate      
   Total debt $ 932,889 $ 849,892  
Short-term 477,132 395,030  
Current portion of long-term debt 0 12  
Long-term debt 455,757 454,850  
Long-term debt including current maturities 455,757 454,862  
Letters of credit outstanding 8,024 7,790  
Long-Term Debt Repayment Schedule by Fiscal Year      
2027 477,132    
2028 455,757    
2029 0    
2030 0    
2031 0    
Later 0    
Outstanding borrowings $ 932,889 849,892  
Face amount of debt instrument     $ 120,205
Senior notes | 8.5% Notes Due 2027      
Interest Rate      
Interest rate (as a percent) 8.50%    
   Total debt $ 146,662 145,820  
Long-Term Debt Repayment Schedule by Fiscal Year      
2027 0    
2028 146,662    
2029 0    
2030 0    
2031 0    
Later 0    
Outstanding borrowings $ 146,662 145,820  
Intabex Term Loan      
Interest Rate      
Weighted-average interest rate (as a percent) 12.40%    
   Total debt $ 187,752 187,144  
Long-Term Debt Repayment Schedule by Fiscal Year      
2027 0    
2028 187,752    
2029 0    
2030 0    
2031 0    
Later 0    
Outstanding borrowings $ 187,752 187,144  
Pyxus Term Loan      
Interest Rate      
Weighted-average interest rate (as a percent) 12.40%    
   Total debt $ 121,343 121,886  
Long-Term Debt Repayment Schedule by Fiscal Year      
2027 0    
2028 121,343    
2029 0    
2030 0    
2031 0    
Later 0    
Outstanding borrowings 121,343 121,886  
Unamortized premium $ 1,138    
Other long-term debt      
Interest Rate      
Weighted-average interest rate (as a percent) 8.80%    
   Total debt $ 0 12  
Long-Term Debt Repayment Schedule by Fiscal Year      
2027 0    
2028 0    
2029 0    
2030 0    
2031 0    
Later 0    
Outstanding borrowings $ 0 12  
Notes payable to banks      
Interest Rate      
Weighted-average interest rate (as a percent) 8.80%    
   Total debt $ 477,132 395,030  
Long-Term Debt Repayment Schedule by Fiscal Year      
2027 477,132    
2028 0    
2029 0    
2030 0    
2031 0    
Later 0    
Outstanding borrowings $ 477,132 395,030  
   ABL Credit Facility | Credit Facility      
Interest Rate      
Interest rate (as a percent) 7.00%    
   Total debt $ 0 0  
Long-Term Debt Repayment Schedule by Fiscal Year      
2027 0    
2028 0    
2029 0    
2030 0    
2031 0    
Later 0    
Outstanding borrowings 0 $ 0  
DDTL Facility | Senior notes      
Long-Term Debt Repayment Schedule by Fiscal Year      
Unamortized discount of debt instrument $ 1,677    
Intabex Term Loans | 8.5% Notes Due 2027      
Long-Term Debt Repayment Schedule by Fiscal Year      
Unamortized discount of debt instrument     1,281
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
v3.26.1
Debt Arrangements - ABL Credit Facility (Details) - USD ($)
 12 Months Ended
Feb. 08, 2022
Mar. 31, 2026
May 11, 2025
Mar. 31, 2025
Line of Credit Facility [Line Items]        
Outstanding borrowings   $ 932,889,000   $ 849,892,000
PNC ABL Credit Facility | Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity of credit facility     $ 150,000,000  
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   47,373,000    
Commitment fee percentage (in basis points) 0.25%      
Lower threshold of excess borrowing ability of credit facility (as a percent) 10.00%      
Less than borrowing ability $ 25,000,000      
Financial covenant threshold of credit facility, consecutive days 30 days      
Fixed charge ratio of credit facility 1.10      
PNC ABL Credit Facility | Credit Facility | Maximum        
Line of Credit Facility [Line Items]        
Basis spread on variable rate (as a percent) 2.75%      
PNC ABL Credit Facility | Credit Facility | Minimum        
Line of Credit Facility [Line Items]        
Basis spread on variable rate (as a percent) 1.75%      
PNC ABL Credit Facility | Revolving Line of Credit        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity of credit facility $ 170,000,000      
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   $ 150,000,000    
ABL Credit Facility | Credit Facility        
Line of Credit Facility [Line Items]        
Line of credit facility, covenant, excess borrowing ability 12,500,000      
Less than borrowing ability $ 12,500,000      
Line of credit facility, covenant, less than borrowing ability threshold percent 20.00%      
   ABL Credit Facility | Credit Facility        
Line of Credit Facility [Line Items]        
Interest rate (as a percent)   7.00%    
Outstanding borrowings   $ 0   $ 0
v3.26.1
Debt Arrangements - INTABEX Term Loans (Details) - USD ($)
$ in Thousands
Feb. 06, 2023
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    
v3.26.1
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%
v3.26.1
Debt Arrangements - 8.50% Senior Secured Notes due 2027 (Details) - USD ($)
$ in Thousands
Feb. 06, 2023
Mar. 31, 2026
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]      
Debt instrument, covenant compliance, shareholder election percent     92.70%
Debt instrument, percentage of outstanding     10.00%
v3.26.1
