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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Pyxus International Inc | NYSE:PYX | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.91 | 0 | 00:00:00 |
| 000-25734 | ||
| (Commission File Number) | ||
| Virginia | 85-2386250 | ||||||||||
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
| 6001 Hospitality Court, Suite 100 | |||||||||||
| Morrisville, | North Carolina | 27560 | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
| Table of Contents | ||||||||
| Page No. | ||||||||
| Part I | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 1B. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Part II | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| Item 7. | ||||||||
| Item 7A. | ||||||||
| Item 8. | ||||||||
| Item 9. | ||||||||
| Item 9A. | ||||||||
| Item 9B. | ||||||||
| Item 9C. | ||||||||
| Part III | ||||||||
| Item 10. | ||||||||
| Item 11. | ||||||||
| Item 12. | ||||||||
| Item 13. | ||||||||
| Item 14. | ||||||||
| Part IV | ||||||||
| Item 15. | ||||||||
| Item 16. | ||||||||
| Location | Use | ||||
| North America | |||||
| Wilson, North Carolina, USA | Factory / Storage | ||||
| Farmville, North Carolina, USA | Storage | ||||
| South America | |||||
| Venancio Aires, Brazil | Factory / Storage | ||||
| Ararangua, Brazil | Factory / Storage | ||||
| El Carril, Argentina | Storage | ||||
| Africa | |||||
| Lilongwe, Malawi | Factory / Storage | ||||
| Morogoro, Tanzania | Factory / Storage | ||||
| Harare, Zimbabwe | Factory / Storage | ||||
| Asia | |||||
| Ngoro, Indonesia | Factory / Storage | ||||
| Consolidated* | Year Ended March 31, 2023 | Year Ended March 31, 2022 | Change | |||||||||||
| (in millions) | $ | % | ||||||||||||
| Sales and other operating revenues | $ | 1,914.9 | $ | 1,639.9 | $ | 275.0 | 16.8 | |||||||
| Cost of goods and services sold | 1,653.9 | 1,412.8 | 241.1 | 17.1 | ||||||||||
| Gross profit | 261.0 | 227.1 | 33.9 | 14.9 | ||||||||||
| Gross profit as a percent of sales | 13.6 | % | 13.8 | % | ||||||||||
| Selling, general, and administrative expenses | $ | 151.5 | $ | 142.0 | 9.5 | 6.7 | ||||||||
| Other expense, net | 11.0 | 3.1 | 7.9 | 254.8 | ||||||||||
| Restructuring and asset impairment charges | 4.7 | 8.0 | (3.3) | (41.3) | ||||||||||
| Goodwill impairment | — | 32.2 | (32.2) | (100.0) | ||||||||||
| Operating income | 93.8 | 41.7 | 52.1 | 124.9 | ||||||||||
| Loss on deconsolidation/disposition of subsidiaries | 0.6 | 10.7 | (10.1) | (94.4) | ||||||||||
| Loss on pension settlement | 2.6 | — | 2.6 | 100.0 | ||||||||||
| Debt retirement expense | — | 2.0 | (2.0) | (100.0) | ||||||||||
| Interest expense, net | 113.2 | 108.4 | 4.8 | 4.4 | ||||||||||
| Income tax expense | 34.1 | 12.6 | 21.5 | 170.6 | ||||||||||
| Income from unconsolidated affiliates, net | 18.5 | 10.0 | 8.5 | 85.0 | ||||||||||
| Net income attributable to noncontrolling interests | 0.9 | 0.1 | 0.8 | 800.0 | ||||||||||
| Net loss attributable to Pyxus International, Inc. | $ | (39.1) | $ | (82.1) | $ | 43.0 | 52.4 | |||||||
| Leaf: | ||||||||||||||
| Sales and other operating revenues | $ | 1,812.2 | $ | 1,531.8 | $ | 280.4 | 18.3 | |||||||
| Tobacco costs | 1,474.0 | 1,233.7 | 240.3 | 19.5 | ||||||||||
| Transportation, storage, and other period costs | 98.9 | 92.2 | 6.7 | 7.3 | ||||||||||
| Total cost of goods sold | 1,572.9 | 1,325.9 | 247.0 | 18.6 | ||||||||||
| Product revenue gross profit | 239.3 | 205.9 | 33.4 | 16.2 | ||||||||||
| Product revenue gross profit as a percent of sales | 13.2 | % | 13.4 | % | ||||||||||
| Kilos sold | 387.8 | 381.0 | 6.8 | 1.8 | ||||||||||
| Average price per kilo | $ | 4.67 | $ | 4.02 | $ | 0.65 | 16.2 | |||||||
| Average cost per kilo | 4.06 | 3.48 | 0.58 | 16.7 | ||||||||||
| Average gross profit per kilo | 0.61 | 0.54 | 0.07 | 13.0 | ||||||||||
| Processing and other revenues | 88.4 | 95.4 | (7.0) | (7.3) | ||||||||||
| Processing and other revenues costs of services sold | 64.0 | 65.9 | (1.9) | (2.9) | ||||||||||
| Processing and other gross margin | 24.4 | 29.5 | (5.1) | (17.3) | ||||||||||
| Processing and other gross margin as a percent of sales | 27.6 | % | 30.9 | % | ||||||||||
| All Other: | ||||||||||||||
| Sales and other operating revenues | $ | 14.3 | $ | 12.6 | $ | 1.7 | 13.5 | |||||||
| Cost of goods and services sold | 16.9 | 21.0 | (4.1) | (19.5) | ||||||||||
| Gross loss | (2.6) | (8.4) | 5.8 | 69.0 | ||||||||||
| Gross loss as a percent of sales | (18.2) | % | (66.7) | % | ||||||||||
*Dollar and percentage changes may not calculate exactly due to rounding | ||||||||||||||
| March 31, 2023 | March 31, 2022 | |||||||||||||
| (in millions) | Total Borrowing Capacity | Remaining Amounts Available | Total Borrowing Capacity | Remaining Amounts Available | ||||||||||
| Senior Secured Credit Facilities: | ||||||||||||||
| ABL Credit Facility | $ | 100.0 | $ | 75.0 | $ | 100.0 | $ | 10.0 | ||||||
| Foreign seasonal lines of credit | 697.5 | 332.3 | 659.7 | 287.2 | ||||||||||
| Other long-term debt | 0.6 | 0.1 | 0.7 | 0.4 | ||||||||||
| Letters of credit | 18.6 | 6.9 | 13.5 | 4.5 | ||||||||||
| Total | $ | 816.7 | $ | 414.3 | $ | 773.9 | $ | 302.1 | ||||||
| Change | ||||||||||||||
| (in millions except for current ratio) | March 31, 2023 | March 31, 2022 | $ | % | ||||||||||
| Cash, cash equivalents, and restricted cash | $ | 138.9 | $ | 200.9 | (62.0) | (30.9) | ||||||||
| Trade and other receivables, net | 202.7 | 260.2 | (57.5) | (22.1) | ||||||||||
| Inventories and advances to tobacco suppliers, net | 817.4 | 798.4 | 19.0 | 2.4 | ||||||||||
| Recoverable income taxes | 5.8 | 7.9 | (2.1) | (26.6) | ||||||||||
| Prepaid expenses and other current assets | 55.7 | 60.3 | (4.6) | (7.6) | ||||||||||
| Total current assets* | $ | 1,220.6 | $ | 1,327.6 | (107.0) | (8.1) | ||||||||
| Notes payable to banks | $ | 382.5 | $ | 378.6 | 3.9 | 1.0 | ||||||||
| Accounts payable | 170.3 | 179.0 | (8.7) | (4.9) | ||||||||||
| Advances from customers | 42.5 | 53.0 | (10.5) | (19.8) | ||||||||||
| Accrued expenses and other current liabilities | 92.7 | 82.2 | 10.5 | 12.8 | ||||||||||
| Current portion of long-term debt | 0.1 | 107.9 | (107.8) | (99.9) | ||||||||||
| Other current liabilities | $ | 27.0 | $ | 13.7 | 13.3 | 97.1 | ||||||||
| Total current liabilities | $ | 715.1 | $ | 814.4 | (99.3) | (12.2) | ||||||||
| Current ratio | 1.7 to 1 | 1.6 to 1 | ||||||||||||
| Working capital | $ | 505.5 | $ | 513.2 | (7.7) | (1.5) | ||||||||
*Amounts may not equal column totals due to rounding | ||||||||||||||
| (in millions) | March 31, 2023 | March 31, 2022 | ||||||
| Committed | $ | 479.4 | $ | 471.9 | ||||
| Uncommitted | $ | 19.0 | $ | 45.7 | ||||
| Total processed tobacco | $ | 498.4 | $ | 517.6 | ||||
| (in millions) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | ||||||
| Trade and other receivables | $ | (111.9) | $ | (261.9) | ||||
| Inventories and advances to tobacco suppliers | (21.1) | (31.5) | ||||||
| Payables and accrued expenses | 5.1 | 59.3 | ||||||
| Advances from customers | (10.7) | 41.2 | ||||||
| Other | 0.8 | (5.9) | ||||||
| Net cash used in operating activities | $ | (137.8) | $ | (198.8) | ||||
| Collections from beneficial interests in securitized trade receivables | 165.3 | 189.4 | ||||||
| Other | (10.4) | (8.2) | ||||||
| Net cash provided by investing activities | $ | 154.9 | $ | 181.2 | ||||
| Net proceeds of short-term borrowings | 5.2 | 9.2 | ||||||
| Proceeds from DDTL facility | — | 117.6 | ||||||
| Net (repayment of) proceeds from revolving loan facilities | (65.0) | 21.9 | ||||||
| Other | (23.2) | (25.4) | ||||||
