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Unaudited Quarterly Financial Data | 12 Months Ended
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Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Unaudited Quarterly Financial Data | UNAUDITED QUARTERLY FINANCIAL DATA Unaudited quarterly financial data for the fiscal years ended March 31, 2016 and 2015 is provided in the table below. Due to the seasonal nature of the Company's business, management believes it is generally more meaningful to focus on cumulative rather than quarterly results.
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Fiscal Year Ended March 31, 2016 |  |  |  |  |  |  |
Operating Results: |  |  |  |  |  |  |
Sales and other operating revenues | $ | 275,419 |  |  | $ | 456,382 |  |  | $ | 584,592 |  |  | $ | 803,980 |
Gross profit | 48,389 |  |  | 98,094 |  |  | 119,906 |  |  | 140,942 |
Net income (loss) | (6,125 | ) |  | 25,064 |  |  | 46,615 |  |  | 52,594 |
Net income (loss) attributable to Universal Corporation | (5,947 | ) |  | 22,465 |  |  | 44,534 |  |  | 47,964 |
Earnings (loss) available to Universal Corporation common shareholders after dividends on convertible perpetual preferred stock | (9,634 | ) |  | 18,778 |  |  | 40,847 |  |  | 44,277 |
Earnings (loss) per share attributable to Universal Corporation common shareholders: |  |  |  |  |  |  |
Basic | (0.43 | ) |  | 0.83 |  |  | 1.80 |  |  | 1.95 |
Diluted | (0.43 | ) |  | 0.81 |  |  | 1.60 |  |  | 1.72 |
Cash Dividends Declared: |  |  |  |  |  |  |
Per share of convertible perpetual preferred stock | 16.88 |  |  | 16.87 |  |  | 16.88 |  |  | 16.87 |
Per share of common stock | 0.52 |  |  | 0.52 |  |  | 0.53 |  |  | 0.53 |
Market Price Range of Common Stock: |  |  |  |  |  |  |
High | 57.76 |  |  | 58.41 |  |  | 57.72 |  |  | 57.27 |
Low | 46.80 |  |  | 46.98 |  |  | 49.70 |  |  | 51.49 |
Fiscal Year Ended March 31, 2015 |  |  |  |  |  |  |
Operating Results: |  |  |  |  |  |  |
Sales and other operating revenues | $ | 271,472 |  |  | $ | 464,116 |  |  | $ | 758,054 |  |  | $ | 778,159 |
Gross profit | 55,540 |  |  | 85,071 |  |  | 147,572 |  |  | 122,091 |
Net income | 525 |  |  | 15,484 |  |  | 58,077 |  |  | 46,375 |
Net income attributable to Universal Corporation | 717 |  |  | 15,025 |  |  | 53,039 |  |  | 45,827 |
Earnings (loss) available to Universal Corporation common shareholders after dividends on convertible perpetual preferred stock | (2,995 | ) |  | 11,312 |  |  | 49,309 |  |  | 42,122 |
Earnings (loss) per share attributable to Universal Corporation common shareholders: |  |  |  |  |  |  |
Basic | (0.13 | ) |  | 0.49 |  |  | 2.13 |  |  | 1.86 |
Diluted | (0.13 | ) |  | 0.48 |  |  | 1.87 |  |  | 1.64 |
Cash Dividends Declared: |  |  |  |  |  |  |
Per share of convertible perpetual preferred stock | 16.88 |  |  | 16.87 |  |  | 16.88 |  |  | 16.87 |
Per share of common stock | 0.51 |  |  | 0.51 |  |  | 0.52 |  |  | 0.52 |
Market Price Range of Common Stock: |  |  |  |  |  |  |
High | 56.82 |  |  | 56.35 |  |  | 45.63 |  |  | 48.10 |
Low | 52.16 |  |  | 44.39 |  |  | 38.53 |  |  | 39.27 |
Note: | Earnings per share amounts for each fiscal year may not equal the total of the four quarterly amounts due to differences in weighted-average outstanding shares for the respective periods and to the fact that the Company’s convertible perpetual preferred stock may be antidilutive for some periods.
Significant items included in the quarterly results were as follows: Fiscal Year Ended March 31, 2016
• | First Quarter – restructuring and impairment costs totaling $2.4 million related to a decision to significantly scale back the Company's operations in Zambia. The costs included statutory employee termination benefits, impairment charges related to outstanding balances on loans to farmers whose contracts were terminated as a result of the decision, and impairment charges on certain property and equipment. The restructuring and impairment costs reduced net income attributable to Universal Corporation by $1.6 million and diluted earnings per share by $0.06.
• | Third Quarter – a $3.4 million pretax gain arising from the acquisition of a joint venture partner's 50% ownership interest in a tobacco processing entity in Guatemala. The transaction increased the Company's ownership interest in the entity to 100%, requiring consolidation of the financial statements of the entity and remeasurement of the Company's original 50% ownership interest to fair value, resulting in the gain. The gain increased net income attributable to Universal Corporation by $2.2 million and diluted earnings per share by $0.08.
Fiscal Year Ended March 31, 2015
• | First Quarter – an income tax benefit of $8.0 million resulting from the ability of the Company's subsidiary, Deltafina S.p.A, to pay a significant portion of a fine and related interest charges settled during the quarter following the unsuccessful appeal of a case brought by the European Commission related to tobacco buying practices in Italy. The tax benefit reduced the diluted loss per share after dividends on the Company's convertible perpetual preferred stock by $0.34.
• | Second Quarter – restructuring costs of approximately $3.4 million, primarily related to workforce reductions in the Company's operations in Brazil, as well as the suspension of operations in Argentina. The restructuring costs reduced net income attributable to Universal Corporation by $2.2 million and diluted earnings per share by $0.09.
• | Third Quarter – additional restructuring costs of approximately $1.1 million, primarily related to additional workforce reductions in Brazil, as well the suspension of operations in Argentina. The restructuring costs reduced net income attributable to Universal Corporation by $0.7 million and diluted earnings per share by $0.03.
• | Fourth Quarter – a gain of $12.7 million from the reversal of a valuation allowance on the remaining unused balance of IPI excise tax credits in Brazil. The gain increased net income attributable to Universal Corporation by $8.2 million and diluted earnings per share by $0.30. The Company also recorded additional restructuring costs of approximately $0.4 million, which reduced net income attributable to Universal Corporation by approximately $0.3 million and diluted earnings per share by $0.01.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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