XML 12 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements Of Income And Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Sales and other operating revenues $ 668,771 $ 584,592 $ 1,421,188 $ 1,316,393
Costs and Expenses        
Cost of goods sold 533,318 464,686 1,145,694 1,050,004
Selling, general and administrative expenses 52,068 54,081 153,101 166,187
Other Income [1] 0 3,390 0 3,390
Restructuring and impairment costs [2] 178 0 3,860 2,389
Operating income 83,207 69,215 118,533 101,203
Equity in pretax earnings of unconsolidated affiliates [3] 4,495 2,326 5,625 2,556
Interest income 482 452 1,116 896
Interest expense 4,051 3,937 12,440 11,733
Income before income taxes 84,133 68,056 112,834 92,922
Income tax expense 27,071 21,441 36,778 27,368
Net income 57,062 46,615 76,056 65,554
Less: net income)attributable to noncontrolling interests in subsidiaries (3,415) (2,081) (2,621) (4,502)
Net income attributable to Universal Corporation 53,647 44,534 73,435 61,052
Dividends on Universal Corporation convertible perpetual preferred stock (3,687) (3,687) (11,061) (11,061)
Earnings available to Universal Corporation common shareholders $ 49,960 $ 40,847 $ 62,374 $ 49,991
Earnings per share attributable to Universal Corporation common shareholders:        
Basic $ 2.17 $ 1.80 $ 2.73 $ 2.20
Diluted $ 1.92 $ 1.60 $ 2.63 $ 2.18
Weighted average common shares outstanding:        
Basic 22,982,473 22,717,043 22,831,717 22,671,943
Diluted 27,996,583 27,854,908 27,967,215 22,957,050
Total comprehensive income:        
Total comprehensive income, net of income taxes $ 58,717 $ 47,794 $ 76,038 $ 69,644
Less: comprehensive income attributable to noncontrolling interests, net of income taxes (3,214) (2,042) (1,976) (4,037)
Comprehensive income attributable to Universal Corporation, net of income taxes $ 55,503 $ 45,752 $ 74,062 $ 65,607
Dividends declared per common share $ 0.54 $ 0.53 $ 1.60 $ 1.57
[1] Other income represents a gain from remeasuring to fair value the Company's original 50% ownership interest in Procesadora Unitab, S.A., a tobacco processing joint venture in Guatemala, upon acquiring the 50% interest held by the Company's joint venture partner. This item is excluded from segment operating income, but is included in consolidated operating income in the consolidated statements of income and comprehensive income.
[2] Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income.
[3] Equity in pretax earnings of unconsolidated affiliates is included in segment operating income (Other Tobacco Operations segment), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income.