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You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: FNF
We are party to certain agreements with FNF, including agreements that were entered into when we were related parties. As a result of the Distribution, FNF no longer has an ownership interest in us, but was still considered a related party until December 1, 2019 due to the combination of certain shared board members, members of senior management and various agreements. As of December 1, 2019, the Chairman of our Board of Directors no longer serves as one of our executive officers, and FNF is no longer considered a related party.
We have various agreements with FNF to provide software, data and analytics services, as well as corporate shared services and information technology. We are also a party to certain other agreements under which we incur other expenses or receive revenues from FNF.
A detail of the revenues and expenses, net from FNF is as follows (in millions):
(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.
We paid to FNF a guarantee fee of 1.0% of the outstanding principal of the Senior Notes (as defined in Note 12 — Long Term Debt) in exchange for the guarantee by FNF of the Senior Notes. For the year ended December 31, 2017, the guarantee fee was included in Interest expense, net on the Consolidated Statements of Earnings and Comprehensive Earnings. On April 26, 2017, the Senior Notes were redeemed, and we are no longer required to pay a guarantee fee.
| | 2019 (1) | Revenues | Operating expenses | Guarantee fee |
| | 2019 (1) | $59.5 | 12.5 | — |
| Year ended December 31, | 2018 | $57.6 | 12.1 | — |
| | 2017 | $56.8 | 12.3 | 1.2 | | Which years did Revenues exceed $55 million? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 8.1 CAPITAL STRUCTURE
The table below summarizes debt-related financial ratios over the last two fiscal years and the fiscal 2020 guidelines:
(1) Based on mid-range guidelines. (2) Excludes amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps. Potential variations in the US LIBOR rates in fiscal 2020 have not been considered. (3) Taking into consideration the interest rate swaps in effect at the end of each fiscal year. (4) Net indebtedness is defined as the aggregate of bank indebtedness, balance due on business combinations and principal on long-term debt, less cash and cash equivalents. (5) Adjusted EBITDA and financial expense for fiscal year 2018 include only eight months of MetroCast operations. (6) Specific guidance on interest coverage cannot be provided given that financial expense guidance is not provided.
In fiscal 2019, the financial leverage ratio relating to net indebtedness over adjusted EBITDA has declined as a result of the sale of Cogeco Peer 1 on April 30, 2019 for a net cash consideration of $720 million and to a lesser extent growing adjusted EBITDA and a reduction in net indebtedness from generated free cash flow. In fiscal 2020, prior to the adoption of IFRS 16 Leases, the financial leverage ratio relating to net indebtedness over adjusted EBITDA should continue to decline as a result of growing adjusted EBITDA and a projected reduction in net indebtedness from generated free cash flow.
| 1)(Years ended August 31, | Average cost of indebtedness(2) | Fixed rate indebtedness(3) | Average term | Net indebtedness(4) / adjusted EBITDA(5) | Adjusted EBITDA / financial expense(5) |
| 2020 Guidelines | 4.4% | 78% | long-term debt (in years): 3.9 | 2.3 | N/A (6) |
| 2019 | 4.4% | 78% | long-term debt (in years): 4.9 | 2.6 | 6.3 |
| 2018 | 4.4% | 72% | long-term debt (in years): 5.7 | 3.8 | 5.4 | | How many months of MetroCast operations are included in 2018? | eight months |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 8.1 CAPITAL STRUCTURE
The table below summarizes debt-related financial ratios over the last two fiscal years and the fiscal 2020 guidelines:
(1) Based on mid-range guidelines. (2) Excludes amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps. Potential variations in the US LIBOR rates in fiscal 2020 have not been considered. (3) Taking into consideration the interest rate swaps in effect at the end of each fiscal year. (4) Net indebtedness is defined as the aggregate of bank indebtedness, balance due on business combinations and principal on long-term debt, less cash and cash equivalents. (5) Adjusted EBITDA and financial expense for fiscal year 2018 include only eight months of MetroCast operations. (6) Specific guidance on interest coverage cannot be provided given that financial expense guidance is not provided.
In fiscal 2019, the financial leverage ratio relating to net indebtedness over adjusted EBITDA has declined as a result of the sale of Cogeco Peer 1 on April 30, 2019 for a net cash consideration of $720 million and to a lesser extent growing adjusted EBITDA and a reduction in net indebtedness from generated free cash flow. In fiscal 2020, prior to the adoption of IFRS 16 Leases, the financial leverage ratio relating to net indebtedness over adjusted EBITDA should continue to decline as a result of growing adjusted EBITDA and a projected reduction in net indebtedness from generated free cash flow.
| 1)(Years ended August 31, | Average cost of indebtedness(2) | Fixed rate indebtedness(3) | Average term | Net indebtedness(4) / adjusted EBITDA(5) | Adjusted EBITDA / financial expense(5) |
| 2020 Guidelines | 4.4% | 78% | long-term debt (in years): 3.9 | 2.3 | N/A (6) |
| 2019 | 4.4% | 78% | long-term debt (in years): 4.9 | 2.6 | 6.3 |
| 2018 | 4.4% | 72% | long-term debt (in years): 5.7 | 3.8 | 5.4 | | How much was the net cash consideration in 2019? | $720 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: In 2019 we recorded $5 million of impairment, restructuring charges and other related closure costs, mainly consisting of impairment of equipment and licenses dedicated exclusively to certain development projects that were cancelled, while no alternative future use was identified internally.
In 2018 we recorded $21 million of impairment, restructuring charges and other related closure costs, consisting of: (i) $19 million related to the set-top box restructuring plan and (ii) $2 million of impairment of acquired technologies, for which it was determined that they had no future alternative use.
In 2017 we recorded $45 million of impairment, restructuring charges and other related closure costs, primarily consisting of: (i) $34 million of net restructuring charges related to the set-top box restructuring plan; (ii) $13 million of restructuring charges related to the restructuring plan in Bouskoura, Morocco;
(iii) $3 million charge relating to the update of the existing unused lease provision and (iv) $5 million income for the reversal of provisions related to previously announced restructuring plans, mainly the Embedded Processing Solutions business restructuring plan, for which accrued provisions were not fully used at completion of the plan.
| | 2019 | | Impairment, restructuring charges and other related closure costs |
| | 2019 | | $(5) |
| Year Ended December 31, | 2018 | (In millions) | $(21) |
| | 2017 | | $(45) | | How much was the net restructuring charges related to the set-top box restructuring plan in 2017? | $34 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: We present below a summary of the items that cause recorded income taxes to differ from taxes computed using the statutory
federal income tax rate for the years ended December 31, 2019, 2018 and 2017:
On December 22, 2017, the United States enacted tax reform legislation commonly known as the Tax Cuts and Jobs Act (“the Act”), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information available at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we finalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a provisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986, regarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded a tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of deferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of the Act. Act”), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information available at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we finalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a provisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986, regarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded a tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of deferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of the Act.
Act”), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for
the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information
available at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we
finalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a
provisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986,
regarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded
a tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of
deferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of
the Act.
The Act provides for the global intangible low-taxed income (“GILTI”) provision which requires us in our U.S. income tax return, to include foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The FASB staff provided additional guidance to address the accounting for the effects of the provisions related to the taxation of GILTI, noting that companies should make an accounting policy election to recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to include the tax expense in the year it is incurred. We have elected to include the tax expense in the year that we incur it.
| | 2019 | Statutory federal income tax rate | Effect of | State income tax, net of federal benefit | State credit carryforwards | U.S. federal R&D tax credit | Tax Reform | Excess benefit of equity compensation | Foreign-derived intangible income (FDII) | deduction | Foreign operations | Tax contingencies | Other permanent differences | Change in valuation allowance | Income Tax |
| | 2019 | 21.0 % | : | 3.5 | 1.3 | (1.9 ) | - | (0.1 ) | | (3.1 ) | 1.1 | 3.7 | 1.5 | (0.9 ) | 26.1% |
| Year Ended December 31, | 2018 | 21.0 % | : | 3.4 | 0.3 | (1.7 ) | (0.1 ) | (0.6 ) | | (1.6 ) | 1.2 | 0.5 | 1.0 | (0.2 ) | 23.2% |
| | 2017 | 35.0 % | : | 2.3 | (0.1 ) | (0.8 ) | 1.5 | (1.0 ) | | - | (0.1 ) | - | 0.3 | (0.1 ) | 37.0% | | What is the amount for repatriation transition tax in 2017? | $3.3 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cash and Cash Equivalents
Highly liquid instruments purchased with original maturities of three months or less are considered cash equivalents. Cash equivalents are invested with high credit quality financial institutions and consist of short-term investments, such as demand deposit accounts, money market accounts, money market funds and time deposits. The carrying amounts of these instruments reported in the Consolidated Balance Sheets approximate their fair value because of their immediate or short-term maturities.
Cash and cash equivalents are unrestricted and include the following (in millions):
| | 2019 | Cash | Cash equivalents | Cash and cash equivalents |
| December 31, | 2019 | $8.2 | 7.2 | $15.4 |
| | 2018 | $9.5 | 10.8 | $20.3 | | Which years does the table provide information for the company's Cash and cash equivalents are unrestricted? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: VMware and Pivotal Stock Options
The following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):
(1) The weighted-average exercise price of options outstanding as of February 1, 2019 reflects the adjustments to the options as a result of the Special Dividend.
(2) Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition.
(3) Stock options forfeited under the Pivotal equity plan includes 6.2 million options converted to VMware options as part of the Pivotal acquisition, using a conversion ratio of 0.1.
(4) Stock options exercised under the Pivotal equity plan includes 22.4 million of vested options that were settled in cash as part of the Pivotal acquisition.
The above table includes stock options granted in conjunction with unvested stock options assumed in business combinations. As a result, the weighted-average exercise price per share may vary from the VMware stock price at time of grant
The stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $239 million based on VMware’s closing stock price as of January 31, 2020.
| | Number of Shares | Outstanding, February 3, 2017 | Granted | Forfeited | Expired | Exercised | Outstanding, February 2, 2018 | Granted | Special Dividend adjustment | Forfeited | Expired | Exercised | Outstanding, February 1, 2019(1) | Granted(2) | Forfeited(3) | Expired | Exercised(4) | Outstanding, January 31, 2020 |
| | Number of Shares | 1,991 | 745 | (36) | (3) | (1,050) | 1,647 | 574 | 348 | (31) | — | (569) | 1,969 | 1,571 | (149) | — | (776) | 2,615 |
| VMware Stock Options | Weighted-Average Exercise Price (per share) | $69.38 | 13.79 | 55.44 | 93.87 | 53.50 | 54.63 | 16.07 | n/a | 24.44 | — | 46.73 | 36.50 | 73.19 | 52.83 | — | 39.94 | 56.58 |
| | Number of Shares | 39,361 | 20,323 | (2,380) | (1,290) | (1,626) | 54,388 | 2,832 | n/a | (2,028) | (273) | (9,018) | 45,901 | — | (10,822) | (128) | (34,951) | — |
| Pivotal Stock Options | Weighted-Average Exercise Price (per share) | $6.72 | 9.73 | 8.13 | 6.24 | 5.99 | 7.82 | 14.03 | n/a | 9.35 | 7.02 | 6.89 | 8.31 | — | 10.65 | 10.10 | 7.59 | — | | How many years did the outstanding Weighted-Average Exercise Price (per share) for VMware stock options exceed $60.00? | 2017 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Net Pension Expense
Net pension expense, as we define it below, includes the net periodic benefit costs related to both our pension and other postretirement plans. The net periodic benefit costs are determined annually based on beginning of year balances and are recorded ratably throughout the fiscal year, unless a significant re-measurement event occurs. The following is a summary of the net periodic benefit costs for the years ended June 30, 2019, 2018 and 2017:
In September 2016, we announced changes to retirement plans we offer to certain employees. Benefits accrued to eligible participants of our largest qualified defined benefit pension plan and certain non-qualified pension plans were frozen effective December 31, 2016. Approximately 1,900 affected employees were transitioned to the Company’s 401(k) plan that has been in effect for eligible employees since 2012, when the pension plan was closed to new entrants. We recognized the plan freeze during fiscal year 2017 as a curtailment, since it eliminated the accrual for a significant number of participants for all of their future services. We also made a voluntary pension contribution of $100.0 million to the affected plan in October 2016.
The service cost component of net pension expense represents the estimated cost of future pension liabilities earned associated with active employees. The pension earnings, interest and deferrals (“pension EID”) is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs.
| | ($ in millions) | Pension plans | Other postretirement plans | Net periodic benefit costs |
| | 2019 | $9.8 | 1.8 | $11.6 |
| Years Ended June 30, | 2018 | $11.3 | 2.9 | $14.2 |
| | 2017 | $45.8 | 2.6 | $48.4 | | When was the changes to retirement plans offered to certain employees announced? | In September 2016 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Net Pension Expense
Net pension expense, as we define it below, includes the net periodic benefit costs related to both our pension and other postretirement plans. The net periodic benefit costs are determined annually based on beginning of year balances and are recorded ratably throughout the fiscal year, unless a significant re-measurement event occurs. The following is a summary of the net periodic benefit costs for the years ended June 30, 2019, 2018 and 2017:
In September 2016, we announced changes to retirement plans we offer to certain employees. Benefits accrued to eligible participants of our largest qualified defined benefit pension plan and certain non-qualified pension plans were frozen effective December 31, 2016. Approximately 1,900 affected employees were transitioned to the Company’s 401(k) plan that has been in effect for eligible employees since 2012, when the pension plan was closed to new entrants. We recognized the plan freeze during fiscal year 2017 as a curtailment, since it eliminated the accrual for a significant number of participants for all of their future services. We also made a voluntary pension contribution of $100.0 million to the affected plan in October 2016.
The service cost component of net pension expense represents the estimated cost of future pension liabilities earned associated with active employees. The pension earnings, interest and deferrals (“pension EID”) is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs.
| | ($ in millions) | Pension plans | Other postretirement plans | Net periodic benefit costs |
| | 2019 | $9.8 | 1.8 | $11.6 |
| Years Ended June 30, | 2018 | $11.3 | 2.9 | $14.2 |
| | 2017 | $45.8 | 2.6 | $48.4 | | In which years was Net Pension Expense calculated? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 7 – Inventory
As of December 31, 2019 and 2018, inventory was comprised of the following:
Inventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on estimated reserve percentages, which consider historical usage, known trends, inventory age and market conditions. As of December 31, 2019 and 2018, our inventory reserve was $34.1 million and $30.0 million, respectively.
| (In thousands) | Raw materials | Work in process | Finished goods | Total Inventory, net |
| 2019 | $36,987 | 1,085 | 60,233 | $98,305 |
| 2018 | $45,333 | 1,638 | 52,877 | $99,848 | | What was the inventory reserve in 2019? | $34.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: UK OPERATING COSTS
UK operating costs decreased 1.2%. Store closures more than offset the cost of new space and channel shift. Cost savings across the business outweighed inflation related increases.
Store staffing costs reduced, as savings from store management restructuring, closures and other efficiencies more than offset pay inflation. Other store costs reduced driven by lower depreciation, due to our closure programme and as a number of assets have reached the end of their useful life, which more than offset rent and rates inflation in the year.
The growth in distribution and warehousing costs was largely driven by inflation and the costs of channel shift, as well as costs associated with the closure of an equipment warehouse, with some offset achieved from improved efficiencies at Castle Donington.
The increase in marketing costs reflected investments in our Food brand and the planned increase in costs in the second half of the year due to the timing of campaigns.
Central costs reduced as lower incentive costs year-on-year, the benefits of technology transformation programmes and other cost efficiencies more than offset system investment write offs and expenditure on the Fuse programme.
| | 30 Mar 2019 | £m | Store staffing | Other store costs | Distribution & warehousing | Marketing | Central costs | Total |
| 52 weeks ended | 30 Mar 2019 | £m | 1,044.7 | 950.4 | 564.6 | 155.1 | 694.8 | 3,409.6 |
| | 31 Mar 2018 | £m | 1,070.6 | 992.1 | 538.0 | 151.6 | 698.0 | 3,450.3 |
| | Change | % | -2.4 | -4.2 | 4.9 | 2.3 | -0.5 | -1.2 | | What is the operating costs of store staffing in 2019 and 2018 respectively? | "1,044.7", "1,070.6" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: UK OPERATING COSTS
UK operating costs decreased 1.2%. Store closures more than offset the cost of new space and channel shift. Cost savings across the business outweighed inflation related increases.
Store staffing costs reduced, as savings from store management restructuring, closures and other efficiencies more than offset pay inflation. Other store costs reduced driven by lower depreciation, due to our closure programme and as a number of assets have reached the end of their useful life, which more than offset rent and rates inflation in the year.
The growth in distribution and warehousing costs was largely driven by inflation and the costs of channel shift, as well as costs associated with the closure of an equipment warehouse, with some offset achieved from improved efficiencies at Castle Donington.
The increase in marketing costs reflected investments in our Food brand and the planned increase in costs in the second half of the year due to the timing of campaigns.
Central costs reduced as lower incentive costs year-on-year, the benefits of technology transformation programmes and other cost efficiencies more than offset system investment write offs and expenditure on the Fuse programme.
| | 30 Mar 2019 | £m | Store staffing | Other store costs | Distribution & warehousing | Marketing | Central costs | Total |
| 52 weeks ended | 30 Mar 2019 | £m | 1,044.7 | 950.4 | 564.6 | 155.1 | 694.8 | 3,409.6 |
| | 31 Mar 2018 | £m | 1,070.6 | 992.1 | 538.0 | 151.6 | 698.0 | 3,450.3 |
| | Change | % | -2.4 | -4.2 | 4.9 | 2.3 | -0.5 | -1.2 | | What is the operating costs of Other store costs in 2019 and 2018 respectively? | "950.4", "992.1" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: UK OPERATING COSTS
UK operating costs decreased 1.2%. Store closures more than offset the cost of new space and channel shift. Cost savings across the business outweighed inflation related increases.
Store staffing costs reduced, as savings from store management restructuring, closures and other efficiencies more than offset pay inflation. Other store costs reduced driven by lower depreciation, due to our closure programme and as a number of assets have reached the end of their useful life, which more than offset rent and rates inflation in the year.
The growth in distribution and warehousing costs was largely driven by inflation and the costs of channel shift, as well as costs associated with the closure of an equipment warehouse, with some offset achieved from improved efficiencies at Castle Donington.
The increase in marketing costs reflected investments in our Food brand and the planned increase in costs in the second half of the year due to the timing of campaigns.
Central costs reduced as lower incentive costs year-on-year, the benefits of technology transformation programmes and other cost efficiencies more than offset system investment write offs and expenditure on the Fuse programme.
| | 30 Mar 2019 | £m | Store staffing | Other store costs | Distribution & warehousing | Marketing | Central costs | Total |
| 52 weeks ended | 30 Mar 2019 | £m | 1,044.7 | 950.4 | 564.6 | 155.1 | 694.8 | 3,409.6 |
| | 31 Mar 2018 | £m | 1,070.6 | 992.1 | 538.0 | 151.6 | 698.0 | 3,450.3 |
| | Change | % | -2.4 | -4.2 | 4.9 | 2.3 | -0.5 | -1.2 | | What is the operating costs of Distribution & warehousing in 2019 and 2018 respectively? | "564.6", "538.0" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Compensation of Key Management Personnel (Including Directors)
Short-term employee benefits comprise fees, salaries, benefits and bonuses earned during the year as well as nonmonetary benefits.
Post-employment benefits comprise the cost of providing defined contribution pensions to senior management in respect of the current period.
Share-based payments comprise the cost of senior management’s participation in share-based payment plans for the period as measured by the fair value of awards in accordance with IFRS2.
| | $M | Short-term employee benefits | Post-employment benefits | Share-based payments - equity-settled | Total |
| Year-ended 31 March 2019 | $M | 6.6 | 0.1 | 10.4 | 17.1 |
| Year-ended 31 March 2018 | $M | 9.1 | 0.1 | 17.7 | 26.9 | | What are the components making up the total Compensation of Key Management Personnel in the table? | "Short-term employee benefits", "Post-employment benefits", "Share-based payments - equity-settled" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 4 – REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY’S ANNUAL GENERAL MEETING
Under SEC regulations, the remuneration of the auditor of USD 0.7m (2018: USD 0.8m, 2017: USD 1.0m) is required to be presented as follows: Audit USD 0.6m (2018: USD 0.6m, 2017: USD 0.6m) and other audit-related services USD 0.1m (2018: USD 0.2m, 2017: USD 0.4m).
Our Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.
| USDm | Audit fees | Fees payable to the Company's auditor for the audit of the Company's annual accounts | Audit of the Company's subsidiaries pursuant to legislation | Total audit fees | Non-audit fees | Audit-related services | Tax services | Total non-audit fees | Total |
| 2019 | | 0.4 | 0.2 | 0.6 | | 0.1 | 0.0 | 0.1 | 0.7 |
| 2018 | | 0.4 | 0.2 | 0.6 | | 0.2 | - | 0.2 | 0.8 |
| 2017 | | 0.4 | 0.2 | 0.6 | | 0.4 | - | 0.4 | 1.0 | | What was the remuneration to the auditor in 2019? | USD 0.7m |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 4 – REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY’S ANNUAL GENERAL MEETING
Under SEC regulations, the remuneration of the auditor of USD 0.7m (2018: USD 0.8m, 2017: USD 1.0m) is required to be presented as follows: Audit USD 0.6m (2018: USD 0.6m, 2017: USD 0.6m) and other audit-related services USD 0.1m (2018: USD 0.2m, 2017: USD 0.4m).
Our Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.
| USDm | Audit fees | Fees payable to the Company's auditor for the audit of the Company's annual accounts | Audit of the Company's subsidiaries pursuant to legislation | Total audit fees | Non-audit fees | Audit-related services | Tax services | Total non-audit fees | Total |
| 2019 | | 0.4 | 0.2 | 0.6 | | 0.1 | 0.0 | 0.1 | 0.7 |
| 2018 | | 0.4 | 0.2 | 0.6 | | 0.2 | - | 0.2 | 0.8 |
| 2017 | | 0.4 | 0.2 | 0.6 | | 0.4 | - | 0.4 | 1.0 | | What was the amount of total audit fees in 2019? | USD 0.6m |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 4 – REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY’S ANNUAL GENERAL MEETING
Under SEC regulations, the remuneration of the auditor of USD 0.7m (2018: USD 0.8m, 2017: USD 1.0m) is required to be presented as follows: Audit USD 0.6m (2018: USD 0.6m, 2017: USD 0.6m) and other audit-related services USD 0.1m (2018: USD 0.2m, 2017: USD 0.4m).
Our Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.
| USDm | Audit fees | Fees payable to the Company's auditor for the audit of the Company's annual accounts | Audit of the Company's subsidiaries pursuant to legislation | Total audit fees | Non-audit fees | Audit-related services | Tax services | Total non-audit fees | Total |
| 2019 | | 0.4 | 0.2 | 0.6 | | 0.1 | 0.0 | 0.1 | 0.7 |
| 2018 | | 0.4 | 0.2 | 0.6 | | 0.2 | - | 0.2 | 0.8 |
| 2017 | | 0.4 | 0.2 | 0.6 | | 0.4 | - | 0.4 | 1.0 | | What are the types of audit fees in the table? | "Fees payable to the Company's auditor for the audit of the Company's annual accounts", "Audit of the Company's subsidiaries pursuant to legislation" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 15 — LEASES
We have operating and finance leases for datacenters, corporate offices, research and development facilities, retail stores, and certain equipment. Our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.
The components of lease expense were as follows:
| (In millions) | Year Ended June 30, | Operating lease cost | Finance lease cost | Amortization of right-of-use assets | Interest on lease liabilities | Total finance lease cost |
| | 2019 | $ 1,707 | : | $ 370 | 247 | $617 |
| | 2018 | $ 1,585 | : | $ 243 | 175 | $418 |
| | 2017 | $ 1,412 | : | $ 104 | 68 | $172 | | How many finance lease cost items are there? | "Amortization of right-of-use assets", "Interest on lease liabilities" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 15 — LEASES
We have operating and finance leases for datacenters, corporate offices, research and development facilities, retail stores, and certain equipment. Our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.
The components of lease expense were as follows:
| (In millions) | Year Ended June 30, | Operating lease cost | Finance lease cost | Amortization of right-of-use assets | Interest on lease liabilities | Total finance lease cost |
| | 2019 | $ 1,707 | : | $ 370 | 247 | $617 |
| | 2018 | $ 1,585 | : | $ 243 | 175 | $418 |
| | 2017 | $ 1,412 | : | $ 104 | 68 | $172 | | What are the years sorted by total finance lease cost, in ascending order? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cash flow and treasury
Adjusted cash from operations is a measure of the cash flow generated from our companies over which the local management have control. A reconciliation between this and statutory operating cash flow can be found in Note 2 to the Financial Statements.
Adjusted cash from operations fell by £4.8 million to £238.1 million (2018: £242.9 million) representing 84% cash conversion. If we exclude the capital spend on the new Aflex facility this would rise to 90%.
Movements in working capital are discussed above.
Capital additions increased by £19.0 million. The most significant addition in the year was the £15.7 million spend on the construction of a new purpose-built factory in the UK for Aflex Hose, which will consolidate the existing four locations into a single facility, giving capacity for future growth while increasing efficiencies and providing a dedicated production line for Pharmaceutical products.
It is estimated that a further £6 million will be spent in 2020 in completing the project.
Looking forward, we would expect capital expenditure in 2020 to be at a similar level of approximately £65 million as we finish the Aflex facility but increase spending on project OPAL, the implementation of a global IT system for the Steam Specialties business. We generate significant cash and our first priority is to reinvest in the business, taking opportunities to generate good returns from increased efficiency, reduced costs and flexibility.
Tax paid in the year increased by £16.8 million to £78.4 million as tax rates rose and the Group grew. Free cash flow, defined in the table below, fell to £154.3 million (2018: £174.6 million) as a result of the increase in capital expenditure and tax.
Dividend payments were £76.3 million, including payments to minorities (2018: £67.3 million) and represent the final dividend for 2018 and the interim dividend for 2019.
There was a cash outflow, including fees, of £137.6 million on the acquisition of Thermocoax, as well as an additional £0.9 million outflow relating to the acquisition of various distribution rights. The net of share purchases and new shares issued for the Group’s various employee share schemes gave a cash outflow of £12.5 million (2018: £5.0 million) reflecting the move to acquire shares on the open market rather than issue new equity.
Due to the acquisition of Thermocoax, net debt increased from £235.8 million to £295.2 million at 31st December 2019, an expansion of £59.4 million. This equates to a net debt to EBITDA ratio of 0.9 times (2018: 0.8 times) excluding IFRS 16. EBITDA is defined in Note 2 and the components of net debt are disclosed in Note 24.
The Group’s Income Statement and Statement of Financial Position are exposed to movements in a wide range of different currencies.
This stems from our direct sales business model, with a large number of local operating units. These currency exposures and risks are managed through a rigorously applied Treasury Policy, typically using centrally managed and approved simple forward contracts to mitigate exposures to known cash flows and avoiding the use of complex derivative transactions. The largest exposures are to the euro, US dollar, Chinese renminbi and Korean won. Whilst currency effects can be significant, the structure of the Group provides some mitigation through our regional manufacturing presence, diverse spread of geographic locations and through the natural hedge of having a high proportion of our overhead costs in the local currencies of our direct sales operating units.
Capital structure
The Board keeps the capital requirements of the Group under regular review, maintaining a strong financial position to protect the business and provide flexibility of funding for growth. The Group earns a high return on capital, which is reflected in strong cash generation over time. Our capital allocation policy remains unchanged. Our first priority is to maximise investment in the business to generate further good returns in the future, aligned with our strategy for growth and targeting improvement in our key performance indicators. Next, we prioritise finding suitable acquisitions that can expand our addressable market through increasing our geographic reach, deepening our market penetration or broadening our product range. Acquisition targets need to exhibit a good strategic fit and meet strict commercial, economic and return on investment criteria. When cash resources significantly exceed expected future requirements, we would look to return capital to shareholders, as evidenced by special dividends declared in respect of 2010, 2012 and 2014. However, in the near term, we will look to reduce our financial leverage prior to considering new returns of capital to shareholders.
| | Cash flow | Adjusted operating profit | Depreciation and amortisation (excluding IFRS 16) | Depreciation of leased assets | Cash payments to pension schemes more than the charge to adjusted operating profit | Equity settled share plans | Working capital changes | Repayments of principal under lease liabilities | Capital additions (including software and development) | Capital disposals | Adjusted cash from operations | Net interest | Income taxes paid | Free cash flow | Net dividends paid | Purchase of employee benefit trust shares/Proceeds from issue of shares | (Acquisitions)/Disposals of subsidiaries (including costs) | Cash flow for the year | Exchange movements | Opening net debt | Net debt at 31st December (excluding IFRS 16) | IFRS 16 lease liability | Net debt and lease liability at 31st December |
| 2019 | £m | 282.7 | 34.3 | 11.3 | (5.2) | 6.2 | (21.4) | (11.2) | (62.4) | 3.8 | 238.1 | (5.4) | (78.4) | 154.3 | (76.3) | (12.5) | (138.5) | (73.0) | 13.6 | (235.8) | (295.2) | (38.9) | (334.1) |
| 2018 | £m | 264.9 | 32.9 | – | (4.6) | 5.7 | (22.5) | – | (43.4) | 9.9 | 242.9 | (6.7) | (61.6) | 174.6 | (67.3) | (5.0) | 48.8 | 151.1 | (13.3) | (373.6) | (235.8) | – | (235.8) | | What is the amount of dividend payments in 2019? | £76.3 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cash flow and treasury
Adjusted cash from operations is a measure of the cash flow generated from our companies over which the local management have control. A reconciliation between this and statutory operating cash flow can be found in Note 2 to the Financial Statements.
Adjusted cash from operations fell by £4.8 million to £238.1 million (2018: £242.9 million) representing 84% cash conversion. If we exclude the capital spend on the new Aflex facility this would rise to 90%.
Movements in working capital are discussed above.
Capital additions increased by £19.0 million. The most significant addition in the year was the £15.7 million spend on the construction of a new purpose-built factory in the UK for Aflex Hose, which will consolidate the existing four locations into a single facility, giving capacity for future growth while increasing efficiencies and providing a dedicated production line for Pharmaceutical products.
It is estimated that a further £6 million will be spent in 2020 in completing the project.
Looking forward, we would expect capital expenditure in 2020 to be at a similar level of approximately £65 million as we finish the Aflex facility but increase spending on project OPAL, the implementation of a global IT system for the Steam Specialties business. We generate significant cash and our first priority is to reinvest in the business, taking opportunities to generate good returns from increased efficiency, reduced costs and flexibility.
Tax paid in the year increased by £16.8 million to £78.4 million as tax rates rose and the Group grew. Free cash flow, defined in the table below, fell to £154.3 million (2018: £174.6 million) as a result of the increase in capital expenditure and tax.
Dividend payments were £76.3 million, including payments to minorities (2018: £67.3 million) and represent the final dividend for 2018 and the interim dividend for 2019.
There was a cash outflow, including fees, of £137.6 million on the acquisition of Thermocoax, as well as an additional £0.9 million outflow relating to the acquisition of various distribution rights. The net of share purchases and new shares issued for the Group’s various employee share schemes gave a cash outflow of £12.5 million (2018: £5.0 million) reflecting the move to acquire shares on the open market rather than issue new equity.
Due to the acquisition of Thermocoax, net debt increased from £235.8 million to £295.2 million at 31st December 2019, an expansion of £59.4 million. This equates to a net debt to EBITDA ratio of 0.9 times (2018: 0.8 times) excluding IFRS 16. EBITDA is defined in Note 2 and the components of net debt are disclosed in Note 24.