Debt Arrangements - Secured Debt Inter Creditor 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%
v3.26.1
Debt Arrangements - Related Party Transactions (Details)
$ in Thousands
Feb. 06, 2023
USD ($)
Debt Instrument [Line Items]  
Face amount of debt instrument $ 120,205
v3.26.1
Debt Arrangements - Other Outstanding Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Short-term debt $ 477,132 $ 395,030
Compensating balance for short-term borrowings 107 542
Credit Facility    
Debt Instrument [Line Items]    
Short-term debt, maximum outstanding amount 170,000  
Maximum borrowing capacity of credit facility $ 1,064,468 $ 918,372
Weighted-average interest rate (as a percent) 8.80% 9.40%
Compensating balance for short-term borrowings $ 107 $ 542
Credit Facility | Other Regions    
Debt Instrument [Line Items]    
Short-term debt $ 106,850 $ 93,243
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  
v3.26.1
Securitized Receivables - Narrative (Details)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
USD ($)
account
Mar. 31, 2025
USD ($)
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%  
Receivable securitization programs, designated receivable amount $ 160,000  
Increase in designated receivable amount 40,000  
Accounts receivable, net current, increase (decrease) due to settlement $ 13,610 $ 2,190
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    
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  
v3.26.1
Securitized Receivables - Schedule of Accounts Receivable Securitization Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Transfers and Servicing [Abstract]      
Receivables outstanding in facility $ 341,679 $ 355,246  
Beneficial interest 29,034 29,354  
Cash collections from:      
   Initial proceeds 842,093 981,560 $ 649,680
   Deferred purchase price receivable $ 200,684 $ 188,312 $ 175,911
v3.26.1
Guarantees (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Guarantees [Abstract]    
Amounts guaranteed (not to exceed) $ 119,728 $ 110,660
Amounts outstanding under guarantee 92,550 80,045
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing $ 10,204 $ 13,787
Guarantee expiration term (in years) 1 year  
v3.26.1
Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Foreign currency exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign currency exchange contracts $ 54,100 $ 49,500
v3.26.1
Derivative Financial Instruments - Schedule of Derivative Financial Instruments On Condensed Statements of Operations (Details) - Foreign currency exchange contracts - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Foreign currency exchange contracts designated as cash flow hedges:      
Foreign currency exchange contracts designated as cash flow hedges:      
Gain (loss) reclassified from accumulated other comprehensive income to earnings $ 4,022 $ (2,411) $ 6,356
Foreign currency exchange contracts not designated as hedging instruments:      
Foreign currency exchange contracts not designated as hedging instruments:      
Gain recognized in earnings $ 4,887 $ 0 $ 0
v3.26.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments $ 649 $ 982
Securitized beneficial interests 29,034 29,354
Total assets 29,683 30,336
Derivative financial instruments 0 57
Long-term debt 433,490 433,897
Guarantees 7,537 6,459
Total liabilities $ 441,027 $ 440,413
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other noncurrent assets Other noncurrent assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments $ 649 $ 982
Securitized beneficial interests 0 0
Total assets 649 982
Derivative financial instruments 0 57
Long-term debt 433,490 433,885
Guarantees 0 0
Total liabilities 433,490 433,942
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments 0 0
Securitized beneficial interests 29,034 29,354
Total assets 29,034 29,354
Derivative financial instruments 0 0
Long-term debt 0 12
Guarantees 7,537 6,459
Total liabilities $ 7,537 $ 6,471
v3.26.1
Fair Value Measurements - Schedule of Reconciliation of Change in Recurring Level 3 Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Long-Term Debt    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 12 $ 160
Settlements (12) (148)
Balance at end of period 0 12
Securitized Beneficial Interests    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 29,354 15,036
Issuances 198,567 244,886
Settlements (189,786) (212,964)
Losses recognized in earnings (9,101) (17,604)
Balance at end of period 29,034 29,354
Guarantees    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 6,459 5,097
Issuances 8,026 7,639
Settlements (3,798) (2,421)
Losses recognized in earnings (3,150) (3,856)
Balance at end of period $ 7,537 $ 6,459
v3.26.1
Fair Value Measurements - Schedule of Information about Fair Value Measurements using Significant Unobservable Inputs (Details)
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Minimum | Securitized Beneficial Interests | Discounted Cash Flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]    
