production volumes there are similar to last year 's crop , and the flue-cured crop quality is lower than average . our uncommitted inventories were higher at march 31 , 2014 , due in part to the slow start to the selling season in brazil . in africa , the markets have opened at a normal pace , and there are production volume increases in certain origins . at the same time , due to declines in the u.s. and western european retail cigarette sales , we may see some reductions in purchases of certain styles of tobacco , as customers adjust their inventory durations . given the increased production and potential customer inventory adjustments , we expect an oversupply of tobacco in fiscal year 2015 , which may lead to lower leaf prices that typify such cycles . our strategy remains focused on efficiently managing our business , meeting our customers ' and suppliers ' evolving needs , and returning value to our shareholders . we continue to invest in opportunities to improve our business and to promote sustainable , compliant leaf production . our long-term outlook for africa remains strong , consistent with our ongoing investments to both expand production this year in mozambique to serve our customers ' requirements and to enhance production efficiency in several other african origins . we also continue to seek out growth opportunities that enhance our value and help to sustain tobacco growers . last month , we announced our new food ingredient business which we believe is not only an attractive business opportunity , but provides tobacco growers with a new market for sweet potatoes , which are often grown in rotation with tobacco . we are excited about our 17 future and believe that we are well positioned to manage the cycles inherent in our industry while successfully executing on our strategy . results of operations amounts described as net income and earnings per diluted share in the following discussion are attributable to universal corporation and exclude earnings related to non-controlling interests in subsidiaries . the total for segment operating income referred to in the discussion below is a non-gaap financial measure . this measure is not a financial measure calculated in accordance with gaap and should not be considered as a substitute for net income , operating income , cash from operating activities or any other operating performance measure calculated in accordance with gaap , and it may not be comparable to similarly titled measures reported by other companies . we have provided a reconciliation of the total for segment operating income to consolidated operating income in note 15 . `` operating segments `` to the consolidated financial statements in item 8. we evaluate our segment performance excluding certain significant charges or credits . we believe this measure , which excludes these items that we believe are not indicative of our core operating results , provides investors with important information that is useful in understanding our business results and trends . fiscal year ended march 31 , 2014 , compared to the fiscal year ended march 31 , 2013 net income for the fiscal year ended march 31 , 2014 , was $ 149.0 million , or $ 5.25 per diluted share , compared with last year 's net income of $ 132.8 million , or $ 4.66 per diluted share . the current year 's results included a gain in the first fiscal quarter of $ 81.6 million before tax ( $ 53.1 million after tax , or $ 1.87 per diluted share ) , from the favorable outcome of litigation in brazil related to previous years ' excise tax credits . the annual results also included pretax restructuring costs of $ 6.7 million ( $ 0.15 per share ) and $ 4.1 million ( $ 0.06 per share ) for fiscal years 2014 and 2013 , respectively . segment operating income , which excludes those items , was $ 175.2 million for fiscal year 2014 , a decrease of $ 57.6 million from the prior year . that reduction was primarily attributable to weaker margins in brazil from higher green leaf costs , increased currency remeasurement and exchange costs , and the higher sales of carryover and uncommitted inventories in fiscal year 2013. revenues of $ 2.5 billion for fiscal year 2014 were up 3.3 % compared with the previous year , as slightly lower volumes were offset by higher prices . flue-cured and burley leaf tobacco operations within our flue-cured and burley leaf tobacco operations , operating income for our other regions segment for the fiscal year ended march 31 , 2014 , declined by 31 % to $ 133.4 million compared with the prior year . the reduction was driven primarily by results in south america , on lower volumes from fewer carryover shipments and weaker margins from higher green leaf prices . africa results were negatively impacted by a less favorable product mix despite increased shipment volumes from larger current crops . the weaker results in those regions were partly mitigated by improved results in europe as well as in asia , where trading volumes were higher . selling , general , and administrative expenses for the segment were significantly higher for the year , mostly due to unfavorable net foreign currency remeasurement and exchange comparisons , as current year losses compared to gains in fiscal year 2013 , mostly in africa , south america , and asia . revenues for this segment for the year increased by about 3 % to $ 1.9 billion compared with the previous year , reflecting modestly reduced volumes and higher green leaf prices . operating income for our north america segment for fiscal year 2014 was $ 23.2 million , up $ 3.5 million compared with the previous year , on a more favorable product mix and lower overheads , including postretirement benefit costs . story_separator_special_tag contractual obligations our contractual obligations as of march 31 , 2014 , were as follows : replace_table_token_4_th ( 1 ) includes interest payments . interest payments on $ 237.9 million of variable rate debt were estimated based on rates as of march 31 , 2014 . the company has entered interest rate swaps that effectively convert the interest payments on the $ 81.3 million outstanding balance of its amortizing bank term loan from variable to fixed . the fixed rate has been used to determine the contractual interest payments for all periods . in addition to principal and interest payments on notes payable and long-term debt , our contractual obligations include operating lease payments , inventory purchase commitments , and capital expenditure commitments . operating lease obligations represent minimum payments due under leases for various production , storage , distribution , and other facilities , as well as vehicles and equipment . tobacco inventory purchase obligations primarily represent contracts to purchase tobacco from farmers . the amounts shown above are estimates since actual quantities purchased will depend on crop yield , and prices will depend on the quality of the tobacco delivered . about 55 % of our crop year contracts to purchase tobacco are with farmers in brazil . we have partially funded our tobacco purchases in brazil and in other regions with advances to farmers and other suppliers , which totaled approximately $ 135 million , net of allowances , at march 31 , 2014 . in addition , we have guaranteed bank loans to farmers in brazil that relate to a portion of our tobacco purchase obligations there . at march 31 , 2014 , we were contingently liable under those guarantees for outstanding balances of approximately $ 22 million ( including accrued interest ) , and we had recorded a liability of approximately $ 2 million for the fair value of those guarantees . as tobacco is purchased and the related bank loans are repaid , our contingent liability is reduced . 23 critical accounting estimates and assumptions in preparing the financial statements in accordance with gaap , we are required to make estimates and assumptions that have an impact on the assets , liabilities , revenue , and expense amounts reported . these estimates can also affect our supplemental information disclosures , including information about contingencies , risks , and financial condition . we believe , given current facts and circumstances , that our estimates and assumptions are reasonable , adhere to gaap , and are consistently applied . however , changes in the assumptions used could result in a material adjustment to the financial statements . our critical accounting estimates and assumptions are in the following areas : inventories inventories of tobacco are valued at the lower of cost or market with cost determined under the specific cost method . raw materials are clearly identified at the time of purchase . we track the costs associated with raw materials in the final product lots , and maintain this identification through the time of sale . we also capitalize direct and indirect costs related to processing raw materials . this method of cost accounting is referred to as the specific cost or specific identification method . we write down inventory for changes in market value based upon assumptions related to future demand and market conditions if the indicated market value is below cost . future demand assumptions can be impacted by changes in customer sales , changes in customers ' inventory positions and policies , competitors ' pricing policies and inventory positions , changing customer needs , and varying crop sizes and qualities . market conditions that differ significantly from those assumed by management could result in additional write-downs . we experience inventory write-downs routinely . inventory write-downs in fiscal years 2014 , 2013 , and 2012 were $ 7.6 million , $ 1.5 million , and $ 8.3 million , respectively . advances to suppliers and guarantees of bank loans to suppliers in many sourcing origins , we provide tobacco growers with agronomy services and seasonal crop advances of , or for , seed , fertilizer , and other supplies . these advances are short term in nature and are customarily repaid upon delivery of tobacco to us . in several origins , we have also made long-term advances to tobacco farmers to finance curing barns and other farm infrastructure . in brazil , we also guarantee loans made to farmers for the same purposes . in some years , due to low crop yields and other factors , individual farmers may not deliver sufficient volumes of tobacco to repay maturing advances . in those cases , we may extend repayment of the advances into the following crop year or satisfy the guarantee by acquiring the loan from the bank . in either situation , we will incur losses whenever we are unable to recover the full amount of the loans and advances . at each reporting period , we must make estimates and assumptions in determining the valuation allowance for advances to farmers and the liability to accrue for our obligations under bank loan guarantees . at march 31 , 2014 , the gross balance of advances to suppliers totaled approximately $ 190 million , and the related valuation allowance totaled approximately $ 46 million . the fair value of the loan guarantees for farmers in brazil was a liability of approximately $ 2 million at march 31 , 2014 . recoverable value-added tax credits in many foreign countries , we 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

cash flow our operations used about $ 3.5 million in operating cash flows in fiscal year 2014 , and we reduced our cash balances by $ 204.3 million . we spent $ 45.8 million on capital projects , returned $ 75.7 million to shareholders in the form of dividends and repurchases of our common stock , and reduced our total debt by $ 80.0 million . at march 31 , 2014 , cash balances totaled $ 163.5 million . working capital working capital at march 31 , 2014 , was about $ 1.2 billion , up $ 94.9 million from last year 's level . the $ 204.3 million decline in cash and cash equivalents was partially offset by higher accounts receivable from larger crops as well as higher inventories , up $ 66.3 million and $ 25.9 million , respectively . current liabilities declined by $ 167.6 million , largely due to lower current maturities of long-term obligations and decreased notes payable and overdrafts , down $ 95.0 million and $ 42.4 million , respectively . tobacco inventories at march 31 , 2014 , were up $ 16.4 million . the slight increase was largely due to a slow start to the buying and selling season in brazil . we usually finance inventory with a mix of cash , notes payable , and customer deposits , depending on our borrowing capabilities , interest rates , and exchange rates , as well as those of our customers . we generally do not purchase material quantities of tobacco on a speculative basis . however , when we contract directly with farmers , we are often obligated to buy all stalk positions , which may contain less marketable leaf styles . our uncommitted tobacco inventories increased by approximately $ 54.4 million to $ 171.4 million , or about 27 % of tobacco inventory , at march 31 , 2014. uncommitted inventories at march 31 , 2013 , were $ 117.0 million , which represented 19 % of tobacco inventory . the level of these uncommitted inventories is influenced by timing of farmer deliveries of new crops , as well as the timing of customer purchases .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flow our operations used about $ 3.5 million in operating cash flows in fiscal year 2014 , and we reduced our cash balances by $ 204.3 million . we spent $ 45.8 million on capital projects , returned $ 75.7 million to shareholders in the form of dividends and repurchases of our common stock , and reduced our total debt by $ 80.0 million . at march 31 , 2014 , cash balances totaled $ 163.5 million . working capital working capital at march 31 , 2014 , was about $ 1.2 billion , up $ 94.9 million from last year 's level . the $ 204.3 million decline in cash and cash equivalents was partially offset by higher accounts receivable from larger crops as well as higher inventories , up $ 66.3 million and $ 25.9 million , respectively . current liabilities declined by $ 167.6 million , largely due to lower current maturities of long-term obligations and decreased notes payable and overdrafts , down $ 95.0 million and $ 42.4 million , respectively . tobacco inventories at march 31 , 2014 , were up $ 16.4 million . the slight increase was largely due to a slow start to the buying and selling season in brazil . we usually finance inventory with a mix of cash , notes payable , and customer deposits , depending on our borrowing capabilities , interest rates , and exchange rates , as well as those of our customers . we generally do not purchase material quantities of tobacco on a speculative basis . however , when we contract directly with farmers , we are often obligated to buy all stalk positions , which may contain less marketable leaf styles . our uncommitted tobacco inventories increased by approximately $ 54.4 million to $ 171.4 million , or about 27 % of tobacco inventory , at march 31 , 2014. uncommitted inventories at march 31 , 2013 , were $ 117.0 million , which represented 19 % of tobacco inventory . the level of these uncommitted inventories is influenced by timing of farmer deliveries of new crops , as well as the timing of customer purchases .
```    
 Suspicious Activity Report : production volumes there are similar to last year 's crop , and the flue-cured crop quality is lower than average . our uncommitted inventories were higher at march 31 , 2014 , due in part to the slow start to the selling season in brazil . in africa , the markets have opened at a normal pace , and there are production volume increases in certain origins . at the same time , due to declines in the u.s. and western european retail cigarette sales , we may see some reductions in purchases of certain styles of tobacco , as customers adjust their inventory durations . given the increased production and potential customer inventory adjustments , we expect an oversupply of tobacco in fiscal year 2015 , which may lead to lower leaf prices that typify such cycles . our strategy remains focused on efficiently managing our business , meeting our customers ' and suppliers ' evolving needs , and returning value to our shareholders . we continue to invest in opportunities to improve our business and to promote sustainable , compliant leaf production . our long-term outlook for africa remains strong , consistent with our ongoing investments to both expand production this year in mozambique to serve our customers ' requirements and to enhance production efficiency in several other african origins . we also continue to seek out growth opportunities that enhance our value and help to sustain tobacco growers . last month , we announced our new food ingredient business which we believe is not only an attractive business opportunity , but provides tobacco growers with a new market for sweet potatoes , which are often grown in rotation with tobacco . we are excited about our 17 future and believe that we are well positioned to manage the cycles inherent in our industry while successfully executing on our strategy . results of operations amounts described as net income and earnings per diluted share in the following discussion are attributable to universal corporation and exclude earnings related to non-controlling interests in subsidiaries . the total for segment operating income referred to in the discussion below is a non-gaap financial measure . this measure is not a financial measure calculated in accordance with gaap and should not be considered as a substitute for net income , operating income , cash from operating activities or any other operating performance measure calculated in accordance with gaap , and it may not be comparable to similarly titled measures reported by other companies . we have provided a reconciliation of the total for segment operating income to consolidated operating income in note 15 . `` operating segments `` to the consolidated financial statements in item 8. we evaluate our segment performance excluding certain significant charges or credits . we believe this measure , which excludes these items that we believe are not indicative of our core operating results , provides investors with important information that is useful in understanding our business results and trends . fiscal year ended march 31 , 2014 , compared to the fiscal year ended march 31 , 2013 net income for the fiscal year ended march 31 , 2014 , was $ 149.0 million , or $ 5.25 per diluted share , compared with last year 's net income of $ 132.8 million , or $ 4.66 per diluted share . the current year 's results included a gain in the first fiscal quarter of $ 81.6 million before tax ( $ 53.1 million after tax , or $ 1.87 per diluted share ) , from the favorable outcome of litigation in brazil related to previous years ' excise tax credits . the annual results also included pretax restructuring costs of $ 6.7 million ( $ 0.15 per share ) and $ 4.1 million ( $ 0.06 per share ) for fiscal years 2014 and 2013 , respectively . segment operating income , which excludes those items , was $ 175.2 million for fiscal year 2014 , a decrease of $ 57.6 million from the prior year . that reduction was primarily attributable to weaker margins in brazil from higher green leaf costs , increased currency remeasurement and exchange costs , and the higher sales of carryover and uncommitted inventories in fiscal year 2013. revenues of $ 2.5 billion for fiscal year 2014 were up 3.3 % compared with the previous year , as slightly lower volumes were offset by higher prices . flue-cured and burley leaf tobacco operations within our flue-cured and burley leaf tobacco operations , operating income for our other regions segment for the fiscal year ended march 31 , 2014 , declined by 31 % to $ 133.4 million compared with the prior year . the reduction was driven primarily by results in south america , on lower volumes from fewer carryover shipments and weaker margins from higher green leaf prices . africa results were negatively impacted by a less favorable product mix despite increased shipment volumes from larger current crops . the weaker results in those regions were partly mitigated by improved results in europe as well as in asia , where trading volumes were higher . selling , general , and administrative expenses for the segment were significantly higher for the year , mostly due to unfavorable net foreign currency remeasurement and exchange comparisons , as current year losses compared to gains in fiscal year 2013 , mostly in africa , south america , and asia . revenues for this segment for the year increased by about 3 % to $ 1.9 billion compared with the previous year , reflecting modestly reduced volumes and higher green leaf prices . operating income for our north america segment for fiscal year 2014 was $ 23.2 million , up $ 3.5 million compared with the previous year , on a more favorable product mix and lower overheads , including postretirement benefit costs . story_separator_special_tag contractual obligations our contractual obligations as of march 31 , 2014 , were as follows : replace_table_token_4_th ( 1 ) includes interest payments . interest payments on $ 237.9 million of variable rate debt were estimated based on rates as of march 31 , 2014 . the company has entered interest rate swaps that effectively convert the interest payments on the $ 81.3 million outstanding balance of its amortizing bank term loan from variable to fixed . the fixed rate has been used to determine the contractual interest payments for all periods . in addition to principal and interest payments on notes payable and long-term debt , our contractual obligations include operating lease payments , inventory purchase commitments , and capital expenditure commitments . operating lease obligations represent minimum payments due under leases for various production , storage , distribution , and other facilities , as well as vehicles and equipment . tobacco inventory purchase obligations primarily represent contracts to purchase tobacco from farmers . the amounts shown above are estimates since actual quantities purchased will depend on crop yield , and prices will depend on the quality of the tobacco delivered . about 55 % of our crop year contracts to purchase tobacco are with farmers in brazil . we have partially funded our tobacco purchases in brazil and in other regions with advances to farmers and other suppliers , which totaled approximately $ 135 million , net of allowances , at march 31 , 2014 . in addition , we have guaranteed bank loans to farmers in brazil that relate to a portion of our tobacco purchase obligations there . at march 31 , 2014 , we were contingently liable under those guarantees for outstanding balances of approximately $ 22 million ( including accrued interest ) , and we had recorded a liability of approximately $ 2 million for the fair value of those guarantees . as tobacco is purchased and the related bank loans are repaid , our contingent liability is reduced . 23 critical accounting estimates and assumptions in preparing the financial statements in accordance with gaap , we are required to make estimates and assumptions that have an impact on the assets , liabilities , revenue , and expense amounts reported . these estimates can also affect our supplemental information disclosures , including information about contingencies , risks , and financial condition . we believe , given current facts and circumstances , that our estimates and assumptions are reasonable , adhere to gaap , and are consistently applied . however , changes in the assumptions used could result in a material adjustment to the financial statements . our critical accounting estimates and assumptions are in the following areas : inventories inventories of tobacco are valued at the lower of cost or market with cost determined under the specific cost method . raw materials are clearly identified at the time of purchase . we track the costs associated with raw materials in the final product lots , and maintain this identification through the time of sale . we also capitalize direct and indirect costs related to processing raw materials . this method of cost accounting is referred to as the specific cost or specific identification method . we write down inventory for changes in market value based upon assumptions related to future demand and market conditions if the indicated market value is below cost . future demand assumptions can be impacted by changes in customer sales , changes in customers ' inventory positions and policies , competitors ' pricing policies and inventory positions , changing customer needs , and varying crop sizes and qualities . market conditions that differ significantly from those assumed by management could result in additional write-downs . we experience inventory write-downs routinely . inventory write-downs in fiscal years 2014 , 2013 , and 2012 were $ 7.6 million , $ 1.5 million , and $ 8.3 million , respectively . advances to suppliers and guarantees of bank loans to suppliers in many sourcing origins , we provide tobacco growers with agronomy services and seasonal crop advances of , or for , seed , fertilizer , and other supplies . these advances are short term in nature and are customarily repaid upon delivery of tobacco to us . in several origins , we have also made long-term advances to tobacco farmers to finance curing barns and other farm infrastructure . in brazil , we also guarantee loans made to farmers for the same purposes . in some years , due to low crop yields and other factors , individual farmers may not deliver sufficient volumes of tobacco to repay maturing advances . in those cases , we may extend repayment of the advances into the following crop year or satisfy the guarantee by acquiring the loan from the bank . in either situation , we will incur losses whenever we are unable to recover the full amount of the loans and advances . at each reporting period , we must make estimates and assumptions in determining the valuation allowance for advances to farmers and the liability to accrue for our obligations under bank loan guarantees . at march 31 , 2014 , the gross balance of advances to suppliers totaled approximately $ 190 million , and the related valuation allowance totaled approximately $ 46 million . the fair value of the loan guarantees for farmers in brazil was a liability of approximately $ 2 million at march 31 , 2014 . recoverable value-added tax credits in many foreign countries , we 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