The Group’s Income Statement and Statement of Financial Position are exposed to movements in a wide range of different currencies.
This stems from our direct sales business model, with a large number of local operating units. These currency exposures and risks are managed through a rigorously applied Treasury Policy, typically using centrally managed and approved simple forward contracts to mitigate exposures to known cash flows and avoiding the use of complex derivative transactions. The largest exposures are to the euro, US dollar, Chinese renminbi and Korean won. Whilst currency effects can be significant, the structure of the Group provides some mitigation through our regional manufacturing presence, diverse spread of geographic locations and through the natural hedge of having a high proportion of our overhead costs in the local currencies of our direct sales operating units.
Capital structure
The Board keeps the capital requirements of the Group under regular review, maintaining a strong financial position to protect the business and provide flexibility of funding for growth. The Group earns a high return on capital, which is reflected in strong cash generation over time. Our capital allocation policy remains unchanged. Our first priority is to maximise investment in the business to generate further good returns in the future, aligned with our strategy for growth and targeting improvement in our key performance indicators. Next, we prioritise finding suitable acquisitions that can expand our addressable market through increasing our geographic reach, deepening our market penetration or broadening our product range. Acquisition targets need to exhibit a good strategic fit and meet strict commercial, economic and return on investment criteria. When cash resources significantly exceed expected future requirements, we would look to return capital to shareholders, as evidenced by special dividends declared in respect of 2010, 2012 and 2014. However, in the near term, we will look to reduce our financial leverage prior to considering new returns of capital to shareholders.
| | Cash flow | Adjusted operating profit | Depreciation and amortisation (excluding IFRS 16) | Depreciation of leased assets | Cash payments to pension schemes more than the charge to adjusted operating profit | Equity settled share plans | Working capital changes | Repayments of principal under lease liabilities | Capital additions (including software and development) | Capital disposals | Adjusted cash from operations | Net interest | Income taxes paid | Free cash flow | Net dividends paid | Purchase of employee benefit trust shares/Proceeds from issue of shares | (Acquisitions)/Disposals of subsidiaries (including costs) | Cash flow for the year | Exchange movements | Opening net debt | Net debt at 31st December (excluding IFRS 16) | IFRS 16 lease liability | Net debt and lease liability at 31st December |
| 2019 | £m | 282.7 | 34.3 | 11.3 | (5.2) | 6.2 | (21.4) | (11.2) | (62.4) | 3.8 | 238.1 | (5.4) | (78.4) | 154.3 | (76.3) | (12.5) | (138.5) | (73.0) | 13.6 | (235.8) | (295.2) | (38.9) | (334.1) |
| 2018 | £m | 264.9 | 32.9 | – | (4.6) | 5.7 | (22.5) | – | (43.4) | 9.9 | 242.9 | (6.7) | (61.6) | 174.6 | (67.3) | (5.0) | 48.8 | 151.1 | (13.3) | (373.6) | (235.8) | – | (235.8) | | What was the Net debt and lease liability at 31st December for 2018 and 2019 respectively? | "(334.1)", "(235.8)" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Deferred Compensation Plans
Under our deferred compensation plans (‘‘plans’’), eligible employees are permitted to make compensation deferrals up to established limits set under the plans and accrue income on these deferrals based on reference to changes in available investment options. While not required by the plan, we choose to invest in insurance contracts and mutual funds in order to approximate the changes in the liability to the employees. These investments and the liability to the employees were as follows (in thousands):
Life insurance premiums loads, policy fees and cost of insurance that are paid from the asset investments and gains and losses from the asset investments for these plans are recorded as components of other income or expense; such amounts were net gains of $1.1 million in fiscal 2019, $4.8 million in fiscal 2018 and $5.0 million (including a $1.3 million death benefit) in fiscal 2017. Changes in the obligation to plan participants are recorded as a component of operating expenses and cost of sales; such amounts were net losses of $1.5 million in fiscal 2019, $5.2 million in fiscal 2018 and $3.9 million in fiscal 2017. Liabilities associated with participant balances under our deferred compensation plans are affected by individual contributions and distributions made, as well as gains and losses on the participant’s investment allocation election.
| | 2019 | Total deferred compensation liability, included in | Other current liabilities | Other long-term liabilities | Total deferred compensation liability |
| Fiscal year-end | 2019 | : | $3,233 | 39,715 | $42,948 |
| | 2018 | : | $844 | 40,895 | $41,739 | | In which years was Total deferred compensation liability calculated? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)
NOTE 8: INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL
Net Book Value of Intangible Assets other than Goodwill as at December 31, 2018
(**) During the year ended December 31, 2018, acquisition costs of $1,150 of favorable lease terms were capitalized as part of the cost of one vessel due to the exercise of the purchase option (See also Note 2(n)). As of December 31, 2018, intangible assets associated with the favorable lease terms included an amount of $31,342 associated with the favorable lease terms of certain charter out contracts of Navios Containers which were recognized as of November 30, 2018 (see Note 3). During the year ended December 31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms were considered impaired and were written off resulting in a loss of $3,397 included in the statement of comprehensive (loss)/income within the caption of “Impairment loss/ loss on sale of vessels, net”.
| | Trade name | Port terminal operating rights | Customer relationships | Favorable lease terms(**) | Total Intangible assets |
| Acquisition Cost | $100,420 | 53,152 | 35,490 | 32,492 | $221,554 |
| Accumulated Amortization | $(47,966) | (11,838) | (19,520) | (2,143) | $(81,467) |
| Transfer/ Write off | $— | — | — | (1,150) | $(1,150) |
| Net Book Value December 31, 2018 | $52,454 | 41,314 | 15,970 | 29,199 | $138,937 | | How many intangible assets had an acquisition cost that exceeded $50,000 thousand? | "Trade name", "Port terminal operating rights" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 2019 vs 2018
SMB segment net revenue was flat for the year ended December 31, 2019 compared to the prior year, primarily due to a decline in net revenue of our
network storage products, substantially offset by growth in net revenue of our switch products. Geographically, net revenue grew in APAC, but declined in Americas and EMEA.
Contribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily as a result of lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue. Contribution margin decreased for the year ended December 31, 2019 compared to the prior year, primarily lower gross margin attainment mainly resulting from foreign exchange headwinds due to the strengthening of the U.S. dollar as well as higher provisions for sales returns.
2018 vs 2017
SMB segment net revenue increased for the year ended December 31, 2018 compared to the prior year, primarily due to growth in switches, partially offset by the decrease in network storage. SMB experienced growth in net revenue across all regions. SMB net revenue was further benefited by lower provisions for sales returns deemed to be a reduction of net revenue.
Contribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to increasing net revenue and improved gross margin performance not being met with proportionate increases in operating expense compared to the prior period.
| | 2019 | | Net revenue | Percentage of net revenue | Contribution income | Contribution margin |
| | 2019 | | $287,372 | 28.8% | $67,282 | 23.4% |
| | % Change | | (0.1)% | | (4.1)% | |
| Year Ended December 31, | 2018 | (in thousands, except percentage data) | $287,756 | 27.2% | $70,142 | 24.4% |
| | % Change | | 6.2% | | 9.8% | |
| | 2017 | | $270,908 | 26.1% | $63,865 | 23.6% | | Which regions did the net revenue decline in 2019? | Americas and EMEA |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 11. Other Current Assets
Other current assets consisted of the following (in thousands):
| | 2019 | Investments held in rabbi trust | Financial derivatives | Deferred rent | Other current assets | $20,525 | |
| December 31, | 2019 | $13,927 | 3,373 | 558 | 2,667 | $20,525 |
| | 2018 | $11,442 | 1,078 | 1,867 | 2,374 | $16,761 | | What are the components under other current assets in the table? | "Investments held in rabbi trust", "Financial derivatives", "Deferred rent", "Other current assets" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Contract Balances
Our contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete.
The following table shows the components of our contract balances as of December 31, 2019 and 2018:
| | 2019 | Contract assets | Contract liabilities | Net contract assets |
| December 31, | 2019 | $3,208,206 | (3,887,685) | $(679,479) |
| | 2018 | $2,759,315 | (2,486,111) | $273,204 | | What was the contract liabilities in 2019 and 2018 respectively? | "(3,887,685)", "(2,486,111)" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Contract Balances
Our contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete.
The following table shows the components of our contract balances as of December 31, 2019 and 2018:
| | 2019 | Contract assets | Contract liabilities | Net contract assets |
| December 31, | 2019 | $3,208,206 | (3,887,685) | $(679,479) |
| | 2018 | $2,759,315 | (2,486,111) | $273,204 | | What was the change in net contract (liabilities)/assets? | $1.0 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: ITEM 6. SELECTED FINANCIAL DATA
The information set forth below is not necessarily indicative of results of future operations and should be read in conjunction with Item 7. ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’’ and the Consolidated Financial Statements and Notes to Consolidated Financial Statements included elsewhere in this annual report.
We derived the consolidated statement of operations data for fiscal 2019, 2018 and 2017 and the consolidated balance sheet data as of fiscal 2019 and 2018 year-end from our audited consolidated financial statements, and accompanying notes, contained in this annual report. The consolidated statements of operations data for fiscal 2016 and 2015 and the consolidated balance sheet data as of fiscal 2017, 2016 and 2015 year-end are derived from our audited consolidated financial statements which are not included in this annual report.
* In November 2015, the FASB issued amended guidance that clarifies that in a classified statement of financial position, an entity shall classify deferred tax liabilities and assets as noncurrent amounts. This guidance superseded ASC 740-10-45-5 which required the valuation allowance for a particular tax jurisdiction be allocated between current and noncurrent deferred tax assets for that tax jurisdiction on a pro rata basis. We elected to early adopt the standard retrospectively in fiscal 2016, which resulted in the reclassification of current deferred income tax assets to non-current deferred income tax assets and non-current deferred income tax liabilities on our consolidated balance sheets for fiscal 2017, 2016 and 2015.
(1) Includes $16.0 million of after-tax restructuring charges, $0.4 million of after-tax amortization of purchase accounting step-up, $1.1 million of benefit from amounts received on a resolved asset recovery matter, $1.7 million non-recurring income tax net expense and $2.5 million of excess tax benefits for employee stock-based compensation.
(2) Includes $2.9 million of after-tax restructuring charges, $0.8 million impairment and other charges, $0.7 million of after-tax acquisition costs, $0.6 million of after-tax amortization of purchase accounting step-up, $26.7 million of tax charges due to the U.S. Tax Cuts and Jobs Act transition tax and deferred tax remeasurement, $3.3 million tax charge due to an increase in valuation allowances against deferred tax assets and $12.8 million of tax benefit from the adoption of new rules for accounting for excess tax benefits and tax deficiencies for employee stock-based compensation.
(3) Includes $19.0 million of after-tax amortization of purchase accounting step-up, $17.4 million of after tax costs related to the acquisition of Rofin, $8.4 million of after-tax restructuring charges, an after-tax charge of $1.9 million for the impairment of net assets of several entities held for sale, $1.8 million after-tax interest expense on the commitment of our term loan to finance the acquisition of Rofin, a $7.1 million after-tax gain on our hedge of our foreign exchange risk related to the commitment of our term loan and the issuance of debt to finance the acquisition of Rofin, a $3.4 million after-tax gain on our sale of previously owned Rofin shares and a benefit of $1.4 million from the closure of R&D tax audits.
(4) Includes $6.4 million of after tax costs related to the acquisition of Rofin, a $1.4 million after-tax loss on our hedge of our foreign exchange risk related to the commitment of our term loan to finance the acquisition of Rofin, $0.8 million after-tax interest expense on the commitment of our term loan to finance the acquisition of Rofin and a benefit of $1.2 million from the renewal of the R&D tax credit for fiscal 2015.
(5) Includes a charge of $1.3 million after tax for the impairment of our investment in SiOnyx, a $1.3 million after-tax charge for an accrual related to an ongoing customs audit, a benefit of $1.1 million from the renewal of the R&D tax credit for fiscal 2014 and a $1.3 million gain on our purchase of Tinsley in the fourth quarter of fiscal 2015.
| | Consolidated financial data | | Net sales | Gross profit | Net income from continuing operations | Net income per share from continuing operations | Basic | Diluted | Shares used in computation | Basic | Diluted | Total assets* | Long-term obligations | Other long-term liabilities* | Stockholders’ equity |
| Fiscal | 2019(1) | | $1,430,640 | $486,465 | $53,825 | | $2.23 | $2.22 | : | 24,118 | 24,279 | $2,083,169 | $392,238 | $165,881 | $1,284,736 |
| Fiscal | 2018(2) | | $1,902,573 | $830,691 | $247,360 | | $10.07 | $9.95 | : | 24,572 | 24,851 | $2,259,969 | $420,711 | $151,956 | $1,314,464 |
| Fiscal | 2017(3) | (in thousands, except per share data) | $1,723,311 | $750,269 | $208,644 | | $8.52 | $8.42 | : | 24,487 | 24,777 | $2,337,800 | $589,001 | $166,390 | $1,163,264 |
| Fiscal | 2016(4) | | $857,385 | $381,392 | $87,502 | | $3.62 | $3.58 | : | 24,142 | 24,415 | $1,161,148 | $— | $48,826 | $910,828 |
| Fiscal | 2015(5) | | $802,460 | $335,399 | $76,409 | | $3.09 | $3.06 | : | 24,754 | 24,992 | $968,947 | $— | $49,939 | $796,418 | | In which years was the selected financial data provided? | "2019", "2018", "2017", "2016", "2015" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (D.6) Non-Current Assets by Region
The table below shows non-current assets excluding financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts.
Non-Current Assets by Region
For a breakdown of our employee headcount by region, see Note (B.1) , and for a breakdown of revenue by region, see Note (A.1) .
| € millions | Germany | Rest of EMEA | EMEA | United States | Rest of Americas | Americas | APJ | SAP Group |
| 2019 | 4,486 | 5,386 | 9,872 | 29,744 | 411 | 30,154 | 1,276 | 41,302 |
| 2018 | 4,184 | 4,742 | 8,926 | 22,133 | 258 | 22,391 | 922 | 32,239 | | In which years were the Non-Current Assets by Region calculated? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 6: Other Expense, Net
The significant components of other expense, net, were as follows:
Interest income in the year ended June 30, 2019, increased compared to the years ended June 24, 2018, and June 25, 2017, primarily as a result of higher yield. Interest expense in the year ended June 30, 2019, increased compared to the year ended June 24, 2018, primarily due to issuance of the $2.5 billion of senior notes. Interest expense in the year ended June 24, 2018, decreased compared to the year ended June 25, 2017, primarily due to the conversions of 2018 and 2041 Convertible Notes as well as the retirement of the 2018 Convertible Notes in May 2018.
The gain on deferred compensation plan related assets in fiscal years 2019, 2018 and 2017 was driven by an improvement in the fair market value of the underlying funds.
The loss on impairment of investments in the year ended June 24, 2018 was the result of a decision to sell selected investments held in foreign jurisdictions in connection with the Company’s cash repatriation strategy following the December 2017 U.S. tax reform.
Net loss on extinguishment of debt realized in the year ended June 25, 2017, was primarily a result of the special mandatory redemption of the Senior Notes due 2023 and 2026, as well as the termination of the Term Loan Agreement.
| | | Interest income | Interest expense | Gains on deferred compensation plan related assets, net | Loss on impairment of investments | Gains (losses) on extinguishment of debt, net | Foreign exchange gains (losses), net | Other, net | $(18,161) | |
| June 30, 2019 | | $98,771 | (117,263) | 10,464 | — | 118 | 826 | (11,077) | $(18,161) |
| June 24, 2018 | (in thousands) | $85,813 | (97,387) | 14,692 | (42,456) | 542 | (3,382) | (19,332) | $(61,510) |
| June 25, 2017 | | $57,858 | (117,734) | 17,880 | — | (36,252) | (569) | (11,642) | $(90,459) | | What was the reason for the increase in interest income in 2019? | higher yield |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 6: Other Expense, Net
The significant components of other expense, net, were as follows:
Interest income in the year ended June 30, 2019, increased compared to the years ended June 24, 2018, and June 25, 2017, primarily as a result of higher yield. Interest expense in the year ended June 30, 2019, increased compared to the year ended June 24, 2018, primarily due to issuance of the $2.5 billion of senior notes. Interest expense in the year ended June 24, 2018, decreased compared to the year ended June 25, 2017, primarily due to the conversions of 2018 and 2041 Convertible Notes as well as the retirement of the 2018 Convertible Notes in May 2018.
The gain on deferred compensation plan related assets in fiscal years 2019, 2018 and 2017 was driven by an improvement in the fair market value of the underlying funds.
The loss on impairment of investments in the year ended June 24, 2018 was the result of a decision to sell selected investments held in foreign jurisdictions in connection with the Company’s cash repatriation strategy following the December 2017 U.S. tax reform.
Net loss on extinguishment of debt realized in the year ended June 25, 2017, was primarily a result of the special mandatory redemption of the Senior Notes due 2023 and 2026, as well as the termination of the Term Loan Agreement.
| | | Interest income | Interest expense | Gains on deferred compensation plan related assets, net | Loss on impairment of investments | Gains (losses) on extinguishment of debt, net | Foreign exchange gains (losses), net | Other, net | $(18,161) | |
| June 30, 2019 | | $98,771 | (117,263) | 10,464 | — | 118 | 826 | (11,077) | $(18,161) |
| June 24, 2018 | (in thousands) | $85,813 | (97,387) | 14,692 | (42,456) | 542 | (3,382) | (19,332) | $(61,510) |
| June 25, 2017 | | $57,858 | (117,734) | 17,880 | — | (36,252) | (569) | (11,642) | $(90,459) | | What were the reasons for the net loss on extinguishment of debt realized in the year ended June 25, 2017? | "the special mandatory redemption of the Senior Notes due 2023 and 2026", "the termination of the Term Loan Agreement" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Results of Operations: Year Ended December 31, 2019, versus Year Ended December 31, 2018 (Amounts in thousands, except percentages and per share amounts):
Other income and expense items are summarized in the following table:
Interest expense increased mainly as a result of an increase in debt related to the QTI acquisition. Other expense in 2019 was principally driven by foreign currency translation losses, mainly due to the appreciation of the U.S. Dollar compared to the Chinese Renminbi and Euro, as well as an increase in pension expense.
| | 2019 | Interest expense | Interest income | Other (expense) income | Total other (expense) income, net |
| Years Ended December 31, | 2019 | $(2,648) | 1,737 | (2,638) | $(3,549) |
| | 2018 | $(2,085) | 1,826 | (2,676) | $(2,935) | | Which years does the table provide information for the company's Other income and expense items? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Results of Operations: Year Ended December 31, 2019, versus Year Ended December 31, 2018 (Amounts in thousands, except percentages and per share amounts):
Other income and expense items are summarized in the following table:
Interest expense increased mainly as a result of an increase in debt related to the QTI acquisition. Other expense in 2019 was principally driven by foreign currency translation losses, mainly due to the appreciation of the U.S. Dollar compared to the Chinese Renminbi and Euro, as well as an increase in pension expense.
| | 2019 | Interest expense | Interest income | Other (expense) income | Total other (expense) income, net |
| Years Ended December 31, | 2019 | $(2,648) | 1,737 | (2,638) | $(3,549) |
| | 2018 | $(2,085) | 1,826 | (2,676) | $(2,935) | | Which years did Interest income exceed $1,500 thousand? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 2 Alternative performance measures continued
Cash generation
Cash generation is one of the Group’s key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of three financial measures on which Executive Directors’ variable remuneration is based.
Cash generation is adjusted operating profit after adding back depreciation and amortisation (excluding IFRS 16 depreciation), less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans and working capital changes.
| | £m | Adjusted operating profit | Depreciation and amortisation (excluding IFRS16 depreciation) | Cash payments to pension schemes in excess of charge to P&L | Equity settled share plans | Working capital changes | Cash generation |
| 2019 | £m | 282.7 | 34.3 | (5.2) | 6.2 | (21.4) | 296.6 |
| 2018 | £m | 264.9 | 32.9 | (4.6) | 5.7 | (22.5) | 276.4 | | For which years was the cash generation calculated in? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Senior Notes
On March 4, 2019, the company completed a public offering of $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”), $1.0 billion aggregate principal amount of the Company’s Senior Notes due March 15, 2029 (the “2029 Notes”), and $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2049 (the “2049 Notes”). The Company will pay interest at an annual rate of 3.75%, 4.00%, and 4.875%, on the 2026, 2029, and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year beginning September 15, 2019.
On March 12, 2015, the Company completed a public offering of $500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2020 (the “2020 Notes”) and $500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2025 (the “2025 Notes”). The Company pays interest at an annual rate of 2.75% and 3.80% on the 2020 Notes and 2025 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year. During the year ended June 26, 2016, the Company entered into a series of interest rate contracts hedging the fair value of a portion of the 2025 Notes par value, whereby the Company receives a fixed rate and pays a variable rate based on a certain benchmark interest rate. Refer to Note 9— Financial Instruments for additional information regarding these interest rate contracts.
On June 7, 2016, the Company completed a public offering of $800 million aggregate principal amount of Senior Notes due June 2021 (the “2021 Notes”). The Company pays interest at an annual rate of 2.80% on the 2021 Notes on a semi-annual basis on June 15 and December 15 of each year.
The Company may redeem the 2020, 2021, 2025, 2026, 2029 and 2049 Notes (collectively the “Senior Notes”) at a redemption price equal to 100% of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before February 15, 2020, for the 2020 Notes, before May 15, 2021 for the 2021 Notes, before December 15, 2024 for the 2025 Notes, before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, and before September 15, 2048 for the 2049 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020, for the 2020 Notes, on or after May 15, 2021 for the 2021 Notes, on or after December 24, 2024, for the 2025 Notes, on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, and on or after September 15, 2048 for the 2049 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest.
Selected additional information regarding the Senior Notes outstanding as of June 30, 2019, is as follows:
| | (years) | 2020 Notes | 2021 Notes | 2025 Notes | 2026 Notes | 2029 Notes | 2049 Notes |
| Remaining Amortization period | (years) | 0.7 | 2.0 | 5.7 | 6.7 | 9.7 | 29.7 |
| Fair Value of Notes | (in thousands) | $500,855 | $806,232 | $528,895 | $786,915 | $1,063,670 | $828,188 | | What is the aggregate principal amount of Senior Notes due June 2021? | $800 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Our net sales by offering category for EMEA for 2019 and 2018, were as follows (dollars in thousands):
Net sales in EMEA remained flat (increased 5% excluding the effects of fluctuating foreign currency exchange rates), or down $3.6 million, in 2019 compared to 2018. Net sales of hardware declined 5%, year to year, while net sales of software and services were up 2% and 7%, respectively, year over year. The changes were the result of the following:
• Lower volume of net sales of networking solutions, partially offset by higher volume of net sales of devices, to large enterprise and public sector clients in hardware net sales. • Higher volume of software net sales to large enterprise and public sector clients.
• Higher volume of net sales of cloud solution offerings and increased software referral fees that are recorded on a net sales recognition basis. In addition, there was an increase in the volume of Insight delivered services.
| | Sales Mix | Hardware | Software | Services | $1,526,644 | |
| EMEA | 2019 | $622,949 | 753,729 | 149,966 | $1,526,644 |
| | 2018 | $653,499 | 736,509 | 140,233 | $1,530,241 |
| | %Change | (5%) | 2% | 7% | — | | What was the net sales of hardware in 2019 and 2018 respectively? | "$622,949", "$653,499" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Our net sales by offering category for EMEA for 2019 and 2018, were as follows (dollars in thousands):
Net sales in EMEA remained flat (increased 5% excluding the effects of fluctuating foreign currency exchange rates), or down $3.6 million, in 2019 compared to 2018. Net sales of hardware declined 5%, year to year, while net sales of software and services were up 2% and 7%, respectively, year over year. The changes were the result of the following:
• Lower volume of net sales of networking solutions, partially offset by higher volume of net sales of devices, to large enterprise and public sector clients in hardware net sales. • Higher volume of software net sales to large enterprise and public sector clients.
• Higher volume of net sales of cloud solution offerings and increased software referral fees that are recorded on a net sales recognition basis. In addition, there was an increase in the volume of Insight delivered services.
| | Sales Mix | Hardware | Software | Services | $1,526,644 | |
| EMEA | 2019 | $622,949 | 753,729 | 149,966 | $1,526,644 |
| | 2018 | $653,499 | 736,509 | 140,233 | $1,530,241 |
| | %Change | (5%) | 2% | 7% | — | | What was the net sales of software in 2019 and 2018 respectively? | "753,729", "736,509" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Our net sales by offering category for EMEA for 2019 and 2018, were as follows (dollars in thousands):
Net sales in EMEA remained flat (increased 5% excluding the effects of fluctuating foreign currency exchange rates), or down $3.6 million, in 2019 compared to 2018. Net sales of hardware declined 5%, year to year, while net sales of software and services were up 2% and 7%, respectively, year over year. The changes were the result of the following:
• Lower volume of net sales of networking solutions, partially offset by higher volume of net sales of devices, to large enterprise and public sector clients in hardware net sales. • Higher volume of software net sales to large enterprise and public sector clients.
• Higher volume of net sales of cloud solution offerings and increased software referral fees that are recorded on a net sales recognition basis. In addition, there was an increase in the volume of Insight delivered services.
| | Sales Mix | Hardware | Software | Services | $1,526,644 | |
| EMEA | 2019 | $622,949 | 753,729 | 149,966 | $1,526,644 |
| | 2018 | $653,499 | 736,509 | 140,233 | $1,530,241 |
| | %Change | (5%) | 2% | 7% | — | | What was the net sales of services in 2019 and 2018 respectively? | "149,966", "140,233" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cash Flows
The following table summarizes our cash flows for the periods indicated:
Operating Activities
Our primary source of cash from operating activities has been cash collections from our customers. We expect cash inflows from operating activities to be primarily affected by increases in total bookings. Our primary uses of cash from operating activities have been for domain registration costs paid to registries, software licensing fees related to third-party email and productivity solutions, personnel costs, discretionary marketing and advertising costs, technology and development costs and interest payments. We expect cash outflows from operating activities to be affected by the timing of payments we make to registries and increases in personnel and other operating costs as we continue to grow our business and increase our international presence.
Net cash provided by operating activities increased $163.6 million from $559.8 million in 2018 to $723.4 million in 2019, primarily driven by our bookings growth as well as increased interest income.
Investing Activities
Our investing activities primarily consist of strategic acquisitions and purchases of property and equipment to support the overall growth of our business and our increased international presence. We expect our investing cash flows to be affected by the timing of payments we make for capital expenditures and the strategic acquisition or other growth opportunities we decide to pursue.
Net cash used in investing activities decreased $119.5 million from $254.8 million in 2018 to $135.3 million in 2019, primarily due to a $106.9 million decrease in business acquisitions.
Financing Activities
Our financing activities primarily consist of long-term debt borrowings, the repayment of principal on long-term debt, stock option exercises and share repurchases.
Net cash from financing activities decreased $503.9 million from $47.0 million provided in 2018 to $456.9 million used in 2019, primarily resulting from $458.6 million of share repurchases in 2019, a $44.4 million increase in acquisition contingent consideration payments and $13.2 million of financing-related costs paid in 2019.
| | 2019 | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities | Effect of exchange rate changes on cash and cash equivalents | Net increase in cash and cash equivalents |
| Year Ended December 31, | 2019 | $723.4 | (135.3) | (456.9) | (0.8) | $130.4 |
| | 2018 | $559.8 | (254.8) | 47.0 | (2.3) | $349.7 |
| | 2017 | $475.6 | (1,570.1) | 1,107.5 | 3.6 | $16.6 | | What are the 3 types of activities that cash flow comprises of? | "Operating", "Investing", "Financing" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Other income, net
The components of other income, net from continuing operations for the years ended December 31 are as follows:
In 2018, we recorded a $0.5 million adjustment to decrease the fair value of the Company's contingent consideration related to the Brink Acquisition. Also, during 2019 and 2018, the Company incurred a net loss on rental contracts of approximately $1.0 million and $0.9 million, respectively.
| in thousands | 2019 | Foreign currency loss | Rental loss-net | Gain on sale of real estate | Fair value adjustment contingent consideration | Other | Other income, net |
| Year ended December 31 | 2019 | $(83) | (996) | — | — | (424) | $(1,503) |
| | 2018 | $(258) | (865) | 649 | 450 | 330 | $306 | | What was the adjustment recorded to decrease the fair value of the Company's contingent consideration related to the Brink Acquisition in 2018? | $0.5 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Other income, net
The components of other income, net from continuing operations for the years ended December 31 are as follows:
In 2018, we recorded a $0.5 million adjustment to decrease the fair value of the Company's contingent consideration related to the Brink Acquisition. Also, during 2019 and 2018, the Company incurred a net loss on rental contracts of approximately $1.0 million and $0.9 million, respectively.
| in thousands | 2019 | Foreign currency loss | Rental loss-net | Gain on sale of real estate | Fair value adjustment contingent consideration | Other | Other income, net |
| Year ended December 31 | 2019 | $(83) | (996) | — | — | (424) | $(1,503) |
| | 2018 | $(258) | (865) | 649 | 450 | 330 | $306 | | How much was the net loss on rental contracts during 2019? | approximately $1.0 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Other income, net
The components of other income, net from continuing operations for the years ended December 31 are as follows:
In 2018, we recorded a $0.5 million adjustment to decrease the fair value of the Company's contingent consideration related to the Brink Acquisition. Also, during 2019 and 2018, the Company incurred a net loss on rental contracts of approximately $1.0 million and $0.9 million, respectively.
| in thousands | 2019 | Foreign currency loss | Rental loss-net | Gain on sale of real estate | Fair value adjustment contingent consideration | Other | Other income, net |
| Year ended December 31 | 2019 | $(83) | (996) | — | — | (424) | $(1,503) |
| | 2018 | $(258) | (865) | 649 | 450 | 330 | $306 | | What is the Foreign currency loss in 2019 and 2018 respectively? | "$(83)", "$(258)" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 19—SEGMENT INFORMATION
ASC Topic 280, “Segment Reporting” (Topic 280), establishes standards for reporting, by public business enterprises, information about operating segments, products and services, geographic areas, and major customers. The method of determining what information, under Topic 280, to report is based on the way that an entity organizes operating segments for making operational decisions and how the entity’s management and chief operating decision maker (CODM) assess an entity’s financial performance. Our operations are analyzed by management and our CODM as being part of a single industry segment: the design, development, marketing and sales of Enterprise Information Management software and solutions.
The following table sets forth the distribution of revenues, by significant geographic area, for the periods indicated:
| | 2019 | Revenues | Canada | United States | United Kingdom | Germany | Rest of Europe | All other countries | Total revenues |
| | 2019 | : | $153,890 | 1,490,863 | 182,815 | 203,403 | 534,204 | 303,580 | $2,868,755 |
| Year Ended June 30, | 2018 | : | $149,812 | 1,425,244 | 201,821 | 198,253 | 517,693 | 322,418 | $2,815,241 |
| | 2017 | : | $227,115 | 1,090,049 | 159,817 | 166,611 | 394,132 | 253,333 | $2,291,057 | | What are the Fiscal years included in the table? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Services Business
We offer services to customers and partners to help to maximize the performance of their investments in Oracle applications and infrastructure technologies. Services revenues are generally recognized as the services are performed. The cost of providing our services consists primarily of personnel related expenses, technology infrastructure expenditures, facilities expenses and external contractor expenses.
(1) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under “Presentation of Operating Segments and Other Financial Information” above.
