XML 30 R13.htm IDEA: XBRL DOCUMENT
v3.25.1

Restructuring Costs | 12 Months Ended
--- | ---
Mar. 31, 2024
Restructuring Costs [Abstract] |
Restructuring Costs | RESTRUCTURING AND IMPAIRMENT COSTS During the fiscal years ended March 31, 2024 and 2022, Universal recorded restructuring and impairment costs related to business changes and various initiatives to adjust certain operations and reduce costs. There were no restructuring costs incurred for the fiscal year ended March 31, 2023. Fiscal Year Ended March 31, 2024 Tobacco Operations During the fiscal year ended March 31, 2024, the Company restructured operations at its Global Laboratory Services, Inc ("GLS") facility in Wilson, NC. GLS provides testing for crop protection agents and tobacco constituents in seed, leaf, and finished products, including e-cigarette liquids and vapors, and has capabilities for testing non-tobacco products. As a result of the restructuring of the GLS operations, the Company incurred $1.8 million of restructuring and impairment costs for the fiscal year ended March 31, 2024. During the fiscal year ended March 31, 2024, the Company also incurred $1.7 million of termination and impairment costs in other areas of the Tobacco Operations segment. Fiscal Year Ended March 31, 2022 Tobacco Operations As a result of efforts to exit the idled tobacco operations in Tanzania, the Company reevaluated the carrying values of property, plant, and equipment associated with the Tanzania operations. During the fiscal year ended March 31, 2022, the Company determined the carrying value exceeded the estimated fair value of those assets and recognized a $9.4 million impairment charge. During the fiscal year ended March 31, 2023, the Company sold all outstanding common stock, which included all properties, of the idled companies in Tanzania for $8.5 million. During the fiscal year ended March 31, 2022, the Company also incurred $2.2 million of termination costs for the Tobacco Operations segment. Ingredients Operations During the fiscal year ended March 31, 2022, the Company recognized $1.2 million of net gains on the sale of the remaining property, plant, and equipment associated with the wind-down of the CIFI operations that was announced in fiscal year 2021. A summary of the restructuring and impairment costs incurred during the fiscal years ended March 31, 2024, 2023, and 2022 is as follows:
|  | Fiscal Years Ended March 31,
|  | 2024 |  | 2023 |  | 2022
Restructuring Costs: |  |  |  |  |  |
Employee termination benefits |  | $ | 1,615 |  |  | $ | — |  |  | $ | 2,174 |
Other restructuring costs |  | (181) |  |  | — |  |  | (24) |
|  | 1,434 |  |  | — |  |  | 2,150 |
Impairment Costs: |  |  |  |  |  |
Property, plant, and equipment and other noncurrent assets |  | 2,089 |  |  | — |  |  | 8,307 |
Total restructuring and impairment costs |  | $ | 3,523 |  |  | $ | — |  |  | $ | 10,457 |
A reconciliation of the Company’s liability for employee termination benefits and other restructuring costs for fiscal years 2022 through 2024 is as follows:
|  | Employee Termination Benefits |  | Other Costs |  | Total
Balance at April 1, 2021 |  | $ | 1,370 |  |  | $ | 613 |  |  | $ | 1,983 |
Fiscal Year 2022 Activity: |  |  |  |  |  |
Costs charged to expense |  | 2,174 |  |  | (24) |  |  | 2,150 |
Payments and write-offs |  | (3,544) |  |  | (589) |  |  | (4,133) |
Balance at March 31, 2022 |  | — |  |  | — |  |  | — |
Fiscal Year 2023 Activity: |  |  |  |  |  |
Costs charged to expense |  | — |  |  | — |  |  | — |
Payments and write-offs |  | — |  |  | — |  |  | — |
Balance at March 31, 2023 |  | — |  |  | — |  |  | — |
Fiscal Year 2024 Activity: |  |  |  |  |  |
Costs charged to expense |  | 1,615 |  |  | (181) |  |  | 1,434 |
Payments and write-offs |  | (1,362) |  |  | 181 |  |  | (1,181) |
Balance at March 31, 2024 |  | $ | 253 |  |  | $ | — |  |  | $ | 253 |
Universal continually reviews its business for opportunities to realize efficiencies, reduce costs, and realign its operations in response to business changes. The Company may incur additional restructuring and impairment costs in future periods as business changes occur and additional cost savings initiatives are implemented.

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RestructuringCostsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration