XML 43 R26.htm IDEA: XBRL DOCUMENT
v3.25.1

Operating Segments | 12 Months Ended
--- | ---
Mar. 31, 2024
Segment Reporting [Abstract] |
Operating Segments | OPERATING SEGMENTS Management regularly evaluates the Company’s global business activities, including product and service offerings to its customers, as well as senior management’s operational and financial responsibilities. Assessments include an analysis of how its chief operating decision maker measures business performance and allocates resources. As a result of this analysis, senior management has determined the Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations. The Tobacco Operations segment activities involve contracting, procuring, processing, packing, storing, and shipping leaf tobacco for sale to, or for the account of, manufacturers of consumer tobacco products throughout the world. Through various operating subsidiaries located in tobacco-growing countries around the world and significant ownership interests in unconsolidated affiliates, the Company processes and/or sells flue-cured and burley tobaccos, dark air-cured tobaccos, and oriental tobaccos. Flue-cured, burley, and oriental tobaccos are used principally in the manufacture of cigarettes, and dark air-cured tobaccos are used mainly in the manufacture of cigars, pipe tobacco, and smokeless tobacco products. Some of these tobacco types are also increasingly used in the manufacture of next generation tobacco products that are intended to provide consumers with an alternative to traditional combustible products. The Tobacco Operations segment also provides physical and chemical product testing for tobacco customers. A substantial portion of the Company’s Tobacco Operations' revenues are derived from sales to a limited number of large, multinational cigarette and cigar manufacturers. The Ingredients Operations segment provides its customers with a broad variety of plant-based ingredients for both human and pet consumption. The Ingredients Operations segment utilizes a variety of value-added manufacturing processes converting raw materials into a wide spectrum of fruit and vegetable juices, concentrates, dehydrated products, botanical extracts, and flavorings. Customers for the Ingredients Operations segment include large multinational food and beverage companies, smaller independent manufacturers, and retail organizations. FruitSmart, Silva, and Shank's are the primary operations for the Ingredients Operations segment. FruitSmart supplies a broad set of juices, concentrates, pomaces, purees, fruit fibers, seeds, seed powders, and other value-added products to food, beverage, and flavor companies throughout the United States and internationally. Silva procures dehydrated vegetables, fruits, and herbs from around the world and specializes in processing natural materials into custom designed dehydrated vegetable and fruit-based ingredients for a variety of end products. Shank's offers a diversified portfolio of botanical extracts, distillates, natural flavors, and color for industrial and private label customers worldwide, and is known for their significant vanilla expertise. Shank's is also equipped to offer customers custom bottling and packaging for their products. Universal incurs overhead expenses related to senior management, sales, finance, legal, and other functions that are centralized at its corporate headquarters, as well as functions performed at several sales and administrative offices around the world. These overhead expenses are currently allocated to the reportable operating segments, generally on the basis of projected annual financial and operational performance, including volumes planned to be purchased and/or processed. Management believes this method of allocation is currently representative of the value of the related services provided to the operating segments. The Company currently evaluates the performance of its segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings of unconsolidated affiliates. Reportable segment data as of, or for, the fiscal years ended March 31, 2024, 2023, and 2022, is as follows:
| Sales and Other Operating Revenues |  | Operating Income