Excluding the effects of currency rate fluctuations, our total services revenues decreased in fiscal 2019 relative to fiscal 2018 primarily due to revenue declines in our education services and, to a lesser extent, our consulting services. During fiscal 2019, constant currency increases in our EMEA-based services revenues were offset by constant currency services revenue decreases in the Americas and the Asia Pacific regions.
In constant currency, total services expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to an increase in employee related expenses and external contractor expenses associated with investments in our consulting services that support our cloud offerings. In constant currency, total margin and total margin as a percentage of total services revenues decreased during fiscal 2019 relative to fiscal 2018 due to decreased revenues and increased expenses for this business.
| | (Dollars in millions) | Services Revenues | Americas | EMEA | Asia Pacific | Total revenues | Total Expenses (1) | Total Margin | Total Margin % | % Revenues by Geography | Americas | EMEA | Asia Pacific |
| | 2019 | : | $1,576 | 1,021 | 643 | 3,240 | 2,703 | $537 | 17% | : | 49% | 31% | 20% |
| | Actual | : | -5% | -2% | -7% | -5% | -1% | -19% | | : | | | |
| Percent Change | Constant | : | -3% | 2% | -4% | -2% | 2% | -18% | | : | | | |
| | 2018 | : | $1,654 | 1,046 | 695 | 3,395 | 2,729 | $666 | 20% | : | 49% | 31% | 20% | | How much was the constant percentage change and the actual percentage change in total expenses? | "2%", "-1%" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (g) Prepaid Expenses and Other Current Assets:
A summary of prepaid expenses and other current assets is as follows (in millions):
Prepaid inventory represents inventory in-transit that has been paid for but not received.
| | Prepaid expenses | Prepaid inventory | $7.1 | |
| September 2019 | $1.8 | 5.3 | $7.1 |
| September 2018 | $1.6 | 3.3 | $4.9 | | How much is the company's respective prepaid expenses in 2018 and 2019? | "$1.6", "$1.8" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (g) Prepaid Expenses and Other Current Assets:
A summary of prepaid expenses and other current assets is as follows (in millions):
Prepaid inventory represents inventory in-transit that has been paid for but not received.
| | Prepaid expenses | Prepaid inventory | $7.1 | |
| September 2019 | $1.8 | 5.3 | $7.1 |
| September 2018 | $1.6 | 3.3 | $4.9 | | How much is the company's respective prepaid inventory in 2018 and 2019? | "3.3", "5.3" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)
Business Metrics
We review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends, formulate plans and make strategic decisions, including the following.
Transaction Volume. We define transaction volume as the dollar value of loans facilitated on our platform
during a given period. Transaction volume is an indicator of revenue and overall platform profitability and has
grown substantially in the past several years.
Loan Servicing Portfolio. We define our loan servicing portfolio as the aggregate outstanding consumer loan balance (principal plus accrued interest and fees) serviced by our platform at the date of measurement. Our loan servicing portfolio is an indicator of our servicing activities. The average loan servicing portfolio for the years ended December 31, 2019, 2018 and 2017 was $8,213 million, $6,303 million and $4,501 million, respectively.
Active Merchants. We define active merchants as home improvement merchants and healthcare providers that have submitted at least one consumer application during the twelve months ended at the date of measurement. Because our transaction volume is a function of the size, engagement and growth of our merchant network, active merchants, in aggregate, are an indicator of future revenue and profitability, although they are not directly correlated. The comparative measures can also be impacted by disciplined corrective action taken by the Company to remove merchants from our program who do not meet our customer satisfaction standards.
Cumulative Consumer Accounts. We define cumulative consumer accounts as the aggregate number of consumer accounts approved on our platform since our inception, including accounts with both outstanding and zero balances. Although not directly correlated to revenue, cumulative consumer accounts is a measure of our brand awareness among consumers, as well as the value of the data we have been collecting from such consumers since our inception. We may use this data to support future growth by cross-marketing products and delivering potential additional customers to merchants that may not have been able to source those customers themselves.
| | 2019 | Transaction Volume | Dollars (in millions) | Percentage increase | Loan Servicing Portfolio | Dollars (in millions, at end of period) | Percentage increase | Active Merchants | Number (at end of period) | Percentage increase | Cumulative Consumer Accounts | Number (in millions, at end of period) | Percentage increase |
| | 2019 | | $5,954 | 18% | | $9,150 | 25% | | 17,216 | 15% | | 3.03 | 35% |
| Year Ended December 31, | 2018 | | $5,030 | 34% | | $7,341 | 36% | | 14,907 | 37% | | 2.24 | 43% |
| | 2017 | | $3,767 | | | $5,390 | | | 10,891 | | | 1.57 | | | How many years did the Transaction volume exceed $5,000 million? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
| | Accrued compensation and benefits | Accrued tax liabilities | Lease liabilities | Other | Total accrued liabilities |
| December 31, 2019 | $12,227 | 4,354 | 5,109 | 6,066 | $27,756 |
| December 31, 2018 | $15,283 | 4,455 | — | 5,553 | $25,291 | | What is the units that the values in the table are measured in? | in thousands |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Financial and Operating Highlights
CONTINUING OPERATIONS
(1) See reconciliation of GAAP to non-GAAP financial measures tables in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Form 10-K.
| (Amounts in thousands, except per share data and percentages) | Bookings | Backlog | Sales | Sales growth % | Research & development | Operating income | Net income (loss) per share, continuing operations attributable to Cubic | Adjusted EBITDA (1) | Adjusted EBITDA growth % | Adjusted earnings per share (1) | Adjusted earnings per share growth % | Cash dividend per share | Long-term debt, inclusive of current portion |
| 2019 | $1,002,320 | $3,400,952 | $1,496,475 | 24% | $50,132 | $86,237 | $1.67 | $146,594 | 40% | $3.13 | 43% | $0.27 | $199,824 |
| 2018 | $2,779,782 | $4,064,451 | $1,202,898 | 9% | $52,398 | $24,382 | $0.29 | $104,561 | 20% | $2.19 | 35% | $0.27 | $199,793 |
| 2017 | $1,234,013 | $2,536,499 | $1,107,709 | | $52,652 | $2,628 | $(0.95) | $87,470 | | $1.62 | | $0.27 | $199,761 | | What are the periods highlighted in the table? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Restricted Stock and Restricted Stock Units
Historically, we have granted shares of restricted stock to certain employees that have vested in three equal annual installments on the anniversary dates of their grant. However, beginning in 2019, we altered our approach for these grants to replace the grant of restricted stock subject to time-based vesting with the grant of a combination of restricted stock units ("RSUs") subject to time- based vesting and performance-based vesting. Each RSU represents the contingent right to receive a single share of our common stock upon the vesting of the award. For the year ended December 31, 2019, we granted an aggregate of 280,000 RSUs to certain employees. Of the RSUs granted during 2019, 217,000 of such RSUs are subject to time-based vesting and are scheduled to vest in three equal annual installments on the anniversary dates of the grant. The remaining 63,000 RSUs are performance-based awards that will vest based on our achievement of long-term performance goals, in particular, based on our levels of 2021 revenue and operating income. The 63,000 shares issuable upon vesting of the performance-based RSUs represent the maximum payout under our performance-based awards, based upon 150% of our target performance for 2021 revenue and operating income (the payout of such awards based on target performance for 2021 revenue and operating income would be 42,000 shares). In the case of the time-based and performance-based RSUs, vesting is also subject to the employee's continuous service with us through vesting. In 2018, we granted 280,000 shares of restricted stock to certain employees. Shares issued to employees vest in three equal annual installments on the anniversary dates of their grant. In 2019 and 2018, 194,333 and 182,500 shares of restricted stock vested, respectively.
In addition, in conjunction with our 2018 and 2019 Annual Meetings of Stockholders, we granted RSUs to certain members of our Board of Directors in respect of the annual equity compensation under our non-employee director compensation policy (other members of our Board of Directors elected to receive their annual equity compensation for Board service in the form of stock units under our Deferred Compensation Plan as described below). In 2019 and 2018, we granted 11,600 and 16,286, respectively, RSUs to members of our Board of Directors in respect of the annual equity compensation under our non-employee director compensation policy. RSUs issued to our Board of Directors vest at the earlier of the one-year anniversary of their grant or the next annual stockholders' meeting. In 2019 and 2018, 16,286 and 129,865 RSUs, respectively, vested.
The following table summarizes our aggregate restricted stock awards and RSU activity in 2019 and 2018:
We recognized $1.5 million and $0.6 million in stock-based compensation expense, which is recorded in selling, general and administrative expense on the consolidated statement of operations for the years ended December 31, 2019 and 2018, respectively, and we will recognize $4.0 million over the remaining requisite service period for unamortized restricted stock, RSUs and stock options.
Unamortized restricted stock and RSUs expense at December 31, 2019 that will be amortized over the weighted-average remaining service period of 2 years totaled $1.2 million.
| | Balance at January 1, 2017 | Granted | Vested | Forfeitures | Balance at December 31, 2018 | Granted | Vested | Forfeitures | Balance at December 31, 2019 |
| Number of Unvested Shares | 489,698 | 296,287 | (312,365) | (15,000) | 458,620 | 291,600 | (210,619) | (37,499) | 502,102 |
| Weighted Average Grant Date Fair Value | $1.51 | $3.07 | $1.45 | $1.41 | $2.56 | $3.75 | $2.33 | $2.96 | $3.32 |
| Aggregate Grant Date Fair Value of Unvested Shares | 738,345 | $909,600 | $(454,339) | $(21,150) | $1,172,456 | $1,094,430 | $(490,769) | $(111,115) | $1,665,002 | | What was the number of unvested shares Granted in 2018 and 2019 respectively? | "296,287", "291,600" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Sources and uses of cash
Cash flow movement for the year ended March 31, 2019 compared to year ended March 31, 2018
Net cash generated from operating activities in fiscal year 2019 was $75.0 million compared to $83.2 million in the in fiscal year 2018, a decrease of $8.2 million, or 9.9%, primarily due to decrease in working capital movement of $65.1 million, mainly attributable to increase in trade receivables by $88.5 million and increase in trade payables by $23.4 million and as a result of lower operating profit before exceptional item generated in fiscal year 2019 as compared to fiscal year 2018.
Net cash used in investing activities in fiscal year 2019 was $157.7 million compared to $185.4 million in fiscal year 2018, a decrease of $27.7 million, or 14.9%, primarily as a result of investment in restricted deposits amounting to $53.5 million in fiscal year 2019 and offset by the decrease in purchase of intangible film rights and content rights in fiscal year 2019 was $107.7 million, compared to $186.8 million in fiscal year 2018, decrease of $79.1 million, or 42.3%.
Net cash from financing activities in fiscal year 2019 was $84.1 million compared to $77.4 million in fiscal year 2018, an increase of $6.7 million, or 8.7%, primarily as a result of the proceeds from the issuance of share capital and an increase in short-term borrowings in fiscal year, 2019.
Cash flow movement for the year ended March 31, 2018 compared to year ended March 31, 2017
Net cash generated from operating activities in fiscal year 2018, was $83.2 million, compared to $99.0 million in fiscal year 2017, a decrease of $15.8 million, or 15.9%, primarily due to decrease in working capital movement of $24.3 million mainly attributable to increase in trade receivables to $19.1 million and decrease in trade payables by $5.4 million. The cash flow from operating activities has also decreased due to increase in interest and income tax paid in fiscal 2018 by 2.4 million and $2.9 million respectively. The aforesaid decrease is partially offset on account of deconsolidation of a subsidiary during the year.
Net cash used in investing activities in fiscal year 2018 was $185.4 million, compared to $175.2 million in fiscal year 2017, an increase of $10.2 million, or 5.8%, due to the change in mix of films released in fiscal year 2018. The purchase of intangible film rights and content rights in fiscal year 2018 was $186.8 million, compared to $173.5 million in fiscal year 2017, an increase of $13.3 million, or 7.7%.
Net cash generated from financing activities in fiscal year 2018 was $77.4 million, compared to $5.9 million in fiscal year 2017, an increase of $71.5 million, or 1,205.7%, primarily due proceeds from issue of share capital of $16.6 million, proceeds from sale of shares of a subsidiary of $40.2 million and share application money of 18.0 million.
Capital expenditures
In fiscal year 2019, the company invested over $264.3 million (of which cash outflow is $107.7 million) in film content, and in fiscal 2020 the company expects to invest approximately $150 to $160 million in film content.
| | 2019 | | Net cash from operating activities | Net cash used in investing activities | Net cash from financing activities |
| | 2019 | | $74,966 | $(157,733) | $84,117 |
| Year Ended March 31, | 2018 | (in thousands) | $83,243 | $(185,420) | $77,415 |
| | 2017 | | $98,993 | $(175,191) | $5,929 | | What is the Net cash from operating activities for 2017, 2018 and 2019 respectively? | "$98,993", "$83,243", "$74,966" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Sources and uses of cash
Cash flow movement for the year ended March 31, 2019 compared to year ended March 31, 2018
Net cash generated from operating activities in fiscal year 2019 was $75.0 million compared to $83.2 million in the in fiscal year 2018, a decrease of $8.2 million, or 9.9%, primarily due to decrease in working capital movement of $65.1 million, mainly attributable to increase in trade receivables by $88.5 million and increase in trade payables by $23.4 million and as a result of lower operating profit before exceptional item generated in fiscal year 2019 as compared to fiscal year 2018.
Net cash used in investing activities in fiscal year 2019 was $157.7 million compared to $185.4 million in fiscal year 2018, a decrease of $27.7 million, or 14.9%, primarily as a result of investment in restricted deposits amounting to $53.5 million in fiscal year 2019 and offset by the decrease in purchase of intangible film rights and content rights in fiscal year 2019 was $107.7 million, compared to $186.8 million in fiscal year 2018, decrease of $79.1 million, or 42.3%.
Net cash from financing activities in fiscal year 2019 was $84.1 million compared to $77.4 million in fiscal year 2018, an increase of $6.7 million, or 8.7%, primarily as a result of the proceeds from the issuance of share capital and an increase in short-term borrowings in fiscal year, 2019.
Cash flow movement for the year ended March 31, 2018 compared to year ended March 31, 2017
Net cash generated from operating activities in fiscal year 2018, was $83.2 million, compared to $99.0 million in fiscal year 2017, a decrease of $15.8 million, or 15.9%, primarily due to decrease in working capital movement of $24.3 million mainly attributable to increase in trade receivables to $19.1 million and decrease in trade payables by $5.4 million. The cash flow from operating activities has also decreased due to increase in interest and income tax paid in fiscal 2018 by 2.4 million and $2.9 million respectively. The aforesaid decrease is partially offset on account of deconsolidation of a subsidiary during the year.
Net cash used in investing activities in fiscal year 2018 was $185.4 million, compared to $175.2 million in fiscal year 2017, an increase of $10.2 million, or 5.8%, due to the change in mix of films released in fiscal year 2018. The purchase of intangible film rights and content rights in fiscal year 2018 was $186.8 million, compared to $173.5 million in fiscal year 2017, an increase of $13.3 million, or 7.7%.
Net cash generated from financing activities in fiscal year 2018 was $77.4 million, compared to $5.9 million in fiscal year 2017, an increase of $71.5 million, or 1,205.7%, primarily due proceeds from issue of share capital of $16.6 million, proceeds from sale of shares of a subsidiary of $40.2 million and share application money of 18.0 million.
Capital expenditures
In fiscal year 2019, the company invested over $264.3 million (of which cash outflow is $107.7 million) in film content, and in fiscal 2020 the company expects to invest approximately $150 to $160 million in film content.
| | 2019 | | Net cash from operating activities | Net cash used in investing activities | Net cash from financing activities |
| | 2019 | | $74,966 | $(157,733) | $84,117 |
| Year Ended March 31, | 2018 | (in thousands) | $83,243 | $(185,420) | $77,415 |
| | 2017 | | $98,993 | $(175,191) | $5,929 | | What was the net cash increase in financing activities? | $6.7 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Sources and uses of cash
Cash flow movement for the year ended March 31, 2019 compared to year ended March 31, 2018
Net cash generated from operating activities in fiscal year 2019 was $75.0 million compared to $83.2 million in the in fiscal year 2018, a decrease of $8.2 million, or 9.9%, primarily due to decrease in working capital movement of $65.1 million, mainly attributable to increase in trade receivables by $88.5 million and increase in trade payables by $23.4 million and as a result of lower operating profit before exceptional item generated in fiscal year 2019 as compared to fiscal year 2018.
