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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 RevenuesOperating Income
Fiscal Year Ended March 31,Fiscal Year Ended March 31,
202420232022202420232022
Tobacco Operations$2,438,775 $2,258,260 $1,835,790 $222,352 $172,889 $157,754 
Ingredients Operations309,798 311,564 267,811 3,936 10,566 16,581 
Subtotal2,748,573 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 AssetsAccounts Receivable, net
March 31,March 31,
202420232022202420232022
Tobacco Operations$2,451,895 $2,164,600 $2,109,845 $472,357 $350,014 $336,638 
Ingredients Operations485,344 474,582 476,500 52,905 52,059 48,799 
Consolidated total$2,937,239 $2,639,182 $2,586,345 $525,262 $402,073 $385,437 
Goodwill, netIntangibles, net
March 31,Fiscal Year Ended March 31,
202420232022202420232022
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 ExpendituresDepreciation and Amortization
Fiscal Year Ended March 31,Fiscal Year Ended March 31,
202420232022202420232022
Tobacco Operations$35,173 $38,084 $34,237 $40,267 $38,650 $36,272 
Ingredients Operations30,840 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 DataSales and Other Operating Revenues
Fiscal Year Ended March 31,
202420232022
Belgium$552,208 $395,616 $283,072 
United States547,923 530,467 495,322 
China219,979 204,139 97,826 
Philippines133,656 149,867 147,876 
Indonesia117,019 45,089 41,738 
Poland97,723 119,629 90,270 
Germany95,350 108,844 93,057 
Netherlands42,492 51,843 45,297 
Mexico26,438 51,847 29,514 
France16,669 64,563 39,307 
All other countries899,116 847,920 740,322 
Consolidated total$2,748,573 $2,569,824 $2,103,601 
Long-Lived Assets
March 31,
(in thousands)202420232022
United States$355,905 $343,470 $344,276 
Brazil139,642 134,232 136,653 
Mozambique35,845 38,979 40,228 
All other countries117,240 128,504 130,530 
Consolidated total$648,632 $645,185 $651,687