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Restructuring Costs

6 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Impairment Costs Disclosure

RESTRUCTURING AND IMPAIRMENT COSTS

Universal regularly reviews its business for opportunities to realize efficiencies, reduce costs, and realign its operations in response to business changes. Restructuring and impairment costs are periodically incurred in connection with those activities.

Tobacco Operations

During the six months ended September 30, 2024, the Company began consolidating its European sheet tobacco operations into the Company's facility in the Netherlands, by initiating a wind-down of activities at its sheet facility in Germany, incurring $10.5 million of restructuring and impairment costs. Additionally, during the six months ended September 30, 2024, the Company also incurred $0.1 million of termination and impairment costs in other areas of the Tobacco Operations segment.

During the six months ended September 30, 2023, the Company incurred $1.8 million of restructuring and impairment costs for its Global Labs Services ("GLS") facility in Wilson, NC. GLS provided testing for crop protection agents and tobacco constituents in seed, leaf, and finished products, including e-cigarette liquids and vapors, and had capabilities for testing non-tobacco products. The restructuring and impairment costs were net of approximately $0.2 million of income from the sale of GLS processes and procedures to a third-party buyer. Additionally, during the six months ended September 30, 2023, the Company also incurred $0.8 million of termination and impairment costs in other areas of the Tobacco Operations segment.

A summary of the restructuring and impairment costs recorded for the three and six months ended September 30, 2024 and 2023 were as follows:

						Three Months Ended September 30,												Six Months Ended September 30,
(in thousands)						2024						2023						2024						2023
Restructuring costs:
Employee termination benefits						$	4,342					$	1,403					$	4,342					$	1,403
Other						1,372						(182)						1,372						(182)
Total restructuring costs						5,714						1,221						5,714						1,221
Impairment costs:
Property, plant and equipment						4,859						1,378						4,859						1,378
Total impairment costs						4,859						1,378						4,859						1,378
Total restructuring and impairment costs						$	10,573					$	2,599					$	10,573					$	2,599

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- Definition

The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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