3 unchanged sentences
Condensed Consolidated Statements of Operations
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
+Added: Three Months Ended
(in thousands, except per share data) 2025 2024
7 unchanged sentences
Gain on debt retirement — 1,323
−Removed: Loss on pension settlement — 12,008 — 12,008
Interest expense, net 29,767 33,272
−Removed: Income before income taxes and other items 33,168 3,757 45,859 22,674
+Added: (Loss) income before income taxes and other items ( 8,767 ) 8,508
Income tax expense 5,227 6,119
−Removed: Income from unconsolidated affiliates, net 4,330 6,578 7,478 6,531
−Removed: Net income 19,410 4,179 21,089 12,845
+Added: (Loss) income from unconsolidated affiliates, net ( 1,269 ) 2,563
+Added: Net (loss) income ( 15,263 ) 4,952
Net income attributable to noncontrolling interests 562 310
−Removed: Net income attributable to Pyxus International, Inc.
+Added: Net (loss) income attributable to Pyxus International, Inc.
$ ( 15,825 ) $ 4,642
−Removed: Earnings per share:
+Added: (Loss) earnings per share:
Basic $ ( 0.62 ) $ 0.18
6 unchanged sentences
and Subsidiaries
−Removed: Condensed Consolidated Statements of Comprehensive Income
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
+Added: Condensed Consolidated Statements of Comprehensive (Loss) Income
+Added: Three Months Ended
(in thousands) 2025 2024
−Removed: Net income $ 19,410 $ 4,179 $ 21,089 $ 12,845
−Removed: Other comprehensive (loss) income, net of tax:
+Added: Net (loss) income $ ( 15,263 ) $ 4,952
+Added: Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment 2,039 543
−Removed: Pension and other postretirement benefit plans — 3,511 — 3,511
Cash flow hedges 1,457 ( 2,237 )
−Removed: Total other comprehensive (loss) income, net of tax ( 3,429 ) 4,408 ( 3,579 ) 3,432
−Removed: Total comprehensive income 15,981 8,587 17,510 16,277
+Added: Total other comprehensive income (loss), net of tax 3,496 ( 1,694 )
+Added: Total comprehensive (loss) income ( 11,767 ) 3,258
Comprehensive income attributable to noncontrolling interests 562 310
−Removed: Comprehensive income attributable to Pyxus International, Inc.
+Added: Comprehensive (loss) income attributable to Pyxus International, Inc.
$ ( 12,329 ) $ 2,948
3 unchanged sentences
Condensed Consolidated Balance Sheets
−Removed: (in thousands) December 31, 2024 December 31, 2023 March 31, 2024
+Added: (in thousands) June 30, 2025 June 30, 2024 March 31, 2025
Current assets
58 unchanged sentences
Balance, March 31, 2025 $ 392,899 $ ( 240,125 ) $ ( 6,045 ) $ 12,516 $ 844 $ 5,681 $ 165,770
−Removed: Net income — 4,642 — — — 310 4,952
−Removed: Equity-based compensation 3,031 — — — — — 3,031
−Removed: Other comprehensive (loss) income, net of tax — — 543 — ( 2,237 ) — ( 1,694 )
−Removed: Balance, June 30, 2024 $ 392,820 $ ( 250,649 ) $ ( 5,149 ) $ 12,766 $ ( 1,525 ) $ 4,849 $ 153,112
−Removed: Net loss — ( 3,227 ) — — — ( 46 ) ( 3,273 )
−Removed: Dividends — — — — — ( 225 ) ( 225 )
−Removed: Equity-based compensation 601 — — — — — 601
−Removed: Share repurchases ( 1,000 ) — — — — — ( 1,000 )
−Removed: Other comprehensive income, net of tax — — 278 — 1,266 — 1,544
−Removed: Balance, September 30, 2024 $ 392,421 $ ( 253,876 ) $ ( 4,871 ) $ 12,766 $ ( 259 ) $ 4,578 $ 150,759
−Removed: Net income — 18,898 — — — 512 19,410
+Added: Net (loss) income — ( 15,825 ) — — — 562 ( 15,263 )
Equity-based compensation 237 — — — — — 237
−Removed: Other comprehensive loss, net of tax — — ( 976 ) — ( 2,453 ) — ( 3,429 )
−Removed: Balance, December 31, 2024 $ 392,688 $ ( 234,978 ) $ ( 5,847 ) $ 12,766 $ ( 2,712 ) $ 5,090 $ 167,007
−Removed: Balance, March 31, 2023 $ 390,290 $ ( 257,954 ) $ ( 6,392 ) $ 8,335 $ 3,572 $ 3,979 $ 141,830
−Removed: Net income (loss) — 804 — — — ( 34 ) 770
Other comprehensive income, net of tax — — 2,039 — 1,457 — 3,496
Balance, June 30, 2025 $ 393,136 $ ( 255,950 ) $ ( 4,006 ) $ 12,516 $ 2,301 $ 6,243 $ 154,240
−Removed: Net income (loss) — 8,095 — — — ( 199 ) 7,896
−Removed: Other — — — — — 493 493
−Removed: Other comprehensive loss, net of tax — — ( 1,545 ) — ( 1,000 ) — ( 2,545 )
−Removed: Balance, September 30, 2023 $ 390,290 $ ( 249,055 ) $ ( 7,230 ) $ 8,335 $ 3,434 $ 4,239 $ 150,013
+Added: Balance, March 31, 2024 $ 389,789 $ ( 255,291 ) $ ( 5,692 ) $ 12,766 $ 712 $ 4,539 $ 146,823
Net income — 4,642 — — — 310 4,952
−Removed: Other ( 501 ) — — — — 8 ( 493 )
−Removed: Dividends — — — — — ( 450 ) ( 450 )
+Added: Equity-based compensation 3,031 — — — — — 3,031
Other comprehensive income (loss), net of tax — — 543 — ( 2,237 ) — ( 1,694 )
−Removed: Balance, December 31, 2023 $ 389,789 $ ( 245,220 ) $ ( 5,045 ) $ 11,846 $ 2,146 $ 4,141 $ 157,657
+Added: Balance, June 30, 2024 $ 392,820 $ ( 250,649 ) $ ( 5,149 ) $ 12,766 $ ( 1,525 ) $ 4,849 $ 153,112
See "Notes to Condensed Consolidated Financial Statements"
2 unchanged sentences
Condensed Consolidated Statements of Cash Flows
−Removed: Nine Months Ended
+Added: Three Months Ended
(in thousands) 2025 2024
Operating Activities:
−Removed: Net income $ 21,089 $ 12,845
−Removed: Adjustments to reconcile net income to net cash used in operating activities:
+Added: Net (loss) income $ ( 15,263 ) $ 4,952
+Added: Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization 5,169 5,127
2 unchanged sentences
Loss on foreign currency transactions 7,725 978
−Removed: Loss on pension settlement — 12,008
Equity-based compensation 237 3,031
−Removed: Income from unconsolidated affiliates, net of dividends 3,997 7,129
+Added: (Loss) income from unconsolidated affiliates, net of dividends 1,269 ( 2,563 )
Changes in operating assets and liabilities, net
30 unchanged sentences
Cash paid for income taxes, net $ 2,609 $ 2,679
−Removed: Cash paid for income taxes related to debt exchange — 12,543
Cash paid for interest, net 25,988 30,833
9 unchanged sentences
Revenue Recognition