Securitized market rate (as a percent) 2.70% 3.00%
Payment speed period 59 days 64 days
Minimum | Guarantees of Farmers | Historical Loss    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]    
Historical loss rate (as a percent) 1.20% 0.70%
Maximum | Securitized Beneficial Interests | Discounted Cash Flow    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]    
Securitized market rate (as a percent) 6.20% 6.90%
Payment speed period 91 days 91 days
Maximum | Guarantees of Farmers | Historical Loss    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]    
Historical loss rate (as a percent) 39.10% 37.30%
v3.26.1
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]      
(Gain) loss on pension settlement $ (283) $ 0 $ 12,008
Reclassification of unrecognized net pension losses (9,953) (12,875) (12,947)
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Reclassification of unrecognized net pension losses $ (8,997) $ (11,638) (11,738)
Foreign Plan | Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Termination fees and received     1,106
(Gain) loss on pension settlement     12,008
Reclassification of unrecognized net pension losses     3,511
Unrecognized net pension losses     $ 1,170
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Reconciliation of Benefit Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning $ 52,448 $ 54,960
Service cost 211 235
Interest cost 2,562 2,717
Plan amendments 15  
Actuarial losses (gains) 99 (294)
Plan settlements (1,032) (224)
Effects of currency translation 232 (51)
Benefits paid (4,826) (4,895)
Benefit obligation, ending 49,709 52,448
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of plan assets, beginning 22,421 22,380
Actual return on plan assets (670) 1,011
Employer contributions 3,942 4,149
Plan settlements (1,032) (224)
Benefits paid (4,826) (4,895)
Fair value of plan assets, ending 19,835 22,421
Funded status of the plan $ (29,874) $ (30,027)
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 $ 32,877 $ 33,694
Service cost 0 0
Interest cost 1,559 1,679
Plan amendments 0  
Actuarial losses (gains) 765 838
Plan settlements 0 0
Effects of currency translation 0 0
Benefits paid (3,337) (3,334)
Benefit obligation, ending 31,864 32,877
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 3,337 3,334
Plan settlements 0 0
Benefits paid (3,337) (3,334)
Fair value of plan assets, ending 0 0
Funded status of the plan (31,864) (32,877)
Foreign Plan    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Benefit obligation, beginning 19,571 21,266
Service cost 211 235
Interest cost 1,003 1,038
Plan amendments 15  
Actuarial losses (gains) (666) (1,132)
Plan settlements (1,032) (224)
Effects of currency translation 232 (51)
Benefits paid (1,489) (1,561)
Benefit obligation, ending 17,845 19,571
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of plan assets, beginning 22,421 22,380
Actual return on plan assets (670) 1,011
Employer contributions 605 815
Plan settlements (1,032) (224)
Benefits paid (1,489) (1,561)
Fair value of plan assets, ending 19,835 22,421
Funded status of the plan $ 1,990 $ 2,850
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Net Funded Status (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities $ (59,886) $ (57,052)
Funded status of the plan (29,874) (30,027)
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 (3,306) (3,313)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities (28,558) (29,564)
Funded status of the plan (31,864) (32,877)
Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Noncurrent benefit asset recorded in other noncurrent assets 7,632 8,752
Accrued current benefit liability recorded in accrued expenses and other current liabilities (653) (729)
Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities (4,989) (5,173)
Funded status of the plan $ 1,990 $ 2,850
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Pension Obligations for all Defined Benefit Pension Plans (Details) - Pension Plan - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 31,864 $ 32,877
Accumulated benefit obligation 31,864 32,877
Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation 5,642 5,902
Accumulated benefit obligation $ 4,747 $ 5,448
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Amounts Showing in Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost $ (29) $ (19) $ (32)
Net actuarial gain 9,953 12,875 12,947
Deferred taxes 300 (340) (149)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance 12,516 12,766  
Prior service cost (10) 13  
Net actuarial loss (2,922) (72)  
Deferred taxes 640 (191)  
Total change for 2026 (2,292) (250)  
Ending balance 10,224 12,516  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost (29) (19) (32)
Net actuarial gain 8,997 11,638 11,738
Deferred taxes 291 (227) (109)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance 11,392 11,597  
Prior service cost (10) 13  
Net actuarial loss (2,641) (100)  