| Net cash (used in) provided by financing activities | $ | (83.0) | $ | 123.3 | ||||
| Increase (decrease) from exchange rate changes on cash | 3.5 | (2.1) | ||||||
| (Decrease) increase in cash, cash equivalents, and restricted cash | $ | (62.4) | $ | 103.6 | ||||
| (in thousands) | Estimated Change in Projected Benefit Obligation Increase (Decrease) | Estimated Change in Annual Expense Increase (Decrease) | ||||||
| Change in Assumption (Pension and Postretirement Plans) | ||||||||
| 1% increase in discount rate | $ | (7,719) | $ | (143) | ||||
| 1% decrease in discount rate | $ | 8,809 | $ | 94 | ||||
| 1% increase in salary increase assumption | $ | 131 | $ | 35 | ||||
| 1% decrease in salary increase assumption | $ | (124) | $ | (37) | ||||
| 1% increase in rate of return on assets | $ | (509) | ||||||
| 1% decrease in rate of return on assets | $ | 509 | ||||||
| Table of Contents | |||||
| Page No. | |||||
| (in thousands, except per share data) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | ||||||
| Sales and other operating revenues | $ | 1,914,881 | $ | 1,639,862 | ||||
| Cost of goods and services sold | 1,653,864 | 1,412,805 | ||||||
| Gross profit | 261,017 | 227,057 | ||||||
| Selling, general, and administrative expenses | 151,531 | 142,021 | ||||||
| Other expense, net | 11,023 | 3,102 | ||||||
| Restructuring and asset impairment charges | 4,685 | 8,031 | ||||||
| Goodwill impairment | — | 32,186 | ||||||
| Operating income | 93,778 | 41,717 | ||||||
| Loss on deconsolidation/disposition of subsidiaries | 648 | 10,701 | ||||||
| Loss on pension settlement | 2,588 | — | ||||||
| Debt retirement expense | — | 1,997 | ||||||
| Interest expense, net | 113,164 | 108,383 | ||||||
| Loss before income taxes and other items | (22,622) | (79,364) | ||||||
| Income tax expense | 34,127 | 12,640 | ||||||
| Income from unconsolidated affiliates, net | 18,512 | 9,950 | ||||||
| Net loss | (38,237) | (82,054) | ||||||
| Net income attributable to noncontrolling interests | 904 | 65 | ||||||
| Net loss attributable to Pyxus International, Inc. | $ | (39,141) | $ | (82,119) | ||||
| Loss per share: | ||||||||
| Basic and Diluted | $ | (1.57) | $ | (3.28) | ||||
| See "Notes to Consolidated Financial Statements" | ||||||||
| (in thousands) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | ||||||
| Net loss | $ | (38,237) | $ | (82,054) | ||||
| Other comprehensive income, net of tax: | ||||||||
| Foreign currency translation adjustment | 2,481 | (4,224) | ||||||
| Pension and other postretirement benefit plans | 2,044 | 5,777 | ||||||
| Cash flow hedges | (2,777) | 8,974 | ||||||
| Total other comprehensive income, net of tax | 1,748 | 10,527 | ||||||
| Total comprehensive loss | (36,489) | (71,527) | ||||||
| Comprehensive income attributable to noncontrolling interests | 941 | 55 | ||||||
| Comprehensive loss attributable to Pyxus International, Inc. | $ | (37,430) | $ | (71,582) | ||||
| See "Notes to Consolidated Financial Statements" | ||||||||
| (in thousands) | March 31, 2023 | March 31, 2022 | ||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 136,733 | $ | 198,777 | ||||
| Restricted cash | 2,176 | 2,148 | ||||||
| Trade receivables, net | 185,351 | 247,677 | ||||||
| Other receivables | 17,387 | 12,511 | ||||||
| Inventories, net | 775,071 | 749,427 | ||||||
| Advances to suppliers, net | 42,305 | 48,932 | ||||||
| Recoverable income taxes | 5,815 | 7,906 | ||||||
| Prepaid expenses | 37,555 | 34,817 | ||||||
| Other current assets | 18,172 | 25,452 | ||||||
| Total current assets | 1,220,565 | 1,327,647 | ||||||
| Restricted cash | — | 389 | ||||||
| Investments in unconsolidated affiliates | 100,750 | 95,420 | ||||||
| Other intangible assets, net | 38,572 | 45,061 | ||||||
| Deferred income taxes, net | 6,662 | 6,498 | ||||||
| Long-term recoverable income taxes | 2,863 | 4,588 | ||||||
| Other noncurrent assets | 43,761 | 45,424 | ||||||
| Right-of-use assets | 35,892 | 35,979 | ||||||
| Property, plant, and equipment, net | 133,398 | 137,521 | ||||||
| Total assets | $ | 1,582,463 | $ | 1,698,527 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Notes payable to banks | $ | 382,544 | $ | 378,612 | ||||
| Accounts payable | 170,287 | 179,012 | ||||||
| Advances from customers | 42,472 | 52,998 | ||||||
| Accrued expenses and other current liabilities | 92,693 | 82,239 | ||||||
| Income taxes payable | 18,264 | 5,592 | ||||||
| Operating leases payable | 8,723 | 8,065 | ||||||
| Current portion of long-term debt | 75 | 107,856 | ||||||
| Total current liabilities | 715,058 | 814,374 | ||||||
| Long-term taxes payable | 4,978 | 6,703 | ||||||
| Long-term debt | 618,430 | 580,477 | ||||||
| Deferred income taxes | 9,900 | 11,670 | ||||||
| Liability for unrecognized tax benefits | 14,175 | 14,401 | ||||||
| Long-term leases | 25,581 | 28,604 | ||||||
| Pension, postretirement, and other long-term liabilities | 52,511 | 60,927 | ||||||
| Total liabilities | 1,440,633 | 1,517,156 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
Common stock—no par value: | ||||||||
250,000 authorized shares and 25,000 issued and outstanding for all periods | 390,290 | 390,290 | ||||||
| Retained deficit | (257,954) | (218,813) | ||||||
| Accumulated other comprehensive income | 5,515 | 3,804 | ||||||
| Total stockholders’ equity of Pyxus International, Inc. | 137,851 | 175,281 | ||||||
| Noncontrolling interests | 3,979 | 6,090 | ||||||
| Total stockholders' equity | 141,830 | 181,371 | ||||||
| Total liabilities and stockholders' equity | $ | 1,582,463 | $ | 1,698,527 | ||||
| See "Notes to Consolidated Financial Statements" | ||||||||
| Attributable to Pyxus International, Inc. | |||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
| (in thousands) | Common Stock | Retained Deficit | Currency Translation Adjustment | Pensions, Net of Tax | Derivatives, Net of Tax | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||
| Balance, March 31, 2022 | $ | 390,290 | $ | (218,813) | $ | (8,873) | $ | 6,328 | $ | 6,349 | $ | 6,090 | $ | 181,371 | |||||||||
| Net (loss) income | — | (14,663) | — | — | — | 158 | (14,505) | ||||||||||||||||
| Other | — | — | — | — | — | (3,052) | (3,052) | ||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | 947 | — | (1,503) | — | (556) | ||||||||||||||||
| Balance, June 30, 2022 | 390,290 | (233,476) | (7,926) | 6,328 | 4,846 | 3,196 | 163,258 | ||||||||||||||||
| Net loss | — | (1,537) | — | — | — | (13) | (1,550) | ||||||||||||||||
| Other comprehensive loss, net of tax | — | — | (4,801) | (1,562) | (1,768) | — | (8,131) | ||||||||||||||||
| Balance, September 30, 2022 | 390,290 | (235,013) | (12,727) | 4,766 | 3,078 | 3,183 | 153,577 | ||||||||||||||||
| Net loss (income) | — | (2,333) | — | — | — | 96 | (2,237) | ||||||||||||||||
| Other comprehensive income (loss), net of tax | — | — | 4,855 | (78) | (371) | — | 4,406 | ||||||||||||||||
| Balance, December 31, 2022 | 390,290 | (237,346) | (7,872) | 4,688 | 2,707 | 3,279 | 155,746 | ||||||||||||||||
| Net (loss) income | — | (20,608) | — | — | — | 663 | (19,945) | ||||||||||||||||
| Other comprehensive income, net of tax | — | — | 1,480 | 3,647 | 865 | 37 | 6,029 | ||||||||||||||||
| Balance, March 31, 2023 | $ | 390,290 | $ | (257,954) | $ | (6,392) | $ | 8,335 | $ | 3,572 | $ | 3,979 | $ | 141,830 | |||||||||
| See "Notes to Consolidated Financial Statements" | |||||||||||||||||||||||
| Attributable to Pyxus International, Inc. | |||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