−Removed: Earnings Per Share
+Added: (Loss) Earnings Per Share
Restricted Cash
7 unchanged sentences
Fair Value Measurements
−Removed: Pension and Other Postretirement Benefits
Contingencies and Other Information
2 unchanged sentences
Segment Information
−Removed: Subsequent Events
Basis of Presentation and Summary of Significant Accounting Policies
−Removed: The accompanying condensed consolidated financial statements represent the consolidation of Pyxus International, Inc.
+Added: The accompanying unaudited condensed consolidated interim financial statements represent the consolidation of Pyxus International, Inc.
(the "Company", "Pyxus", "we", or "us") and all companies that Pyxus directly or indirectly controls, either through majority ownership or otherwise.
−Removed: These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
+Added: These condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP") for interim information and with the instructions to Form 10-Q and Regulation S-X.
−Removed: Accordingly, they do not include the information and footnotes required by U.S.
+Added: Accordingly, they do not include all of the information and footnotes required by U.S.
GAAP for annual financial statements.
−Removed: In the opinion of management, the normal and recurring adjustments necessary for fair statement of financial position, results of operations, and cash flows at the dates and for the periods presented have been included.
−Removed: Intercompany accounts and transactions have been eliminated.
+Added: In the opinion of management, the normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position, and cash flows have been included.
These condensed consolidated interim financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025 filed on June 10, 2025.
+Added: The year-end condensed consolidated balance sheet data was derived from the audited consolidated financial statements but does not include all disclosures required by U.S.
Due to the seasonal nature of the Company’s business, the results of operations for a fiscal quarter are not necessarily indicative of the operating results that may be attained for other quarters or a full fiscal year.
New Accounting Standards
−Removed: Accounting Pronouncements Not Yet Adopted
+Added: Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.
7 unchanged sentences
Disclosures required under this new ASU and the existing segment profit or loss and assets disclosures currently required annually by FASB Topic 280 are to be disclosed in interim periods.
−Removed: The annual disclosure requirements are effective for the Company's fiscal year ending March 31, 2025, and the interim period disclosure requirements are effective beginning April 1, 2025.
−Removed: Early adoption is permitted.
−Removed: This ASU will result in additional disclosures for segment reporting, and does not have an impact on the Company's financial condition, results of operations, or cash flows.
+Added: The Company adopted the annual period disclosure requirements for its fiscal year ended March 31, 2025.
+Added: The interim period disclosure requirements were adopted on April 1, 2025, and are included in " Note 19.
+Added: Segment Information ".
+Added: The adoption of this new accounting standard resulted in additional disclosures for segment reporting, and did not have an impact on the Company's financial condition, results of operations, or cash flows.
+Added: Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU No.
5 unchanged sentences
Early adoption is permitted.
−Removed: The Company is currently evaluating the impact that this new accounting standard will have on its income tax disclosures.
+Added: This new standard will result in additional disclosures within the footnotes to the financial statements, and is not expected to have an impact on the Company’s financial condition, results of operations, or cash flows.
In November 2024, the FASB issued ASU No.
4 unchanged sentences
Revenue Recognition
−Removed: Product revenue is primarily from the sale of processed tobacco to customers.
+Added: Product revenue is primarily processed tobacco sold to the customer.
Processing and other revenues are mainly contracts to process customer-owned green tobacco.
During such processing, ownership remains with the customers.
−Removed: All Other revenue is primarily composed of revenue from the sale of e-liquids and non-tobacco agriculture products.
+Added: All Other revenue is primarily composed of revenue from the sale of non-tobacco agriculture products.
The following disaggregates sales and other operating revenues by major source, with the All Other category being included for purposes of reconciliation of the respective balances below of the Leaf segment (the Company's sole reportable segment) to the condensed consolidated financial statements:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended
Product revenue $ 458,238 $ 589,217
Processing and other revenues 50,177 41,746
−Removed: Total sales and other operating revenues 775,335 529,072 1,970,469 1,628,632
−Removed: Total sales and other operating revenues 2,972 744 9,076 2,529
+Added: Leaf sales and other operating revenues 508,415 630,963
+Added: All Other sales and other operating revenues 400 3,892
Total sales and other operating revenues $ 508,815 $ 634,855
The following summarizes activity in the allowance for expected credit losses:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended
Balance, beginning of period $ ( 24,035 ) $ ( 23,940 )
4 unchanged sentences
Trade receivables, net $ 206,607 $ 209,053
−Removed: For each period presented, the Company's quarterly provision for income taxes is not calculated using the annual effective tax rate method ("AETR method"), which applies an estimated annual effective tax rate to pre-tax income or loss.
−Removed: As of the end of the current period, market specific factors coupled with tax rate sensitivity caused the AETR method to produce an unreliable estimate of the Company’s annual effective tax rate;
−Removed: therefore, the Company recorded its interim income tax provision using the discrete method, as allowed under FASB ASC 740-270, Income Taxes - Interim Reporting .
−Removed: Using the discrete method, the Company determined income tax expense as if each of the nine-month interim periods reported were an annual period.
−Removed: The effective tax rate for the nine months ended December 31, 2024 and 2023 was 70.3 % and 72.2 %, respectively.
−Removed: For the nine months ended December 31, 2024, the difference between the Company’s effective rate and the U.S.
−Removed: statutory rate of 21.0% is primarily due to U.S.
−Removed: taxation of foreign earnings and tax expense related to foreign currency gains in Africa and South America recognized in the current period, partially offset by foreign tax credits.
−Removed: Earnings Per Share
−Removed: The calculations of basic and diluted earnings per share are based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively.
−Removed: Under the treasury stock method, restricted stock units will have a dilutive effect when the respective period's average market price of the Company's common stock exceeds the assumed exercise proceeds and the average amount of cost not yet recognized.
−Removed: Performance based stock units are included in diluted earnings per share if the performance targets have been met at the end of the reporting period.
−Removed: Share-based payment awards that provide contingently issuable shares upon a performance or market condition are included in basic and diluted earnings per share only if the condition is met as of the end of the reporting period.
−Removed: The following summarizes the computation of earnings per share:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: 2024 2023 2024 2023
−Removed: Net income attributable to Pyxus International, Inc.
+Added: The Company’s quarterly provision for income taxes for the three months ended June 30, 2025 was calculated by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusting for discrete items that occurred during the period.
+Added: The Company’s quarterly provision for income taxes for the three months ended June 30, 2024 was calculated using the discrete method, as allowed under FASB Accounting Standards Codification 740-270, Income Taxes - Interim Reporting .
+Added: The discrete method used in the prior year calculates income tax expense as if the three-month interim period was an annual period.
+Added: The effective tax rate for the three months ended June 30, 2025 and 2024 was ( 59.6 )% and 71.9 %, respectively.
+Added: For the three months ended June 30, 2025, the difference between the Company’s effective rate and the U.S.
+Added: statutory rate of 21.0% is primarily due to tax expense related to foreign currency gains, liabilities for unrecognized tax benefits, and nondeductible interest expense.
+Added: On July 4, 2025, the U.S.
+Added: government enacted the One Big Beautiful Bill Act of 2025 ("OBBBA").
+Added: This legislation includes several changes to U.S.
+Added: federal income tax law, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and changes to the international tax framework.
+Added: Certain provisions of the OBBBA are effective for the Company's fiscal year ending March 31, 2026, and the Company is currently evaluating the impact it will have on our condensed consolidated financial statements.
+Added: (Loss) Earnings Per Share
+Added: The following summarizes the computation of (loss) earnings per share:
+Added: Three Months Ended
+Added: Net (loss) income attributable to Pyxus International, Inc.
$ ( 15,825 ) $ 4,642
2 unchanged sentences
Diluted weighted average shares outstanding 25,670 25,461
−Removed: Earnings per share:
+Added: (Loss) earnings per share:
Basic $ ( 0.62 ) $ 0.18
Diluted $ ( 0.62 ) $ 0.18
−Removed: (1) For the three and nine months ended December 31, 2024, the weighted average number of outstanding restricted stock units not included in the computation of diluted earnings per share because their effect would be antidilutive is 63 and 6 , respectively.
+Added: (1) For the three months ended June 30, 2025 and 2024, 264 shares and 17 shares, respectively, related to outstanding restricted stock units have been excluded from the computation of diluted earnings per share because their effect would be antidilutive.
Restricted Cash
The following summarizes the composition of restricted cash:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Compensating balance for short-term borrowings $ 542 $ 542 $ 542
5 unchanged sentences
The following summarizes the composition of inventories, net:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Processed tobacco $ 575,922 $ 605,535 $ 490,410
4 unchanged sentences
Equity Method Investments
−Removed: The following summarizes the Company's equity method investments as of December 31, 2024:
+Added: The following summarizes the Company's equity method investments as of June 30, 2025:
Investee Name Location Primary Purpose Ownership Percentage Basis Difference (1)
11 unchanged sentences
Thailand Purchase and process tobacco 49 % ( 6,098 )
−Removed: (1) Basis differences for the Company's equity method investments were due to fair value adjustments recorded during fiscal 2021.
+Added: (1) Basis differences for the Company's equity method investments are due to fair value adjustments recorded during fiscal 2021.
The following summarizes financial information for these equity method investments:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended
Statement of operations:
1 unchanged sentence
Gross profit 7,052 7,187
−Removed: Net income 8,933 14,066 15,354 15,222
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: Net (loss) income ( 2,666 ) 5,239
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Balance sheet:
7 unchanged sentences
The following summarizes the Company's financial relationships with its unconsolidated variable interest entities:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Investments in variable interest entities $ 89,200 $ 96,903 $ 90,239
3 unchanged sentences
The gross carrying amount and accumulated amortization of intangible assets consist of the following:
−Removed: December 31, 2024
+Added: June 30, 2025
Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net
4 unchanged sentences
Total $ 49,019 $ ( 21,632 ) $ 27,387
−Removed: December 31, 2023
+Added: June 30, 2024
Weighted Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Intangible Assets, Net
12 unchanged sentences
The following summarizes amortization expense for definite-lived intangible assets:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended
Amortization expense $ 1,120 $ 1,151
1 unchanged sentence
The following summarizes debt and notes payable:
−Removed: (in thousands) Interest Rate December 31, 2024 December 31, 2023 March 31, 2024
+Added: (in thousands) Interest Rate June 30, 2025 June 30, 2024 March 31, 2025
Senior secured credit facilities:
ABL Credit Facility 7.8 % (1)
+Added: $ — $ 44,000 $ —
Senior secured notes:
10.0 % Notes Due 2024
−Removed: — 20,169 20,247
8.5 % Notes Due 2027 (2)
15 unchanged sentences
Letters of credit $ 8,939 $ 7,669 $ 7,790
−Removed: (1) Weighted average rate for the trailing twelve months ended December 31, 2024 or, for indebtedness outstanding only during a portion of such twelve-month period, for the portion of such period that such indebtedness was outstanding.
+Added: (1) Weighted average stated rate for the trailing twelve months ended June 30, 2025 or, for indebtedness outstanding only during a portion of such twelve-month period, for the portion of such period that such indebtedness was outstanding.
(2) Balance of $ 146,046 is net of a debt discount of $ 2,293 .
10 unchanged sentences
("Pyxus Parent"), as parent guarantors, entered into an ABL Credit Agreement (as amended, the "ABL Credit Agreement"), dated as of February 8, 2022, by and among Pyxus Holdings, 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, to establish an asset-based revolving credit facility (the "ABL Credit Facility"), the proceeds of which may be used to refinance existing senior bank debt, pay fees and expenses related to the ABL Credit Facility, partially fund capital expenditures, and provide for the ongoing working capital needs of the Borrowers .
−Removed: The ABL Credit Agreement was amended on May 23, 2023 to extend the maturity of the ABL Credit Facility to February 8, 2027.
−Removed: The ABL Credit Agreement was amended on October 24, 2023 to, among other things increase the aggregate amount of the revolving loan commitments under the ABL Credit Facility to $ 120,000 .
+Added: The ABL Credit Agreement was amended on May 12, 2025 to, among other things increase the aggregate amount of the revolving loan commitments under the ABL Credit Facility to $ 150,000 , and to extend the maturity to May 12, 2030 or, if earlier, 90 days prior to the earliest stated maturity date of the outstanding senior secured notes and the senior secured term loans (each currently scheduled to mature on December 31, 2027).
A detailed description of the ABL Credit Agreement is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025 .
−Removed: The ABL Credit Facility may be used for revolving credit loans and letters of credit from time to time up to an initial maximum principal amount of $ 120,000 , subject to the limitations described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024.
−Removed: The ABL Credit Facility includes a $ 20,000 uncommitted accordion feature that permits Pyxus Holdings, under certain conditions, to solicit the lenders under the ABL Credit Facility to provide additional revolving loan commitments to increase the aggregate amount of the revolving loan commitments under the ABL Credit Facility not to exceed a maximum principal amount of $ 140,000 .
−Removed: At December 31, 2024, the Borrowers and the parent guarantors under the ABL Credit Agreement were in compliance with the covenants under the ABL Credit Agreement.
+Added: At June 30, 2025, the Borrowers and the parent guarantors under the ABL Credit Agreement were in compliance with the covenants under the ABL Credit Agreement.
Intabex Term Loans
4 unchanged sentences
A detailed description of the Intabex Term Loan Credit Agreement is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
−Removed: At December 31, 2024, Pyxus Holdings and the guarantors under the Intabex Term Loan Credit Agreement were in compliance with all covenants under the Intabex Term Loan Credit Agreement.
+Added: At June 30, 2025, Pyxus Holdings and the guarantors under the Intabex Term Loan Credit Agreement were in compliance with all covenants under the Intabex Term Loan Credit Agreement.
Pyxus Term Loans
3 unchanged sentences
A detailed description of the Pyxus Term Loan Credit Agreement is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
−Removed: At December 31, 2024, Pyxus Holdings and the guarantors under the Pyxus Term Loan Credit Agreement were in compliance with all covenants under the Pyxus Term Loan Credit Agreement.
+Added: At June 30, 2025, Pyxus Holdings and the guarantors under the Pyxus Term Loan Credit Agreement were in compliance with all covenants under the Pyxus Term Loan Credit Agreement.
8.50 % Senior Secured Notes due 2027
1 unchanged sentence
The 2027 Notes were issued pursuant to the Indenture, dated as of February 6, 2023 (the "2027 Notes Indenture"), among Pyxus Holdings, the guarantors party thereto, and Wilmington Trust, National Association, as trustee, and Alter Domus, as collateral agent.
−Removed: The 2027 Notes bear interest at a rate of 8.5 % per annum, which interest is computed on the basis of a 360-
−Removed: day year comprised of twelve 30-day months.
+Added: The 2027 Notes bear interest at a rate of 8.5 % per annum, which interest is computed on the basis of a 360-day year comprised of twelve 30-day months.
The 2027 Notes are stated to mature on December 31, 2027.
A detailed description of the 2027 Notes and the 2027 Notes Indenture is included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
−Removed: At December 31, 2024, Pyxus Holdings and the guarantors of the 2027 Notes were in compliance with all covenants under the 2027 Notes Indenture.
+Added: At June 30, 2025, Pyxus Holdings and the guarantors of the 2027 Notes were in compliance with all covenants under the 2027 Notes Indenture.
Related Party Transactions
8 unchanged sentences
The Debt Repurchase Agreement and the transactions contemplated thereunder were approved and determined to be on terms and conditions at least as favorable to the Company and its subsidiaries as could reasonably have been obtained in a comparable arm's-length transaction with an unaffiliated party by a majority of the disinterested members of the Board of Directors of Pyxus.
+Added: Refer to " Note 18.
+Added: Related Party Transactions " for additional information.
Other Outstanding Debt
3 unchanged sentences
Excluding long-term credit agreements, the Company typically finances its non-U.S.
−Removed: operations with uncommitted short-term seasonal lines of credit arrangements with a number of banks.
+Added: operations with committed and uncommitted short-term seasonal lines of credit arrangements with a number of banks.
These operating lines are generally seasonal in nature, typically extending for a term of 180 days to 365 days corresponding to the tobacco crop cycle in that location.
−Removed: These facilities are typically uncommitted in that the lenders have the unilateral right to cease making loans and demand repayment of loans at any time or at specified dates.
+Added: For uncommitted facilities, the lenders have the right to cease making loans and demand repayment of loans at any time or at specified dates.
These loans are generally renewed at the outset of each tobacco season.
−Removed: Certain of the foreign seasonal lines of credit are secured by trade receivables and inventories as collateral and are guaranteed by the Company and certain of its subsidiaries.
−Removed: As of December 31, 2024, the total borrowing capacity under individual foreign seasonal lines of credit range up to $ 170,000 .
−Removed: As of December 31, 2024, the aggregate amount available for borrowing under the seasonal lines of credit was $ 285,154 .
−Removed: At December 31, 2024, the Company was permitted to borrow under foreign seasonal lines of credit up to a total $ 871,536 , subject to limitations under the ABL Credit Agreement and the agreements governing the Intabex Term Loans, the Pyxus Term Loans and the 2027 Notes.
−Removed: At December 31, 2024, the Company, and its subsidiaries, were in compliance with the covenants associated with its short-term seasonal lines of credit.
+Added: Certain of the seasonal lines of credit are secured by trade receivables and inventories as collateral and are guaranteed by the Company and certain of its subsidiaries.
+Added: As of June 30, 2025, the total borrowing capacity under individual foreign seasonal lines of credit range up to $ 144,010 .
+Added: As of June 30, 2025, the aggregate amount available for borrowing under the seasonal lines of credit was $ 171,220 .
+Added: At June 30, 2025, the Company was permitted to borrow under foreign seasonal lines of credit up to a total $ 1,025,240 , subject to limitations under the ABL Credit Agreement and the agreements governing the Intabex Term Loans, the Pyxus Term Loans, and the 2027 Notes.
+Added: At June 30, 2025, the Company, and its subsidiaries, were in compliance with the covenants associated with its short-term seasonal lines of credit.
Securitized Receivables
6 unchanged sentences
Servicing fees are recorded as a reduction of selling, general, and administrative expenses within the condensed consolidated statements of operations.
−Removed: As of December 31, 2024, the investment limit of this facility was $ 120,000 of trade receivables.
+Added: As of June 30, 2025, the investment limit of this facility was $ 120,000 of trade receivables.
Under the second facility, the Company offers trade receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution.
1 unchanged sentence
Although the Company continues to service, administer, and collect the receivables on behalf of the unaffiliated financial institution, the Company does not receive a servicing fee, and as a result, has established a servicing liability based upon unobservable inputs, primarily discounted cash flow.
−Removed: As of December 31, 2024, the investment limit under the second facility was $ 130,000 of trade receivables.
+Added: As of June 30, 2025, the investment limit under the second facility was $ 160,000 of trade receivables.
As servicer for the Finacity Facility and the second facility, the Company may receive funds that are due to the unaffiliated financial institutions which are net settled on the next settlement date.
−Removed: As of December 31, 2024 and 2023, and March 31, 2024, trade receivables, net in the condensed consolidated balance sheets has been reduced by $ 8,927 , $ 5,813 , and $ 15,036 as a result of the net settlement, respectively.
−Removed: As of March 31, 2024, accrued expenses and other current liabilities in the consolidated balance sheets includes $ 10,279 of net payables for the Finacity Facility.
+Added: As of June 30, 2025 and 2024, and March 31, 2025, trade
+Added: receivables, net in the condensed consolidated balance sheets has been reduced by $ 1,056 , $ 8,219 , and $ 2,190 as a result of the net settlement, respectively.
Refer to " Note 15.
2 unchanged sentences
Following the sale and transfer of the receivables to the unaffiliated financial institution, the receivables are isolated from the Company and its affiliates, and effective control of the receivables is passed to the unaffiliated financial institution, which has all rights, including the right to pledge or sell the receivables.
−Removed: As of December 31, 2024, the investment limits under these other facilities were variable based on qualifying sales.
+Added: As of June 30, 2025, the investment limits under these other facilities were variable based on qualifying sales.
The following summarizes the Company's accounts receivable outstanding in the securitization facilities, which represents trade receivables sold into the program that have not been collected from the customer, and related beneficial interests, which represents the Company's residual interest in receivables sold that have not been collected from the customer:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Receivables outstanding in facility $ 167,433 $ 260,973 $ 355,246
3 unchanged sentences
The following summarizes the Company's cash purchase price and deferred purchase price:
−Removed: Nine Months Ended
+Added: Three Months Ended
Cash proceeds:
4 unchanged sentences
The following summarizes amounts guaranteed and the fair value of those guarantees:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Amounts guaranteed (not to exceed) $ 83,519 $ 79,192 $ 110,660
3 unchanged sentences
Amounts due to local banks on behalf of suppliers for government subsidized rural credit financing 7,478 526 13,787
−Removed: (1) Most of the guarantees outstanding at December 31, 2024 expire within one year .
+Added: (1) Most of the guarantees outstanding at June 30, 2025 expire within one year .
Derivative Financial Instruments
1 unchanged sentence
These contracts are for green tobacco purchases, processing costs, and selling, general, and administrative expenses.
−Removed: The Company recorded a net loss of $ 537 and $ 98 from its derivative financial instruments in cost of goods and services sold for the three and nine months ended December 31, 2024, respectively.
−Removed: The Company recorded a net gain of $ 1,548 and $ 4,368 from its derivative financial instruments in cost of goods and services sold for the three and nine months ended December 31, 2023, respectively.
−Removed: As of December 31, 2024 and 2023, the Company recorded current derivative liabilities of $ 3,987 and $ 0 within accrued expenses and other current liabilities, respectively.
