Significant Accounting Policies (Tables)
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12 Months Ended |
Mar. 31, 2015
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Accounting Policies [Abstract] |
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Schedule of Other Income (Expense) |
The following table summarizes the significant components of Other Income. | | | | | | | | | | | | Years Ending March 31, | | 2015 | 2014 | 2013 | Turkey other property sales | $ | — |
| $ | 2,700 |
| $ | — |
| Brazil 51% subsidiary investment sale | — |
| 20,369 |
| — |
| Brazil excise tax benefit | — |
| — |
| 24,142 |
| Other sales of assets and expenses | 9,319 |
| 2,138 |
| 4,892 |
| Losses on sale of receivables | (7,425 | ) | (6,977 | ) | (8,313 | ) | | $ | 1,894 |
| $ | 18,230 |
| $ | 20,721 |
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Schedule of advances to tobacco suppliers |
The following table reflects the classification of advances to tobacco suppliers:
| | | | | | | | | March 31, 2015 | March 31, 2014 | Current | $ | 38,589 |
| $ | 49,598 |
| Noncurrent | 3,985 |
| 6,420 |
| | $ | 42,574 |
| $ | 56,018 |
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Summary of guarantees and associated fair values |
The following table summarizes amounts guaranteed and the fair value of those guarantees:
| | | | | | | | | March 31, 2015 | March 31, 2014 | Amounts guaranteed (not to exceed) | $ | 300,557 |
| $ | 301,870 |
| Amounts outstanding under guarantee | 185,486 |
| 218,847 |
| Fair value of guarantees | 8,650 |
| 7,344 |
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Property, plant and equipment |
Property, plant and equipment at March 31, 2015 and 2014, are summarized as follows: | | | | | | | | | 2015 | 2014 | Land | $ | 21,564 |
| $ | 31,517 |
| Buildings | 170,937 |
| 183,175 |
| Machinery and equipment | 173,541 |
| 201,306 |
| Total | 366,042 |
| 415,998 |
| Less accumulated depreciation | (128,067 | ) | (154,752 | ) | Total property, plant and equipment, net | $ | 237,975 |
| $ | 261,246 |
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Computation of earnings (loss) per common share |
Computation of Earnings (Loss) Per Common Share | | | | | | | | | | | | | | | | Years Ended March 31, | | (in thousands, except per share data) | 2015 | | 2014 | | 2013 | | BASIC EARNINGS (LOSS) | | | | | | | Net income (loss) attributable to Alliance One International, Inc. | $ | (15,425 | ) | | $ | (86,659 | ) | | $ | 24,013 |
| | SHARES | | | | | | | Weighted Average Number of Shares Outstanding | 88,289 |
| | 87,719 |
| | 87,374 |
| | BASIC EARNINGS (LOSS) PER SHARE | $ | (0.17 | ) | | $ | (0.99 | ) | | $ | 0.27 |
| | | | | | | | | DILUTED EARNINGS (LOSS) | | | | | | | Net income (loss) attributable to Alliance One International, Inc. | $ | (15,425 | ) | | $ | (86,659 | ) | | $ | 24,013 |
| | Plus interest expense on 5 ½% convertible notes, net of tax | — |
| * | — |
| * | 4,100 |
| | Net income (loss) attributable to Alliance One International, Inc. as adjusted | $ | (15,425 | ) | | $ | (86,659 | ) | | $ | 28,113 |
| | SHARES | | | | | | | Weighted average number of shares outstanding | 88,289 |
| | 87,719 |
| | 87,374 |
| | Plus: Restricted shares issued and shares applicable to stock options and restricted stock units, net of shares assumed to be purchased from proceeds at average market price | — |
| * | — |
| * | 356 |
| | Assuming conversion of 5 ½% convertible notes | — |
| * | — |
| * | 22,872 |
| | Shares applicable to stock warrants | — |
| ** | — |
| ** | — |
| ** | Adjusted weighted average number of shares outstanding | 88,289 |
| | 87,719 |
| | 110,602 |
| | DILUTED EARNINGS (LOSS) PER SHARE | $ | (0.17 | ) | | $ | (0.99 | ) | | $ | 0.25 |
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| | * | Assumed conversion of convertible notes at the beginning of the period has an antidilutive effect on earnings (loss) per share. All outstanding restricted shares and shares applicable to stock options and restricted stock units are excluded because their inclusion would have an antidilutive effect on the loss per share. |
| | ** | For the year ended March 31, 2015, 2014 and 2013, the warrants were not assumed exercised because the exercise price was more than the average price for the period. The warrants began expiring October 15, 2014. They will be fully expired on April 8, 2015. |
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Schedule of Accumulated Other Comprehensive Income (Loss) |
The following tables set forth the changes in each component of accumulated other comprehensive income (loss), net of tax, attributable to the Company:
| | | | | | | | | | | | Currency Translation Adjustment | Pensions, Net of Tax | Accumulated Other Comprehensive Income (Loss) | Balances, March 31, 2012 | $ | (2,922 | ) | $ | (35,751 | ) | $ | (38,673 | ) | Other comprehensive losses before reclassifications | (2,802 | ) | (13,491 | ) | (16,293 | ) | Amounts reclassified to net income, net of tax | — |
| (226 | ) | (226 | ) | Other comprehensive losses, net of tax | (2,802 | ) | (13,717 | ) | (16,519 | ) | Balances, March 31, 2013 | (5,724 | ) | (49,468 | ) | (55,192 | ) | Other comprehensive income before reclassifications | 4,084 |
| 10,129 |
| 14,213 |
| Amounts reclassified to net loss, net of tax | — |
| 2,878 |
| 2,878 |
| Other comprehensive income, net of tax | 4,084 |
| 13,007 |
| 17,091 |
| Balances, March 31, 2014 | (1,640 | ) | (36,461 | ) | (38,101 | ) | Other comprehensive losses before reclassifications | (12,514 | ) | (16,257 | ) | (28,771 | ) | Amounts reclassified to net loss, net of tax | — |
| 711 |
| 711 |
| Other comprehensive losses, net of tax | (12,514 | ) | (15,546 | ) | (28,060 | ) | Balances, March 31, 2015 | $ | (14,154 | ) | $ | (52,007 | ) | $ | (66,161 | ) |
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Reclassification out of Accumulated Other Comprehensive Income |
The following table sets forth amounts by component, reclassified from accumulated other comprehensive income (loss) to net income (loss) for the years ended March 31, 2015, 2014 and 2013:
| | | | | | | | | | | | Years Ended March 31, | | | 2015 | 2014 | 2013 | Pension and postretirement plans *: | | | | Actuarial loss | $ | 3,092 |
| $ | 4,436 |
| $ | 1,437 |
| Amortization of prior service cost (credit) | (2,213 | ) | (1,369 | ) | (1,549 | ) | Deferred income tax benefit | (168 | ) | (189 | ) | (114 | ) | Amounts reclassified from accumulated other comprehensive income (loss) to net income (loss) | $ | 711 |
| $ | 2,878 |
| $ | (226 | ) | | | | | * Amounts are included in net periodic benefit costs for pension and postretirement plans. | |
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