| (in thousands) | Common Stock | Retained Deficit | Currency Translation Adjustment | Pensions, Net of Tax | Derivatives, Net of Tax | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||
| Balance, March 31, 2021 | $ | 391,089 | $ | (136,686) | $ | (4,649) | $ | 541 | $ | (2,625) | $ | 6,270 | $ | 253,940 | |||||||||
| Net loss | — | (11,508) | — | — | — | (120) | (11,628) | ||||||||||||||||
| Other | — | (8) | 8 | — | |||||||||||||||||||
| Other comprehensive income, net of tax | — | — | 689 | — | 4,328 | — | 5,017 | ||||||||||||||||
| Balance, June 30, 2021 | 391,089 | (148,202) | (3,960) | 541 | 1,703 | 6,158 | 247,329 | ||||||||||||||||
| Net loss | — | (9,681) | — | — | — | (342) | (10,023) | ||||||||||||||||
| Other | — | — | — | — | — | (88) | (88) | ||||||||||||||||
| Other comprehensive loss, net of tax | — | — | (1,591) | (512) | (2,896) | — | (4,999) | ||||||||||||||||
| Balance, September 30, 2021 | 391,089 | (157,883) | (5,551) | 29 | (1,193) | 5,728 | 232,219 | ||||||||||||||||
| Net (loss) income | — | (30,100) | — | — | — | 43 | (30,057) | ||||||||||||||||
| Other | (799) | — | — | — | — | (155) | (954) | ||||||||||||||||
| Other comprehensive loss, net of tax | — | — | (1,753) | (35) | (1,550) | — | (3,338) | ||||||||||||||||
| Balance, December 31, 2021 | 390,290 | (187,983) | (7,304) | (6) | (2,743) | 5,616 | 197,870 | ||||||||||||||||
| Net (loss) income | — | (30,830) | — | — | — | 484 | (30,346) | ||||||||||||||||
| Other comprehensive (loss) income, net of tax | — | — | (1,569) | 6,334 | 9,092 | (10) | 13,847 | ||||||||||||||||
| Balance, March 31, 2022 | $ | 390,290 | $ | (218,813) | $ | (8,873) | $ | 6,328 | $ | 6,349 | $ | 6,090 | $ | 181,371 | |||||||||
| See "Notes to Consolidated Financial Statements" | |||||||||||||||||||||||
| (in thousands) | Year Ended March 31, 2023 | Year Ended March 31, 2022 | ||||||
| Operating activities: | ||||||||
| Net loss | $ | (38,237) | $ | (82,054) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 19,137 | 16,676 | ||||||
| Debt amortization/interest | 18,466 | 22,639 | ||||||
| Loss on foreign currency transactions | 6,028 | 2,885 | ||||||
| Asset impairment charges | 4,035 | 37,925 | ||||||
| Loss on deconsolidation/disposition of subsidiaries | 648 | 10,701 | ||||||
| Loss on pension settlement | 2,588 | — | ||||||
| Bad debt expenses | 426 | 4,404 | ||||||
| Income from unconsolidated affiliates, net of dividends | (5,835) | 4 | ||||||
| Changes in operating assets and liabilities, net: | ||||||||
| Trade and other receivables | (111,932) | (261,908) | ||||||
| Inventories and advances to tobacco suppliers | (21,110) | (31,461) | ||||||
| Deferred items | (14,758) | (10,929) | ||||||
| Recoverable income taxes | 2,353 | (2,603) | ||||||
| Payables and accrued expenses | 5,147 | 59,324 | ||||||
| Advances from customers | (10,693) | 41,168 | ||||||
| Prepaid expenses | 4,761 | 4,710 | ||||||
| Income taxes | 13,116 | (2,799) | ||||||
| Other operating assets and liabilities | 5,698 | 3,173 | ||||||
| Other, net | (17,660) | (10,620) | ||||||
| Net cash used in operating activities | (137,822) | (198,765) | ||||||
| Investing activities: | ||||||||
| Purchases of property, plant, and equipment | (16,307) | (14,827) | ||||||
| Proceeds from sale of property, plant, and equipment | 3,060 | 4,084 | ||||||
| Collections from beneficial interests in securitized trade receivables | 165,262 | 189,440 | ||||||
| Loan to deconsolidated subsidiary | — | (5,229) | ||||||
| Collection of loan from deconsolidated subsidiary | — | 10,996 | ||||||
| Proceeds from settlement of debt claims from deconsolidated subsidiaries | 2,011 | — | ||||||
| Other, net | 919 | (3,223) | ||||||
| Net cash provided by investing activities | 154,945 | 181,241 | ||||||
| Financing activities: | ||||||||
| Net proceeds of short-term borrowings | 5,234 | 9,208 | ||||||
| Proceeds from DDTL facility | — | 117,600 | ||||||
| Repayment of DDTL facility | (110,250) | (15,375) | ||||||
| Proceeds from DDTL term loan facility | 100,000 | — | ||||||
| Proceeds from revolving loan facilities | 170,000 | 115,394 | ||||||
| Repayment of revolving loan facilities | (235,000) | (93,500) | ||||||
| Proceeds from long-term borrowings | 578,439 | 151 | ||||||
| Repayment of long-term borrowings | (578,162) | (1,636) | ||||||
| Debt issuance costs | (7,686) | (8,097) | ||||||
| Fees paid to refinance the DDTL facility | (4,000) | — | ||||||
| Fees paid to exchange debt | (1,575) | — | ||||||
| Other, net | — | (485) | ||||||
| Net cash (used in) provided by financing activities | (83,000) | 123,260 | ||||||
| Increase (decrease) from exchange rate changes on cash | 3,472 | (2,135) | ||||||
| (Decrease) increase in cash, cash equivalents, and restricted cash | (62,405) | 103,601 | ||||||
| Cash and cash equivalents at beginning of period | 198,777 | 92,705 | ||||||
| Restricted cash at beginning of period | 2,537 | 5,008 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 138,909 | $ | 201,314 | ||||
| Other information: | ||||||||
| Cash paid for income taxes, net | $ | 18,696 | $ | 24,576 | ||||
| Cash paid for interest, net | 93,425 | 86,852 | ||||||
| Noncash investing activities: | ||||||||
| Noncash amounts obtained as a beneficial interest in exchange for transferring trade receivables in a securitization transaction | 164,404 | 205,515 | ||||||
| See "Notes to Consolidated Financial Statements" | ||||||||
Pyxus International, Inc. and Subsidiaries | |||||||||||
Notes to Consolidated Financial Statements | |||||||||||
(in thousands, except per share data) | |||||||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Leaf: | ||||||||
| Product revenue | $ | 1,812,170 | $ | 1,531,805 | ||||
| Processing and other revenues | 88,388 | 95,433 | ||||||
| Total sales and other operating revenues | 1,900,558 | 1,627,238 | ||||||
| All Other: | ||||||||
| Total sales and other operating revenues | 14,323 | 12,624 | ||||||
| Total sales and other operating revenues | $ | 1,914,881 | $ | 1,639,862 | ||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Balance, beginning of period | $ | 1,130 | $ | 1,830 | ||||
| Additions | 4,680 | 1,586 | ||||||
| Payments | (3,460) | (2,286) | ||||||
| Balance, end of period | $ | 2,350 | $ | 1,130 | ||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Balance, beginning of period | $ | (24,541) | $ | (20,900) | ||||
| Additions | (2,316) | (4,212) | ||||||
| Write-offs | 2,127 | 571 | ||||||
| Balance, end of period | (24,730) | (24,541) | ||||||
| Trade receivables | 210,081 | 272,218 | ||||||
| Trade receivables, net | $ | 185,351 | $ | 247,677 | ||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
Losses on sale of receivables(1) | $ | (10,434) | $ | (5,833) | ||||
| Foreign currency gains (losses) | 1,057 | (2,776) | ||||||
| Note receivable write-off | (2,050) | — | ||||||
| Gain on sale of fixed assets | 1,389 | 3,818 | ||||||
| Miscellaneous (expense) income, net | (985) | 1,689 | ||||||
| Total | $ | (11,023) | $ | (3,102) | ||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Employee separation charges | $ | 650 | $ | 2,292 | ||||
| Asset impairment and other noncash charges | 4,035 | 5,739 | ||||||
| Total restructuring and asset impairment charges | $ | 4,685 | $ | 8,031 | ||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| U.S. | $ | (43,874) | $ | (68,489) | ||||
| Non-U.S. | 21,252 | (10,875) | ||||||
| Total | $ | (22,622) | $ | (79,364) | ||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Current: | ||||||||
Federal(1) | $ | 16,353 | $ | 12 | ||||
| State | 337 | — | ||||||
| Non-U.S. | 17,593 | 16,515 | ||||||
| Total Current | 34,283 | 16,527 | ||||||