Deferred taxes 518 (118)  
Total change for 2026 (2,133) (205)  
Ending balance 9,259 11,392  
Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Prior service cost 0 0 0
Net actuarial gain 956 1,237 1,209
Deferred taxes 9 (113) $ (40)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Beginning balance 1,124 1,169  
Prior service cost 0 0  
Net actuarial loss (281) 28  
Deferred taxes 122 (73)  
Total change for 2026 (159) (45)  
Ending balance $ 965 $ 1,124  
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Weighted-Average Assumptions (Details) - Pension Plan
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
U.S.      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 5.37% 5.33% 5.08%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.44% 5.37% 5.33%
Foreign Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 5.75% 5.37% 4.94%
Rate of increase in future compensation 7.52% 10.42% 5.72%
Expected long-term rate of return on plan assets 5.04% 4.35% 4.20%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 6.35% 5.75% 5.37%
Rate of increase in future compensation 9.07% 7.52% 10.42%
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Plan Assets (Details) - Foreign Plan
Mar. 31, 2026
Mar. 31, 2025
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) 42.30% 96.10%
Debt securities    
Defined Benefit Plan Disclosure [Line Items]    
Plan asset allocations (as a percent) 53.20% 0.00%
Real estate and other investments    
Defined Benefit Plan Disclosure [Line Items]    
Plan asset allocations (as a percent) 4.50% 3.90%
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets $ 29,683 $ 30,336
Pension Plan | Estimate of Fair Value | Foreign Plan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 8,390 21,538
U.S. equities / equity funds 0 0
International equities / equity funds 0 0
U.S. fixed income funds 0 0
International fixed income funds 10,544 0
Real estate and other 901 883
Total assets 19,835 22,421
Pension Plan | Estimate of Fair Value | Foreign Plan | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 8,390 21,538
U.S. equities / equity funds 0 0
International equities / equity funds 0 0
U.S. fixed income funds 0 0
International fixed income funds 10,544 0
Real estate and other 0 0
Total assets $ 18,934 $ 21,538
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Postretirement Health and Life Insurance Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation, beginning $ 52,448 $ 54,960  
Service cost 211 235  
Interest cost 2,562 2,717  
Effect of currency translation (232) 51  
Actuarial (gain) loss (99) 294  
Benefits paid (4,826) (4,895)  
Benefit obligation, ending 49,709 52,448 $ 54,960
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (59,886) (57,052)  
Funded status of the plan (29,874) (30,027)  
Fair value of plan assets 19,835 22,421 22,380
Employer contributions 3,942 4,149  
Benefits paid (4,826) (4,895)  
Postretirement Benefits Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation, beginning 4,757 5,105  
Service cost 2 2  
Interest cost 325 306  
Effect of currency translation 145 (199)  
Actuarial (gain) loss 195 (158)  
Benefits paid (324) (299)  
Benefit obligation, ending 5,100 4,757 5,105
Accrued current benefit liability recorded in accrued expenses and other current liabilities (505) (467)  
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (4,595) (4,290)  
Funded status of the plan (5,100) (4,757)  
Fair value of plan assets 0 0 0
Employer contributions 324 299  
Benefits paid (324) (299)  
U.S.      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation, beginning 32,877 33,694  
Service cost 0 0  
Interest cost 1,559 1,679  
Effect of currency translation 0 0  
Actuarial (gain) loss (765) (838)  
Benefits paid (3,337) (3,334)  
Benefit obligation, ending 31,864 32,877 33,694
Accrued current benefit liability recorded in accrued expenses and other current liabilities (3,306) (3,313)  
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (28,558) (29,564)  
Funded status of the plan (31,864) (32,877)  
Fair value of plan assets 0 0 0
Employer contributions 3,337 3,334  
Benefits paid (3,337) (3,334)  
U.S. | Postretirement Benefits Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation, beginning 3,371 3,525  
Service cost 2 2  
Interest cost 161 177  
Effect of currency translation 0 0  
Actuarial (gain) loss (123) (177)  
Benefits paid (179) (156)  
Benefit obligation, ending 3,232 3,371 3,525
Accrued current benefit liability recorded in accrued expenses and other current liabilities (332) (334)  
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (2,900) (3,037)  
Funded status of the plan (3,232) (3,371)  
Fair value of plan assets 0 0 0
Employer contributions 179 156  
Benefits paid (179) (156)  
Foreign Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation, beginning 19,571 21,266  
Service cost 211 235  
Interest cost 1,003 1,038  
Effect of currency translation (232) 51  
