The Viacom unit announced it would start a standalone Nickelodeon OTT service this year, joining HBO, CBS and more. It's simply taking its business where Nickelodeon's customers are, but its customers have parents who are already drifting from TV and are now just bringing them up that way.
When it comes to the Super Bowl, even if millions have seen ads leaked and teased ahead of time, many more millions can resist the urge. This year, memorable ads include a bigger platform for the "Like A Girl" ad that went viral online last summer, and a new NFL commercial about domestic violence that should stop Super Bowl parties everywhere. Yet some research says the most engaging ads aren't remembered fondly, or with humor.
Can Grace Helbig Figure Out TV?
Helbig is one of YouTube's stars, a vlogger whose "It's Grace" has 2 million subscribers and 150 million views. She's otherwise found all over YouTube -- and will get her own weekly show on cable's E! network beginning in April. She knows transferring a YouTube sensibility to television might be tough.
Snapchat this morning debuted its Discover, a new service to let its mostly youngish users get a sampling of content from a variety of sources. The partners are Scripps Interactive, National Geographic, Yahoo News, Comedy Central, People magazine, CNN, Warner Music Group, ESPN, Vice Media, the UK's Daily Mail and Cosmopolitan.
A new Cabletelevision Advertising Bureau report, titled "Get Real: Video Advertising 2015," uses Nielsen and comScore data to conclude that of the 175 hours an average American spent watching something in September 2014, 80% was spent watching "multiscreen TV content." Only 20% was spent with all Internet activity from the other "four major online portals" and Facebook.
Snapchat is the latest, and maybe the most surprising, to announce it will begin what might be called Snapchat Discover, a new publishing stream. Meanwhile, Tumblr has now created a unit that will connect Tumblr bloggers with brands that want to use their expertise to create content.
If Amazon delivered these new pilots to you, by now you'd be sealing up the box and getting ready for a trip to the post office to send them back. If "Transparent" is near the best it can do, the new batch of would-be shows from Amazon might make subscribers think twice.
CEO Jason Kilar is betting that sufficient millions of users will pay $2.99 a month to get a chance to see content (with some ads) in a three-day exclusive window before that same material is made available on other sites, including YouTube.
Obama Online: Much Ado About Nothing?
On the one hand, a lot of politicians know nothing about using social media and streaming video. On the other hand, President Obama seems to get high marks just for trying it, even if a lot of it isn't very impressive.
It will begin producing or acquire up to a dozen films this year,and market them to theaters with the idea they will show up on Amazon's online movie service a month -- or maybe two -- later.


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As of February 1, 2019, the total number of shares of common stock outstanding was 24,968,799.
Universal Corporation, which together with its subsidiaries is referred to herein as "Universal" or the "Company," is the leading global leaf tobacco supplier. Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. Certain amounts in prior year statements have been reclassified to conform to the current year presentation. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2018.
The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" and all related supplemental amendments ("ASU 2014-09") effective April 1, 2018, the beginning of the current fiscal year. ASU 2014-09 superseded substantially all of the current revenue recognition guidance under U.S. generally accepted accounting principles ("U.S. GAAP"), and was developed under a joint project with the International Accounting Standards Board ("IASB") to improve and converge the existing revenue recognition accounting guidance in U.S. GAAP and International Accounting Standards. Under ASU 2014-09, the central underlying principle is to recognize revenues when promised goods or services are transferred to customers at an amount determined by the consideration a company expects to receive for those goods or services. The guidance outlines a five-step process for determining the amount and timing of revenue to be recognized from those arrangements. ASU 2014-09 and the supplemental amendments were codified into the U.S. GAAP hierarchy in Section 606 of the FASB Accounting Standards Codification ("ASC 606"). The Company's implementation process for ASU 2014-09 included a comprehensive assessment of its contractual arrangements with customers that involved classifying those arrangements by specific revenue streams, documenting the relevant terms and conditions of the contracts, and determining the appropriate revenue recognition for those contracts under the new guidance. Through this process, the Company determined in all cases that revenue recognition under the new guidance based on the transfer of its goods and services to customers was substantially the same as under the prior guidance. Accordingly, the adoption of ASU 2014-09 had no impact on the amount and timing of revenue recognized, and no adjustment for the cumulative effect of implementing the new guidance was required under the modified retrospective transition adoption method selected by the Company. The disclosures required for revenue recognition under the new guidance are provided in Note 3.
The Company adopted FASB Accounting Standards Update No. 2017-07, "Compensation - Retirement Benefits (Topic 715)" ("ASU 2017-07") effective April 1, 2018. ASU 2017-07 requires that an employer report the service cost component of pension or other postretirement benefits expense in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. With the adoption of ASU 2017-07, the service cost component of net periodic benefit cost continues to be reported in selling, general and administrative expenses in the consolidated statements of income, or in cost of goods sold for the portion that is recorded as a component of the cost of inventory sold or services provided to customers. The other components of net benefit cost, which include interest cost, expected return on plan assets, and the net amortization and deferral of actuarial gains and losses, are included in other non-operating income (expense) in the consolidated statements of income. The financial statement presentation for comparative prior periods has been reclassified accordingly using amounts previously disclosed for net periodic benefit cost as a practical expedient. The components of net periodic benefit cost and other disclosures related to the Company's pension and other postretirement benefit plans are provided in Note 9.
The Company also adopted FASB Accounting Standards Update No. 2016-15, "Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15") effective April 1, 2018. ASU 2016-15 provides guidance on the disclosure and classification of certain items within the statement of cash flows. The Company adopted ASU 2016-15 using the retrospective approach. The adoption resulted in the reporting of life insurance proceeds as a cash flow from investing activities and a corresponding reclassification for the prior year period, but otherwise did not have a material effect on the Company's consolidated statement of cash flows for the nine-month periods ended December 31, 2018 and 2017.
equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The adoption of ASU 2016-01 did not have a material effect on the Company's financial statements.
Finally, the Company adopted FASB Accounting Standards Update No. 2016-06, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" ("ASU 2016-16") effective April 1, 2018. ASU 2016-16 requires companies to recognize the income tax effects of intercompany sales or transfers of assets other than inventory in the income statement as income tax expense in the period the sale or transfer occurs, rather than deferring those tax effects until the asset has been sold to a third-party or otherwise recognized in earnings through depreciation, amortization, or impairment. In prior fiscal reporting periods, various subsidiaries of the Company have sold tobacco processing equipment to other subsidiaries, and the related income effects have been deferred as required under the previous accounting guidance. Under the modified retrospective transition method required by the guidance, upon the adoption of ASU 2016-16, the Company recorded a $1.9 million reduction to retained earnings in the nine-month period ended December 31, 2018 for the cumulative effect of recognizing the deferred income tax effects on all prior intercompany sales of equipment as of the date of adoption.
In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires a lessee to recognize lease payment obligations as a lease liability and the corresponding right-of-use asset as a leased asset in the balance sheet for the term of the lease. This guidance supersedes Topic 840 "Leases" and is effective for fiscal years beginning after December 15, 2018. The Company will be required to adopt ASU 2016-02 effective April 1, 2019, which is the beginning of its fiscal year ending March 31, 2020. The process of cataloging the leasing arrangements for all subsidiaries and operating locations is substantially complete, including both traditional lease arrangements and other arrangements under various service and supply contracts that qualify as leases under ASU 2016-02. The Company has licensed third-party software to track those leasing arrangements and account for the right-of-use assets and related lease obligations. The process of loading lease records and related details into the software platform is currently underway, and the Company is also evaluating and making determinations on the adoption of certain practical expedients for implementation that are provided for under the new guidance. The Company has not yet developed an estimate of the total right-of-use asset and lease obligation balances that will be recorded upon the implementation of ASU 2016-02.
In January 2017, the FASB issued Accounting Standards Update No. 2017-04, "Intangibles - Goodwill and Other (Topic 350)" ("ASU 2017-04"). Under current accounting guidance, the fair value of a reporting unit to which a specific goodwill balance relates is first compared to its carrying value in the financial statements (Step 1). If that comparison indicates that the goodwill is impaired, an implied fair value for the goodwill must then be calculated by deducting the individual fair values of all other assets and liabilities, including any unrecognized intangible assets, from the total fair value of the reporting unit. ASU 2017-04 simplifies the accounting guidance by eliminating Step 2 from the goodwill impairment test and using the fair value of the reporting unit determined in Step 1 to measure the goodwill impairment loss. The updated guidance is effective for fiscal years beginning after December 15, 2019. The Company will be required to adopt ASU 2017-04 effective April 1, 2020, which is the beginning of its fiscal year ending March 31, 2021, and is currently evaluating the impact that the updated guidance will have on its consolidated financial statements.
The majority of the Company's consolidated revenue consists of sales of processed leaf tobacco to customers. The Company also earns revenue from processing leaf tobacco owned by customers and from various other services provided to customers. Payment terms with customers vary depending on customer creditworthiness, product types, services provided, and other factors. Contract durations and payment terms for all revenue categories generally do not exceed one year. Therefore, the Company has applied a practical expedient to not adjust the transaction price for the effects of financing components, as the Company expects that the period from the time the revenue for a transaction is recognized to the time the customer pays for the related good or service transferred will be one year or less. Below is a description of the major revenue-generating categories from contracts with customers.
with certain customers. Cost-plus arrangements provide the Company reimbursement of the cost to purchase and process the tobacco, plus a contractually agreed-upon profit margin. The Company utilizes the most likely amount methodology under the accounting guidance to recognize revenue for cost-plus arrangements with customers. Shipping and handling costs under tobacco sales contracts with customers are treated as fulfillment costs and included in the transaction price. Taxes assessed by government authorities on the sale of leaf tobacco products are excluded from the transaction price. At the point in time that the customer obtains control over the tobacco, which is typically aligned with physical shipment under the contractual terms with the customer, the Company completes its performance obligation and recognizes the revenue for the sale.
Processing and packing of customer-owned leaf tobacco is a short-duration process. Processing charges are primarily based on negotiated fixed prices per unit of weight processed. Under normal operating conditions, customer-owned raw tobacco that is placed into the production line exits as processed and packed tobacco within one hour and is then later transported to customer-designated storage facilities. The revenue for these services is recognized when the performance obligation is satisfied, which is generally when processing is completed. The Company's operating history and contract analyses indicate that customer requirements for processed tobacco are consistently met upon completion of processing.
From time to time, the Company enters into various arrangements with customers to provide other value-added services that may include blending, chemical and physical testing of tobacco, and service cutting for select manufacturers. These other arrangements are a much smaller portion of the Company's business, are typically less frequent, and are separate and distinct contractual agreements from the Company's tobacco sales or processing arrangements with customers. The transaction prices and timing of revenue recognition of these items are determined by the specifics of each contract.
Other operating sales and revenues consists principally of interest on advances to suppliers and dividend income from unconsolidated affiliates.
($36 million at December 31, 2017, and $20 million at March 31, 2018). The fair value of the guarantees was a liability of approximately $1 million at December 31, 2018 ($1 million at December 31, 2017, and $1 million at March 31, 2018). In addition to these guarantees, the Company has other contingent liabilities totaling approximately $1 million at December 31, 2018, primarily related to outstanding letters of credit.
As further discussed below, the Company's local operating subsidiaries pay significant amounts of value-added tax ("VAT") in connection with their operations, which generate tax credits that they normally are entitled to recover through offset, refund, or sale to third parties. In Brazil, VAT is assessed at the state level when green tobacco is transferred between states. The Company's operating subsidiary there pays VAT when tobaccos grown in the states of Santa Catarina and Parana are transferred to its factory in the state of Rio Grande do Sul for processing. The subsidiary has received assessments for additional VAT plus interest and penalties from tax authorities for the states of Santa Catarina and Parana based on audits of the subsidiary's VAT filings for specified periods. In June 2011, tax authorities for the state of Santa Catarina issued assessments for tax, interest, and penalties for periods from 2006 through 2009 totaling approximately $12 million. In September 2014, tax authorities for the state of Parana issued an assessment for tax, interest, and penalties for periods from 2009 through 2014 totaling approximately $14 million. Those amounts are based on the exchange rate for the Brazilian currency at December 31, 2018. Management of the operating subsidiary and outside counsel believe that errors were made by the tax authorities for both states in determining all or significant portions of these assessments and that various defenses support the subsidiary's positions.
With respect to the Santa Catarina assessments, the subsidiary took appropriate steps to contest the full amount of the claims. As of December 31, 2018, a portion of the subsidiary's arguments had been accepted, and the outstanding assessment had been reduced. The reduced assessment, together with the related accumulated interest through the end of the current reporting period, totaled approximately $13 million (at the December 31, 2018 exchange rate). The subsidiary is continuing to contest the full remaining amount of the assessment. While the range of reasonably possible loss is zero up to the full $13 million remaining assessment with interest, based on the strength of the subsidiary's defenses, no loss within that range is considered probable at this time and no liability has been recorded at December 31, 2018.
With respect to the Parana assessment, management of the subsidiary and outside counsel challenged the full amount of the claim. A significant portion of the Parana assessment was based on positions taken by the tax authorities that management and outside counsel believe deviate significantly from the underlying statutes and relevant case law. In addition, under the law, the subsidiary's tax filings for certain periods covered in the assessment were no longer open to any challenge by the tax authorities. In December 2015, the Parana tax authorities withdrew the initial claim and subsequently issued a new assessment covering the same tax periods. The new assessment totaled approximately $4 million at the December 31, 2018 exchange rate, reflecting a substantial reduction from the original $14 million assessment. Notwithstanding the reduction, management and outside counsel continue to believe that the new assessment is not supported by the underlying statutes and relevant case law and have challenged the full amount of the claim. The range of reasonably possible loss is considered to be zero up to the full $4 million assessment. However, based on the strength of the subsidiary's defenses, no loss within that range is considered probable at this time and no liability has been recorded at December 31, 2018.
In both states, the process for reaching a final resolution to the assessments is expected to be lengthy, and management is not currently able to predict when either case will be concluded. Should the subsidiary ultimately be required to pay any tax, interest, or penalties in either case, the portion paid for tax would generate VAT credits that the subsidiary may be able to recover.
In June 2012, the Company's Tanzanian subsidiary, Tanzania Leaf Tobacco Company Ltd. ("TLTC"), entered into a two crop-year supply agreement for unprocessed "green" tobacco with a newly-formed Tanzanian subsidiary of one of the Company's major customers. The agreement involved green tobacco purchases from four of the approximately 400 grower cooperatives in Tanzania, which allowed the customer and its Tanzanian subsidiary on a small test basis to evaluate whether it would be a viable alternative for the customer to establish its own vertically integrated supply operations in that market. Prior to that time, the customer's subsidiary did not exist, and it only purchased processed Tanzanian tobacco from tobacco dealers in specified amounts and only for certain grades and stalk positions. In contrast, the agreement with TLTC required the customer's subsidiary to purchase green tobacco on a "run of crop" basis. "Run of crop" requires the purchase of all green tobacco produced on the tobacco plant, regardless of grade or stalk position. The agreement, therefore, enabled the customer's subsidiary on a small test basis to evaluate the quality of green tobacco purchased on a "run of crop" basis and to assess how such tobacco would be suited to the customer's tobacco requirements. The customer unilaterally elected to establish its own vertically integrated supply operations in Tanzania after the expiration of the agreement, and its subsidiary began purchasing green tobacco directly from Tanzanian grower cooperatives during the second crop year thereafter.
Despite the pro-competitive object and effect of the agreement between TLTC and the customer's subsidiary, in October 2016, the Tanzania Fair Competition Commission ("FCC") notified TLTC and the customer's subsidiary that it reviewed the agreement and provisionally concluded that it infringed Tanzania antitrust law by having the object and effect of preventing competition in the purchase of unprocessed green tobacco in the area in which the four grower cooperatives were located. The FCC also provisionally concluded that the Company's U.S. subsidiary, Universal Leaf Tobacco Company, Inc. ("ULT"), and additional subsidiaries of the customer, were jointly and severally liable for the actions of TLTC and the customer's Tanzanian subsidiary, respectively. TLTC and ULT submitted a written response contesting the FCC's allegations, and on February 27, 2018, the FCC issued its decision to TLTC and ULT which ignored TLTC's and ULT's submissions and confirmed its initial conclusion that the agreement infringed Tanzanian antitrust law. In its decision, the FCC concluded incorrectly that the parties to the agreement unfairly benefited in the amount of $105 thousand. The FCC arbitrarily assessed a fine jointly against TLTC and ULT of approximately $197 million and a fine jointly against the customer's Tanzanian subsidiary and another subsidiary of the customer exceeding $1 billion.
TLTC and ULT have worked closely with expert legal advisors and economists on this matter. Based on these engagements and consultations, the Company firmly believes the FCC's allegations are frivolous and clearly without merit or support from the facts, law or economic analysis. The Company further believes the FCC's proceedings were rife with irregularities and did not comply with applicable legal and regulatory procedures with respect to this matter, including failing to establish jurisdiction over ULT or to offer a legal justification for including ULT in the proceeding. To the contrary, the Company believes the facts, law, and economic analysis clearly support the legality and pro-competitive nature of the agreement and support a proper conclusion that there was no infringement of Tanzania antitrust law, and the agreement had no negative impact on the Tanzania tobacco market. The Company further believes the FCC's proposed fine is ludicrous, unwarranted, and contrary to Tanzania law. TLTC and ULT immediately appealed the FCC findings to the Tanzania Fair Competition Tribunal, which immediately stayed the execution of any FCC fines. The Company is unable to predict how long the appeal process will take; however, the Company believes it could last several years. At this time, the Company believes that the likelihood of incurring any material liability in this matter is remote, and no amount has been recorded.
On January 22, 2019, the FCC delivered provisional findings regarding two new allegations of antitrust violations. In those two new provisional findings, the FCC has manufactured claims against ULT and ULT's subsidiaries in Tanzania, in addition to other parties in Tanzania. ULT and its Tanzania subsidiaries have already begun working closely with expert legal advisors on these matters and will prepare and submit to the FCC proper and comprehensive responses. Although the new provisional findings have only recently been received, based on the legal consultations to date the Company firmly believes the FCC's new allegations are frivolous and clearly without merit and lack facts, law or economic analysis to support them. In one of the two new matters, based on the Company's review of the provisional findings and consultation with counsel, the Company believes the FCC is seeking an equally large, ludicrous, unwarranted, and unlawful fine as the one sought in the current matter. The FCC's motivations for initiating these additional, spurious allegations against the Company's subsidiaries are unclear. At this time, the Company is unable to predict how long it will take to defend against the new matters including, if necessary, to appeal any final FCC decisions; however, the Company believes it could last several years. At this time, the Company believes that the likelihood of incurring any material liability in the new matters is remote, and no amount has been recorded for either one.
Various subsidiaries of the Company are involved in litigation and tax examinations incidental to their business activities. While the outcome of these matters cannot be predicted with certainty, management is vigorously defending the matters and does not currently expect that any of them will have a material adverse effect on the Company's business or financial position. However, should one or more of these matters be resolved in a manner adverse to management's current expectation, the effect on the Company's results of operations for a particular fiscal reporting period could be material.
2018, and were estimated based on the Company's historical loss information and crop projections. The allowances were reduced by net recoveries of approximately $3.0 million in the nine-month period ended December 31, 2018 and increased by net provisions of $4.4 million in the nine-month period ended December 31, 2017. These net provisions and recoveries are included in selling, general, and administrative expenses in the consolidated statements of income. Interest on advances is recognized in earnings upon the farmers' delivery of tobacco in payment of principal and interest.
In many foreign countries, the Company's local operating subsidiaries pay significant amounts of value-added tax ("VAT") on purchases of unprocessed and processed tobacco, crop inputs, packing materials, and various other goods and services. In some countries, VAT is a national tax, and in other countries it is assessed at the state level. Items subject to VAT vary from jurisdiction to jurisdiction, as do the rates at which the tax is assessed. When tobacco is sold to customers in the country of origin, the operating subsidiaries generally collect VAT on those sales. The subsidiaries are normally permitted to offset their VAT payments against the collections and remit only the incremental VAT collections to the tax authorities. When tobacco is sold for export, VAT is normally not assessed. In countries where tobacco sales are predominately for export markets, VAT collections generated on downstream sales are often not sufficient to fully offset the subsidiaries' VAT payments. In those situations, unused VAT credits can accumulate. Some jurisdictions have procedures that allow companies to apply for refunds of unused VAT credits from the tax authorities, but the refund process often takes an extended period of time and it is not uncommon for refund applications to be challenged or rejected in part on technical grounds. Other jurisdictions may permit companies to sell or transfer unused VAT credits to third parties in private transactions, although approval for such transactions must normally be obtained from the tax authorities, limits on the amounts that can be transferred may be imposed, and the proceeds realized may be heavily discounted from the face value of the credits. Due to these factors, local operating subsidiaries in some countries can accumulate significant balances of VAT credits over time. The Company reviews these balances on a regular basis and records valuation allowances on the credits to reflect amounts that are not expected to be recovered, as well as discounts anticipated on credits that are expected to be sold or transferred. At December 31, 2018, the aggregate balance of recoverable tax credits held by the Company's subsidiaries totaled approximately $57 million ($52 million at December 31, 2017, and $49 million at March 31, 2018), and the related valuation allowances totaled approximately $18 million ($17 million at December 31, 2017, and $15 million at March 31, 2018). The net balances are reported in other current assets and other noncurrent assets in the consolidated balance sheets.
On December 20, 2018, the Company entered into a new bank credit agreement that replaced its existing bank credit agreement dated December 30, 2014. Except for extending the maturity dates of the underlying components of the facility and providing for a larger expansion feature, the new agreement is substantially the same as the prior agreement, including a $430 million five-year revolving credit facility (expiring December 20, 2023), a $150 million five-year term loan (due December 20, 2023), and a $220 million seven-year term loan (due December 20, 2025). At closing, the Company had no balances outstanding under the revolving credit facility. Both term loans were fully funded at closing, require no amortization, and are prepayable without penalty prior to maturity. The new facility may be expanded to allow for additional borrowings of up to $200 million under certain conditions. Borrowings under the revolving credit facility and the two term loans bear interest at variable rates plus a margin based on the Company's credit measures. With respect to the term loans, the Company had receive-floating / pay-fixed interest rate swap agreements in place with respect to the prior loans that were carried over to hedge variable interest payments on the new loans for the remaining terms of the swap agreements. The swap agreements convert the variable benchmark rate to a fixed rate through December 30, 2019 for the five-year term loan, and through December 30, 2021 for the seven-year term loan. With the swap agreements in place, the effective interest rates on the $150 million five-year term loan and the $220 million seven-year term loan were 2.94% and 3.48%, respectively, at December 31, 2018. Prior to the maturity of the swap agreements, those effective interest rates will change only if a change in the Company's credit measures results in adjustments to the applicable credit spreads specified in the underlying loan agreement. The new credit agreement contains financial covenants that require the Company to maintain certain levels of tangible net worth and leverage. Those covenants are substantially the same as the covenants in the prior bank credit agreement, and the Company was in compliance with the covenants at December 31, 2018.
Compared to the prior credit agreement, there were only limited changes among the individual bank lenders participating in the new agreement. Accordingly, under the applicable accounting guidance, a significant portion of the transaction was accounted for as a debt modification rather than a debt extinguishment. As a result, only an immaterial amount of the unamortized debt issuance costs related to the prior credit agreement were charged to expense. The remainder of those costs were carried over to and will be amortized over the term of the new credit agreement. Similarly, in the consolidated statement of cash flows, rather than the full $370 million principal amount of the term loans, the amounts reported for the issuance and repayment of long-term debt are only $41.1 million, reflecting only the changes in the underlying principal positions among the participating bank lenders.
Universal began sourcing tobacco from Tanzania through third parties in the 1950's. As the country became a more significant and important origin for tobacco exports, the Company established an operating subsidiary there in 1968 to enable direct procurement and, in 1997, acquired the only leaf tobacco processing facility in the country at that time through a government privatization initiative. Significant investments were made to upgrade, expand, and modernize the processing facility over the years following that acquisition. The expansion of the Company's buying operations and the factory investments were instrumental in promoting and accommodating significant growth in Tanzanian tobacco production. Total production peaked in 2011, but has since declined more than 60%, reflecting reduced customer demand for the leaf styles grown in Tanzania, primarily due to increased costs and prices for those tobaccos in the field relative to other markets, together with declining global tobacco consumption and initiatives by major multinational cigarette manufacturers to streamline their supply chains. Given the decline in customer demand over recent crop years, as well as regulatory, tax, and other business and operating considerations, the Company undertook a formal review of the Tanzania leaf tobacco market and its operations there in the third quarter. Based on that review, which is still in process at this time, the Company's operating subsidiaries in Tanzania have taken specific steps to reduce operating costs going into the upcoming crop year, including actions currently being implemented to substantially discontinue a year-round workforce. As a result of that initiative, the subsidiaries have paid or will pay termination benefits totaling approximately $4.0 million to employees whose permanent positions are being eliminated. The total initiative is expected to be completed and all termination benefits paid before the end of February 2019. The subsidiaries will hire employees on a seasonal basis to handle the buying, processing, and shipment of the upcoming crop. The Company recorded the full $4.0 million cost of the termination benefits as a restructuring charge in the quarter ended December 31, 2018.
In addition to the actions being taken with respect to the workforce in Tanzania, based on its review, the Company determined that indicators of impairment in the carrying value of the property, plant and equipment comprising the Tanzania operations were present at December 31, 2018, due to the estimated decrease in production volumes, profitability, and net cash flows for the upcoming crop year, expected further reductions in subsequent crop years, and increased prospects for discontinuing processing operations or potentially exiting the Tanzania market entirely within the next several years. Accordingly, based on the applicable accounting guidance, the Company tested the recoverability of those long-lived assets using undiscounted estimates of the future cash flows from the use of those assets and their eventual disposition. The property, plant and equipment was evaluated for recoverability using two distinct asset groups: (1) the land, building, and equipment comprising the processing facility, and (2) all remaining assets, which are substantially devoted to buying and receiving delivery of unprocessed leaf from farmers and marketing and shipping the processed tobacco to customers. The recoverability tests indicated that both asset groups were impaired at December 31, 2018. As a result, the Company determined the fair value of each asset group based principally on a probability-weighting of the discounted cash flows expected under multiple operating and disposition scenarios. An impairment charge of approximately $14.6 million was recorded to reduce the carrying value of the assets to their indicated fair values. All of the property, plant and equipment assets will continue to be used in buying, processing, and shipping the upcoming crop, and they remain classified as "held and used" at this time as provided for under the accounting guidance. The Company has not concluded its review of the Tanzanian operations, and no decisions have been made with respect to operations following the upcoming crop year. Should the expected cash flows from future use and/or disposition of the assets change from the estimates on which their fair values were determined, additional impairment charges could be required, or gains or losses on any disposition of the assets could be recorded. In addition to the property, plant and equipment, the Company had goodwill related to the Tanzanian operations of approximately $0.9 million which was separately tested for recoverability and fully written off based on the results of that test.
The Tanzania operations are part of the Other Regions reportable operating segment within the Company's flue-cured and burley leaf tobacco operations. The Company expects to realize an income tax benefit on the charge that is less than the benefit determined at the statutory tax rate in Tanzania, primarily because the reduced profitability of the operations is expected to limit utilization of the charge as a deductible expense in the current and future years' tax returns. For the quarter and nine months ended December 31, 2018, the restructuring and impairment costs reduced operating income and income before income taxes by $19.4 million, net income attributable to Universal Corporation by $15.8 million, and diluted earnings per share by $0.62.
The Company operates in the United States and many foreign countries and is subject to the tax laws of many jurisdictions. Changes in tax laws or the interpretation of tax laws can affect the Company's earnings, as can the resolution of pending and contested tax issues. The Company's consolidated effective income tax rate is affected by a number of factors, including the mix of domestic and foreign earnings and the effect of exchange rate changes on deferred taxes.
accommodate the move from the previous worldwide tax system, the law provided for a one-time transition tax on the undistributed post-1986 earnings of foreign subsidiaries as of either November 2, 2017 or December 31, 2017, whichever undistributed earnings amount was greater. Other provisions of the new law allow for immediate expensing of investments in property, plant, and equipment and impose limitations on the deductibility of interest, executive compensation, and meals and entertainment expense. For tax years beginning after the date of enactment, the new law requires that certain income earned by foreign subsidiaries, referred to in the law as global intangible low-taxed income ("GILTI"), be included in the U.S. taxable income of the parent company. The Company has made an accounting policy election to account for any additional tax resulting from the GILTI provisions in the year in which it is incurred and has not recorded any deferred taxes on temporary book-tax differences related to this income. For the fiscal year ending March 31, 2019, the Company's U.S. federal statutory tax rate is the 21% rate under the new law. For the fiscal year ended March 31, 2018, the Company's U.S. federal statutory tax rate was 31.5%, reflecting a portion of the year at the 35% rate under the old law and a portion at the 21% rate under the new law. As in prior years, the Company continues to assume repatriation of all undistributed earnings of its consolidated foreign subsidiaries and has therefore provided for expected foreign withholding taxes on the distribution of those earnings where applicable, net of any U.S. tax credit attributable to those withholding taxes.
Under the applicable accounting guidance, the Company accounted for the effects of the changes in the U.S. tax law in the period in which they were enacted, which was the third quarter of fiscal year 2018. The changes resulted in a one-time reduction of income tax expense of approximately $10.5 million for the quarter and nine months ended December 31, 2017, primarily from remeasuring deferred tax assets and liabilities to the tax rates at which they are expected to reverse in future periods and from adjusting the liability recorded for U.S. income taxes on undistributed foreign earnings to the amounts expected to be paid under specific one-time transition tax provisions of the new law. Due to the complexities associated with understanding and applying various aspects of the new law and quantifying or estimating amounts upon which calculations required to account for new law were based, the U.S. Securities and Exchange Commission ("SEC") issued guidance permitting corporations to record and report specific items impacted by the new law on a provisional basis using reasonable estimates where final amounts had not been determined. The guidance allowed a measurement period of no more than one year from the date of enactment of the new law to complete all adjustments to amounts recorded on a provisional basis. In the fourth quarter of fiscal year 2018, the one-time reduction of income tax expense for the effect of the new law was lowered from $10.5 million to $4.5 million, reflecting the collection and analysis of additional information for certain foreign subsidiaries, as well as subsequent clarifying guidance issued with respect to the new law. Further adjustments after the fourth quarter of fiscal year 2018 were not material, and all effects of the new law that were previously accounted for on a provisional basis have been designated as final during the quarter ended December 31, 2018.
The consolidated effective income tax rates for the quarter and nine months ended December 31, 2018 were approximately 20% and 19%, respectively. During the first and second quarters, the Company reversed amounts previously recorded for dividend withholding taxes on distributed and undistributed retained earnings of a foreign subsidiary. The reversal followed 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 and was attributable to retained earnings amounts previously distributed or expected to be distributed prior to the expiration of the tax holiday. Without the dividend withholding tax reversal, the consolidated effective income tax rate for the nine months would have been approximately 27%. Consolidated income tax expense for the current year periods was generally based on the mix of U.S. and foreign earnings at the projected effective tax rates for fiscal year 2019 across all subsidiaries in their respective tax jurisdictions, plus certain incremental U.S. taxes applicable to a portion of the Company's foreign earnings under the new tax law. The effective tax rates for the quarter and nine months also reflect the benefit of various tax planning opportunities, as well as the net effect of several items that were accounted for on a discrete basis in each quarterly reporting period.
The consolidated effective income tax rates for the quarter and nine months ended December 31, 2017, which were determined under the prior U.S. corporate income tax law, were approximately 19% and 24%, respectively. With the exception of the $10.5 million one-time reduction of income tax expense from the enactment of the new law, those rates were primarily determined under the prior U.S. corporate income tax law. Excluding the one-time expense reduction related to the enactment of the new law, the effective income tax rates would have been approximately 36% and 34% for the quarter and nine months ended December 31, 2017, respectively. Consolidated income tax expense for those periods includes the net effect of smaller items that were accounted for on a discrete basis that did not materially impact the effective tax rate for either period.
Universal is exposed to various risks in its worldwide operations and uses derivative financial instruments to manage two specific types of risks – interest rate risk and foreign currency exchange rate risk. Interest rate risk has been managed by entering into interest rate swap agreements, and foreign currency exchange rate risk has been managed by entering into forward and option foreign currency exchange contracts. However, the Company's policy also permits other types of derivative instruments. In addition, foreign currency exchange rate risk is also managed through strategies that do not involve derivative instruments, such as using local borrowings and other approaches to minimize net monetary positions in non-functional currencies. The disclosures below provide additional information about the Company's hedging strategies, the derivative instruments used, and the effects of these activities on the consolidated statements of income and comprehensive income and the consolidated balance sheets. In the consolidated statements of cash flows, the cash flows associated with all of these activities are reported in net cash provided by operating activities.
In January 2015, the Company entered into receive-floating/pay-fixed interest rate swap agreements that were designated and qualified as hedges of the exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on two non-amortizing term loans outstanding under a bank credit agreement entered into in December 2014. As discussed in Note 4, in December 2018, the Company replaced the 2014 bank credit agreement with a new credit agreement, and the two term loans were replaced and repaid with the proceeds of term loans under the new agreement having identical principal amounts and substantially the same terms as the prior loans, except for extended maturity dates. The interest rate swap agreements continue to hedge the interest payment cash flows on the new term loans. Although no significant ineffectiveness is expected with this hedging strategy, the effectiveness of the interest rate swaps is evaluated on a quarterly basis. At December 31, 2018, the total notional amount of the interest rate swaps was $370 million, which corresponded with the aggregate outstanding balance of the term loans.
The increased U.S. dollar notional amounts for tobacco purchases and processing costs hedged during the nine months ended December 31, 2018 primarily reflect variations in the timing of fixed-price orders from customers for their purchases from the respective crop years in Brazil, as well as the additional hedging of forecast tobacco purchases in Mozambique. All contracts related to tobacco purchases were designated and qualify as hedges of the future cash flows associated with the forecast purchases of tobacco. As a result, changes in fair values of the forward and option contracts have been recognized in comprehensive income as they occurred, but only recognized in earnings upon sale of the related tobacco to third-party customers. Forward and option contracts related to processing costs have not been designated as hedges, and gains and losses on those contracts have been recognized in earnings on a mark-to-market basis.
All forward contracts to hedge purchases of the 2018 crop in Brazil matured and settled by December 31, 2018, and no contracts had yet been entered to hedge forecast purchases of the 2019 crop. For substantially all hedge gains and losses recorded in accumulated other comprehensive loss for Brazil purchases at December 31, 2018, the Company expects to complete the sale of the tobacco and recognize the amounts in earnings during fiscal year 2019. For the contracts entered to hedge forecast Mozambique tobacco purchases, those purchases are expected to be completed by the second quarter of fiscal year 2020 and remain probable of occurring, so none of the hedges were de-designated at December 31, 2018.
During the quarter ended March 31, 2018, the Company elected to early adopt recently-issued changes to the accounting guidance for derivatives and hedging activities (ASU 2017-12) to allow the application of the updated guidance to all forward foreign currency exchange contracts entered to hedge exchange rate risk on the 2018 Brazilian crop purchases. The updated guidance simplifies the designation of those contracts as hedges, as well as the ongoing assessment of hedge effectiveness, but did not otherwise materially impact the Company's accounting for those contracts.
Most of the Company's foreign subsidiaries transact the majority of their sales in U.S. dollars and finance the majority of their operating requirements with U.S. dollar borrowings, and therefore use the U.S. dollar as their functional currency. These subsidiaries normally have certain monetary assets and liabilities on their balance sheets that are denominated in the local currency. Those assets and liabilities can include cash and cash equivalents, accounts receivable and accounts payable, advances to farmers and suppliers, deferred income tax assets and liabilities, recoverable value-added taxes, and other items. Net monetary assets and liabilities denominated in the local currency are remeasured into U.S. dollars each reporting period, generating gains and losses that the Company records in earnings as a component of selling, general, and administrative expenses. The level of net monetary assets or liabilities denominated in the local currency normally fluctuates throughout the year based on the operating cycle, but it is most common for monetary assets to exceed monetary liabilities, sometimes by a significant amount. When this situation exists and the local currency weakens against the U.S. dollar, remeasurement losses are generated. Conversely, remeasurement gains are generated on a net monetary asset position when the local currency strengthens against the U.S. dollar. To manage a portion of its exposure to currency remeasurement gains and losses, the Company enters into forward contracts to buy or sell the local currency at future dates coinciding with expected changes in the overall net local currency monetary asset position of the subsidiary. Gains and losses on the forward contracts are recorded in earnings as a component of selling, general, and administrative expenses for each reporting period as they occur, and thus directly offset the related remeasurement losses or gains in the consolidated statements of income for the notional amount hedged. The Company does not designate these contracts as hedges for accounting purposes. The contracts are generally arranged to hedge the subsidiary's projected exposure to currency remeasurement risk for specified periods of time, and new contracts are entered as necessary throughout the year to replace previous contracts as they mature. The Company is currently using forward currency contracts to manage its exposure to currency remeasurement risk in Brazil. The total notional amounts of contracts outstanding at December 31, 2018 and 2017, and March 31, 2018, were approximately $38.7 million, $21.2 million, and $27.3 million, respectively. To further mitigate currency remeasurement exposure, the Company's foreign subsidiaries may utilize short-term local currency financing during certain periods. This strategy, while not involving the use of derivative instruments, is intended to minimize the subsidiary's net monetary position by financing a portion of the local currency monetary assets with local currency monetary liabilities, thus hedging a portion of the overall position.
Several of the Company's foreign subsidiaries transact the majority of their sales and finance the majority of their operating requirements in their local currency, and therefore use their respective local currencies as the functional currency for reporting purposes. From time to time, these subsidiaries sell tobacco to customers in transactions that are not denominated in the functional currency. In those situations, the subsidiaries routinely enter into forward exchange contracts to offset currency risk for the period of time that a fixed-price order and the related trade account receivable are outstanding with the customer. The contracts are not designated as hedges for accounting purposes.
For the interest rate swap agreements, the effective portion of the gain or loss on the derivative is recorded in accumulated other comprehensive loss and any ineffective portion is recorded in selling, general and administrative expenses. For the forward and option foreign currency exchange contracts designated as cash flow hedges of tobacco purchases in Brazil and Mozambique, a net hedge loss of approximately $1.2 million remained in accumulated other comprehensive loss at December 31, 2018. That balance reflects gains and losses on contracts related to the 2018 Brazil crop and 2019 Mozambique crop, less the amount reclassified to earnings related to tobacco sold through December 31, 2018. The majority of the balance in accumulated other comprehensive loss is expected to be recognized in earnings as a component of cost of goods sold in fiscal year 2019 as that tobacco is sold to customers, while the balance related to the 2019 Mozambique crop is not expected to be recognized in earnings until that tobacco is sold in fiscal year 2020. Based on the hedging strategy, as the gain or loss is recognized in earnings, it is expected to be offset by a change in the direct cost for the tobacco or by a change in sales prices if the strategy has been mandated by the customer. Generally, margins on the sale of the tobacco will not be significantly affected.
Substantially all of the Company's forward and option foreign exchange contracts are subject to master netting arrangements whereby the right to offset occurs in the event of default by a participating party. The Company has elected to present these contracts on a gross basis in the consolidated balance sheets.
Universal measures certain financial and nonfinancial assets and liabilities at fair value based on applicable accounting guidance. The financial assets and liabilities measured at fair value include money market funds, trading securities associated with deferred compensation plans, interest rate swap agreements, forward foreign currency exchange contracts, and guarantees of bank loans to tobacco growers. The application of the fair value guidance to nonfinancial assets and liabilities primarily includes the determination of fair values for goodwill and long-lived assets when indicators of potential impairment are present.
in determining fair value. Universal has not elected to report at fair value any financial instruments or any other assets or liabilities that are not required to be reported at fair value under current accounting guidance.
The fair value of money market funds, which are reported in cash and cash equivalents in the consolidated balance sheets, is based on NAV, which is the amount at which the funds are redeemable and is used as a practical expedient for fair value. These funds are not classified in the fair value hierarchy, but are disclosed as part of the fair value table above.
Trading securities represent mutual fund investments that are matched to employee deferred compensation obligations. These investments are bought and sold as employees defer compensation, receive distributions, or make changes in the funds underlying their accounts. Quoted market prices (Level 1) are used to determine the fair values of the mutual funds.
The fair values of interest rate swap agreements are determined based on dealer quotes using a discounted cash flow model matched to the contractual terms of each instrument. Since inputs to the model are observable and significant judgment is not required in determining the fair values, interest rate swaps are classified within Level 2 of the fair value hierarchy.
The fair values of forward and option foreign currency exchange contracts are also determined based on dealer quotes using a discounted cash flow model matched to the contractual terms of each instrument. Since inputs to the model are observable and significant judgment is not required in determining the fair values, forward and option foreign currency exchange contracts are classified within Level 2 of the fair value hierarchy.
The Company guarantees bank loans to tobacco growers in Brazil for crop financing. In the event that the farmers default on their payments to the banks, the Company would be required to perform under the guarantees. The Company regularly evaluates the likelihood of farmer defaults based on an expected loss analysis and records the fair value of its guarantees as an obligation in its consolidated financial statements. The fair value of the guarantees is determined using the expected loss data for all loans outstanding at each measurement date. The present value of the cash flows associated with the estimated losses is then calculated at a risk-adjusted interest rate that is aligned with the expected duration of the liability and includes an adjustment for nonperformance risk. This approach is sometimes referred to as the "contingent claims valuation method." Although historical loss data is an observable input, significant judgment is required in applying this information to the portfolio of guaranteed loans outstanding at each measurement date and in selecting a risk-adjusted interest rate. Significant increases or decreases in the risk-adjusted interest rate may result in a significantly higher or lower fair value measurement. The guarantees of bank loans to tobacco growers are therefore classified within Level 3 of the fair value hierarchy.
A reconciliation of the change in the balance of the financial liability for guarantees of bank loans to tobacco growers (Level 3) for the nine months ended December 31, 2018 and 2017 is provided below.
The fair value of the Company's long-term debt, including the current portion, was approximately $370 million at each of the balance sheet dates December 31, 2018, December 31, 2017, and March 31, 2018. The Company estimates the fair value of its long-term debt using Level 2 inputs which are based upon quoted market prices for the same or similar obligations or on calculations that are based on the current interest rates available to the Company for debt of similar terms and maturities.
As discussed in Note 5, due to business changes that have affected the leaf tobacco market in Tanzania and the Company's operations there, the long-lived assets of those operations were tested for impairment at December 31, 2018, and an impairment charge was recorded to reduce their carrying value to fair value. The long-lived assets consist principally of the Company's processing facility and equipment, storage facilities, tobacco buying and receiving stations, employee housing, and vehicles and transportation equipment. The aggregate fair value and carrying value of those assets following the impairment adjustments was approximately $17 million. The fair values of the property, plant and equipment were determined based principally on a probability-weighting of the discounted cash flows expected under multiple operating and disposition scenarios. Significant judgment was required in estimating the amount and timing of the future cash flows associated with the use and disposition of the assets, as well as the probabilities associated with the respective operating and disposition scenarios. Accordingly, the nonrecurring measurement of the fair value of these assets is classified within Level 3 of the fair value hierarchy.
The Company sponsors several defined benefit pension plans covering U.S. salaried employees and certain foreign and other employee groups. These plans provide retirement benefits based primarily on employee compensation and years of service. The Company also sponsors defined benefit plans that provide postretirement health and life insurance benefits for eligible U.S. employees attaining specific age and service levels, although postretirement life insurance is no longer provided for active employees.
As discussed in Note 2, the Company adopted FASB Accounting Standards Update No. 2017-07, "Compensation-Retirement Benefits (Topic 715)" effective April 1, 2018. Under the provisions of ASU 2017-07, the service cost component of net periodic benefit cost is reported in the same line of the consolidated income statement as other compensation costs attributable to the covered employees (primarily selling, general and administrative expense). The other components of net periodic benefit cost (interest cost, expected return on plan assets, and net amortization and deferral) are now reported separately below the total for operating income in other non-operating income (expense). Amounts have been reclassified accordingly for the comparative prior reporting periods.
During the nine months ended December 31, 2018, the Company made contributions of approximately $21.9 million to its pension plans. Additional contributions of $7.7 million are expected during the remaining three months of fiscal year 2019.
in shares of common stock shortly after the vesting date, and do not carry rights to dividends or dividend equivalents prior to vesting. Shares ultimately paid out under PSA grants are dependent on the achievement of predetermined performance measures established by the Compensation Committee and can range from zero to 150% of the stated award. The Company's outside directors automatically receive RSUs following each annual meeting of shareholders and previously received restricted stock. RSUs awarded to outside directors vest three years after the grant date, and restricted shares vest upon the individual's retirement from service as a director.
Fair value expense for stock-based compensation is recognized ratably over the period from grant date to the earlier of: (1) the vesting date of the award, or (2) the date the grantee is eligible to retire without forfeiting the award. For employees who are already eligible to retire at the date an award is granted, the total fair value of all non-forfeitable awards is recognized as expense at the date of grant. As a result, Universal typically incurs higher stock compensation expense in the first quarter of each fiscal year when grants are awarded to officers than in the other three quarters. For PSAs, the Company generally recognizes fair value expense ratably over the performance and vesting period based on management's judgment of the ultimate award that is likely to be paid out based on the achievement of the predetermined performance measures. The Company accounts for forfeitures of stock-based awards as they occur. For the nine-month periods ended December 31, 2018 and 2017, the Company recorded total stock-based compensation expense of approximately $7.1 million and $5.7 million, respectively. The Company expects to recognize stock-based compensation expense of approximately $1.3 million during the remaining three months of fiscal year 2019.
The principal approach used by management to evaluate the Company's performance is by geographic region, although the dark air-cured and oriental tobacco businesses are each evaluated on the basis of their worldwide operations. The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in the pretax earnings of unconsolidated affiliates.


text:
Q: Validate Umlaut in text input with regex does someone know how to add Umlauts to a regular expression to validate the format for a text input with rails?
I tried this but it breaks rails completely:
validates :first_name, :presence => true, :allow_blank => false, :format => { :with => /\A[a-z A-ZäöüÄÖÜ]+\z/}

A: Try this:
validates :first_name, :presence => true, :allow_blank => false, :format => { :with => /\A[[:alpha:]]+\z/}

A: This should work, but make sure ruby itself knows what encoding you use in code by adding as the first line (assuming utf-8):
# encoding: UTF-8

let me know if it helps

redpajama_set_name: RedPajamaStackExchange


Served as a two time captain- Division 1 lacrosse at Umass Lowell.
Volunteer Assistant coach for Haverhill High School Varsity Lacrosse in 2014-2017.
Assistant coach at Endicott college September 2017- present.
Current varsity girls lacrosse coach for Billerica Memorial High School.
Brittany played lacrosse for Billerica MHS and served as Team Captain.
She played 4 years as starting defender at Southern New Hampshire University (DII).
Liz Rose joins the HGR coaching staff with over 20 years of lacrosse experience! Liz has coached all over the country before coming home to the best state in the Union: Massachusetts!
Most recently, Liz was the head coach at DI Wagner College in NY. There she led the 2015 & 2014 squads to back-to-back NEC Championship game appearances for the first time in program history.
Her 2015 team statistics ranked among the top 10 in NCAA Division 1 including: #1 for caused turnovers per game, #2 for ground balls per game, and #8 for save percentage. In 2014, Wagner landed a school-record of 5 players on the All-NEC team, including Defender of the Year.
Before arriving at Wagner, Frisoli established a Division III program at Huntingdon College in Montgomery, AL. Frisoli spent the 2011-2012 academic year scouring the nation for talent, eventually landing 19 student-athletes from 13 different states.
In her first season coaching for Huntingdon, Frisoli guided the Hawks to an 8-6 record in their inaugural season. Liz has also served as an assistant coach at Curry College, a marketing associate at Adrenaline Lacrosse, and a sports anchor for CBS in Rhode Island and Arizona.
Liz played lacrosse and field hockey at Winchester High School where she was a captain and voted Most Valuable Player in both sports her senior year.
She then went on to play Division 1 lacrosse at Holy Cross in Worcester MA. At Holy Cross, Liz was named First-Team All-Patriot League and was the Patriot League's runner-up for Defender of the Year. Liz earned a Bachelor of Arts degree in English from Holy Cross in 2005 and a Master of Education degree from the University of Massachusetts-Boston in 2010.
Liz went on to play for the 2005 South Australian lacrosse champion Glenelg Seahawks of Adelaide, Australia, playing alongside three 2005 FIL World Cup champions.
Currently playing division II lacrosse at Saint Anselm College.


The mouth blown knap are attached to a wooden shelf by amalgamated ceramic dowel pins. The objects are part of a material research project in cooperation with the LWL Industriemuseum Glashütte Gernheim. Fusing high performance ceramics and artisan skills, knap objects are at the edge of the technically feasible.


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Austrian acts at Ment Ljubljana 2020
Ment Ljubljana 2020 (c) Ment
January 20, 2020 / festivals, news, pop/rock/electronic
MENT Ljubljana is a three-day showcase festival featuring newcomer acts from Europe and beyond, during which around 70 acts perform at different venues in Ljubljana. The international conference focuses on the music industry and creativity. This year MENT Ljubljana is taking place from February 5 until February 7, 2020. Thanks to a long-standing cooperation with Waves Vienna and Austrian Music Export, Austrian musicians are able to present themselves at MENT Ljubljana every year next to a large number of bands from Eastern Europe.
In 2020, live acts from Austria are indie-rock-band My Ugly Clementine, folk-pop act Alicia Edelweiss, dream-pop duo Anger, singer-songwriter Bernhard Eder and post-punk band Petrol Girls. It is a chance for them to perform live in front of a good part of the prestigious figures from the European music industry, including delegates from the press, promotion, booking and management.
AUSTRIAN HEARTBEAT SCHEDULE
THURSDAY, FEB 6
10:00 Speed Networking: Meet the International Festivals , 10:00, Komuna (Kino Šiška)
among others w/ Stefan Weinöhrl (Waves Vienna, AT)
20:00 Alicia Edelweiss, Dijaški Dom Tabor
22:30 My Ugly Clementine, Orto Bar – Hall
FRIDAY, FEB 7
11:00 Speed Networking: Meet the International Festivals, Komuna (Kino Šiška)
18:00 Austrian Heartbeats Reception, Ljubljana Castle – Upper Lapidarium
18:45 Bernhard Eder, Rock Hall – Ljubljana Castle
23:00 Anger, Orto Bar – Club
00:30 Petrol Girls, Klub Gromka
Austrian Heartbeats acts
BERNHARD EDER
MY UGLY CLEMENTINE
PETROL GIRLS
Find full festival line-up & conference programme
ANGER are Julian Angerer and Nora Pider, both originally from Brixen, South Tyrol. The dream pop duo moved to Vienna and brought a beautifully melancholic mood with them, accented with a soft Italian flair. Anger describe their story in just a few, but strong words: "Emo-Boy meets cool skater girl. They don't like each other, of course. Eventually they become friends, then a couple. And then a band."
Alicia Edelweiss is an Austro-British musician based in Vienna. She started her musical career as a street musician, when she travelled all over Europe for two years, setting off at the age of 19. "When I'm enlightened, everything will be better," reveals the artist with her second album. Alicia's music is a peculiar incarnation of folk pop accompanied by the personal, open-hearted and humorous language of imagination. As a busker with a gift for circus performance, she combines music with dance and theatre. Supporting her on accordion, ukulele and piano is Lukas Lauermann, while on the violin there is Matthias Frey.
Bernhard Eder had his first musical success as the vocalist of the Band "Wa:rum" in the late nineties, kicked off his solo career in Berlin in 2006 and released his seventh album "Reset" in May 2019 – singer/songwriter Bernhard Eder has artistically come a long way. He played over 600 concerts all across Europe and made contributions to theatre plays and a movie. On "Reset" Bernhard Eder reinvents his musical style – the until now strong focus on the guitar shifts to an old home organ, a "pocket piano" and samples.
This supergroup from Vienna is damn serious about one thing: having fun! My Ugly Clementine (pun intended!) is the brainchild of Sophie Lindinger, who already won awards and made waves with her band Leyya. For her new project, the songwriter and producer gathered people around her that she always wanted to work and to play with. The group now features Mira Lu Kovacs (5K HD), Kathrin Kolleritsch (Kerosin95) and Nastasja Ronck – all of them well known figures in their respective scenes.
Petrol Girls are a feminist post-hardcore punk band, originally formed in London, with members from Austria, Lithuania and the UK. Now based in Austria, and touring incessantly, the band are strong advocates of freedom of movement, anti capitalism and intersectional feminism. With a wide range of musical influences, and having had the pleasure to support bands such as Strike Anywhere, The Dead Kennedys, Propagandhi, RVIVR, War on Women and Refused, the band are constantly developing musically as well as politically.
Ment Festival (Website)
Ment Festival (Facebook)
Categories festivals, news, pop/rock/electronic Tags Alicia Edelweiss, Anger, Bernhard Eder, Ment, My Ugly Clementine, Petrol Girls Post navigation
5K HD – Winners of the Music Moves Europe Talent Award 2020

redpajama_set_name: RedPajamaCommonCrawl


text:
A Piece of Taiwan Design Comes Home From Denmark
中文版請按我
A few weeks back, I was drinking sake and cruising Etsy at my desk when a poster caught my eye. The title of the listing read:
"Taipei International Architectural Design Competition – 1995. Vintage Taiwanese exhibition poster on thick recycled paper!"
I clicked on the link.
It's not every day — or any day, come to think of it — that you come across something described as vintage Taiwanese design.
The Etsy seller was based in Copenhagen, Denmark. The poster was priced at just over 2,000TWD.
It was for the Taipei International Architectural Design Competition in 1995. An open call for entries from design professionals and students. The poster was an original print, not a reproduction.
The artwork was by Liu Kai [劉開], a prominent and respected Taiwanese graphic designer born in 1957.
Liu Kai is best-known for designing movie posters for Ang Lee and Hou Hsiao-hsien. He also created artwork for Cloud Gate Dance Company and various arts organizations. See a catalog of his poster designs here.
I think it's safe to say if Liu Kai was a working designer today, he'd still be the most popular in Taiwan.
On a whim, I added the poster to my cart and clicked "buy".
A little later, the Etsy seller wrote me a note: "Thank you very much – so cool the poster is going home."
The Etsy seller's name was Houston Wilson, and he runs the DanishVintageDesigns store on Etsy. The next morning, I wrote Houston to ask if he knew anything about this Taipei architecture competition held back in 1995.
He wrote back:
"I do wish I could help you out here, but I have no specific info on that competition, and I have had a hard time finding online info as well. This poster was a part of a 55 poster lot I sourced from the estate of the former director of the Danish Design Center, from his personal collection. I imagine that he was invited there to attend, as I have similar posters from Japanese design competitions, and one of these is backed with a letter from the head of the Japanese Design Council describing this."
All I had was the name of the former director of the Danish Design Center: Jens Bernsen. After some online searching, I found this photo on Facebook.
The caption reads:
"It's Flashback Friday! We rewind back to 1995 at the Icsid Congress in Taipei. Icsid board members Alexander Manu (left), Dieter Rams and Jens Bernsen holding a picture of themselves, holding a picture of themselves."
Sounds like 1995 was a big year for design in Taipei.
Not only was there an international architecture competition that year, but the city also hosted the ICSID Congress, known as the Olympics of design. Plus, Dieter Rams was here. (Who did he meet? Where did he go?)
What likely happened is Jens Bernsen was in Taipei for the ICSID Congress and stayed in Taipei for the architecture competition, where he received the poster and added it to his collection back in Copenhagen.
I'm pretty excited to have accidentally come across this little piece of Taiwan design history. And proud to have brought it back home to Taiwan.
Unfortunately, I couldn't find out more about the 1995 International Taipei Architecture Competition. If you have any info, please share!
Thanks to Houston's Etsy shop for sharing the late Jens Bernsen's poster collection. If you're interested, he has two more copies of the same poster. One's for sale. (Update: It already sold!) The other he's keeping for himself.
Of course, I should also thank the sake that inspired this impulse purchase.
Photo credits: Houston Wilson and ICSID Facebook page.


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Anosh Irani has previously published three novels: The Cripple and His Talismans; The Song of Kahunsha, which was a contender for CBC's Canada Reads; and Dahanu Road, which was nominated for the Man Asian Literary Prize. Irani's play Bombay Black won the Dora Mavor Moore Award for Outstanding New Play, and his anthology The Bombay Plays: The Matka King & Bombay Black was shortlisted for a Governor General's Literary Award. He lives in Vancouver.
Anosh Irani on his award-nominated novel "The Parcel"


text:
Q: Using normal functions in JavaScript to create inheritance structures So, I'm reading John Resig's Secrets of a JavaScript Ninja, and watching Doug Crockford's talk on ECMAScript 5, looking at browser support for Object.create() and wrestling with how best to work with objects and inheritance in JavaScript.
I came up with what I think is a simple way to create objects and inheritance, and I just wanted to ask if I'm completely overlooking some pitfalls and such. Ok here's some code:
// OOP - game enemy example

// Let's create a base enemy type, and two enemies that inherit from it.
// Enemies must be kept track of (how many have been "instantiated").
// Enemies will need to have HP, speed and names.
// Enemies will need to be able to take damage independent of other enemies.
// It must be possible to cause all enemies to double HP and speed or halve them.

// Enemy
function Enemy (name) {
  var enemy = {};
  enemy.name = name;
  enemy.currentHp = Enemy.baseHp * 100; // basic enemies have 100 hit points
  enemy.currentSpeed = Enemy.baseSpeed * 5; // basic enemies have 5 speed
  enemy.hp = Enemy.hp;
  enemy.speed = Enemy.speed;
  Enemy.count += 1; // Count each instantiated bad guy
  return enemy;
}
// Enemy properties (these are the same for all enemies)
Enemy.count = 0;
Enemy.baseHp = 1; // if we change this to 1.3 or .5 all the enemies in the game will be boosted or deminished...
Enemy.baseSpeed = 1; // ...same here.
// getter and setter for hp
Enemy.hp = function (value) {
  if (!!value) {
    return this.currentHp = ((this.currentHp * Enemy.baseHp) + value);
  }
  return this.currentHp * Enemy.baseHp;
};
// getter and setter for speed
Enemy.speed = function (value) {
  if (!!value) {
    return this.currentSpeed = ((this.currentSpeed * Enemy.baseSpeed) + value);
  }
  return this.currentSpeed * Enemy.baseSpeed;
};

// Trio enemy
function Trio (name1, name2, name3) {
  var trio = Enemy();
  trio.name = [name1, name2, name3];
  trio.currentHp = Enemy.baseHp * 30; // trios have less hp...
  trio.currentSpeed = Enemy.baseSpeed * 10; // ...but more speed
  Enemy.count += 3; // they raise the enemy count by three
  return trio;
}

// Boss enemy
function Boss (name) {
  var boss = Enemy(null);
  boss.name = name;
  boss.currentHp = Enemy.baseHp * 300; // Bosses have lots of hp...
  boss.currentSpeed = Enemy.baseSpeed * 1; // ...but they're super slow
  Enemy.count += 1;
  return boss;
}

So, am I missing something, or am I meeting my criteria? Is there a massive performance hit using normal functions over constructors and "new"? Or Object.create for that matter? I am overloading memory somehow? I'm pretty sure any functions that are identical for every enemy I'm only creating in memory once with Enemy.someMethod. Would love some feedback. If I need to adjust attributes like enumerable or writable I can use Object.defineProperties (or Object.create with both parameters) within my "fake" constructors, right? Like this...
// Flyer
function Flyer (name) {
  var flyer = Enemy();
  // Using Object.defineProperties to assign attributes to properties.
  Object.defineProperties(flyer, {
    name: {value: name, enumerable: true},
    currentHp: {value: Enemy.baseHp * 50, writable: true, enumerable: true},
    currentSpeed: {value: Enemy.baseSpeed * 3, writable: true, enumerable: true},
  });
  Enemy.count += 1;
  return flyer;
}

Would love to hear your thoughts.