| Deferred: | ||||||||
| Federal | (592) | (243) | ||||||
| State | 2 | — | ||||||
| Non-U.S. | 434 | (3,644) | ||||||
| Total Deferred | (156) | (3,887) | ||||||
| Income tax expense | $ | 34,127 | $ | 12,640 | ||||
(1) Primarily due to the Debt Exchange Transactions (as defined below). Refer to "Note 16. Debt Arrangements" for further details regarding the Debt Exchange Transactions. | ||||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Tax benefit at U.S. statutory rate | $ | (4,750) | $ | (16,666) | ||||
| Effect of non-U.S. income taxes | (3,418) | (961) | ||||||
| U.S. taxes on non-U.S. earnings | 6,389 | 205 | ||||||
| Increase (decrease) in reserves for uncertain tax positions | 2,397 | (315) | ||||||
| Withholding tax expense | 3,058 | 1,488 | ||||||
| Tax credits | (3,853) | (1,150) | ||||||
| Tax incentives | (2,280) | — | ||||||
| Nondeductible interest | 2,559 | 2,610 | ||||||
| Waived intercompany interest expense | — | 3,960 | ||||||
| Exchange effects and currency translation | 3,101 | 4,344 | ||||||
| Goodwill impairment | — | 7,148 | ||||||
Change in valuation allowance(1) | 30,412 | 8,053 | ||||||
| Other, net | 512 | 3,924 | ||||||
| Income tax expense | $ | 34,127 | $ | 12,640 | ||||
(1) The change in valuation allowance, which is presented without exchange effects and currency translation, for the year ended March 31, 2023 was primarily driven by $20,823 of deferred tax assets generated by the Debt Exchange Transactions for which the Company is not likely to realize a future benefit. Refer to "Note 16. Debt Arrangements" for further details regarding the Debt Exchange Transactions. | ||||||||
| March 31, 2023 | March 31, 2022 | |||||||
| Deferred tax assets: | ||||||||
| Non-deductible interest carryforward | $ | 24,331 | $ | 23,074 | ||||
Original issue discount(1) | 20,326 | — | ||||||
| Reserves and accruals | 25,734 | 21,896 | ||||||
| Tax loss carryforwards | 15,886 | 13,728 | ||||||
| Other | 5,686 | 9,573 | ||||||
| Gross deferred tax assets | 91,963 | 68,271 | ||||||
Valuation allowance(1) | (59,506) | (32,641) | ||||||
| Total deferred tax assets | $ | 32,457 | $ | 35,630 | ||||
| Deferred tax liabilities: | ||||||||
| Unremitted earnings of foreign subsidiaries | $ | (29,045) | $ | (27,918) | ||||
| Derivative transactions | (1,318) | (2,790) | ||||||
| Intangible assets | (1,884) | (2,776) | ||||||
| Other | (3,448) | (7,318) | ||||||
| Total deferred tax liabilities | $ | (35,695) | $ | (40,802) | ||||
| Net deferred tax liability | $ | (3,238) | $ | (5,172) | ||||
(1) The increase in valuation allowance as of March 31, 2023 was primarily driven by $20,823 of deferred tax assets generated by the Debt Exchange Transactions for which the Company is not likely to realize a future benefit. Refer to "Note 16. Debt Arrangements" for further details regarding the Debt Exchange Transactions. | ||||||||
| March 31, 2023 | March 31, 2022 | |||||||
| Noncurrent asset | $ | 6,662 | $ | 6,498 | ||||
| Noncurrent liability | (9,900) | (11,670) | ||||||
| Net deferred tax liability | $ | (3,238) | $ | (5,172) | ||||
| Balance at March 31, 2021 | $ | 25,273 | |||
| Changes to expenses | 8,624 | ||||
| Changes to other comprehensive income | (1,256) | ||||
| Balance at March 31, 2022 | 32,641 | ||||
Changes to expenses(1) | 27,598 | ||||
| Changes to other comprehensive income | (733) | ||||
| Balance at March 31, 2023 | $ | 59,506 | |||
(1) The increase in valuation allowance as of March 31, 2023 was primarily driven by $20,823 of deferred tax assets generated by the Debt Exchange Transactions for which the Company is not likely to realize a future benefit. Refer to "Note 16. Debt Arrangements" for further details regarding the Debt Exchange Transactions. | |||||
| Expiration Date | Amounts | |||||||
| Non-U.S. net operating loss and tax credit carryforwards | 2024-2028 | $ | 20,927 | |||||
| Non-U.S. net operating loss and tax credit carryforwards | Thereafter | 5,170 | ||||||
| Non-U.S. net operating loss and tax credit carryforwards | Indefinite | 31,899 | ||||||
| Total | $ | 57,996 | ||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | ||||||||||
| Basic and diluted loss per share: | |||||||||||
| Net loss attributable to Pyxus International, Inc. | $ | (39,141) | $ | (82,119) | |||||||
| Shares: | |||||||||||
| Weighted Average Number of Shares Outstanding | 25,000 | 25,000 | |||||||||
| Basic and diluted loss per share | $ | (1.57) | $ | (3.28) | |||||||
| March 31, 2023 | March 31, 2022 | |||||||
| Processed tobacco | $ | 498,398 | $ | 517,613 | ||||
| Unprocessed tobacco | 231,651 | 193,406 | ||||||
| Other tobacco related | 39,670 | 29,694 | ||||||
| All Other | 5,352 | 8,714 | ||||||
| Total | $ | 775,071 | $ | 749,427 | ||||
| Operations statement: | Year Ended March 31, 2023 | Year Ended March 31, 2022 | ||||||
| Sales | $ | 489,532 | $ | 292,777 | ||||
| Gross profit | 76,206 | 56,752 | ||||||
| Net income | 40,447 | 22,729 | ||||||
| Company's dividends received | 12,677 | 9,671 | ||||||
| Balance sheet: | March 31, 2023 | March 31, 2022 | ||||||
| Current assets | $ | 419,229 | $ | 375,015 | ||||
| Property, plant, and equipment and other assets | 48,174 | 42,841 | ||||||
| Current liabilities | 323,899 | 289,816 | ||||||
| Long-term obligations and other liabilities | 3,887 | 2,999 | ||||||
| March 31, 2023 | March 31, 2022 | |||||||
| Investments in variable interest entities | $ | 93,754 | $ | 88,118 | ||||
| Receivables with variable interest entities | 2,617 | 2,211 | ||||||
| Guaranteed amounts to variable interest entities (not to exceed) | 68,265 | 55,884 | ||||||
| Year Ended March 31, 2023 | ||||||||||||||
| Weighted Average Remaining Useful Life | Beginning Carrying Amount, Net | Amortization Expense | Ending Intangible Assets, Net | |||||||||||
| Intangibles subject to amortization: | ||||||||||||||
| Customer relationships | 9.4 years | $ | 23,568 | $ | (3,086) | $ | 20,482 | |||||||
| Technology | 5.2 years | 11,471 | (2,596) | 8,875 | ||||||||||
| Trade names | 11.4 years | 10,022 | (807) | 9,215 | ||||||||||
| Total | $ | 45,061 | $ | (6,489) | $ | 38,572 | ||||||||
| Year Ended March 31, 2022 | |||||||||||||||||||||||
| Weighted Average Remaining Useful Life | Beginning Carrying Amount, Net | Additions | Amortization Expense | Disposition of Humble Juice(1) | Impairment (2) | Ending Intangible Assets, Net | |||||||||||||||||
| Intangibles subject to amortization: | |||||||||||||||||||||||
| Customer relationships | 10.3 years | $ | 27,730 | $ | — | $ | (2,427) | $ | (1,735) | $ | — | $ | 23,568 | ||||||||||
| Technology | 5.8 years | 12,858 | 840 | (2,227) | — | — | 11,471 | ||||||||||||||||
| Trade names | 12.4 years | 10,829 | — | (807) | — | — | 10,022 | ||||||||||||||||
| Intangibles not subject to amortization: | |||||||||||||||||||||||
| Goodwill | 36,853 | — | — | (4,667) | (32,186) | — | |||||||||||||||||
| Total | $ | 88,270 | $ | 840 | $ | (5,461) | $ | (6,402) | $ | (32,186) | $ | 45,061 | |||||||||||
(2) $372 of the impairment occurred during the three-month period ended December 31, 2021. The remaining $31,814 of impairment occurred during the three-month period ended March 31, 2022. | |||||||||||||||||||||||
| Year Ended March 31, 2022 | |||||
| Leaf - Africa | $ | 8,341 | |||
| Leaf - Asia | 6,311 | ||||
| Leaf - Europe | 5,566 | ||||
| Leaf - North America | 3,901 | ||||
| Leaf - South America | 5,730 | ||||
| E-liquids | 1,965 | ||||
| Total | $ | 31,814 | |||
| For Fiscal Years Ended | Customer Relationships | Technology(1) | Trade Names | Total | ||||||||||