Net cash used in investing activities in fiscal year 2019 was $157.7 million compared to $185.4 million in fiscal year 2018, a decrease of $27.7 million, or 14.9%, primarily as a result of investment in restricted deposits amounting to $53.5 million in fiscal year 2019 and offset by the decrease in purchase of intangible film rights and content rights in fiscal year 2019 was $107.7 million, compared to $186.8 million in fiscal year 2018, decrease of $79.1 million, or 42.3%.
Net cash from financing activities in fiscal year 2019 was $84.1 million compared to $77.4 million in fiscal year 2018, an increase of $6.7 million, or 8.7%, primarily as a result of the proceeds from the issuance of share capital and an increase in short-term borrowings in fiscal year, 2019.
Cash flow movement for the year ended March 31, 2018 compared to year ended March 31, 2017
Net cash generated from operating activities in fiscal year 2018, was $83.2 million, compared to $99.0 million in fiscal year 2017, a decrease of $15.8 million, or 15.9%, primarily due to decrease in working capital movement of $24.3 million mainly attributable to increase in trade receivables to $19.1 million and decrease in trade payables by $5.4 million. The cash flow from operating activities has also decreased due to increase in interest and income tax paid in fiscal 2018 by 2.4 million and $2.9 million respectively. The aforesaid decrease is partially offset on account of deconsolidation of a subsidiary during the year.
Net cash used in investing activities in fiscal year 2018 was $185.4 million, compared to $175.2 million in fiscal year 2017, an increase of $10.2 million, or 5.8%, due to the change in mix of films released in fiscal year 2018. The purchase of intangible film rights and content rights in fiscal year 2018 was $186.8 million, compared to $173.5 million in fiscal year 2017, an increase of $13.3 million, or 7.7%.
Net cash generated from financing activities in fiscal year 2018 was $77.4 million, compared to $5.9 million in fiscal year 2017, an increase of $71.5 million, or 1,205.7%, primarily due proceeds from issue of share capital of $16.6 million, proceeds from sale of shares of a subsidiary of $40.2 million and share application money of 18.0 million.
Capital expenditures
In fiscal year 2019, the company invested over $264.3 million (of which cash outflow is $107.7 million) in film content, and in fiscal 2020 the company expects to invest approximately $150 to $160 million in film content.
| | 2019 | | Net cash from operating activities | Net cash used in investing activities | Net cash from financing activities |
| | 2019 | | $74,966 | $(157,733) | $84,117 |
| Year Ended March 31, | 2018 | (in thousands) | $83,243 | $(185,420) | $77,415 |
| | 2017 | | $98,993 | $(175,191) | $5,929 | | Which year(s) had a Net cash from financing activities greater than $70,000 thousand? | "2018", "2019" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 8 Income taxes
The following table shows the significant components of income taxes deducted from net earnings.
| FOR THE YEAR ENDED DECEMBER 31 | Current taxes | Current taxes | Uncertain tax positions | Change in estimate relating to prior periods | Deferred taxes | Deferred taxes relating to the origination and reversal of temporary differences | Change in estimate relating to prior periods | Recognition and utilization of loss carryforwards | Effect of change in provincial corporate tax rate | Uncertain tax positions | Total income taxes |
| 2019 | | (761) | 6 | 22 | | (322) | (8) | (106) | 27 | 9 | (1,133) |
| 2018 | | (775) | 8 | 12 | | (352) | 8 | 44 | – | 60 | (995) | | How many components of current taxes are there? | "Current taxes", "uncertain tax positions", "change in estimate relating to prior periods" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The breakout of product and service gross profit was as follows:
We assess the carrying value of our inventory on a quarterly basis by estimating future demand and comparing that demand against on-hand and on-order inventory positions. Forecasted revenues information is obtained from the sales and marketing groups and incorporates factors such as backlog and future consolidated revenues. This quarterly process identifies obsolete and excess inventory. Obsolete inventory, which represents items for which there is no demand, is fully reserved. Excess inventory, which represents inventory items that are not expected to be consumed during the next twelve quarters for our Semiconductor Test, Industrial Automation and System Test segments and next four quarters for our Wireless Test segment, is written-down to estimated net realizable value.
During the year ended December 31, 2019, we recorded an inventory provision of $15.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $15.2 million of total excess and obsolete provisions, $8.7 million was related to Semiconductor Test, $4.0 million was related to Wireless Test, $2.0 million was related to System Test, and $0.5 million was related to Industrial Automation.
During the year ended December 31, 2018, we recorded an inventory provision of $11.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $11.2 million of total excess and obsolete provisions, $6.8 million was related to Semiconductor Test, $2.5 million was related to Wireless Test, $1.2 million was related to System Test, and $0.7 million was related to Industrial Automation.
During the years ended December 31, 2019 and 2018, we scrapped $9.2 million and $7.0 million of inventory, respectively, and sold $3.2 million and $6.7 million of previously written-down or written-off inventory, respectively. As of December 31, 2019, we had inventory related reserves for amounts which had been written-down or written-off totaling $103.6 million. We have no pre-determined timeline to scrap the remaining inventory.
| | | Product gross profit | Percent of product revenues | Service gross profit | Percent of service revenues |
| 2019 | | $1,105.6 | 58.6% | $234.2 | 57.5% |
| 2018 | (dollars in millions) | $1,002.5 | 58.0% | $217.9 | 58.7% |
| 2018-2019 Dollar/Point Change | | $103.1 | 0.6 | $16.3 | (1.2) | | What are the types of gross profit in the table? | "Product gross profit", "Service gross profit" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The breakout of product and service gross profit was as follows:
We assess the carrying value of our inventory on a quarterly basis by estimating future demand and comparing that demand against on-hand and on-order inventory positions. Forecasted revenues information is obtained from the sales and marketing groups and incorporates factors such as backlog and future consolidated revenues. This quarterly process identifies obsolete and excess inventory. Obsolete inventory, which represents items for which there is no demand, is fully reserved. Excess inventory, which represents inventory items that are not expected to be consumed during the next twelve quarters for our Semiconductor Test, Industrial Automation and System Test segments and next four quarters for our Wireless Test segment, is written-down to estimated net realizable value.
During the year ended December 31, 2019, we recorded an inventory provision of $15.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $15.2 million of total excess and obsolete provisions, $8.7 million was related to Semiconductor Test, $4.0 million was related to Wireless Test, $2.0 million was related to System Test, and $0.5 million was related to Industrial Automation.
During the year ended December 31, 2018, we recorded an inventory provision of $11.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $11.2 million of total excess and obsolete provisions, $6.8 million was related to Semiconductor Test, $2.5 million was related to Wireless Test, $1.2 million was related to System Test, and $0.7 million was related to Industrial Automation.
During the years ended December 31, 2019 and 2018, we scrapped $9.2 million and $7.0 million of inventory, respectively, and sold $3.2 million and $6.7 million of previously written-down or written-off inventory, respectively. As of December 31, 2019, we had inventory related reserves for amounts which had been written-down or written-off totaling $103.6 million. We have no pre-determined timeline to scrap the remaining inventory.
| | | Product gross profit | Percent of product revenues | Service gross profit | Percent of service revenues |
| 2019 | | $1,105.6 | 58.6% | $234.2 | 57.5% |
| 2018 | (dollars in millions) | $1,002.5 | 58.0% | $217.9 | 58.7% |
| 2018-2019 Dollar/Point Change | | $103.1 | 0.6 | $16.3 | (1.2) | | In which years was the breakout of product and service gross profit provided? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Significant components of our deferred tax assets and liabilities are as follows:
The deferred tax assets and liabilities for fiscal 2019 and 2018 include amounts related to various acquisitions. The total change in deferred tax assets and liabilities in fiscal 2019 includes changes that are recorded to other comprehensive income (loss), retained earnings and goodwill.
We calculate deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities and measure them using the enacted tax rates and laws that we expect will be in effect when the differences reverse.
| | 2019 | | Deferred tax assets | Accrued employee benefits | Allowances for loss contingencies | Deferred compensation | Intangible assets | Inventory valuation | Long-term contracts | Prepaid and accrued expenses | Retirement benefits | Tax credit carryforwards | Loss carryforwards | Other | Total gross deferred tax assets | Valuation allowance | Total deferred tax assets | Deferred tax liabilities | Debt obligation basis difference | Deferred revenue | Intangible assets | Property, plant and equipment | Unremitted earnings | Other | Total deferred tax liabilities | Net deferred tax asset (liability) |
| | 2019 | | : | $ 11,409 | 3,561 | 3,071 | — | 8,036 | 6,995 | 1,816 | 4,967 | 33,118 | 36,248 | 818 | 110,039 | (69,098) | 40,941 | : | (4,582) | (12,135) | (18,592) | (4,524) | (977) | (587) | (41,397) | $ (456) |
| September 30, | 2018 | (in thousands) | : | $ 8,285 | 3,518 | 3,272 | 1,361 | 1,154 | 7,751 | 1,229 | 1,398 | 35,137 | 29,097 | 264 | 92,466 | (81,838) | 10,628 | : | — | (2,351) | — | (5,079) | (823) | (351) | (8,604) | $ 2,024 | | What are the items under deferred tax liabilities? | "Debt obligation basis difference", "Deferred revenue", "Intangible assets", "Property, plant and equipment", "Unremitted earnings", "Other" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Significant components of our deferred tax assets and liabilities are as follows:
The deferred tax assets and liabilities for fiscal 2019 and 2018 include amounts related to various acquisitions. The total change in deferred tax assets and liabilities in fiscal 2019 includes changes that are recorded to other comprehensive income (loss), retained earnings and goodwill.
We calculate deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities and measure them using the enacted tax rates and laws that we expect will be in effect when the differences reverse.
| | 2019 | | Deferred tax assets | Accrued employee benefits | Allowances for loss contingencies | Deferred compensation | Intangible assets | Inventory valuation | Long-term contracts | Prepaid and accrued expenses | Retirement benefits | Tax credit carryforwards | Loss carryforwards | Other | Total gross deferred tax assets | Valuation allowance | Total deferred tax assets | Deferred tax liabilities | Debt obligation basis difference | Deferred revenue | Intangible assets | Property, plant and equipment | Unremitted earnings | Other | Total deferred tax liabilities | Net deferred tax asset (liability) |
| | 2019 | | : | $ 11,409 | 3,561 | 3,071 | — | 8,036 | 6,995 | 1,816 | 4,967 | 33,118 | 36,248 | 818 | 110,039 | (69,098) | 40,941 | : | (4,582) | (12,135) | (18,592) | (4,524) | (977) | (587) | (41,397) | $ (456) |
| September 30, | 2018 | (in thousands) | : | $ 8,285 | 3,518 | 3,272 | 1,361 | 1,154 | 7,751 | 1,229 | 1,398 | 35,137 | 29,097 | 264 | 92,466 | (81,838) | 10,628 | : | — | (2,351) | — | (5,079) | (823) | (351) | (8,604) | $ 2,024 | | How many items are there under deferred tax liabilities? | "Debt obligation basis difference", "Deferred revenue", "Intangible assets", "Property, plant and equipment", "Unremitted earnings", "Other" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities are as follows (amounts in millions):
In assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carryback and carryforward periods available to them for tax reporting purposes, and prudent and feasible tax planning strategies.
| | 2019 | Deferred tax assets | Deferred income on shipments to distributors | Inventory valuation | Net operating loss carryforward | Capital loss carryforward | Share-based compensation | Income tax credits | Property, plant and equipment | Accrued expenses and other | Intangible assets | Other | Gross deferred tax assets | Valuation allowances | Deferred tax assets, net of valuation allowances | Deferred tax liabilities | Convertible debt | Intangible assets | Other | Deferred tax liabilities | Net deferred tax asset (liability) | Reported as | Non-current deferred tax assets | Non-current deferred tax liability | Net deferred tax asset (liability) |
| March 31, | 2019 | : | $— | 45.0 | 94.3 | 9.6 | 42.4 | 376.5 | 23.6 | 91.4 | 1,608.1 | 12.6 | 2,303.5 | (332.1) | 1,971.4 | : | (279.3) | (721.0) | — | (1,000.3) | $971.1 | : | $1,677.2 | (706.1) | $971.1 |
| | 2018 | : | $39.1 | 10.7 | 101.1 | 10.6 | 31.4 | 178.4 | 25.7 | 91.2 | — | — | 488.2 | (204.5) | 283.7 | : | (304.4) | (66.6) | (18.3) | (389.3) | $(105.6) | : | $100.2 | (205.8) | $(105.6) | | Which years does the table provide information for the tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:
Included in the total unrecognized tax benefits at December 31, 2019, 2018 and 2017 is $2.4 billion, $2.3 billion and $1.9 billion, respectively, that if recognized, would favorably affect the effective income tax rate.
| | 2019 | Balance at January 1, | Additions based on tax positions related to the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years | Settlements | Lapses of statutes of limitations | Balance at December 31, |
| | 2019 | $ 2,871 | 149 | 297 | (300) | (58) | (89) | $ 2,870 |
| | 2018 | $2,355 | 160 | 699 | (248) | (40) | (55) | $ 2,871 |
| | 2017 | $ 1,902 | 219 | 756 | (419) | (42) | (61) | $ 2,355 | | What was the amount that would favorably affect the effective income tax rate if included in 2019? | $2.4 billion |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:
Included in the total unrecognized tax benefits at December 31, 2019, 2018 and 2017 is $2.4 billion, $2.3 billion and $1.9 billion, respectively, that if recognized, would favorably affect the effective income tax rate.
| | 2019 | Balance at January 1, | Additions based on tax positions related to the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years | Settlements | Lapses of statutes of limitations | Balance at December 31, |
| | 2019 | $ 2,871 | 149 | 297 | (300) | (58) | (89) | $ 2,870 |
| | 2018 | $2,355 | 160 | 699 | (248) | (40) | (55) | $ 2,871 |
| | 2017 | $ 1,902 | 219 | 756 | (419) | (42) | (61) | $ 2,355 | | What was the amount that would favorably affect the effective income tax rate if included in 2018? | $2.3 billion |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:
Included in the total unrecognized tax benefits at December 31, 2019, 2018 and 2017 is $2.4 billion, $2.3 billion and $1.9 billion, respectively, that if recognized, would favorably affect the effective income tax rate.
| | 2019 | Balance at January 1, | Additions based on tax positions related to the current year | Additions for tax positions of prior years | Reductions for tax positions of prior years | Settlements | Lapses of statutes of limitations | Balance at December 31, |
| | 2019 | $ 2,871 | 149 | 297 | (300) | (58) | (89) | $ 2,870 |
| | 2018 | $2,355 | 160 | 699 | (248) | (40) | (55) | $ 2,871 |
| | 2017 | $ 1,902 | 219 | 756 | (419) | (42) | (61) | $ 2,355 | | What was the amount that would favorably affect the effective income tax rate if included in 2017? | $1.9 billion |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Liquidity and Capital Resources
As of December 31, 2019, we had $19.5 million in cash and cash equivalents, of which $14.8 million was held outside the U.S. in certain of our foreign operations. If these assets are distributed to the U.S., we may be subject to additional U.S. taxes in certain circumstances. We have not provided for any repatriation taxes and currently have the intent to leave such cash and cash equivalents in the foreign countries. Cash and cash equivalents increased from $18.0 million as of December 31, 2018 primarily as a result of cash provided by operating activities, offset partially by cash used for repurchases of our common stock and our equity investment in WeekenGO. We expect that cash on hand will be sufficient to provide for working capital needs for at least the next twelve months.
Net cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $11.2 million for 2019, which consisted of net income of $4.2 million, adjustments for non-cash items of $3.8 million and a $3.2 million increase in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.3 million of depreciation and amortization expense on property and equipment, a $993,000 of stock-based compensation expense and $821,000 for our share of WeekenGO losses, amortization of basis differences and currency translation adjustment. The increase in cash from changes in operating assets and liabilities primarily consisted of a $3.1 million increase in accounts payable.
Net cash provided by operating activities was $5.3 million for 2018, which consisted of a net income of $4.7 million, adjustments for non-cash items of $2.5 million, offset partially a $1.9 million decrease in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.8 million of depreciation and amortization expense on property and equipment and a $915,000 of stock-based compensation expense. The decrease in cash from changes in operating assets and liabilities primarily consisted of a $1.5 million increase in accounts receivable.
Cash paid for income taxes, net of refunds received in 2019 and 2018, was $4.7 million and $4.3 million, respectively.
Net cash used in investing activities for 2019 and 2018 was $1.1 million and $3.7 million, respectively. The cash used in investing activities in 2019 was primarily due to $673,000 investment in WeekenGO and $474,000 in purchases of property and equipment. The cash used in investing activities in 2018 was primarily due to $3.1 million investment in WeekenGO and $752,000 in purchases of property and equipment, offset partially by $150,000 proceeds from sale of property and equipment.
Net cash used in financing activities for 2019 and 2018 was $9.1 million and $5.3 million, respectively. Net cash used in financing activities for the year ended December 31, 2019 was primarily due to $10.8 million used in repurchases of our common stock, offset partially by $1.7 million of proceeds from the issuance of common stock, net of tax paid for the net share settlement. Net cash used in financing activities for the year ended December 31, 2018 was primarily due to $5.3 million cash used in repurchases of our common stock.
| Year Ended December 31, | 2019 | (In thousands) | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities | Effect of exchange rate changes on cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash |
| | 2019 | | $11,236 | (1,147) | (9,106) | 266 | $1,249 |
| | 2018 | | $5,317 | (3,685) | (5,292) | (880) | (4,540) | | What is the net cash provided by operating activities in 2019 and 2018 respectively? | "$11,236", "$5,317" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Liquidity and Capital Resources
As of December 31, 2019, we had $19.5 million in cash and cash equivalents, of which $14.8 million was held outside the U.S. in certain of our foreign operations. If these assets are distributed to the U.S., we may be subject to additional U.S. taxes in certain circumstances. We have not provided for any repatriation taxes and currently have the intent to leave such cash and cash equivalents in the foreign countries. Cash and cash equivalents increased from $18.0 million as of December 31, 2018 primarily as a result of cash provided by operating activities, offset partially by cash used for repurchases of our common stock and our equity investment in WeekenGO. We expect that cash on hand will be sufficient to provide for working capital needs for at least the next twelve months.
Net cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $11.2 million for 2019, which consisted of net income of $4.2 million, adjustments for non-cash items of $3.8 million and a $3.2 million increase in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.3 million of depreciation and amortization expense on property and equipment, a $993,000 of stock-based compensation expense and $821,000 for our share of WeekenGO losses, amortization of basis differences and currency translation adjustment. The increase in cash from changes in operating assets and liabilities primarily consisted of a $3.1 million increase in accounts payable.
Net cash provided by operating activities was $5.3 million for 2018, which consisted of a net income of $4.7 million, adjustments for non-cash items of $2.5 million, offset partially a $1.9 million decrease in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.8 million of depreciation and amortization expense on property and equipment and a $915,000 of stock-based compensation expense. The decrease in cash from changes in operating assets and liabilities primarily consisted of a $1.5 million increase in accounts receivable.
Cash paid for income taxes, net of refunds received in 2019 and 2018, was $4.7 million and $4.3 million, respectively.
Net cash used in investing activities for 2019 and 2018 was $1.1 million and $3.7 million, respectively. The cash used in investing activities in 2019 was primarily due to $673,000 investment in WeekenGO and $474,000 in purchases of property and equipment. The cash used in investing activities in 2018 was primarily due to $3.1 million investment in WeekenGO and $752,000 in purchases of property and equipment, offset partially by $150,000 proceeds from sale of property and equipment.
Net cash used in financing activities for 2019 and 2018 was $9.1 million and $5.3 million, respectively. Net cash used in financing activities for the year ended December 31, 2019 was primarily due to $10.8 million used in repurchases of our common stock, offset partially by $1.7 million of proceeds from the issuance of common stock, net of tax paid for the net share settlement. Net cash used in financing activities for the year ended December 31, 2018 was primarily due to $5.3 million cash used in repurchases of our common stock.
| Year Ended December 31, | 2019 | (In thousands) | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities | Effect of exchange rate changes on cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash |
| | 2019 | | $11,236 | (1,147) | (9,106) | 266 | $1,249 |
| | 2018 | | $5,317 | (3,685) | (5,292) | (880) | (4,540) | | What is the net cash used in investing activities in 2019 and 2018 respectively? | "1,147", "3,685" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Liquidity and Capital Resources
As of December 31, 2019, we had $19.5 million in cash and cash equivalents, of which $14.8 million was held outside the U.S. in certain of our foreign operations. If these assets are distributed to the U.S., we may be subject to additional U.S. taxes in certain circumstances. We have not provided for any repatriation taxes and currently have the intent to leave such cash and cash equivalents in the foreign countries. Cash and cash equivalents increased from $18.0 million as of December 31, 2018 primarily as a result of cash provided by operating activities, offset partially by cash used for repurchases of our common stock and our equity investment in WeekenGO. We expect that cash on hand will be sufficient to provide for working capital needs for at least the next twelve months.
Net cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $11.2 million for 2019, which consisted of net income of $4.2 million, adjustments for non-cash items of $3.8 million and a $3.2 million increase in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.3 million of depreciation and amortization expense on property and equipment, a $993,000 of stock-based compensation expense and $821,000 for our share of WeekenGO losses, amortization of basis differences and currency translation adjustment. The increase in cash from changes in operating assets and liabilities primarily consisted of a $3.1 million increase in accounts payable.
Net cash provided by operating activities was $5.3 million for 2018, which consisted of a net income of $4.7 million, adjustments for non-cash items of $2.5 million, offset partially a $1.9 million decrease in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.8 million of depreciation and amortization expense on property and equipment and a $915,000 of stock-based compensation expense. The decrease in cash from changes in operating assets and liabilities primarily consisted of a $1.5 million increase in accounts receivable.
Cash paid for income taxes, net of refunds received in 2019 and 2018, was $4.7 million and $4.3 million, respectively.
Net cash used in investing activities for 2019 and 2018 was $1.1 million and $3.7 million, respectively. The cash used in investing activities in 2019 was primarily due to $673,000 investment in WeekenGO and $474,000 in purchases of property and equipment. The cash used in investing activities in 2018 was primarily due to $3.1 million investment in WeekenGO and $752,000 in purchases of property and equipment, offset partially by $150,000 proceeds from sale of property and equipment.
Net cash used in financing activities for 2019 and 2018 was $9.1 million and $5.3 million, respectively. Net cash used in financing activities for the year ended December 31, 2019 was primarily due to $10.8 million used in repurchases of our common stock, offset partially by $1.7 million of proceeds from the issuance of common stock, net of tax paid for the net share settlement. Net cash used in financing activities for the year ended December 31, 2018 was primarily due to $5.3 million cash used in repurchases of our common stock.
| Year Ended December 31, | 2019 | (In thousands) | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities | Effect of exchange rate changes on cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash |
| | 2019 | | $11,236 | (1,147) | (9,106) | 266 | $1,249 |
| | 2018 | | $5,317 | (3,685) | (5,292) | (880) | (4,540) | | What is the net cash used in financing activities in 2019 and 2018 respectively? | "9,106", "5,292" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
| | 2019 | Sales (including excise taxes of $370.2 million and $368.4 million, | Cost of sales | Gross profit | Selling, general and administrative expenses | Depreciation and amortization | Impairment charges | 77,673,743 | Operating income | Other expense (income) | Interest expense | Other (income), net | 1,537,745 | Income from operations before income taxes | Income tax expense | Net income available to common shareholders | Basic earnings per share available to common shareholders | Diluted earnings per share available to common shareholders | Basic weighted average shares outstanding | Diluted weighted average shares outstanding | Dividends declared and paid per common share |
| Fiscal Years Ended September | 2019 | $1,392,388,157 | 1,308,364,726 | 84,023,431 | 72,182,883 | 2,617,591 | 2,873,269 | 77,673,743 | 6,349,688 | : | 1,598,864 | (61,119) | 1,537,745 | 4,811,943 | 1,609,000 | $ 3,202,943 | $ 5.36 | $ 5.25 | 597,961 | 609,836 | $ 1.00 |
| | 2018 | $1,322,306,658 | 1,245,375,460 | 76,931,198 | 66,781,234 | 2,318,146 | 1,912,877 | 71,012,257 | 5,918,941 | : | 1,194,373 | (54,042) | 1,140,331 | 4,778,610 | 1,164,000 | $ 3,614,610 | $ 5.47 | $ 5.38 | 660,925 | 672,449 | $ 1.00 | | What are the respective sales in the fiscal years ended September 2018 and 2019? | "$1,322,306,658", "$1,392,388,157" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
| | 2019 | Sales (including excise taxes of $370.2 million and $368.4 million, | Cost of sales | Gross profit | Selling, general and administrative expenses | Depreciation and amortization | Impairment charges | 77,673,743 | Operating income | Other expense (income) | Interest expense | Other (income), net | 1,537,745 | Income from operations before income taxes | Income tax expense | Net income available to common shareholders | Basic earnings per share available to common shareholders | Diluted earnings per share available to common shareholders | Basic weighted average shares outstanding | Diluted weighted average shares outstanding | Dividends declared and paid per common share |
| Fiscal Years Ended September | 2019 | $1,392,388,157 | 1,308,364,726 | 84,023,431 | 72,182,883 | 2,617,591 | 2,873,269 | 77,673,743 | 6,349,688 | : | 1,598,864 | (61,119) | 1,537,745 | 4,811,943 | 1,609,000 | $ 3,202,943 | $ 5.36 | $ 5.25 | 597,961 | 609,836 | $ 1.00 |
| | 2018 | $1,322,306,658 | 1,245,375,460 | 76,931,198 | 66,781,234 | 2,318,146 | 1,912,877 | 71,012,257 | 5,918,941 | : | 1,194,373 | (54,042) | 1,140,331 | 4,778,610 | 1,164,000 | $ 3,614,610 | $ 5.47 | $ 5.38 | 660,925 | 672,449 | $ 1.00 | | What are the respective cost of sales in the fiscal years ended September 2018 and 2019? | "1,245,375,460", "1,308,364,726" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
| | 2019 | Sales (including excise taxes of $370.2 million and $368.4 million, | Cost of sales | Gross profit | Selling, general and administrative expenses | Depreciation and amortization | Impairment charges | 77,673,743 | Operating income | Other expense (income) | Interest expense | Other (income), net | 1,537,745 | Income from operations before income taxes | Income tax expense | Net income available to common shareholders | Basic earnings per share available to common shareholders | Diluted earnings per share available to common shareholders | Basic weighted average shares outstanding | Diluted weighted average shares outstanding | Dividends declared and paid per common share |
| Fiscal Years Ended September | 2019 | $1,392,388,157 | 1,308,364,726 | 84,023,431 | 72,182,883 | 2,617,591 | 2,873,269 | 77,673,743 | 6,349,688 | : | 1,598,864 | (61,119) | 1,537,745 | 4,811,943 | 1,609,000 | $ 3,202,943 | $ 5.36 | $ 5.25 | 597,961 | 609,836 | $ 1.00 |
| | 2018 | $1,322,306,658 | 1,245,375,460 | 76,931,198 | 66,781,234 | 2,318,146 | 1,912,877 | 71,012,257 | 5,918,941 | : | 1,194,373 | (54,042) | 1,140,331 | 4,778,610 | 1,164,000 | $ 3,614,610 | $ 5.47 | $ 5.38 | 660,925 | 672,449 | $ 1.00 | | What are the respective gross profit in the fiscal years ended September 2018 and 2019? | "76,931,198", "84,023,431" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 6. Property and Equipment, Net
Furniture and fixtures, computer software and equipment, leasehold improvements and real property are recorded at cost and presented net of depreciation. We record land at historical cost. During the application development phase, we record capitalized development costs in our construction in progress account and then reclass the asset to internal-use software when the project is ready for its intended use, which is usually when the code goes into production. Furniture, fixtures and office equipment and computer software and hardware are depreciated on a straight-line basis over lives ranging from three to five years. Internal-use software is amortized on a straight-line basis over a three-year period. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease terms or the asset lives. Real property is amortized on a straightline basis over lives ranging from 15 to 39 years.
The components of property and equipment, net are as follows (in thousands):
Depreciation expense related to property and equipment for the years ended December 31, 2019, 2018 and 2017 was $5.9 million, $5.7 million and $5.4 million, respectively. Amortization expense related to internal-use software of $1.9 million, $0.8 million and $0.4 million was included in those expenses for the years ended December 31, 2019, 2018 and 2017, respectively. We had no disposals and write-offs of property and equipment that impacted the consolidated statements of operations during the year ended December 31, 2019. Within the Alarm.com segment, we disposed of and wrote off $1.4 million and $0.8 million of capitalized costs to research and development expenses within the consolidated statements of operations primarily related to the design of internal-use software that no longer met the requirements for capitalization during the years ended December 31, 2018 and 2017, respectively. In December 2019, we purchased land and a commercial building located in Liberty Lake, Washington for $5.1 million. Once renovations are complete, this building will be used by OpenEye for sales and training, research and development, warehousing and administrative purposes.
| | 2019 | Furniture, fixtures and office equipment | Computer software and hardware | Internal-use software | Construction in progress | Leasehold improvements | Real property | Land | Total property and equipment | Accumulated depreciation |
| December 31, | 2019 | $5,604 | 17,767 | 8,949 | 4,232 | 23,223 | 4,917 | 1,398 | 66,090 | (27,542) |
| | 2018 | $4,102 | 16,228 | 5,072 | 3,790 | 18,338 | 707 | 508 | 48,745 | (20,988) | | What was the depreciation expense related to property and equipment for the years ended December 31, 2019? | $5.9 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 6. Property and Equipment, Net
Furniture and fixtures, computer software and equipment, leasehold improvements and real property are recorded at cost and presented net of depreciation. We record land at historical cost. During the application development phase, we record capitalized development costs in our construction in progress account and then reclass the asset to internal-use software when the project is ready for its intended use, which is usually when the code goes into production. Furniture, fixtures and office equipment and computer software and hardware are depreciated on a straight-line basis over lives ranging from three to five years. Internal-use software is amortized on a straight-line basis over a three-year period. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease terms or the asset lives. Real property is amortized on a straightline basis over lives ranging from 15 to 39 years.
