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Subsequent Event Subsequent Event
3 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Event
SUBSEQUENT EVENT

In July 2016, the Company approved and publicly announced a plan to discontinue the processing of leaf tobacco at its subsidiary in Hungary.  The decision was made as a result of declining market demand for Hungarian tobaccos in recent years and the ability to increase supply chain efficiencies in the European leaf tobacco market by utilizing processing capacity available in the Company’s subsidiary in Italy.  The actions became effective immediately upon announcement for tobaccos that will be purchased from the upcoming 2016 crop.  The Company intends to sell the factory and related equipment in Hungary, which comprise a substantial portion of the subsidiary’s property and equipment, but expects to continue to source tobaccos grown in Hungary and maintain its market presence in the country.

The Company expects to incur certain charges beginning in the quarter ending September 30, 2016 as a result of discontinuing the processing operations in Hungary. Those charges include anticipated employee termination benefits, currently estimated at approximately $1 million, and an impairment charge on the disposal of the property and equipment. The current book value of the property and equipment approximates $5 million, and the estimated impairment charge is pending the completion of appraisals of the current fair values of those assets. The employee termination benefits are expected to be the only significant cash expenditures associated with the closure of the Hungary processing facility. The subsidiary in Hungary also has an accumulated non-cash foreign currency translation loss of approximately $16 million that may be recognized in earnings as a result of discontinuing the processing operations.