+Added: The Company recorded a net gain of $ 1,868 and $ 851 from its derivative financial instruments in cost of goods and services sold for the three months ended June 30, 2025 and 2024, respectively.
+Added: As of June 30, 2025 and 2024, and March 31, 2025, the Company recorded current derivative assets of $ 1,322 , $ 0 , and $ 982 included within other current assets, and current derivative liabilities of $ 0 , $ 1,834 , and $ 57 , included within accrued expenses and other current liabilities, respectively.
Refer to " Note 15.
2 unchanged sentences
Dollar notional amount of derivative contracts outstanding:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Dollar notional outstanding $ 14,250 $ 23,300 $ 49,500
1 unchanged sentence
The following summarizes the financial assets and liabilities measured at fair value on a recurring basis:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
+Added: June 30, 2025 June 30, 2024 March 31, 2025
Level 2 Level 3 Total
2 unchanged sentences
Financial Assets:
+Added: Derivative financial instruments $ 1,322 $ — $ 1,322 $ — $ — $ — $ 982 $ — $ 982
Securitized beneficial interests — 16,103 16,103 — 25,640 25,640 — 29,354 29,354
9 unchanged sentences
Three Months Ended
−Removed: December 31, 2024 December 31, 2023
−Removed: Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees
−Removed: Beginning balance $ 11,093 $ 91 $ 284 $ 24,393 $ 507 $ 1,458
−Removed: Issuances of sales of receivables/guarantees 56,192 — 2,408 44,754 — 1,525
−Removed: Settlements ( 45,409 ) ( 42 ) ( 26 ) ( 52,151 ) ( 307 ) ( 31 )
−Removed: Losses recognized in earnings ( 4,205 ) — — ( 2,684 ) — ( 1,249 )
−Removed: Ending balance $ 17,671 $ 49 $ 2,666 $ 14,312 $ 200 $ 1,703
−Removed: Nine Months Ended
−Removed: December 31, 2024 December 31, 2023
+Added: June 30, 2025 June 30, 2024
Securitized Beneficial Interests Long-Term Debt Guarantees Securitized Beneficial Interests Long-Term Debt Guarantees
−Removed: Beginning balance $ 15,036 $ 160 $ 5,097 $ 19,522 $ 514 $ 5,262
−Removed: Issuances of sales of receivables/guarantees 174,631 — 3,738 129,031 — 3,779
+Added: Balance, beginning of period $ 29,354 $ 12 $ 6,459 $ 15,036 $ 160 $ 5,097
+Added: Issuances 30,431 — 300 61,029 — 938
Settlements ( 42,023 ) ( 12 ) ( 1,242 ) ( 45,233 ) — ( 715 )
Losses recognized in earnings ( 1,659 ) — ( 2,230 ) ( 5,192 ) — ( 2,709 )
−Removed: Ending balance $ 17,671 $ 49 $ 2,666 $ 14,312 $ 200 $ 1,703
−Removed: For the nine months ended December 31, 2024 and 2023, the impact to earnings attributable to the change in unrealized losses on securitized beneficial interests was $ 1,272 and $ 1,551 , respectively.
+Added: Balance, end of period $ 16,103 $ — $ 3,287 $ 25,640 $ 160 $ 2,611
+Added: For the three months ended June 30, 2025 and 2024, the impact to earnings attributable to the change in unrealized losses on securitized beneficial interests was $ 633 and $ 1,250 , respectively.
Gains and losses included in earnings are reported in other expense, net.
−Removed: Pension and Other Postretirement Benefits
−Removed: The Company terminated one of its defined benefit pension plans in the U.K.
−Removed: Pension Plan") during the three-month period ended December 31, 2023 .
−Removed: Pension Plan was over-funded.
−Removed: During the three-month period ended December 31, 2023 , the Company utilized the surplus assets to pay termination fees and received a $ 1,106 cash distribution from the plan termination.
−Removed: The Company recorded a noncash pension settlement charge of $ 12,008 during the three and nine months ended December 31, 2023 , which included the disposition of the U.K.
−Removed: Pension Plan assets and the reclassification of $ 3,511 unrecognized net pension losses, net of $ 1,170 tax benefit, within accumulated other comprehensive income into the Company's condensed consolidated statements of operations.
Contingencies and Other Information
1 unchanged sentence
The government in the Brazilian State of Parana ("Parana") issued a tax assessment on October 26, 2007 with respect to local intrastate trade tax credits that result primarily from tobacco transferred between states within Brazil.
−Removed: At December 31, 2024, the assessment for intrastate trade tax credits taken is $ 2,132 and the total assessment including penalties and interest is $ 8,963 .
+Added: At June 30, 2025, the assessment for intrastate trade tax credits taken is $ 2,419 and the total assessment including penalties and interest is $ 10,408 .
The Company believes it has properly complied with Brazilian law and will contest any assessment through the judicial process.
6 unchanged sentences
Pursuant to the Pyxus International, Inc.
−Removed: Amended and Restated 2020 Incentive Plan (the "Incentive Plan"), the Company granted time-vesting restricted stock units, with the vesting of these restricted stock units being subject to continued employment through specified dates and the condition that the Company’s common stock be listed for trading on a national securities exchange or an approved foreign securities exchange by March 31, 2028 (the "Listing Condition").
−Removed: On May 10, 2024 (the "Modification Date"), the time-vesting restricted stock units granted under the Incentive Plan that were outstanding immediately prior to that date were amended to extend the period by which the Listing Condition must be satisfied for the vesting of such restricted stock units from March 31, 2028 to March 31, 2031 and to provide that the Listing Condition shall be deemed to be satisfied on March 31, 2031 regardless of whether the Company’s common stock has been listed by that date on a national securities exchange or foreign securities exchange and would vest earlier upon the occurrence of a "Change in Control" (as defined in the Incentive Plan) as a result of a merger, consolidation, share exchange or sale of all or substantially all of the assets of the Company.