Actuarial (gain) loss 666 1,132  
Benefits paid (1,489) (1,561)  
Benefit obligation, ending 17,845 19,571 21,266
Accrued current benefit liability recorded in accrued expenses and other current liabilities (653) (729)  
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (4,989) (5,173)  
Funded status of the plan 1,990 2,850  
Fair value of plan assets 19,835 22,421 22,380
Employer contributions 605 815  
Benefits paid (1,489) (1,561)  
Foreign Plan | Postretirement Benefits Plan      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation, beginning 1,386 1,580  
Service cost 0 0  
Interest cost 164 129  
Effect of currency translation 145 (199)  
Actuarial (gain) loss 318 19  
Benefits paid (145) (143)  
Benefit obligation, ending 1,868 1,386 1,580
Accrued current benefit liability recorded in accrued expenses and other current liabilities (173) (133)  
Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities (1,695) (1,253)  
Funded status of the plan (1,868) (1,386)  
Fair value of plan assets 0 0 $ 0
Employer contributions 145 143  
Benefits paid $ (145) $ (143)  
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Assumptions Used to Determine Benefit Obligations (Details) - Postretirement Benefits Plan
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
U.S.      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.55% 5.45% 5.35%
Health care cost trend rate assumed for next year 7.01% 6.47% 6.58%
Foreign Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 11.46% 11.67% 9.72%
Health care cost trend rate assumed for next year 8.76% 8.94% 8.75%
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Expected Contributions (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2027 $ 4,464
U.S. | Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2027 3,306
U.S. | Postretirement Benefits Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2027 332
Foreign Plan | Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2027 653
Foreign Plan | Postretirement Benefits Plan  
Defined Benefit Plan Disclosure [Line Items]  
Fiscal Year 2027 $ 173
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Contributions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Postretirement Benefits Plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions $ 4,856 $ 4,459 $ 4,395
v3.26.1
Pension and Other Postretirement Benefits - Schedule of Expected Future Benefit Payments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2027 $ 5,408
2028 5,298
2029 5,062
2030 5,113
2031 4,792
Thereafter 25,316
Total 50,989
Pension Plan | U.S.  
Defined Benefit Plan Disclosure [Line Items]  
2027 3,306
2028 3,231
2029 3,148
2030 3,058
2031 2,960
Thereafter 13,083
Total 28,786
Pension Plan | Foreign Plan  
Defined Benefit Plan Disclosure [Line Items]  
2027 1,597
2028 1,568
2029 1,422
2030 1,568
2031 1,353
Thereafter 9,922
Total 17,430
Postretirement Benefits Plan | U.S.  
Defined Benefit Plan Disclosure [Line Items]  
2027 332
2028 321
2029 309
2030 298
2031 285
Thereafter 1,255
Total 2,800
Postretirement Benefits Plan | Foreign Plan  
Defined Benefit Plan Disclosure [Line Items]  
2027 173
2028 178
2029 183
2030 189
2031 194
Thereafter 1,056
Total $ 1,973
v3.26.1
Contingencies and Other Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Oct. 26, 2007
Brazilian State of Parana | Tax Assessment    
Loss Contingencies [Line Items]    
Loss contingency, estimate of possible loss $ 11,306 $ 2,529
v3.26.1
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
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, 2026
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period $ 167,589 $ 151,966 $ 154,240 $ 165,770 $ 167,007 $ 150,759 $ 153,112 $ 146,823 $ 157,657 $ 150,013 $ 144,169 $ 141,830 $ 165,770 $ 146,823 $ 141,830
Total other comprehensive (loss) income, net of tax (1,399) (1,811) (1,493) 3,496 3,108 (3,429) 1,544 (1,694) (1,173) 4,408 (2,545) 1,569 (1,207) (471) 2,259
Balance at end of period 181,107 167,589 151,966 154,240 165,770 167,007 150,759 153,112 146,823 157,657 150,013 144,169 181,107 165,770 146,823
Accumulated Other Comprehensive Income                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period       7,315       7,786       5,515 7,315 7,786 5,515
Other comprehensive (loss) income before reclassifications                         2,615 (2,517) (2,038)
Amounts reclassified to net income (loss), net of tax                         (3,807) 2,046 4,309
Total other comprehensive (loss) income, net of tax                         (1,192) (471) 2,271
Balance at end of period 6,123       7,315       7,786       6,123 7,315 7,786
Currency Translation Adjustment                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period (4,329) (4,483) (4,006) (6,045) (5,847) (4,871) (5,149) (5,692) (5,045) (7,230) (5,685) (6,392) (6,045) (5,692) (6,392)
Other comprehensive (loss) income before reclassifications                         1,366 (353) 700
