Guarantees

9 Months Ended

Dec. 31, 2019

In certain markets, the Company guarantees bank loans to suppliers to finance their crops. Under longer-term arrangements, the Company may also guarantee financing on suppliers’ construction of curing barns or other tobacco production assets. Guaranteed loans are generally repaid concurrent with the delivery of tobacco to the Company. The Company is obligated to repay guaranteed loans should the supplier default. If default occurs, the Company has recourse against its various suppliers and their production assets. The Company also guarantees bank loans of certain unconsolidated subsidiaries in Asia and South America. The following summarizes amounts guaranteed and the fair value of those guarantees:


	December 31, 2019		December 31, 2018		March 31, 2019
Amounts guaranteed (not to exceed)	$	119,342	$	176,762	$	143,298
Amounts outstanding under guarantee⁽¹⁾	37,624		79,336		103,846
Fair value of guarantees	1,112		2,890		3,714
Amounts due to local banks on behalf of suppliers and included in accounts payable	—		—		18,659

(1) Of the guarantees outstanding at December 31, 2019, most expire within one year.