−Removed: On the Modification Date, the amended Listing Condition was rendered nonsubstantive, and recipients of all such outstanding time-vesting restricted stock units had satisfied the continued service requirement, meaning the then-outstanding restricted stock units were fully earned for vesting.
−Removed: During the three and nine months ended December 31, 2024, the Company recognized total equity-based compensation expense of $ 267 and $ 3,899 , respectively, which is recorded in selling, general, and administrative expenses within the condensed consolidated statements of operations.
−Removed: The modified time-vesting restricted stock units accounted for $ 3,263 of the total equity-based compensation recognized year-to-date to reflect the cumulative catch-up required on the Modification Date.
−Removed: The following summarizes the Company's equity awards granted:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: (in thousands, except grant date fair value) 2024 2023 2024 2023
+Added: Amended and Restated 2020 Incentive Plan (the "Incentive Plan"), a total of 3,612 shares (which amounts are presented in thousands) have been authorized for grants of equity-based awards to certain employees and non-employee directors.
+Added: During the three months ended June 30, 2025 and 2024, the Company recognized total equity-based compensation expense of $ 237 and $ 3,031 , respectively, which is recorded in selling, general, and administrative expenses within the condensed consolidated statements of operations.
+Added: The amount recorded during the three months ended June 30, 2024 included the impact of a cumulative catch-up adjustment due to the modification on May 10, 2024 of awards then outstanding under the Incentive Plan.
Restricted Stock Units
−Removed: Number granted 55 — 862 —
−Removed: Weighted average grant date fair value $ 2.51 $ — $ 3.41 $ —
+Added: Restricted stock units granted under the Incentive Plan are earned ratably for certain employees, subject to their continued employment, from the date of the award to March 31, 2027, and for certain non-employee directors, subject to continued board service, from the date of the award to August 14, 2025.
+Added: Restricted stock units vest upon the earlier of March 31, 2031 or the occurrence of a change-in-control event or a liquidity event as such terms are defined under the restricted stock unit award agreement.
+Added: The following summarizes activity for restricted stock units:
+Added: (in thousands except grant date fair value) Restricted Stock Units Weighted Average Grant Date Fair Value Per Share
+Added: Nonvested, March 31, 2025
+Added: Canceled or forfeited ( 23 ) 3.50
+Added: Nonvested, June 30, 2025
+Added: Unrecognized compensation cost for restricted stock units is $ 1,532 as of June 30, 2025, and is expected to be recognized over a weighted average period of 1.75 years, representing the weighted average remaining service period related to the awards, subject to adjustments for actual forfeitures.
Performance-Based Stock Units
−Removed: Number granted (at target performance level) — — 605 —
−Removed: Weighted average grant date fair value $ — $ — $ 4.36 $ —
−Removed: Restricted stock units granted under the Incentive Plan are earned ratably from the date of the award to March 31, 2027 for certain employees and from the date of the award to the Company's next annual shareholders meeting for certain members of the Board of Directors, and will vest, subject to continued employment or service, upon the earlier of March 31, 2031 or the occurrence of a liquidity event as defined under the terms of the restricted stock unit award agreement.
−Removed: Unrecognized compensation costs for restricted stock units is $ 2,307 as of December 31, 2024, and is expected to be recognized over a weighted average period of 2.19 years, representing the weighted average remaining service period related to the awards, subject to adjustments for actual forfeitures.
−Removed: Under the terms of the performance-based stock units, the amount of shares to be issued (ranging from 0 % to 200 % of the number of shares to be issued at the target performance level) will be contingent upon the per share price achieved in a liquidity event (as defined under the terms of the performance-based stock unit award agreement), subject to continued employment through the date of a liquidity event.
−Removed: The contingent liquidity event is not probable as of December 31, 2024, and accordingly, no equity-based compensation expense has been recognized for the performance-based stock units granted during the period.
+Added: Under the terms of the performance-based stock units, the amount of shares to be issued to certain employees (ranging from 0 % to 200 % of the number of shares to be issued at the target performance level) will be contingent upon the per share price achieved in a liquidity event (as defined under the terms of the performance-based stock unit award agreement), subject to continued employment through the date of a liquidity event.
+Added: The contingent liquidity event is not probable as of June 30, 2025, and accordingly, no equity-based compensation expense has been recognized for performance-based stock units.
+Added: The following summarizes activity for performance-based stock units (at the target performance level):
+Added: (in thousands except grant date fair value) Performance-Based Stock Units Weighted Average Grant Date Fair Value Per Share
+Added: Nonvested, March 31, 2025
+Added: Canceled or forfeited ( 26 ) 4.36
+Added: Nonvested, June 30, 2025
Related Party Transactions
1 unchanged sentence
The following summarizes activities with the Company's equity method investees:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended
Sales $ 9,055 $ 10,575
Purchases 27,309 34,886
−Removed: Dividends received 11,475 — 11,475 13,660
The Company included the following related party balances in its condensed consolidated balance sheets:
−Removed: December 31, 2024 December 31, 2023 March 31, 2024 Location in Condensed Consolidated Balance Sheet
+Added: June 30, 2025 June 30, 2024 March 31, 2025 Location in Condensed Consolidated Balance Sheet
Accounts receivable, related parties $ 1,519 $ 4,080 $ 50 Other receivables
10 unchanged sentences
is the investment manager of certain funds and reported beneficial ownership of 3,865 shares of the Company’s common stock on August 31, 2024, representing approximately 15.7 % of the outstanding shares of the Company’s common stock.
−Removed: Funds managed by the Glendon Investor, funds managed by the Monarch Investor, and funds managed by Owl Creek Asset Management, L.P., (such funds are collectively referred to as the "Investor-Affiliated Funds")
−Removed: were holders, in part, of the Intabex Term Loans, the Pyxus Term Loans and the 2027 Notes, which are described in " Note 11.
−Removed: Debt Arrangements ," during the nine months ended December 31, 2024.