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TEHRAN - In recent months, hectic negotiations have taken place between the Afghan Taliban and U.S. officials, mostly in Qatar and UAE, while overstepping the Afghan government.
American envoy Zalmay Khalilzad has been sauntering from one country to another chasing the insurgent group leaders. However the efforts have produced no concrete results, because the central party to the conflict has been missing.
According to sources, the national unity government in Kabul led by President Ashraf Ghani, which was seen close to the U.S., has gradually distanced itself from Washington, apparently unhappy with the way Khalilzad has disregarding the main stakeholders – the government and people of Afghanistan.
Ghani and Khalilzad, the two old friends who studied together in American University of Beirut, have developed serious differences over the nature of peace process. While former wants it to be Afghan-led and Afghan-owned, latter merely follows the orders from White House, sidestepping Kabul.
This week, Pakistan was scheduled to host talks between the Taliban and U.S. officials in Islamabad, which was canceled on the pretext of 'travel restrictions on Taliban'.
Afghan government slammed Pakistan, saying its bid to host Afghan peace talks amounted to violation of Afghanistan's sovereignty.
Meanwhile, in an interview with TRT, Amrullah Saleh, former Interior Minister and President Ghani's candidate for vice presidency in upcoming presidential elections, said that any decision about the future of Afghanistan and peace talks without the engagement of the Afghan government will have no results and will be counted as "intellectual exercise".
Saleh said Afghanistan has changed and that Afghanistan has moved on and that movement has to be realized and appreciated.
"We are in control, we are in control of our country, we are in control of our cities. Our legitimacy stems from the will of our people. We had elections, we are going to have election. So, fundamentally, we are the factor. If you bypass the factor, it becomes an intellectual exercise," Saleh said.
Pertinently, while Taliban has agreed to talk to the U.S. officials and representatives of regional countries, and even Afghan politicians, it has rejected demands to hold direct negotiations with the Afghan government led by President Ghani.
Saleh said that Taliban are "afraid of a pluralistic society" and that they think they will die in today's Afghan society.
"That future can be tomorrow, but they think [Taliban] they will die in that type of future. That is why they are trying to maintain their habitat away from civilization, away from integration, away from new Afghanistan. Because they are afraid that in a pluralistic society, which Afghanistan today is, Taliban will become another loud cleric, Mullah preaching after death," said Saleh.
Meanwhile, even though talks between the Taliban and U.S. have been underway for past many months, the violence perpetuated by the insurgent group continues in different parts of the country.
Afghans continue to be attacked, abused, displaced and refused their rights. Almost two-thirds of the population – 17 million people – live in areas directly affected by conflict. Approximately 6.3 million are in need of humanitarian assistance, of these 60 per cent are children. 1.5 million people are internally displaced across the country. In addition, 2.6 million people are close to famine, according to Norwegian Refugee Council.


text:
The lottery changes nothing, on to more troubling things
by Albert · May 19, 2010
Gilbert Arenas is surely celebrating the potential addition of Kentucky point guard John Wall
The Washington Wizards won the first pick in the 2010 N.B.A. Draft lottery last night, which means they won the right to select the most dynamic player in college basketball. At 6'4″, John Wall is a special player who has the size and athleticism to become an incredible point guard in the game's best league.
What at first might appear to be a redundancy at the point guard position is anything but. The addition of Wall will allow Gilbert Arenas to slide to his more natural shooting guard position.
Arenas should be ecstatic. He's always been something of a shooting guard trapped in a point guard's frame. He just doesn't have that pass-first, help-my-teammates-become-better mentality a true point guard should have. Allowing him to roam free on the edges without the ball could unleash his talents to a level as yet unseen.
A backcourt of Gilbert and Wall instantly becomes one of the most feared in the NBA. Wall's pure playmaking skills are a perfect complement to Arena's outside touch and dynamic scoring ability. Although undersized, the two should be able to do a lot of damage.
The Wizards also possess an extremely raw but supremely talented frontcourt pairing of Andray Blatche and JaVale McGee. Add to that the more than $22 million in cap space Wizards owner Ted Leonsis is about to have this offseason and the Wizards are well on their way to resuscitating the image of that confounding and often embarrassing pro basketball team from last year. They're not going to be able to woo the likes of LeBron James or Chris Bosh, but such cap space is nothing to scoff at. Joe Johnson or Rudy Gay could certainly be a target. If not, one season of development removed from the spotlight might be able to convince a Carmelo Anthony to join what could by then be a wide open Eastern Conference next offseason.
That's certainly the dream in Washington anyway.
But for now, if Pat Riley cannot construct a basketball team in South Florida that can handily defeat a 26-win basketball team from one year ago that just received the good fortunate of a first overall draft pick, the offseason will by all accounts be considered a wicked failure.
So let's instead focus on potentially more troubling issues.
We're still a month and a half away from the beginning of free agency, so let me stir the pot with some ridiculous speculation. Today's spotlight will be on Chris Bosh.
Faced with the loss of losing him for nothing, the Raptors will surely attempt a sign-and-trade possibility for their all star power forward who seems destined to seek a new home.
Around the time of February's trade deadline, rumors of a blockbuster swap of Los Angeles Lakers center Andrew Bynum and Bosh shook the basketball world. The Raptors are certain to push hard with this swap as their preferred offseason alternative. However, a deep Lakers playoff run could nix those plans in an instant. Just seven more wins now stand in the Lakers' way from the ultimate prize. One disastrous offseason alternative appears to have been diverted.
More troubling is the sudden collapse of the Orlando Magic. Once seemingly destined for an N.B.A. Finals rematch with the Lakers, the Magic are suddenly hanging desperately onto their playoff lives. What was once an Eastern Conference powerhouse committed to keeping its core pieces together into the foreseeable future could very well be a team searching for answers in just about a week.
If Orlando's Larry O'Brian trophy dreams are not realized, how long do you think it will take for General Manager Otis Smith to start thinking he is one more piece away from turning his franchise into a dynasty?
The Magic appear to have lots of interchangeable pieces. With the development of J.J. Redick, the emergence of newly-acquired Matt Barnes and the solid contributions of veteran Mickael Pietrus, the Magic have three quality backcourt pieces who simply cannot get the minutes one would expect from a rotation player on a playoff roster.
Forwards Ryan Anderson and Brandon Bass are in a similar predicament. Both are talented pieces doomed by the logjam of big men in the Magic's rotation. And then there's Marcin Gortat. Last offseason, the Magic decided to match Dallas' mid-level offer for Gortat even though it was for far more than a 13-minute per game back up center should be paid. But what's is done is allow the Magic to compile a bunch of coveted pieces.
Chris Bosh would give the Magic just what they have been missing – a true power forward who can score and rebound, a player defenses cannot leave to double team Dwight Howard in the post.
Perhaps the Magic are not the preferred team with which to deal, particularly given their status as Eastern Conference foes. But, devoid of Bosh, the Raports would be a team desperately in need of an infusion of talent.
In the Raptor frontcourt, Charmin-soft Andrea Bargnani would love the opportunity to shift back to the power forward position. In the backcourt, Sonny Weeks could most certainly benefit from a few more seasons of apprentice-ship.
In that regard, it would appear a compelling offer could certainly be made. An instant rebuild with Gortat at center, Anderson or Bass providing toughness at power forward, and Pietrus adding stability to the backcourt (both Redick and Barnes will be free agents who would need to consent to joining the hapless Raptors) could fit the bill.
It is perhaps not the best possible outcome for the Raptors in exchange for both, but Toronto General Manager Bryan Colango would be foolish not to at least consider the possibility.
Of course, it all remains rampant speculation at this point. But, clearly, the next month and a half has the potential to dizzy our minds with all the horrific possible outcomes. And while I continue to be optimistic about the Heat's offseason approach, I've never been much of a glass-half-full guy.
Tags: Chris BoshJohn WallOrlando MagicToronto RaptorsWashington Wizards
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text:
SYNONYM

#### According to
The Catalogue of Life, 3rd January 2011

#### Published in
Syst. laur. 116. 1836

#### Original name
null

### Remarks
null

redpajama_set_name: RedPajamaGithub


It all started with a challenge, one I knew I was bound to fail.
My nephew, who is currently 7 years old, accepted my proposed book challenge. "Whoever reads more books from January 1st, until June 1st will have to take the winner to where ever they want to go." Of course, I knew it was a nearly impossible competition since his reading list was comprised of books such as The Magic Tree House or The Magic School Bus. But my purpose was merely to make him eager to read. Although I am currently failing the challenge by about 30 some-odd books, I have discovered my overwhelm love for books! #booknerd. I literally spent countless hours watching Youtube videos and reading books about different books. Then My Book Sense emerged.
Expect book reviews, monthly To be Read lists, monthly book wrap ups, and over all anything to do with books!