| 2024 | $ | 2,175 | $ | 1,659 | $ | 807 | $ | 4,641 | ||||||
| 2025 | 2,175 | 1,585 | 807 | 4,567 | ||||||||||
| 2026 | 2,175 | 1,465 | 807 | 4,447 | ||||||||||
| 2027 | 2,175 | 1,490 | 807 | 4,472 | ||||||||||
| 2028 | 2,175 | 1,543 | 807 | 4,525 | ||||||||||
| Thereafter | 9,607 | 1,133 | 5,180 | 15,920 | ||||||||||
| Total | $ | 20,482 | $ | 8,875 | $ | 9,215 | $ | 38,572 | ||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Operating lease costs | $ | 14,203 | $ | 14,752 | ||||
| Variable and short-term lease costs | 8,023 | 7,991 | ||||||
| Total lease costs | $ | 22,226 | $ | 22,743 | ||||
| March 31, 2023 | March 31, 2022 | |||||||
| Weighted average remaining lease term | 5.9 years | 6.2 years | ||||||
| Weighted average discount rate | 14.4% | 12.8% | ||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Cash paid for amounts included in the measurement of lease liabilities - operating cash flows used by operating leases | $ | 13,607 | $ | 13,677 | ||||
| Right-of-use assets obtained in exchange for new operating leases - noncash | 9,967 | 7,054 | ||||||
| 2024 | $ | 13,014 | |||
| 2025 | 8,500 | ||||
| 2026 | 6,771 | ||||
| 2027 | 5,726 | ||||
| 2028 | 4,373 | ||||
| Thereafter | 13,798 | ||||
| Total future minimum lease payments | 52,182 | ||||
| Less: amounts related to imputed interest | 17,878 | ||||
| Present value of future minimum lease payments | 34,304 | ||||
| Less: operating lease liabilities, current | 8,723 | ||||
| Operating lease liabilities, non-current | $ | 25,581 | |||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Depreciation expense recorded in cost of goods and services sold | $ | 10,132 | $ | 8,908 | ||||
| Depreciation expense recorded in selling, general, and administrative expenses | 2,346 | 2,272 | ||||||
| Total depreciation | $ | 12,478 | $ | 11,180 | ||||
| Loan Repayment Date | Exit Fee | ||||
| On or before September 30, 2021 | 1.0% | ||||
| After September 30, 2021 and on or before December 31, 2021 | 2.5% | ||||
| After December 31, 2021 and on or before March 31, 2022 | 3.5% | ||||
| After March 31, 2022 | 5.0% | ||||
| March 31, 2023 | March 31, 2022 | |||||||
| Receivables outstanding in facility | $ | 173,979 | $ | 131,092 | ||||
| Beneficial interest | 19,522 | 28,072 | ||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Cash proceeds for the period ended: | ||||||||
| Cash purchase price | $ | 696,404 | $ | 441,054 | ||||
| Deferred purchase price | 165,262 | 189,440 | ||||||
| March 31, 2023 | March 31, 2022 | |||||||
| Amounts guaranteed (not to exceed) | $ | 152,032 | $ | 114,208 | ||||
Amounts outstanding under guarantee(1) | 83,420 | 49,413 | ||||||
| Fair value of guarantees | 5,262 | 2,956 | ||||||
| Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing | 12,529 | 15,781 | ||||||
(1) Most of the guarantees outstanding at March 31, 2023 expire within one year. | ||||||||
| Securitized Beneficial Interests | Long-Term Debt | Guarantees | |||||||||
| Beginning balance at March 31, 2021 | $ | 19,370 | $ | 3,162 | $ | 1,740 | |||||
| Sales of receivables/issuance of guarantees | 205,517 | — | 3,151 | ||||||||
| Settlements | (192,141) | (2,918) | (1,749) | ||||||||
| Additions | — | 2 | — | ||||||||
| Losses recognized in earnings | (4,674) | — | (186) | ||||||||
| Ending balance at March 31, 2022 | $ | 28,072 | $ | 246 | $ | 2,956 | |||||
| Sales of receivables/issuance of guarantees | 166,165 | 6,187 | |||||||||
| Settlements | (164,679) | (37) | (1,864) | ||||||||
| Additions | — | 305 | — | ||||||||
| Losses recognized in earnings | (10,036) | — | (2,017) | ||||||||
| Ending balance at March 31, 2023 | $ | 19,522 | $ | 514 | $ | 5,262 | |||||
| Fair value at March 31, 2023 | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||
| Securitized Beneficial Interests | $ | 19,522 | Discounted Cash Flow | Discount Rate | 2.3% to 7.3% | |||||||||
| Payment Speed | 38 days to 88 days | |||||||||||||
| Guarantees | $ | 5,262 | Historical Loss | Historical Loss | 1.2% to 40.0% | |||||||||
| Fair value at March 31, 2022 | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||
| Securitized Beneficial Interests | $ | 28,072 | Discounted Cash Flow | Discount Rate | 2.8% to 3.9% | |||||||||
| Payment Speed | 91 days to 103 days | |||||||||||||
| Guarantees | $ | 2,956 | Historical Loss | Historical Loss | 0.6% to 44.6% | |||||||||
| U.S. Plans | Non-U.S. Plans | Total | |||||||||
| Year Ended March 31, 2023 | |||||||||||
| Benefit obligation, beginning | $ | 62,797 | $ | 58,931 | $ | 121,728 | |||||
| Service cost | 300 | 176 | 476 | ||||||||
| 1,711 | 1,564 | 3,275 | |||||||||
| Plan amendments | — | 139 | 139 | ||||||||
| Actuarial gains | (4,106) | (10,220) | (14,326) | ||||||||
| Plan settlements | (21,390) | (720) | (22,110) | ||||||||
| Effects of currency translation | — | (2,356) | (2,356) | ||||||||
| Benefits paid | (3,602) | (2,843) | (6,445) | ||||||||
| Benefit obligation, ending | $ | 35,710 | $ | 44,671 | $ | 80,381 | |||||
| Fair value of plan assets, beginning | $ | 19,812 | $ | 66,801 | $ | 86,613 | |||||
| Actual return on plan assets | (3,974) | (10,027) | (14,001) | ||||||||
| Employer contributions | 9,154 | 1,758 | 10,912 | ||||||||
| Plan settlements | (21,390) | (720) | (22,110) | ||||||||
| Effects of currency translation | — | (2,942) | (2,942) | ||||||||
| Benefits paid | (3,602) | (2,843) | (6,445) | ||||||||
| Fair value of plan assets, ending | $ | — | $ | 52,027 | $ | 52,027 | |||||
| Funded status of the plan | $ | (35,710) | $ | 7,356 | $ | (28,354) | |||||
| U.S. Plans | Non-U.S. Plans | Total | |||||||||
| Year Ended March 31, 2022 | |||||||||||
| Benefit obligation, beginning | $ | 76,223 | $ | 66,433 | $ | 142,656 | |||||
| Service cost | 215 | 174 | 389 | ||||||||
| 1,467 | 1,187 | 2,654 | |||||||||
| Actuarial gains | (2,948) | (3,669) | (6,617) | ||||||||
| Plan settlements | (7,600) | (114) | (7,714) | ||||||||
| Effects of currency translation | — | (1,971) | (1,971) | ||||||||
| Benefits paid | (4,560) | (3,109) | (7,669) | ||||||||
| Benefit obligation, ending | $ | 62,797 | $ | 58,931 | $ | 121,728 | |||||
| Fair value of plan assets, beginning | $ | 27,109 | $ | 69,692 | $ | 96,801 | |||||
| Actual return on plan assets | 806 | 1,038 | 1,844 | ||||||||
| Employer contributions | 4,057 | 1,325 | 5,382 | ||||||||
| Plan settlements | (7,600) | (114) | (7,714) | ||||||||
| Effects of currency translation | — | (2,031) | (2,031) | ||||||||
| Benefits paid | (4,560) | (3,109) | (7,669) | ||||||||
| Fair value of plan assets, ending | $ | 19,812 | $ | 66,801 | $ | 86,613 | |||||
| Funded status of the plan | $ | (42,985) | $ | 7,870 | $ | (35,115) | |||||
| U.S. Plans | Non-U.S. Plans | ||||||||||||||||
| March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||
| Noncurrent benefit asset recorded in other noncurrent assets | $ | — | $ | — | $ | 13,731 | $ | 15,443 | |||||||||
| Accrued current benefit liability recorded in accrued expenses and other current liabilities | (3,290) | (3,305) | (972) | (878) | |||||||||||||
| Accrued noncurrent benefit liability recorded in pension, postretirement, and other long-term liabilities | (32,420) | (39,680) | (5,403) | (6,695) | |||||||||||||
| Funded status of the plan | $ | (35,710) | $ | (42,985) | $ | 7,356 | $ | 7,870 | |||||||||
| U.S. Plans | Non-U.S. Plans(1) | ||||||||||||||||
| March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||
| Information for pension plans with accumulated benefit obligation in excess of plan assets: | |||||||||||||||||
| Projected benefit obligation | $ | 35,710 | $ | 62,797 | $ | 6,375 | $ | 7,573 | |||||||||
