10 unchanged sentences
Purchases of Equity Securities
−Removed: As indicated in the following table, we did not repurchase shares of our common stock during the three-month period ended March 31, 2021.
+Added: As indicated in the following table, we repurchased shares of our common stock during the three-month period ended March 31, 2022.
Total Number of Shares Repurchased Average Price Paid Per Share (2)
38 unchanged sentences
Diluted 24,922,896 24,788,566 25,106,351 25,330,437 25,508,144
−Removed: Dividends per share of convertible perpetual preferred stock (annual) (3)
−Removed: $ — $ — $ — $ — $ 50.63
Dividends per share of common stock (annual) $ 3.12 $ 3.08 $ 3.04 $ 3.00 $ 2.18
3 unchanged sentences
See Note 17 to the consolidated financial statements in Item 8 of this Annual Report for information on reportable operating segments.
−Removed: (2) We hold less than a 100% financial interest in certain consolidated subsidiaries, and a portion of net income is attributable to the noncontrolling interests in those subsidiaries.
−Removed: (3) In December 2016 and January 2017, all outstanding shares of the Company's Series B 6.75% Convertible Perpetual Preferred Stock were converted for common stock or for cash, and none were outstanding during fiscal years 2018 to 2020.
+Added: (2) We hold less than a 100% financial interest in certain consolidated subsidiaries, and a portion of net income is attributable to the noncontrolling interests in
Significant items included in the operating results in the above table are as follows:
+Added: • Fiscal Year 2022 – $10.5 million of restructuring and impairment costs, primarily related to the impairment of assets in Tanzania as well as other restructurings in the Tobacco operations segment.
+Added: The restructuring and impairment costs reduced net income by $7.9 million, or $0.32 per diluted share.
+Added: We incurred $2.3 million of transaction costs associated with the acquisition of Shank's that were only partially tax-deductible, reducing net income by $2.2 million and diluted earnings per share by $0.09.
+Added: We recognized a $3.1 million expense in cost of goods sold relating to the expensing of a fair value adjustment to inventory associated with the initial acquisition accounting for Shank's that reduced diluted earnings per share by $0.10.
+Added: We reversed a portion of the contingent consideration liability for the FruitSmart acquisition, as a result of certain performance metrics that did not meet the required threshold stipulated in the purchase agreement that increased net income by $2.5 million, or $0.10 per diluted share.
+Added: We recognized a benefit from a final income tax ruling as at a foreign subsidiary that increased interest income by $0.5 million and decreased income taxes by $1.7 million, respectively.
+Added: The increase in interest income and reduction in income tax expense for the final income tax ruling at a foreign subsidiary increased diluted earnings per share by $0.09.
+Added: On a combined basis, the net effect of these items decreased net income by $7.8 million, or $0.32 per diluted share.
• Fiscal Year 2021 – $22.6 million of restructuring and impairment costs, primarily related to the termination of operations at CIFI, as well as other restructurings and impairments in the Tobacco operations segment.
3 unchanged sentences
We recognized a $2.8 million expense in cost of goods sold relating to the expensing of a fair value adjustment to inventory associated with the initial acquisition accounting for Silva that reduced diluted earnings per share by $0.11.
−Removed: We reversed a portion of the contingent consideration liability for the FruitSmart acquisition, as a result of
−Removed: certain performance metrics that did not meet the required threshold stipulated in the purchase agreement that increased net income by $4.2 million, or $0.17 per diluted share.
+Added: We reversed a portion of the contingent consideration liability for the FruitSmart acquisition, as a result of certain performance metrics that did not meet the required threshold stipulated in the purchase agreement that increased net income by $4.2 million, or $0.17 per diluted share.
We recognized an income tax settlement charge related to operations at a foreign subsidiary that reduced net income by $1.8 million, or $0.08 per diluted share.
18 unchanged sentences
The reduction in income tax expense increased diluted earnings per share by $0.18.
−Removed: • Fiscal Year 2017 – $4.4 million of restructuring and impairment costs, primarily related to our decision to close our tobacco processing facility in Hungary.
−Removed: We are now processing tobaccos sourced from Hungary in our facilities in Italy.
−Removed: The restructuring and impairment costs reduced net income by $2.8 million, or $0.10 per diluted share.
−Removed: In addition, all 218,490 outstanding shares of our Series B 6.75% Convertible Perpetual Preferred Stock were converted during the third and fourth quarters.
−Removed: Of the total shares converted, 107,418 shares were converted for cash, resulting in a reduction of retained earnings of approximately $74.4 million for the excess of the conversion cost over the carrying value of the shares.
−Removed: The reduction in retained earnings resulted in a corresponding one-time reduction of earnings available to common shareholders for purposes of determining the amounts reported for basic and diluted earnings per share for the year.
−Removed: The reduction in earnings available to common shareholders decreased diluted earnings per share by $2.99.
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.