| Fiscal Year Ended March 31, |  | Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Tobacco Operations | $ | 2,438,775 |  |  | $ | 2,258,260 |  |  | $ | 1,835,790 |  |  | $ | 222,352 |  |  | $ | 172,889 |  |  | $ | 157,754 |
Ingredients Operations | 309,798 |  |  | 311,564 |  |  | 267,811 |  |  | 3,936 |  |  | 10,566 |  |  | 16,581 |
Subtotal | 2,748,573 |  |  | 2,569,824 |  |  | 2,103,601 |  |  | 226,288 |  |  | 183,455 |  |  | 174,335 |
Deduct: Equity in pretax earnings of unconsolidated affiliates (1) |  |  |  |  |  |  | (756) |  |  | (2,383) |  |  | (6,095) |
Restructuring and impairment costs (2) |  |  |  |  |  |  | (3,523) |  |  | — |  |  | (10,457) |
Add: Other income (3) |  |  |  |  |  |  | — |  |  | — |  |  | 2,532 |
Consolidated total | $ | 2,748,573 |  |  | $ | 2,569,824 |  |  | $ | 2,103,601 |  |  | $ | 222,009 |  |  | $ | 181,072 |  |  | $ | 160,315 |
| Segment Assets |  | Accounts Receivable, net
| March 31, |  | March 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Tobacco Operations | $ | 2,451,895 |  |  | $ | 2,164,600 |  |  | $ | 2,109,845 |  |  | $ | 472,357 |  |  | $ | 350,014 |  |  | $ | 336,638 |
Ingredients Operations | 485,344 |  |  | 474,582 |  |  | 476,500 |  |  | 52,905 |  |  | 52,059 |  |  | 48,799 |
Consolidated total | $ | 2,937,239 |  |  | $ | 2,639,182 |  |  | $ | 2,586,345 |  |  | $ | 525,262 |  |  | $ | 402,073 |  |  | $ | 385,437 |
| Goodwill, net |  | Intangibles, net
| March 31, |  | Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Tobacco Operations | $ | 97,801 |  |  | $ | 97,854 |  |  | $ | 97,930 |  |  | $ | 62 |  |  | $ | 34 |  |  | $ | 57 |
Ingredients Operations | 116,068 |  |  | 116,068 |  |  | 116,068 |  |  | 68,821 |  |  | 80,067 |  |  | 92,514 |
Consolidated total | $ | 213,869 |  |  | $ | 213,922 |  |  | $ | 213,998 |  |  | $ | 68,883 |  |  | $ | 80,101 |  |  | $ | 92,571 |
| Capital Expenditures |  | Depreciation and Amortization
| Fiscal Year Ended March 31, |  | Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Tobacco Operations | $ | 35,173 |  |  | $ | 38,084 |  |  | $ | 34,237 |  |  | $ | 40,267 |  |  | $ | 38,650 |  |  | $ | 36,272 |
Ingredients Operations | 30,840 |  |  | 16,590 |  |  | 18,966 |  |  | 18,059 |  |  | 18,650 |  |  | 16,249 |
Consolidated total | $ | 66,013 |  |  | $ | 54,674 |  |  | $ | 53,203 |  |  | $ | 58,326 |  |  | $ | 57,300 |  |  | $ | 52,521 |
(1)Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income. (2)Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income (see Note 4). (3)Other income represents the reversal of the contingent consideration liability associated with the acquisition of FruitSmart. Geographic data as of, or for, the fiscal years ended March 31, 2024, 2023, and 2022, is presented below. Sales and other operating revenues are attributed to individual countries based on the final destination of the shipment. Long-lived assets generally consist of net property, plant, and equipment, goodwill, and other intangibles.
Geographic Data | Sales and Other Operating Revenues
| Fiscal Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Belgium | $ | 552,208 |  |  | $ | 395,616 |  |  | $ | 283,072 |
United States | 547,923 |  |  | 530,467 |  |  | 495,322 |
China | 219,979 |  |  | 204,139 |  |  | 97,826 |
Philippines | 133,656 |  |  | 149,867 |  |  | 147,876 |
Indonesia | 117,019 |  |  | 45,089 |  |  | 41,738 |
Poland | 97,723 |  |  | 119,629 |  |  | 90,270 |
Germany | 95,350 |  |  | 108,844 |  |  | 93,057 |
Netherlands | 42,492 |  |  | 51,843 |  |  | 45,297 |
Mexico | 26,438 |  |  | 51,847 |  |  | 29,514 |
France | 16,669 |  |  | 64,563 |  |  | 39,307 |
All other countries | 899,116 |  |  | 847,920 |  |  | 740,322 |
Consolidated total | $ | 2,748,573 |  |  | $ | 2,569,824 |  |  | $ | 2,103,601 |
| Long-Lived Assets
| March 31,
(in thousands) | 2024 |  | 2023 |  | 2022
United States | $ | 355,905 |  |  | $ | 343,470 |  |  | $ | 344,276 |
Brazil | 139,642 |  |  | 134,232 |  |  | 136,653 |
Mozambique | 35,845 |  |  | 38,979 |  |  | 40,228 |
All other countries | 117,240 |  |  | 128,504 |  |  | 130,530 |
Consolidated total | $ | 648,632 |  |  | $ | 645,185 |  |  | $ | 651,687 |

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration