Financial Results and Outlook
Appendix
Net Debt and Capitalization
We consider the sum of notes payable and overdrafts, long-term debt (including current portion), and customer advances and deposits, less
cash and cash equivalents, and short-term investments on our balance sheet to be our net debt. We also consider our net debt plus
shareholders' equity to be our net capitalization.
In millions
2019
2020
Fiscal Year Ended
2021
2022
2023
Notes payables and overdrafts
$54
$78
$101
$183
$196
Long term debt (inc. current portion)
$369
$369
$518
$519
$617
Customer advances and deposits
$22
$10
$9
$14
$3
Cash and cash equivalents
$298
$107
$197
$82
$65
Net debt
$147
$350
$431
$633
$751
Total Universal Corporation shareholders' equity
$1,337
$1,247
$1,307
$1,341
$1,397
Net capitalization
$1,484
$1,596
$1,738
$1,974
$2,148
Note: Numbers may not sum to totals due to rounding
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