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Operating Segments
 12 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Operating Segments OPERATING SEGMENTS
As a result of 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 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 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, 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 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. Shank's manufactures botanical extracts and flavorings and also offers bottling and custom packaging for customers. In fiscal year 2021, 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 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, 2022, 2021, and 2020, is as follows, including a recast of fiscal year 2020 for the current reportable operating segment presentation:
Sales and Other Operating RevenuesOperating Income
Fiscal Year Ended March 31,Fiscal Year Ended March 31,
202220212020202220212020
Tobacco Operations$1,835,790 $1,841,837 $1,887,084 $157,754 $168,832 $146,637 
Ingredients Operations267,811 141,520 22,895 16,581 367 (8,516)
Subtotal2,103,601 1,983,357 1,909,979 174,335 169,199 138,121 
Deduct: Equity in pretax earnings of unconsolidated affiliates (1)
(6,095)(2,985)(4,211)
Restructuring and impairment costs (2)
(10,457)(22,577)(7,543)
Add: Other income (3)
2,532 4,173 — 
Consolidated total$2,103,601 $1,983,357 $1,909,979 $160,315 $147,810 $126,367 
Segment AssetsAccounts Receivable, net
March 31,March 31,
202220212020202220212020
Tobacco Operations$2,109,845 $2,002,059 $1,985,732 $336,638    $336,876    $330,367 
Ingredients Operations476,500 339,865 135,189 48,799    30,606    10,344 
Consolidated total$2,586,345 $2,341,924 $2,120,921 $385,437 $367,482 $340,711 
Goodwill, netIntangibles, net
March 31,Fiscal Year Ended March 31,
202220212020202220212020
Tobacco Operations$97,930 $98,044 $97,963 $57 $82 $59 
Ingredients Operations
116,068 75,007 28,863 92,514 72,222 17,802 
Consolidated total$213,998 $173,051 $126,826 $92,571 $72,304 $17,861 
Capital ExpendituresDepreciation and Amortization
Fiscal Year Ended March 31,Fiscal Year Ended March 31,
202220212020202220212020
Tobacco Operations$34,237 $46,037 $35,175 $36,272 $33,895 $35,251 
Ingredients Operations18,966 20,117 52 16,249 10,838 3,128 
Consolidated total$53,203 $66,154 $35,227 $52,521 $44,733 $38,379 
(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. See Note 2 for additional information.
Geographic data as of, or for, the fiscal years ended March 31, 2022, 2021, and 2020, 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,
202220212020
United States$495,322 $369,074 $221,428 
Belgium283,072 366,476 361,889 
Philippines147,876 94,493 68,143 
China97,826 52,837 105,683 
Germany93,057 94,519 104,525 
Poland90,270 97,001 84,011 
Netherlands45,297 40,754 55,532 
All other countries850,881 868,203 908,768 
Consolidated total$2,103,601 $1,983,357 $1,909,979 
Long-Lived Assets
March 31,
202220212020
United States$344,276 $266,258 $145,764 
Brazil136,653 134,909 138,157 
Mozambique40,228 44,206 42,964 
All other countries130,530 149,492 132,955 
Consolidated total$651,687 $594,865 $459,840