13 unchanged sentences
The Company has not paid any cash dividends in the three-year period ended December 31, 2020.
−Removed: The Company has no plans to pay cash dividends as it plans to retain all cash from operations as a source of capital to finance working capital and growth in the business.
+Added: The Company has no plans to pay cash dividends as it plans to retain all cash from operations as a source of capital to service debt and finance working capital and growth in the business.
On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock, which allowed the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions.
4 unchanged sentences
On September 17, 2019, the Company’s Board of Directors authorized an additional repurchase of up to $50 million.
−Removed: An additional 28,000 shares were repurchased under the new program as of December 31, 2019 at a cost of $0.8 million.
−Removed: Subsequent to December 31, 2019, approximately 282,000 additional shares were repurchased at a cost of $7.7 million.
+Added: Cumulative repurchases under this plan were approximately 310,000 shares at a cost of $8.5 million before the 10b5-1 plan associated with the share repurchase program was terminated on February 3, 2020.
The following graph and table shows the performance of the Company’s common stock compared with the S&P 500 Index — Total Return and the NASDAQ US and Foreign Companies for a $100 investment made December 31, 2015:
15 unchanged sentences
Net Gain on Sales of Businesses (5) $ — $ 78,801 $ — $ — $ —
−Removed: Net Income $ 52,017 $ 46,803 $ 19,679 $ 48,424 $ 66,974
−Removed: Net Margin 6.7 % 5.8 % 3.2 % 7.6 % 9.7 %
+Added: Net (Loss) Income $ (115,781) $ 52,017 $ 46,803 $ 19,679 $ 48,424
+Added: Net (Loss) Income Margin (23.0) % 6.7 % 5.8 % 3.2 % 7.6 %
Diluted Earnings Per Share (1) $ (3.76) $ 1.60 $ 1.41 $ 0.58 $ 1.40
12 unchanged sentences
Number of Employees 2,200 2,800 2,700 2,500 2,300
−Removed: Diluted Earnings Per Share, Weighted Average Shares Outstanding - Diluted, Book Value Per Share and Shares Outstanding have been adjusted for the impact of the October 12, 2018 fifteen percent Class B stock distribution, October 11, 2016 fifteen percent Class B stock distribution and the October 8, 2015 fifteen percent Class B stock distribution.
+Added: Diluted Earnings Per Share, Weighted Average Shares Outstanding - Diluted, Book Value Per Share and Shares Outstanding have been adjusted for the impact of the October 12, 2018 fifteen percent Class B stock distribution and the October 11, 2016 fifteen percent Class B stock distribution.
Working capital is calculated as the difference between Current Assets and Current Liabilities.
Information includes the results of CCC, acquired on April 3, 2017, and CSC, acquired on December 1, 2017, each from the acquisition date forward.
+Added: The Company recorded goodwill impairment charges during the first and second quarters of 2020 as described in Note 7 in our consolidated financial statements in Item 8.
The Company recorded impairment charges in conjunction with restructuring, impairment and other activities during the fourth quarter of 2019, as described in Note 23 in our consolidated financial statements.
−Removed: The Company recorded a goodwill impairment charge during the fourth quarter of 2017.
+Added: The Company also recorded a goodwill impairment charge during the fourth quarter of 2017.
The Company recorded a gain of $80.1 million upon the sale of the semiconductor business on February 13, 2019, offset by a $1.3 million loss on the sale of the airfield lighting product line on July 12, 2019.
1 unchanged sentence
Information reflects the sale of the semiconductor business, divested on February 13, 2019.
−Removed: Information included in 2019 is impacted by restructuring, impairment and other charges;
−Removed: as described in Note 23 in our consolidated financial statements.
+Added: During 2020, the Company recorded non-cash charges of $21.5 million included within its provision for income taxes related to the Company’s determination that a valuation allowance against its deferred tax assets was necessary.
+Added: Accounting rules require a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on the available and objectively verifiable evidence, it is more likely than not that such assets will not be realized.
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.