Amounts reclassified to net income (loss), net of tax                         (430) 0 0
Total other comprehensive (loss) income, net of tax (780) 154 (477) 2,039 (198) (976) 278 543 (647) 2,185 (1,545) 707 936 (353) 700
Balance at end of period (5,109) (4,329) (4,483) (4,006) (6,045) (5,847) (4,871) (5,149) (5,692) (5,045) (7,230) (5,685) (5,109) (6,045) (5,692)
Pensions, Net of Tax                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period 10,995 12,516 12,516 12,516 12,766 12,766 12,766 12,766 11,846 8,335 8,335 8,335 12,516 12,766 8,335
Other comprehensive (loss) income before reclassifications                         (1,570) 62 (4,436)
Amounts reclassified to net income (loss), net of tax                         (722) (312) 8,867
Total other comprehensive (loss) income, net of tax (771) (1,521)     (250)       920 3,511 0   (2,292) (250) 4,431
Balance at end of period 10,224 10,995 12,516 12,516 12,516 12,766 12,766 12,766 12,766 11,846 8,335 8,335 10,224 12,516 12,766
Derivatives, Net of Tax                              
AOCI Attributable to Parent, Net of Tax [Roll Forward]                              
Balance at beginning of period 841 1,285 2,301 844 (2,712) (259) (1,525) 712 2,146 3,434 4,434 3,572 844 712 3,572
Other comprehensive (loss) income before reclassifications                         2,819 (2,226) 1,698
Amounts reclassified to net income (loss), net of tax                         (2,655) 2,358 (4,558)
Total other comprehensive (loss) income, net of tax 167 (444) (1,016) 1,457 3,556 (2,453) 1,266 (2,237) (1,434) (1,288) (1,000) 862 164 132 (2,860)
Balance at end of period $ 1,008 $ 841 $ 1,285 $ 2,301 $ 844 $ (2,712) $ (259) $ (1,525) $ 712 $ 2,146 $ 3,434 $ 4,434 $ 1,008 $ 844 $ 712
v3.26.1
Accumulated Other Comprehensive Income - Schedule of Pension and Postretirement Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
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, 2026
Mar. 31, 2025
Mar. 31, 2024
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Settlement (gain) loss                         $ 211 $ 235  
Actuarial (gain) loss                         (99) 294  
Income Tax Expense (Benefit)                         (30,344) (25,053) $ (27,281)
Net income $ 14,660 $ 17,162 $ (902) $ (15,263) $ (4,556) $ 19,410 $ (3,273) $ 4,952 $ (9,661) $ 4,179 $ 7,896 $ 770 15,657 16,533 3,184
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Plans Costs                              
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Settlement (gain) loss                         (283) 0 4,681
Actuarial (gain) loss                         (583) (581) 6,780
Amortization of prior service cost                         2 3 4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total                         (864) (578) 11,465
Income Tax Expense (Benefit)                         142 266 (2,598)
Net income                         $ (722) $ (312) $ 8,867
v3.26.1
Accumulated Other Comprehensive Income - Schedule of Components Reclassified from AOCI to Earnings (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
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, 2026
Mar. 31, 2025
Mar. 31, 2024
Reclassification Out Of Accumulated Other Comprehensive Income [Line Items]                              
Cost of goods and services sold                         $ (2,065,321) $ (2,138,276) $ (1,720,224)
Tax effects of amounts reclassified from accumulated other comprehensive income to net income                         (30,344) (25,053) (27,281)
Net income $ 14,660 $ 17,162 $ (902) $ (15,263) $ (4,556) $ 19,410 $ (3,273) $ 4,952 $ (9,661) $ 4,179 $ 7,896 $ 770 15,657 16,533 3,184
Selling, general, and administrative expenses                         162,934 170,998 160,910
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                         (4,022) 3,185 (6,356)
Amounts reclassified from equity to the income statement, gross                         (4,022) 3,185 (6,356)
Tax effects of amounts reclassified from accumulated other comprehensive income to net income                         1,367 (827) 1,798
Net income                         $ (2,655) $ 2,358 $ (4,558)
v3.26.1
Equity–Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 19, 2025
Mar. 21, 2024
Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation costs $ 979      
Total unrecognized stock-based compensation, expected period (in years) 11 months 4 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%    
v3.26.1
Equity-Based Compensation - Schedule of Equity Awards Granted (Details) - $ / shares
shares in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
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) 1,724 956
Granted (in shares) 85 862
Canceled or forfeited (in shares) (60) (94)
Balance at end of period (shares) 1,749 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) $ 3.46 $ 3.50
Granted (in USD per share) 4.23 3.41
Canceled or forfeited (in USD per share) 3.50 3.50