| Accumulated benefit obligation | 35,710 | 62,797 | 5,998 | 7,009 | |||||||||||||
| Fair value of plan assets | — | 19,812 | — | — | |||||||||||||
| U.S. and Non-U.S. Pension | U.S. and Non-U.S. Post-retirement | Total | |||||||||
| Prior service credit | $ | 56 | $ | — | $ | 56 | |||||
| Net actuarial gains | 4,645 | 1,383 | 6,028 | ||||||||
| Deferred taxes | 459 | (215) | 244 | ||||||||
| Balance at March 31, 2022 | $ | 5,160 | $ | 1,168 | $ | 6,328 | |||||
| Prior service cost | (138) | — | (138) | ||||||||
| Net actuarial gains | 1,238 | 609 | 1,847 | ||||||||
| Deferred taxes | 372 | (74) | 298 | ||||||||
| Total change for 2023 | $ | 1,472 | $ | 535 | $ | 2,007 | |||||
| Prior service cost | (82) | — | (82) | ||||||||
| Net actuarial gains | 5,883 | 1,992 | 7,875 | ||||||||
| Deferred taxes | 831 | (289) | 542 | ||||||||
| Balance at March 31, 2023 | $ | 6,632 | $ | 1,703 | $ | 8,335 | |||||
| U.S. Plans | Non-U.S. Plans | ||||||||||||||||
| March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||
| Discount rate | 3.75% | 2.83% | 2.98% | 2.17% | |||||||||||||
| Rate of increase in future compensation | Not applicable | Not applicable | 7.31% | 5.28% | |||||||||||||
| Expected long-term rate of return on plan assets | Not applicable | 5.75% | 2.16% | 2.12% | |||||||||||||
| Interest crediting rate | 4.28% | 4.25% | Not applicable | Not applicable | |||||||||||||
| U.S. Plans | Non-U.S. Plans | ||||||||||||||||
| March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||
| Discount rate | 5.08% | 3.74% | 4.94% | 2.98% | |||||||||||||
| Rate of increase in future compensation | Not applicable | Not applicable | 5.72% | 7.31% | |||||||||||||
| Interest crediting rate | Not applicable | 4.28% | Not applicable | Not applicable | |||||||||||||
| Non-U.S. Plans | ||||||||
| March 31, 2023 | March 31, 2022 | |||||||
| Asset category: | ||||||||
| Cash and cash equivalents | 11.5 | % | 10.6 | % | ||||
| Equity securities | 20.3 | % | 20.7 | % | ||||
| Debt securities | 14.8 | % | 66.5 | % | ||||
| Insurance contracts | 50.9 | % | — | % | ||||
| Real estate and other investments | 2.5 | % | 2.2 | % | ||||
| Total | 100.0 | % | 100.0 | % | ||||
| Non-U.S. Pension Plans | March 31, 2023 | |||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||
| Cash and cash equivalents | $ | 5,964 | $ | 5,964 | $ | — | $ | — | ||||||
| U.S. equities / equity funds | 6,669 | 6,669 | — | — | ||||||||||
| International equities / equity funds | 3,909 | 3,909 | — | — | ||||||||||
| U.S. fixed income funds | 5,364 | 5,364 | — | — | ||||||||||
| International fixed income funds | 2,334 | 2,334 | — | — | ||||||||||
| Insurance contracts | 26,472 | — | 26,472 | — | ||||||||||
Real estate and other (1) | 1,315 | 1,315 | — | — | ||||||||||
| Total | $ | 52,027 | $ | 25,555 | $ | 26,472 | $ | — | ||||||
| Non-U.S. Pension Plans | March 31, 2022 | |||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||
| Cash and cash equivalents | $ | 7,073 | $ | 7,073 | $ | — | $ | — | ||||||
| U.S. equities / equity funds | 9,268 | 9,268 | — | — | ||||||||||
| International equities / equity funds | 2,818 | 2,818 | — | — | ||||||||||
| Global equity funds | 1,748 | 1,748 | — | — | ||||||||||
| U.S. fixed income funds | 5,753 | 5,753 | — | — | ||||||||||
| International fixed income funds | 34,313 | 10,448 | 23,865 | — | ||||||||||
| Global fixed income funds | 4,371 | 4,371 | — | — | ||||||||||
Real estate and other (1) | 1,457 | — | — | — | ||||||||||
| Total | $ | 66,801 | $ | 41,479 | $ | 23,865 | $ | — | ||||||
(1) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. | ||||||||||||||
| March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||
| Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
| Real estate and other | $ | 1,315 | None | Quarterly | 60 Days | $ | 3,907 | None | Quarterly | 60 Days | |||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | Total | |||||||||
| March 31, 2023 | |||||||||||
| Benefit obligation, beginning | $ | 3,977 | $ | 1,454 | $ | 5,431 | |||||
| Service cost | 5 | — | 5 | ||||||||
| Interest cost | 134 | 121 | 255 | ||||||||
| Effect of currency translation | — | (97) | (97) | ||||||||
| Actuarial gains | (437) | (288) | (725) | ||||||||
| Benefits paid | (310) | (75) | (385) | ||||||||
| Benefit obligation, ending | $ | 3,369 | $ | 1,115 | $ | 4,484 | |||||
| Fair value of plan assets, beginning | $ | — | $ | — | $ | — | |||||
| Employer contributions | 310 | 75 | 385 | ||||||||
| Benefits paid | (310) | (75) | (385) | ||||||||
| Fair value of plan assets, ending | $ | — | $ | — | $ | — | |||||
| Funded status of the plan | $ | (3,369) | $ | (1,115) | $ | (4,484) | |||||
| U.S. Plans | Non-U.S. Plans | Total | |||||||||
| March 31, 2023 | |||||||||||
| Accrued current benefit liability recorded in accrued expenses and other current liabilities | $ | (297) | $ | (96) | $ | (393) | |||||
| Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (3,072) | (1,019) | (4,091) | ||||||||
| Funded status of the plan | $ | (3,369) | $ | (1,115) | $ | (4,484) | |||||
| U.S. Plans | Non-U.S. Plans | Total | |||||||||
| March 31, 2022 | |||||||||||
| Benefit obligation, beginning | $ | 4,458 | $ | 1,441 | $ | 5,899 | |||||
| Service cost | 6 | — | 6 | ||||||||
| Interest cost | 97 | 110 | 207 | ||||||||
| Effect of currency translation | — | 250 | 250 | ||||||||
| Actuarial gains | (425) | (251) | (676) | ||||||||
| Benefits paid | (159) | (96) | (255) | ||||||||
| Benefit obligation, ending | $ | 3,977 | $ | 1,454 | $ | 5,431 | |||||
| Fair value of plan assets, beginning | $ | — | $ | — | $ | — | |||||
| Employer contributions | 159 | 96 | 255 | ||||||||
| Benefits paid | (159) | (96) | (255) | ||||||||
| Fair value of plan assets, ending | $ | — | $ | — | $ | — | |||||
| Funded status of the plan | $ | (3,977) | $ | (1,454) | $ | (5,431) | |||||
| U.S. Plans | Non-U.S. Plans | Total | |||||||||
| March 31, 2022 | |||||||||||
| Accrued current benefit liability recorded in accrued expenses and other current liabilities | $ | (310) | $ | (118) | $ | (428) | |||||
| Accrued non-current benefit liability recorded in pension, postretirement, and other long-term liabilities | (3,667) | (1,336) | (5,003) | ||||||||
| Funded status of the plan | $ | (3,977) | $ | (1,454) | $ | (5,431) | |||||
| March 31, 2023 | March 31, 2022 | ||||||||||||||||
| U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
| Discount rate | 5.09 | % | 10.58 | % | 3.75 | % | 9.50 | % | |||||||||
| Health care cost trend rate assumed for next year | 5.49 | % | 9.40 | % | 5.62 | % | 7.90 | % | |||||||||
| Pension Benefits | Postretirement Plans | ||||||||||||||||
| U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||
| Fiscal Year 2024 | $ | 3,290 | $ | 972 | $ | 297 | $ | 96 | |||||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Contributions | $5,478 | 4,589 | ||||||
| Pension Benefits | Other Benefits | ||||||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||
| 2024 | $ | 3,290 | $ | 3,325 | $ | 297 | $ | 96 | $ | 7,008 | |||||||||||||
| 2025 | 3,319 | 3,313 | 289 | 100 | 7,021 | ||||||||||||||||||
| 2026 | 3,258 | 3,089 | 284 | 104 | 6,735 | ||||||||||||||||||
| 2027 | 3,191 | 3,186 | 279 | 108 | 6,764 | ||||||||||||||||||
| 2028 | 3,115 | 3,167 | 275 | 112 | 6,669 | ||||||||||||||||||
| Thereafter | 14,170 | 17,796 | 1,257 | 617 | 33,840 | ||||||||||||||||||
| Total | $ | 30,343 | $ | 33,876 | $ | 2,681 | $ | 1,137 | $ | 68,037 | |||||||||||||
| Currency Translation Adjustment | Pensions, Net of Tax | Derivatives, Net of Tax | Accumulated Other Comprehensive Income | |||||||||||