+Added: Funds managed by the Glendon Investor, funds managed by the Monarch Investor, and funds managed by Owl Creek Asset Management, L.P., (such funds are collectively referred to as the "Investor-Affiliated Funds") were holders, in part, of the Intabex Term Loans, the Pyxus Term Loans and the 2027 Notes, which are described in " Note 11.
+Added: Debt Arrangements ," during the three months ended June 30, 2025.
On August 21, 2024, the Company entered into a privately negotiated transaction with CI Investments, Inc.
2 unchanged sentences
Following the completion of this transaction and other contemporaneous dispositions of the Company’s common stock by CI Investments, CI Investments ceased to be a beneficial owner of more than five percent of the Company's common stock outstanding.
−Removed: Accrued expenses and other current liabilities as presented in the condensed consolidated balance sheets as of December 31, 2024 and 2023, and March 31, 2024, includes $ 3,362 , $ 4,091 , and $ 4,239 , respectively, of interest payable to Investor-Affiliated Funds and CI Investments (applicable only for the periods in which CI Investments was a beneficial owner of more than five percent of the Company's common stock outstanding).
−Removed: Interest expense as presented in the condensed consolidated statements of operations includes $ 5,762 and $ 18,968 for the three and nine months ended December 31, 2024, respectively, and $ 10,314 and $ 30,683 for the three and nine months ended December 31, 2023, respectively, that relates to the Investor-Affiliated Funds and CI Investments (applicable only for the periods in which CI Investments was a beneficial owner of more than five percent of the Company's common stock outstanding).
+Added: Accrued expenses and other current liabilities as presented in the condensed consolidated balance sheets as of June 30, 2025 and 2024, and March 31, 2025, includes $ 1,499 , $ 1,894 , and $ 1,600 , respectively, of interest payable to Investor-Affiliated Funds and CI Investments (applicable only for the periods in which CI Investments was a beneficial owner of more than five percent of the Company's common stock outstanding).
+Added: Interest expense as presented in the condensed consolidated statements of operations includes $ 5,466 and $ 7,261 for the three months ended June 30, 2025 and 2024, respectively, that relates to the Investor-Affiliated Funds and CI Investments (applicable only for the periods in which CI Investments was a beneficial owner of more than five percent of the Company's common stock outstanding).
The holders of senior debt that are parties to the Debt Repurchase Agreement entered into on March 21, 2024 are funds affiliated with the Monarch Investor and of which the Monarch Investor is the investment advisor.
8 unchanged sentences
The following summarizes segment information, with the All Other category being included for purposes of reconciliation of the respective balances of the Leaf segment (the Company's sole reportable segment) to the condensed consolidated financial statements:
−Removed: Three Months Ended Nine Months Ended
−Removed: December 31, December 31,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended
Sales and other operating revenues:
2 unchanged sentences
Consolidated sales and other operating revenues $ 508,815 $ 634,855
−Removed: Segment operating income (loss):
+Added: Cost of goods and services sold:
Leaf $ 443,386 $ 546,188
All Other ( 197 ) 4,815
−Removed: Segment operating income 66,170 47,844 140,032 131,846
−Removed: Restructuring and asset impairment charges 89 85 416 1,379
−Removed: Consolidated operating income $ 66,081 $ 47,759 $ 139,616 $ 130,467
−Removed: December 31, 2024 December 31, 2023 March 31, 2024
−Removed: Segment assets:
+Added: Consolidated cost of goods and services sold $ 443,189 $ 551,003
+Added: Selling, general, and administrative expenses:
Leaf $ 38,735 $ 38,792
All Other 1,634 1,870
−Removed: Total assets $ 1,720,184 $ 1,601,380 $ 1,657,913
−Removed: S ubsequent Events
−Removed: Securitized Receivables
−Removed: Two of the Company's accounts receivable securitization facilities described in " Note 12.
−Removed: Securitized Receivables " were amended as follows:
−Removed: • Effective January 1, 2025, the investment limit of the Finacity Facility was temporarily increased from $ 120,000 to $ 160,000 of trade receivables through April 30, 2025.
−Removed: • Effective February 10, 2025, the investment limit of the second facility was increased from $ 130,000 to $ 160,000 of trade receivables.
+Added: Consolidated selling, general, and administrative expenses $ 40,369 $ 40,662
+Added: Other segment items:
+Added: Leaf $ 4,205 $ 3,502
+Added: All Other ( 29 ) ( 872 )
+Added: Consolidated other segment items $ 4,176 $ 2,630
+Added: Leaf segment operating income $ 22,089 $ 42,482
+Added: All Other operating loss ( 1,008 ) ( 1,922 )
+Added: Restructuring and asset impairment charges 81 103
+Added: Consolidated operating income $ 21,000 $ 40,457
+Added: Gain on debt retirement — 1,323
+Added: Interest expense, net 29,767 33,272
+Added: (Loss) income before income taxes and other items $ ( 8,767 ) $ 8,508
+Added: (1) Represents the other expense, net caption within the condensed consolidated statements of operations.
+Added: Three months ended
+Added: Leaf All Other Total Leaf All Other Total
+Added: Depreciation and amortization $ 4,800 $ 369 $ 5,169 $ 4,723 $ 404 $ 5,127
+Added: Capital expenditures 2,008 656 2,664 4,093 255 4,348
+Added: June 30, 2025 June 30, 2024 March 31, 2025
+Added: Leaf All Other Total Leaf All Other Total Leaf All Other Total
+Added: Assets $ 1,904,739 $ 35,786 $ 1,940,525 $ 1,752,886 $ 39,825 $ 1,792,711 $ 1,466,400 $ 37,443 $ 1,503,843
+Added: Trade and other receivables, net 222,909 381 223,290 225,532 563 226,095 204,054 175 204,229
+Added: Equity in net assets of investee companies 89,198 6,461 95,659 96,912 6,906 103,818 90,238 6,690 96,928
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.