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Operating Segments
 12 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Operating Segments OPERATING SEGMENTS
As a result of recent acquisitions of plant-based ingredients companies in fiscal year 2020 and 2021, during the fiscal year ended March 31, 2021 management evaluated the Company’s global business activities, including product and service offerings to its customers, as well as senior management’s operational and financial responsibilities. This assessment included an analysis of how its chief operating decision maker measures business performance and allocates resources. As a result of this analysis, senior management determined the Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations.
The Tobacco Operations segment activities involve selecting, procuring, processing, packing, storing, shipping, and financing 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 non-combustible 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 and smoke 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, and dehydrated products. Customers for the Ingredients Operations segment include large multinational food and beverage companies, as well as smaller independent entities. FruitSmart, Silva, and CIFI are the primary operations for the Ingredients Operations segment. FruitSmart manufactures fruit and vegetable juices, purees, concentrates, essences, fibers, seeds, seed oils, and seed powders. Silva is primarily a dehydrated product manufacturer of fruit and vegetable based flakes, dices, granules, powders, and blends. In December 2020, the Company announced the wind-down of CIFI, a greenfield operation that primarily manufactured both dehydrated and liquid sweet potato products. See Note 4 for additional information about the wind-down of CIFI.
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 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, 2021, 2020, and 2019, is as follows, including a recast of the new reportable operating segments presentation for all periods:
Sales and Other Operating RevenuesOperating Income
Fiscal Year Ended March 31,Fiscal Year Ended March 31,
202120202019202120202019
Tobacco Operations$1,841,837 $1,887,084 $2,222,246 $168,832 $146,637 $195,383 
Ingredients Operations141,520 22,895 4,907 367 (8,516)(8,611)
Subtotal1,983,357 1,909,979 2,227,153 169,199 138,121 186,772 
Deduct: Equity in pretax earnings of unconsolidated affiliates (1)
(2,985)(4,211)(5,299)
Restructuring and impairment costs (2)
(22,577)(7,543)(20,304)
Add: Other income (3)
4,173 — — 
Consolidated total$1,983,357 $1,909,979 $2,227,153 $147,810 $126,367 $161,169 
Segment AssetsAccounts Receivable, net
March 31,March 31,
202120202019202120202019
Tobacco Operations$2,002,059 $1,985,732 $2,108,641 $336,876    $330,367    $367,579 
Ingredients Operations339,865 135,189 24,543 30,606    10,344    531 
Consolidated total$2,341,924 $2,120,921 $2,133,184 $367,482 $340,711 $368,110 
Goodwill, netIntangibles, net
March 31,Fiscal Year Ended March 31,
202120202019202120202019
Tobacco Operations$98,044 $97,963 $97,907 $82 $59 $87 
Ingredients Operations
75,007 28,863 — 72,222 17,802 — 
Consolidated total$173,051 $126,826 $97,907 $72,304 $17,861 $87 
Capital ExpendituresDepreciation and Amortization
Fiscal Year Ended March 31,Fiscal Year Ended March 31,
202120202019202120202019
Tobacco Operations$46,037 $35,175 $38,206 $33,895 $35,251 $35,449 
Ingredients Operations20,117 52 554 10,838 3,128 1,655 
Consolidated total$66,154 $35,227 $38,760 $44,733 $38,379 $37,104 
(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 a portion of the contingent consideration liability associated with the acquisition of FruitSmart. See Note 2 for additional information.
Geographic data as of, or for, the fiscal years ended March 31, 2021, 2020, and 2019, 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 DataSales and Other Operating Revenues
Fiscal Year Ended March 31,
202120202019
United States$369,074 $221,428 $227,771 
Belgium366,476 361,889 390,433 
Poland97,001 84,011 145,478 
Germany94,519 104,525 166,397 
Philippines94,493 68,143 69,820 
China52,837 105,683 115,174 
Mexico51,448 35,475 64,700 
All other countries857,509 928,825 1,047,380 
Consolidated total$1,983,357 $1,909,979 $2,227,153 
Long-Lived Assets
March 31,
202120202019
United States$266,258 $145,764 $81,270 
Brazil134,909 138,157 139,624 
Mozambique44,206 42,964 45,051 
All other countries149,492 132,955 134,543 
Consolidated total$594,865 $459,840 $400,488