| Balances at March 31, 2021 | $ | (4,649) | $ | 541 | $ | (2,625) | $ | (6,733) | ||||||
| Other comprehensive (loss) income before reclassifications | (4,224) | 6,209 | 10,419 | 12,404 | ||||||||||
| Amounts reclassified to net loss, net of tax | — | (422) | (1,445) | (1,867) | ||||||||||
| Other comprehensive (loss) income, net of tax | (4,224) | 5,787 | 8,974 | 10,537 | ||||||||||
| Balances at March 31, 2022 | $ | (8,873) | $ | 6,328 | $ | 6,349 | $ | 3,804 | ||||||
| Other comprehensive income (loss) before reclassifications | 2,481 | 1,873 | 1,750 | 6,104 | ||||||||||
| Amounts reclassified to net loss, net of tax | — | 134 | (4,527) | (4,393) | ||||||||||
| Other comprehensive income (loss), net of tax | 2,481 | 2,007 | (2,777) | 1,711 | ||||||||||
| Balances at March 31, 2023 | $ | (6,392) | $ | 8,335 | $ | 3,572 | $ | 5,515 | ||||||
| Affected Line Item in the Consolidated | |||||||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | Statements of Operations | |||||||||
| Derivatives: | |||||||||||
| Gain reclassified to cost of goods sold | $ | (6,764) | $ | (2,672) | |||||||
| Amounts reclassified from equity to the income statement, gross | (6,764) | (2,672) | Cost of goods and services sold | ||||||||
| Tax effects of amounts reclassified from accumulated other comprehensive income to net loss | 2,237 | 1,227 | |||||||||
| Amounts reclassified from equity to the income statement, net | $ | (4,527) | $ | (1,445) | |||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Sales | $ | 22,695 | $ | 25,575 | ||||
| Purchases | 158,140 | 135,261 | ||||||
| March 31, 2023 | March 31, 2022 | ||||||||||
| Accounts receivable, related parties | $ | 3,090 | $ | 1,896 | Other receivables | ||||||
| Notes receivable, related parties | — | 1,431 | Other receivables | ||||||||
| Accounts payable, related parties | 20,438 | 41,747 | Accounts payable | ||||||||
| Advances from related parties | 3,494 | 15,240 | Advances from customers | ||||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Sales and other operating revenues: | ||||||||
| Leaf | $ | 1,900,558 | $ | 1,627,238 | ||||
| All Other | 14,323 | 12,624 | ||||||
| Consolidated sales and other operating revenues | $ | 1,914,881 | $ | 1,639,862 | ||||
| Segment operating income: | ||||||||
| Leaf | $ | 117,056 | $ | 106,159 | ||||
| All Other | (18,593) | (24,225) | ||||||
| Segment operating income | 98,463 | 81,934 | ||||||
| Restructuring and asset impairment charges | 4,685 | 8,031 | ||||||
| Goodwill impairment | — | 32,186 | ||||||
| Consolidated operating income | $ | 93,778 | $ | 41,717 | ||||
| March 31, 2023 | |||||||||||
| Leaf | All Other | Total | |||||||||
| Segment assets | $ | 1,544,798 | $ | 37,665 | $ | 1,582,463 | |||||
| Trade and other receivables, net | 199,237 | 411 | 199,648 | ||||||||
| Equity in net assets of investee companies | 93,754 | 6,985 | 100,739 | ||||||||
| Depreciation and amortization | 16,157 | 2,980 | 19,137 | ||||||||
| Capital expenditures | 13,565 | 2,390 | 15,955 | ||||||||
| March 31, 2022 | |||||||||||
| Leaf | All Other | Total | |||||||||
| Segment assets | $ | 1,641,552 | $ | 56,975 | $ | 1,698,527 | |||||
| Trade and other receivables, net | 255,756 | 1,105 | 256,861 | ||||||||
| Equity in net assets of investee companies | 88,118 | 6,785 | 94,903 | ||||||||
| Depreciation and amortization | 14,763 | 1,913 | 16,676 | ||||||||
| Capital expenditures | 10,159 | 4,438 | 14,597 | ||||||||
| Year Ended March 31, 2023 | Year Ended March 31, 2022 | |||||||
| Philip Morris International Inc. | x | x | ||||||
| China Tobacco International Inc. | x | x | ||||||
| British American Tobacco | x | x | ||||||
| March 31, 2023 | March 31, 2022 | |||||||
| Property, Plant, and Equipment, Net: | ||||||||
| Malawi | $ | 31,213 | $ | 30,961 | ||||
| Brazil | 29,163 | 28,707 | ||||||
| United States | 21,945 | 21,960 | ||||||
| Zimbabwe | 21,703 | 22,217 | ||||||
| Other | 12,006 | 12,152 | ||||||
| Jordan | 11,352 | 11,571 | ||||||
| Tanzania | 6,016 | 9,953 | ||||||
| Total | $ | 133,398 | $ | 137,521 | ||||
| Name | Age | Title | ||||||
| J. Pieter Sikkel | 59 | President and Chief Executive Officer | ||||||
| Flavia B. Landsberg | 55 | Executive Vice President - Chief Financial Officer | ||||||
| Tracy G. Purvis | 61 | Executive Vice President - Business Services | ||||||
| Fernanda Goncalves | 43 | Senior Vice President - Chief Human Resources | ||||||
| William L. O'Quinn, Jr. | 54 | Senior Vice President - Chief Legal Officer and Secretary | ||||||
| Order dated August 24, 2020 issued by the United States Bankruptcy Court for the District of Delaware in the case captioned In re Pyxus International, Inc., et al. (Case No. 20-11570 (LLS)), incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K of Old Holdco, Inc. filed on August 24, 2020 (File No. 001-13684). | ||||||||
| Amended Joint Prepackaged Chapter 11 Plan of Reorganization filed by the Debtors in the case before the United States Bankruptcy Court for the District of Delaware captioned In re Pyxus International, Inc., et al. (Case No. 20-11570 (LLS)), incorporated by reference to Exhibit 2.2 of the Current Report on Form 8-K of Old Holdco, Inc. filed on August 24, 2020 (File No. 001-13684). | ||||||||
| Amended and Restated Articles of Incorporation of Pyxus International, Inc., incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K12G3 filed on August 24, 2020 (File No. 000-25734). | ||||||||
| Amended and Restated Bylaws of Pyxus International, Inc., incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K12G3 filed on August 24, 2020 (File No. 000-25734). | ||||||||
| Shareholders Agreement dated as of August 24, 2020 among Pyxus International, Inc. and the Investors (as defined therein), incorporated by reference to Exhibit 4.2 to the registrant’s Current Report on Form 8‑K12G3 filed on August 24, 2020 (File No. 000-25734). | ||||||||
| First Amendment to Shareholders Agreement dated as of September 14, 2020 among Pyxus International, Inc., Glendon Capital Management LP on behalf of its Affiliates that hold common shares of Pyxus International, Inc., and Monarch Alternative Capital LP, on behalf of its Affiliates that hold common shares of Pyxus International, Inc., incorporated by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed on September 14, 2020 (File No. 000-25734). | ||||||||
| Indenture, dated as of February 6, 2023, among Pyxus Holdings, Inc., the guarantors party thereto, Wilmington Trust, National Association, as trustee, and Alter Domus (US) LLC, as collateral agent, incorporated by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed on February 10, 2023 (File No. 000-25734). | ||||||||
Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934, incorporated by reference to Exhibit 4.04 to the registrant’s Annual report on Form 10-K for the fiscal year ended March 31, 2021 (File No. 000-25734). | ||||||||
ABL Credit Agreement, dated as of February 8, 2022, by and among Pyxus Holdings, Inc., as Borrower Agent, the Borrowers and Parent Guarantors Party thereto, the Lenders Party thereto, and PNC Bank, National Association, as Administrative Agent and Collateral Agent, incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on February 9, 2022 (File No. 000-25734). | ||||||||
| Limited Consent and Amendment to ABL Credit Agreement, dated as of January 5, 2023, by and among Pyxus Holdings, Inc., the other borrowers and guarantors party thereto, the several lenders party thereto and PNC Bank, National Association, as administrative agent and collateral agent, incorporated by reference to Exhibit 10.4 to the registrant’s Current Report on Form 8-K filed on February 10, 2023 (File No. 000-25734). | ||||||||
