24 unchanged sentences
This stock repurchase plan authorizes the purchase of up to $100 million in common and/or preferred stock in open market or privately negotiated transactions through November 15, 2024 or when we have exhausted the funds authorized for the program, subject to market conditions and other factors.
−Removed: Selected Financial Data
−Removed: Fiscal Year Ended March 31,
−Removed: 2023 2022 2021 2020 2019
−Removed: (in thousands, except share and per share data, ratios, and number of shareholders)
−Removed: Summary of Operations
−Removed: Sales and other operating revenues $ 2,569,824 $ 2,103,601 $ 1,983,357 $ 1,909,979 $ 2,227,153
−Removed: Operating income $ 181,072 $ 160,315 $ 147,810 $ 126,367 $ 161,169
−Removed: Segment operating income (1)
−Removed: $ 183,455 $ 174,335 $ 169,199 $ 138,121 $ 186,772
−Removed: Net income $ 130,236 $ 103,604 $ 96,314 $ 78,003 $ 110,134
−Removed: Net income attributable to Universal Corporation (2)
−Removed: $ 124,052 $ 86,577 $ 87,410 $ 71,680 $ 104,121
−Removed: Return on beginning common shareholders’ equity 9.3 % 6.6 % 7.0 % 5.4 % 7.8 %
−Removed: Earnings per share attributable to
−Removed: Universal Corporation common shareholders:
−Removed: Basic $ 5.01 $ 3.50 $ 3.55 $ 2.87 $ 4.14
−Removed: Diluted $ 4.97 $ 3.47 $ 3.53 $ 2.86 $ 4.11
−Removed: Financial Position at Year End
−Removed: Current ratio 4.08 3.37 5.31 5.53 6.26
−Removed: Total assets $ 2,639,182 $ 2,586,345 $ 2,341,924 $ 2,120,921 $ 2,133,184
−Removed: Long-term debt $ 616,809 $ 518,547 $ 518,172 $ 368,764 $ 368,503
−Removed: Working capital $ 1,360,903 $ 1,229,287 $ 1,262,201 $ 1,212,218 $ 1,334,397
−Removed: Total Universal Corporation shareholders’ equity $ 1,397,088 $ 1,340,543 $ 1,307,299 $ 1,246,665 $ 1,337,087
−Removed: Number of common shareholders 885 928 962 1,000 1,028
−Removed: Weighted average common shares outstanding:
−Removed: Basic 24,773,710 24,764,177 24,656,009 24,982,259 25,129,192
−Removed: Diluted 24,943,841 24,922,896 24,788,566 25,106,351 25,330,437
−Removed: Dividends per share of common stock (annual) $ 3.16 $ 3.12 $ 3.08 $ 3.04 $ 3.00
−Removed: Book value per common share $ 56.90 $ 54.60 $ 53.33 $ 51.05 $ 53.50
−Removed: (1) We evaluate the performance of our segments based on segment operating income, which is operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in the pretax earnings of unconsolidated affiliates.
−Removed: Segment operating income is a non-GAAP measure.
−Removed: 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: Significant items included in the operating results in the above table are as follows:
−Removed: • Fiscal Year 2023 – Final judgement on a lawsuit against the government in Brazil resulted in the refund of taxes paid in prior years, as well as interest proceeds on the overpayment, increasing net income by $29.2 million and diluted earnings per share by $1.18.
−Removed: Sale of the idled tobacco operations in Tanzania resulted in a reversal of interest expense for a previously recognized uncertain tax position and an increase in income taxes, increasing net income by $0.7 million and diluted earnings per share by $0.02.
−Removed: On a combined basis, the net effect of these items increased net income by $29.9 million, or $1.20 per diluted share.
−Removed: • 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.
−Removed: The restructuring and impairment costs reduced net income by $7.9 million, or $0.32 per diluted share.
−Removed: 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.
−Removed: 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.
−Removed: 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
−Removed: stipulated in the purchase agreement that increased net income by $2.5 million, or $0.10 per diluted share.
−Removed: 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.
−Removed: 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.
−Removed: On a combined basis, the net effect of these items decreased net income by $7.8 million, or $0.32 per diluted share.
−Removed: • 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.
−Removed: The restructuring and impairment costs included employee termination benefits, as well as impairment charges related to certain property, plant, equipment, as well as other current and noncurrent assets.
−Removed: The restructuring and impairment costs reduced net income by $17.8 million, or $0.72 per diluted share.
−Removed: We incurred $3.9 million of non-tax deductible transaction costs associated with the acquisition of Silva that reduced diluted earnings per share by $0.16.
−Removed: 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 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.
−Removed: 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.
−Removed: In addition, we benefited from an income tax benefit of $4.4 million related to final U.S.
−Removed: tax regulations on certain dividends paid by foreign subsidiaries.
−Removed: The reduction in income tax expense increased diluted earnings per share by $0.18.
−Removed: On a combined basis, the net effect of these items decreased net income by $17.8 million, or $0.72 per diluted share.
−Removed: • Fiscal Year 2020 – $7.5 million of restructuring and impairment costs, primarily related to our tobacco operations in North Carolina and Africa.
−Removed: The restructuring and impairment costs included employee termination benefits, as well as impairment charges related to certain property, plant, equipment, and noncurrent assets.
−Removed: The restructuring and impairment costs reduced net income by $6.3 million, or $0.25 per diluted share.
−Removed: We incurred $4.7 million of non-tax deductible transaction costs associated with the acquisition of FruitSmart that reduced diluted earnings per share by $0.19.
−Removed: We recognized a $2.7 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 FruitSmart, that reduced net income by $2.1 million, or $0.08 per diluted share.
−Removed: Additionally, income tax expense included $2.8 million for the settlement of an income tax matter related to a foreign subsidiary that reduced diluted earnings per share by $0.11.
−Removed: On a combined basis, the net effect of these items decreased net income by $15.9 million, or $0.63 per diluted share.
−Removed: • Fiscal Year 2019 – $20.3 million of restructuring and impairment costs, primarily related to our operations in Tanzania.
−Removed: The restructuring and impairment costs included employee termination benefits, as well as impairment charges related to certain property, plant, equipment, and goodwill.
−Removed: The restructuring and impairment costs reduced net income by $16.5 million, or $0.64 per diluted share.
−Removed: In addition, we benefited from a $7.8 million reduction in income tax expense for the reversal of amounts previously recorded for dividend withholding taxes on distributed and undistributed retained earnings of a foreign subsidiary following the resolution of uncertainties with the local country taxing authorities with respect to the inclusion of the tax under a tax holiday applicable to the subsidiary.
−Removed: The reduction of income tax expense increased diluted earnings per share by $0.30.
−Removed: On a combined basis, the net effect of these items decreased net income by $8.7 million, or $0.34 per diluted share.
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.