Guarantees

3 Months Ended

Jun. 30, 2020

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:


	June 30, 2020		June 30, 2019		March 31, 2020
Amounts guaranteed (not to exceed)	$	110,712	$	127,738	$	138,953
Amounts outstanding under guarantee⁽¹⁾	48,339		90,535		48,565
Fair value of guarantees	3,312		3,136		2,791
Amounts due to local banks on behalf of suppliers and included in accounts payable	14,206		24,131		6,849

(1) Of the guarantees outstanding at June 30, 2020, most expire within one year.