| Amended and Restated ABL Intercreditor Agreement, dated as of February 6, 2023, among Pyxus Holdings, Inc., the guarantors party thereto, PNC Bank, National Association, as ABL Agent, Alter Domus (US) LLC, as Pyxus Term Loan Administrative Agent, Intabex Term Loan Administrative Agent and Senior Collateral Agent, and Wilmington Trust, National Association, as Senior Notes Trustee, incorporated by reference to Exhibit 10.5 to the registrant’s Current Report on Form 8-K filed on February 10, 2023 (File No. 000-25734). | ||||||||
| Pyxus Term Loan Credit Agreement, dated as of February 6, 2023, among Pyxus Holdings, Inc., the guarantors party thereto, the several lenders party thereto and Alter Domus (US) LLC, as administrative agent and senior collateral agent, incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on February 10, 2023 (File No. 000-25734). | ||||||||
| Intabex Term Loan Credit Agreement, dated as of February 6, 2023, among Pyxus Holdings, Inc., Intabex Netherlands B.V., the other guarantors party thereto, the several lenders party thereto and Alter Domus (US) LLC, as administrative agent and senior collateral agent, incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed on February 10, 2023 (File No. 000-25734). | ||||||||
| Intercreditor and Collateral Agency Agreement, dated as of February 6, 2023, among Pyxus Holdings, Inc., the guarantors party thereto, Alter Domus (US) LLC, as New Intabex Term Loan Administrative Agent, New Pyxus Term Loan Administrative Agent and Senior Collateral Agent, and Wilmington Trust, National Association, as Senior Notes Trustee, incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K filed on February 10, 2023 (File No. 000-25734). | ||||||||
Amended and Restated Receivables Purchase Agreement dated as of March 30, 2012 among Alliance One International, Inc., Finacity Receivables 2006-2, LLC and Finacity Corporation, incorporated by reference to Exhibit 10.31 to the Annual Report on Form 10-K of Old Holdco, Inc. for the year ended March 31, 2012, filed on June 13, 2012 (File No. 001-13684). | ||||||||
| Second Amended and Restated Receivables Purchase Agreement dated as of March 30, 2012 among Alliance One International AG, Finacity Receivables 2006-2, LLC and Finacity Corporation, incorporated by reference to Exhibit 10.32 to the Annual Report on Form 10-K of Old Holdco, Inc. for the year ended March 31, 2012, filed on June 13, 2012 (File No. 001-13684). | ||||||||
Second Amended and Restated Receivables Sale Agreement dated as of March 30, 2012 among Finacity Receivables 2006-2, LLC, Finacity Corporation, Alliance One International AG, Norddeutsche Landesbank Girozentrale, Standard Chartered Bank, the other Purchaser Agents from time to time party thereto, the Bank Purchasers from time to time party thereto, Hannover Funding Company LLC, and the other Conduit Purchasers from time to time party thereto, incorporated by reference to Exhibit 10.33 to the Annual Report on Form 10-K of Old Holdco, Inc. for the year ended March 31, 2012, filed on June 13, 2012 (File No. 001-13684). | ||||||||
Pyxus International, Inc. 2020 Incentive Plan, incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed on November 20, 2020 (File No. 000-25734). † | ||||||||
Form of Restricted Stock Unit Agreement, incorporated by reference to Exhibit 10.09 to the registrant’s Annual report on Form 10-K for the fiscal year ended March 31, 2021 (File No. 000-25734). † | ||||||||
Form of Performance-based Stock Unit Award Agreement incorporated by reference to Exhibit 10.10 to the registrant’s Annual report on Form 10-K for the fiscal year ended March 31, 2021 (File No. 000-25734). † | ||||||||
Alliance One International, Inc. Supplemental Retirement Account Plan (amended and restated as of January 1, 2009), incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q of Old Holdco, Inc. for the period ended December 31, 2008, filed on February 17, 2009 (File No. 001-13684). † | ||||||||
Executive Employment Agreement dated as of March 1, 2013 between Alliance One International, Inc. and J. Pieter Sikkel, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Old Holdco, Inc. filed on February 7, 2013 (File No. 001-13684). † | ||||||||
Executive Employment Agreement executed on October 27, 2021, with an effective date of November 1, 2021, between Flavia Landsberg and Pyxus International, Inc., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pyxus International, Inc., filed on November 15, 2021 (File No. 000-25734). † | ||||||||
Form of Indemnification Agreement entered into by Pyxus International, Inc. with each of Patrick Fallon, Holly Kim, and Jamie Ashton, incorporated by reference to Exhibit 10.3 to the registrant’s Current Report on Form 8-K12G3 filed on August 24, 2020 (File No. 000-25734). † | ||||||||
Form of Indemnification Agreement entered into by Pyxus International, Inc. with each of Robert George, Carl Hausmann, Cynthia Moehring, J. Pieter Sikkel, Richard Topping, John Alphin, and Patrick Bartels, incorporated by reference to Exhibit 10.01 to the registrant’s Quarterly Report on Form 10-Q for the period ended December 31, 2020, filed on February 9, 2021 (File No. 000-25734). † | ||||||||
| List of subsidiaries (filed herewith). | ||||||||
| Consent of Deloitte & Touche LLP (filed herewith). | ||||||||
| Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||||||
| Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||||||
Certification by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). †† | ||||||||
| 101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema (filed herewith). | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith). | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith). | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase (filed herewith). | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith). | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Interactive Data Files submitted as Exhibits 101.*). | |||||||
† Indicates management compensatory plan, contract or arrangement. | ||||||||
†† This exhibit is furnished herewith, but not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability under that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that we explicitly incorporate it by reference. | ||||||||
| SIGNATURES | ||||||||
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on June 6, 2023. | ||||||||
| PYXUS INTERNATIONAL, INC. | ||||||||
| By: | /s/ J. Pieter Sikkel | |||||||
| J. Pieter Sikkel President and Chief Executive Officer | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on June 6, 2023. | ||||||||
| /s/ J. Pieter Sikkel | /s/ Patrick J. Bartels, Jr. | |||||||
| J. Pieter Sikkel President and Chief Executive Officer and Director (Principal Executive Officer) | Patrick J. Bartels, Jr. Director | |||||||
| /s/ Flavia B. Landsberg | /s/ Robert D. George | |||||||
| Flavia B. Landsberg Executive Vice President and Chief Financial Officer (Principal Financial Officer) | Robert D. George Director | |||||||
| /s/ Philip C. Garofolo | /s/ Cynthia P. Moehring | |||||||
| Philip C. Garofolo Vice President - Chief Accounting Officer (Principal Accounting Officer) | Cynthia P. Moehring Director | |||||||
| /s/ John S. Alphin | /s/ Richard J.C. Topping | |||||||
| John S. Alphin Director | Richard J.C. Topping Director | |||||||
| /s/ Jamie J. Ashton | ||||||||
| Jamie J. Ashton Director | ||||||||
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