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Operating Segments | 6 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Operating Segments | OPERATING SEGMENTS 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 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 manufacturing 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. The Company currently evaluates the performance of its segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings (loss) of unconsolidated affiliates. Operating results for the Company’s reportable segments for each period presented in the consolidated statements of income and comprehensive income were as follows.
|  | Three Months Ended September 30, |  | Six Months Ended September 30,
(in thousands of dollars) |  | 2024 |  | 2023 |  | 2024 |  | 2023
SALES AND OTHER OPERATING REVENUES |  |  |  |  |  |  |  |
Tobacco Operations |  | $ | 630,212 |  |  | $ | 554,653 |  |  | $ | 1,142,167 |  |  | $ | 998,561 |
Ingredients Operations |  | 80,550 |  |  | 83,831 |  |  | 165,645 |  |  | 157,645 |
Consolidated sales and other operating revenues |  | $ | 710,762 |  |  | $ | 638,484 |  |  | $ | 1,307,812 |  |  | $ | 1,156,206 |
OPERATING INCOME (LOSS) |  |  |  |  |  |  |  |
Tobacco Operations |  | $ | 77,334 |  |  | $ | 52,387 |  |  | $ | 91,788 |  |  | $ | 61,270 |
Ingredients Operations |  | 1,333 |  |  | 4,811 |  |  | 4,244 |  |  | 2,797 |
Segment operating income |  | 78,667 |  |  | 57,198 |  |  | 96,032 |  |  | 64,067 |
Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1) |  | 642 |  |  | 713 |  |  | 502 |  |  | 4,879 |
Restructuring and impairment costs (2) |  | (10,573) |  |  | (2,599) |  |  | (10,573) |  |  | (2,599) |
Consolidated operating income |  | $ | 68,736 |  |  | $ | 55,312 |  |  | $ | 85,961 |  |  | $ | 66,347 |
(1)Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income.

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- 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 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