Ending Balance (in USD per share) $ 3.49 $ 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) 553 589
Granted (in shares) 23 605
Canceled or forfeited (in shares) (67) (642)
Balance at end of period (shares) 508 553
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) $ 4.36 $ 0
Granted (in USD per share) 6.79 4.36
Canceled or forfeited (in USD per share) 4.36 4.36
Ending Balance (in USD per share) $ 4.47 $ 4.36
v3.26.1
Equity-Based Compensation - Schedule of Equity-Based Compensation Expense for Restricted Stock Units (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation expense   $ 3,263  
Restricted Stock Units (RSUs)      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Equity-based compensation expense $ 1,022 $ 4,110 $ 0
v3.26.1
Related Party Transactions - Schedule of Related Party Transactions (Details) - Related Party - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]      
Sales $ 23,112 $ 16,512 $ 25,059
Purchases 193,856 214,341 204,193
Dividends received $ 8,436 $ 12,449 $ 14,486
v3.26.1
Related Party Transactions - Schedule of Related Party Balances in Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction [Line Items]    
Trade receivables, net $ 239,456 $ 189,239
Accounts payable 146,828 132,871
Other Receivables | Related Party    
Related Party Transaction [Line Items]    
Trade receivables, net 62 50
Accounts Payable | Related Party    
Related Party Transaction [Line Items]    
Accounts payable $ 39,317 $ 19,731
v3.26.1
Related Party Transactions - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Aug. 21, 2024
Aug. 02, 2024
May 31, 2024
Apr. 12, 2024
Mar. 28, 2024
Mar. 21, 2024
Sep. 30, 2024
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Aug. 31, 2024
Jun. 13, 2024
Mar. 25, 2024
Feb. 06, 2023
Related Party Transaction [Line Items]                            
Face amount of debt instrument                           $ 120,205,000
Debt instrument, increase, accrued interest and unpaid interest   $ 379,000 $ 332,000   $ 1,849,000                  
Debt instrument, collateral fee         490,000                  
Share repurchases             $ 1,000,000              
CI Investments, Inc. | Common Stock                            
Related Party Transaction [Line Items]                            
Stock repurchased (in shares) 392,000                          
Share repurchases $ 1,000,000                          
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 | Debt Instrument, Redemption, Period Two | Senior notes                            
Related Party Transaction [Line Items]                            
Face amount of debt instrument         $ 77,922,000                  
Debt Repurchase Agreement | Debt Instrument, Redemption, Period Three | Senior notes                            
Related Party Transaction [Line Items]                            
Face amount of debt instrument   $ 34,191,000 9,435,000                      
Debt Repurchase Agreement | Debt Instrument, Redemption, Period One | Senior notes                            
Related Party Transaction [Line Items]                            
Face amount of debt instrument     $ 10,345,000                      
Debt Repurchase Agreement | Debt Instrument, Redemption, Period One | Term Loans | Pyxus Term Loan                            
Related Party Transaction [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                            
Related Party Transaction [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                            
Related Party Transaction [Line Items]                            
Face amount of debt instrument           $ 26,327,000                
Redemption price (as a percent)           23.00%                
Glendon Investor and Monarch Investor                            
Related Party Transaction [Line Items]                            
Number of common stock owned by related party (in shares)                         6,125,000  
Interest payable to related parties               $ 1,352,000 $ 1,600,000          
Related Party                            
Related Party Transaction [Line Items]                            
Interest expense               $ 21,534,000 $ 24,416,000 $ 40,909,000        
Glendon Investor | Beneficial Owner                            
Related Party Transaction [Line Items]                            
Beneficial ownership (in shares)                       8,315,000    
Ownership interest (as a percent)                       33.80%    
Monarch Alternative Capital LP | Glendon Investor and Monarch Investor                            
Related Party Transaction [Line Items]                            
Ownership interest (as a percent)                         24.90%  
Owl Creek Asset Management LP | Beneficial Owner                            
Related Party Transaction [Line Items]                            
Beneficial ownership (in shares)                     3,865,000      
Ownership interest (as a percent)                     15.70%      
v3.26.1
Segment Information - Narrative (Details)
 12 Months Ended
Mar. 31, 2026
segment
Segment Reporting Information [Line Items]  
Number of operating segments 6
Number of reportable segments 1
Other Regions  
Segment Reporting Information [Line Items]  
Number of operating segments 5
v3.26.1
Segment Information - Schedule of Analysis of Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues $ 2,413,000 $ 2,481,260 $ 2,032,559
Cost of goods and services sold 2,065,321 2,138,276 1,720,224
Selling, general, and administrative expenses 162,934 170,998 160,910
Consolidated other segment items (19,193) (16,410) (9,439)
Restructuring and asset impairment charges 2,852 2,259 4,799
Consolidated operating income 162,700 153,317 137,187
Gain on debt retirement 0 8,178 15,914
(Gain) loss on pension settlement (283) 0 12,008
Interest expense, net 134,353 128,041 125,620
Income before income taxes and other items 28,630 33,454 15,473
Operating Segments      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 2,413,000 2,481,260 2,032,559
Cost of goods and services sold 2,065,321 2,138,276 1,720,224
Selling, general, and administrative expenses 162,934 170,998 160,910
Consolidated other segment items 19,193 16,410 9,439
Leaf      
Segment Reporting Information [Line Items]      
Segment operating income 169,153 164,286 153,207
Leaf | Operating Segments      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 2,405,073 2,470,984 2,029,615
Cost of goods and services sold 2,059,050 2,125,756 1,714,053
Selling, general, and administrative expenses 157,381 164,228 154,074
Consolidated other segment items 19,489 16,714 8,281
All Other      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 7,927 10,276 2,944
Segment operating income (3,601) (8,710) (11,221)
All Other | Operating Segments      
Segment Reporting Information [Line Items]      
Consolidated sales and other operating revenues 7,927 10,276 2,944
Cost of goods and services sold 6,271 12,520 6,171
Selling, general, and administrative expenses 5,553 6,770 6,836
Consolidated other segment items $ (296) $ (304) $ 1,158
v3.26.1
Segment Information - Schedule of All Other Category Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization $ 20,893 $ 20,334 $ 19,250
Capital expenditures 22,073 24,114 21,035
Assets 1,694,692 1,503,843  
Trade and other receivables, net 264,907 204,229  
Investments in unconsolidated affiliates 105,863 96,928  
Leaf      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization 19,375 18,772 17,767
Capital expenditures 19,878 21,137 18,062
Assets 1,660,016 1,466,400  
Trade and other receivables, net 264,410 204,054  
Investments in unconsolidated affiliates 99,239 90,238  
All Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Depreciation and amortization 1,518 1,562 1,483
Capital expenditures 2,195 2,977 $ 2,973
Assets 34,676 37,443  
Trade and other receivables, net 497 175  
Investments in unconsolidated affiliates $ 6,624 $ 6,690  
v3.26.1
Segment Information - Schedule of Geographical Locations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues $ 2,413,000 $ 2,481,260 $ 2,032,559
Property, plant and equipment, net 143,154 138,176  
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 354,250 497,437 362,778
Indonesia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 268,913 227,369 215,491
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 267,567 244,556 192,745
Property, plant and equipment, net 25,241 22,293  
Belgium      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 205,644 160,337 156,085
United Arab Emirates      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 204,674 213,321 182,687
Turkey      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 116,376 84,957 62,089
Poland      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 100,497 79,390 63,826
Russia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 75,496 53,564 70,794
Egypt      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 35,411 133,023 43,495
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Sales and other operating revenues 784,172 787,306 $ 682,569
Property, plant and equipment, net 11,735 11,304  
Brazil      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 37,648 33,720  
Malawi      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 25,856 26,091  
Zimbabwe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 23,565 24,049  
Tanzania      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net 10,483 11,131  
Jordan      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Property, plant and equipment, net $ 8,626 $ 9,588  
v3.26.1
Subsequent Events (Details) - USD ($)
$ in Thousands
Jun. 01, 2026
Mar. 31, 2026
Subsequent Event [Line Items]    
Receivable securitization programs, designated receivable amount   $ 160,000
Subsequent Event    
Subsequent Event [Line Items]    
Receivable securitization programs, designated receivable amount $ 120,000