The components of property and equipment, net are as follows (in thousands):
Depreciation expense related to property and equipment for the years ended December 31, 2019, 2018 and 2017 was $5.9 million, $5.7 million and $5.4 million, respectively. Amortization expense related to internal-use software of $1.9 million, $0.8 million and $0.4 million was included in those expenses for the years ended December 31, 2019, 2018 and 2017, respectively. We had no disposals and write-offs of property and equipment that impacted the consolidated statements of operations during the year ended December 31, 2019. Within the Alarm.com segment, we disposed of and wrote off $1.4 million and $0.8 million of capitalized costs to research and development expenses within the consolidated statements of operations primarily related to the design of internal-use software that no longer met the requirements for capitalization during the years ended December 31, 2018 and 2017, respectively. In December 2019, we purchased land and a commercial building located in Liberty Lake, Washington for $5.1 million. Once renovations are complete, this building will be used by OpenEye for sales and training, research and development, warehousing and administrative purposes.
| | 2019 | Furniture, fixtures and office equipment | Computer software and hardware | Internal-use software | Construction in progress | Leasehold improvements | Real property | Land | Total property and equipment | Accumulated depreciation |
| December 31, | 2019 | $5,604 | 17,767 | 8,949 | 4,232 | 23,223 | 4,917 | 1,398 | 66,090 | (27,542) |
| | 2018 | $4,102 | 16,228 | 5,072 | 3,790 | 18,338 | 707 | 508 | 48,745 | (20,988) | | How much did the company purchase land a commercial building located in Liberty Lake, Washington for in December 2019? | $5.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 6. Property and Equipment, Net
Furniture and fixtures, computer software and equipment, leasehold improvements and real property are recorded at cost and presented net of depreciation. We record land at historical cost. During the application development phase, we record capitalized development costs in our construction in progress account and then reclass the asset to internal-use software when the project is ready for its intended use, which is usually when the code goes into production. Furniture, fixtures and office equipment and computer software and hardware are depreciated on a straight-line basis over lives ranging from three to five years. Internal-use software is amortized on a straight-line basis over a three-year period. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease terms or the asset lives. Real property is amortized on a straightline basis over lives ranging from 15 to 39 years.
The components of property and equipment, net are as follows (in thousands):
Depreciation expense related to property and equipment for the years ended December 31, 2019, 2018 and 2017 was $5.9 million, $5.7 million and $5.4 million, respectively. Amortization expense related to internal-use software of $1.9 million, $0.8 million and $0.4 million was included in those expenses for the years ended December 31, 2019, 2018 and 2017, respectively. We had no disposals and write-offs of property and equipment that impacted the consolidated statements of operations during the year ended December 31, 2019. Within the Alarm.com segment, we disposed of and wrote off $1.4 million and $0.8 million of capitalized costs to research and development expenses within the consolidated statements of operations primarily related to the design of internal-use software that no longer met the requirements for capitalization during the years ended December 31, 2018 and 2017, respectively. In December 2019, we purchased land and a commercial building located in Liberty Lake, Washington for $5.1 million. Once renovations are complete, this building will be used by OpenEye for sales and training, research and development, warehousing and administrative purposes.
| | 2019 | Furniture, fixtures and office equipment | Computer software and hardware | Internal-use software | Construction in progress | Leasehold improvements | Real property | Land | Total property and equipment | Accumulated depreciation |
| December 31, | 2019 | $5,604 | 17,767 | 8,949 | 4,232 | 23,223 | 4,917 | 1,398 | 66,090 | (27,542) |
| | 2018 | $4,102 | 16,228 | 5,072 | 3,790 | 18,338 | 707 | 508 | 48,745 | (20,988) | | How many net components of property and equipment in 2019 exceeded $20,000 thousand? | Leasehold improvements |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 9. ACCOUNTS RECEIVABLE
A significant percentage of our accounts receivable is derived from sales to a limited number of large multinational semiconductor device manufacturers located throughout the world. In order to monitor potential expected credit losses, we perform ongoing credit evaluations of our customers’ financial condition.
The carrying amount of accounts receivable is as follows:
| | 2018 | Current | Overdue <30 days | Overdue 31-60 days | Overdue 61-120 days | Overdue >120 days | Total |
| December 31, | 2018 | 154,607 | 8,802 | 2,258 | 3,507 | 4,276 | 173,450 |
| | 2019 | 171,866 | 19,977 | 2,076 | 1,599 | 4,017 | 199,535 | | What are the time frames of carrying amount of accounts receivable? | "Current", "Overdue <30 days", "Overdue 31-60 days", "Overdue 61-120 days", "Overdue >120 days" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Accrued expenses and other consist of the following (in thousands):
At December 31, 2019 and 2018, accounts receivable, accounts payable and accrued expenses are not measured at fair value; however, the Company believes that the carrying amounts of these assets and liabilities are a reasonable estimate of their fair value because of their relative short maturity.
| December 31, | 2019 | Accrued advertising expense | Accrued compensation expense | Reserve for member refunds | Other accrued expenses | Deferred rent | Total accrued expenses and other |
| | 2019 | $1,774 | 2,955 | 293 | 2,455 | — | $7,477 |
| | 2018 | $1,875 | 2,813 | 382 | 2,266 | 517 | 7,853 | | What is the accrued advertising expense for 2019 and 2018 respectively? | "$1,774", "$1,875" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Accrued expenses and other consist of the following (in thousands):
At December 31, 2019 and 2018, accounts receivable, accounts payable and accrued expenses are not measured at fair value; however, the Company believes that the carrying amounts of these assets and liabilities are a reasonable estimate of their fair value because of their relative short maturity.
| December 31, | 2019 | Accrued advertising expense | Accrued compensation expense | Reserve for member refunds | Other accrued expenses | Deferred rent | Total accrued expenses and other |
| | 2019 | $1,774 | 2,955 | 293 | 2,455 | — | $7,477 |
| | 2018 | $1,875 | 2,813 | 382 | 2,266 | 517 | 7,853 | | What is the accrued compensation expense for 2019 and 2018 respectively? | "2,955", "2,813" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Accrued expenses and other consist of the following (in thousands):
At December 31, 2019 and 2018, accounts receivable, accounts payable and accrued expenses are not measured at fair value; however, the Company believes that the carrying amounts of these assets and liabilities are a reasonable estimate of their fair value because of their relative short maturity.
| December 31, | 2019 | Accrued advertising expense | Accrued compensation expense | Reserve for member refunds | Other accrued expenses | Deferred rent | Total accrued expenses and other |
| | 2019 | $1,774 | 2,955 | 293 | 2,455 | — | $7,477 |
| | 2018 | $1,875 | 2,813 | 382 | 2,266 | 517 | 7,853 | | What is the reserve for member refunds for 2019 and 2018 respectively? | "293", "382" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Net cash from operating activities. Net cash from operating activities is the sum of (i) net income (loss) adjusted for non-cash items and (ii) changes in net working capital. The net cash from operating activities in 2019 was $1,869 million, increasing compared to $1,845 million in the prior year, mainly due to more favorable changes in net working capital, compensating lower net income.
Net cash used in investing activities. Investing activities used $1,172 million of cash in 2019, decreasing from $1,212 million in the prior year. Payments for purchase of tangible assets, net of proceeds, totaled $1,174 million, compared to $1,262 million registered in the prior-year period. The 2019 numbers also included the proceeds from matured marketable securities of $200 million and the net cash outflow of $127 million for the acquisition of Norstel.
Net cash used in financing activities. Net cash used in financing activities was $343 million for 2019, compared to the $122 million used in 2018. The 2019 amount included $281 million proceeds from long-term debt, $144 million of long-term debt repayment, $250 million of repurchase of common stock and $214 million of dividends paid to stockholders.
| | 2019 | | Net cash from operating activities | Net cash used in investing activities | Net cash used in financing activities | Effect of changes in exchange rates | Net cash increase |
| | 2019 | | $1,869 | (1,172) | (343) | (13) | $341 |
| Year Ended December 31, | 2018 | (In millions) | $1,845 | (1,212) | (122) | (4) | $507 |
| | 2017 | | $1,677 | (1,468) | (106) | 27 | $130 | | What was the value of proceeds from matured marketable securities in 2019? | $200 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Net cash from operating activities. Net cash from operating activities is the sum of (i) net income (loss) adjusted for non-cash items and (ii) changes in net working capital. The net cash from operating activities in 2019 was $1,869 million, increasing compared to $1,845 million in the prior year, mainly due to more favorable changes in net working capital, compensating lower net income.
Net cash used in investing activities. Investing activities used $1,172 million of cash in 2019, decreasing from $1,212 million in the prior year. Payments for purchase of tangible assets, net of proceeds, totaled $1,174 million, compared to $1,262 million registered in the prior-year period. The 2019 numbers also included the proceeds from matured marketable securities of $200 million and the net cash outflow of $127 million for the acquisition of Norstel.
Net cash used in financing activities. Net cash used in financing activities was $343 million for 2019, compared to the $122 million used in 2018. The 2019 amount included $281 million proceeds from long-term debt, $144 million of long-term debt repayment, $250 million of repurchase of common stock and $214 million of dividends paid to stockholders.
| | 2019 | | Net cash from operating activities | Net cash used in investing activities | Net cash used in financing activities | Effect of changes in exchange rates | Net cash increase |
| | 2019 | | $1,869 | (1,172) | (343) | (13) | $341 |
| Year Ended December 31, | 2018 | (In millions) | $1,845 | (1,212) | (122) | (4) | $507 |
| | 2017 | | $1,677 | (1,468) | (106) | 27 | $130 | | What was the value of Net cash used in financing activities in 2019? | $343 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).
At 31 March 2019, trade receivables at a nominal value of $1.2M (2018: $0.9M) were impaired and fully provided for. Movements in the provision for impairment of receivables were as follows: 31
| | $M | At 1 April | Charge for the year | Amounts written off | Effects of movements in exchange rates | At 31 March |
| 31 March 2019 | $M | 0.9 | 0.6 | (0.2) | (0.1) | 1.2 |
| 31 March 2018 | $M | 0.4 | 0.6 | (0.1) | – | 0.9 | | For which years were the movements in the provision for impairment of receivables provided? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: b) Transactions with Golar Power and affiliates:
Net revenues: The transactions with Golar Power and its affiliates for the twelve months ended December 31, 2019, 2018 and 2017 consisted of the following:
(i) Debt guarantee compensation - In connection with the closing of the Golar Power and Stonepeak transaction, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees (as further described under the subheading "Guarantees and other") relating to Golar Power and subsidiaries.
(ii) Balances due to Golar Power and affiliates - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In December 2019, we loaned $7.0 million to Golar Power, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest, in December 2019.
| (in thousands of $) | Management and administrative services revenue | Ship management fees income | Debt guarantee compensation (i) | Other (ii) | Total |
| 2019 | 5,904 | 1,210 | 693 | (2) | 7,805 |
| 2018 | 6,167 | 1,400 | 861 | (247) | 8,181 |
| 2017 | 5,711 | 824 | 775 | 135 | 7,445 | | In which years was the transactions recorded for? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Selected financial information from our consolidated balance sheets is as follows:
(1) During 2016, as a result of our then pending sale of a portion of our colocation business and data centers, we reclassified $1.1 billion in net property, plant and equipment and $1.1 billion of goodwill to assets held for sale which is included in other current assets on our consolidated balance sheet. See Note 3—Sale of Data Centers and Colocation Business to our consolidated financial statements in Item 8 of Part II of this report, for additional information.
(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.
(3) In 2015, we adopted both ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” and ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” by retrospectively applying the requirements of the ASUs to our previously issued consolidated financial statements.
(4) In 2019, we adopted ASU 2016-02 “Leases (ASC 842)” by using the non-comparative transition option pursuant to ASU 2018-11. Therefore, we have not restated comparative period financial information for the effects of ASC 842.
(5) Total long-term debt includes current maturities of long-term debt and finance lease obligations of $305 million for the year ended December 31, 2016 associated with assets held for sale. For additional information on our total long-term debt, see Note 7— Long-Term Debt and Credit Facilities to our consolidated financial statements in Item 8 of Part II of this report. For total contractual obligations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Future Contractual Obligations” in Item 7 of Part II of this report.
| | 2019 | | Net property, plant and equipment(1) | Goodwill(1)(2) | Total assets(3)(4) | Total long-term debt(3)(5) | Total stockholders’ equity |
| | 2019 | | $26,079 | 21,534 | 64,742 | 34,694 | 13,470 |
| | 2018 | | 26,408 | 28,031 | 70,256 | 36,061 | 19,828 |
| As of December 31, | 2017 | (Dollars in millions) | 26,852 | 30,475 | 75,611 | 37,726 | 23,491 |
| | 2016 | | 17,039 | 19,650 | 47,017 | 19,993 | 13,399 |
| | 2015 | | 18,069 | 20,742 | 47,604 | 20,225 | 14,060 | | Which items were reclassified to assets held for sale in 2016? | "net property, plant and equipment", "goodwill" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Selected financial information from our consolidated balance sheets is as follows:
(1) During 2016, as a result of our then pending sale of a portion of our colocation business and data centers, we reclassified $1.1 billion in net property, plant and equipment and $1.1 billion of goodwill to assets held for sale which is included in other current assets on our consolidated balance sheet. See Note 3—Sale of Data Centers and Colocation Business to our consolidated financial statements in Item 8 of Part II of this report, for additional information.
(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.
(3) In 2015, we adopted both ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” and ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” by retrospectively applying the requirements of the ASUs to our previously issued consolidated financial statements.
(4) In 2019, we adopted ASU 2016-02 “Leases (ASC 842)” by using the non-comparative transition option pursuant to ASU 2018-11. Therefore, we have not restated comparative period financial information for the effects of ASC 842.
(5) Total long-term debt includes current maturities of long-term debt and finance lease obligations of $305 million for the year ended December 31, 2016 associated with assets held for sale. For additional information on our total long-term debt, see Note 7— Long-Term Debt and Credit Facilities to our consolidated financial statements in Item 8 of Part II of this report. For total contractual obligations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Future Contractual Obligations” in Item 7 of Part II of this report.
| | 2019 | | Net property, plant and equipment(1) | Goodwill(1)(2) | Total assets(3)(4) | Total long-term debt(3)(5) | Total stockholders’ equity |
| | 2019 | | $26,079 | 21,534 | 64,742 | 34,694 | 13,470 |
| | 2018 | | 26,408 | 28,031 | 70,256 | 36,061 | 19,828 |
| As of December 31, | 2017 | (Dollars in millions) | 26,852 | 30,475 | 75,611 | 37,726 | 23,491 |
| | 2016 | | 17,039 | 19,650 | 47,017 | 19,993 | 13,399 |
| | 2015 | | 18,069 | 20,742 | 47,604 | 20,225 | 14,060 | | How many years was the total stockholders' equity above $14,000 million? | "2018", "2017", "2015" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 9. Net interest income/interest expenses
The interest result can be broken down as follows:
Interest income and interest expenses from financial instruments are assigned to the measurement categories according to IFRS 9 on the basis of the underlying transactions.
The interest expenses included here (of the measurement categories in accordance with IFRS 9) primarily include interest expenses for issued bonds (including the Commercial Paper Programme) of €41 million (2017/18: €55 million) and for liabilities to banks of €19 million (2017/18: €12 million).
The decline in interest expenses was primarily the result of more favourable refinancing terms.
| € million | Interest income | thereof finance leases | thereof from post-employment benefits plans | thereof from financial instruments of the measurement categories according to IFRS 9 (previous year | Interest expenses | thereof finance leases | thereof from post-employment benefits plans | thereof from financial instruments of the measurement categories according to IFRS9 (previous year | Interest result |
| 2017/2018 | 27 | (0) | (5) | IAS39):: (16) | −163 | (−51) | (−16) | IAS39): (−79) | −136 |
| 2018/2019 | 29 | (0) | (7) | IAS39):: (12) | −148 | (−49) | (−15) | IAS39): (−69) | −119 | | What are the broad components in the table which are used to calculate the interest result? | "Interest income", "Interest expenses" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: F. INVENTORIES
Inventories, net consisted of the following at December 31, 2019 and 2018:
Inventory reserves for the years ended December 31, 2019 and 2018 were $103.6 million and $100.8 million, respectively.
| | (in thousands) | Raw material | Work-in-process | Finished goods | $196,691 | |
| 2019 | (in thousands) | $118,595 | 32,695 | 45,401 | $196,691 |
| 2018 | | $89,365 | 31,014 | 33,162 | $153,541 | | What was the inventory reserves in 2019? | $103.6 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: F. INVENTORIES
Inventories, net consisted of the following at December 31, 2019 and 2018:
Inventory reserves for the years ended December 31, 2019 and 2018 were $103.6 million and $100.8 million, respectively.
| | (in thousands) | Raw material | Work-in-process | Finished goods | $196,691 | |
| 2019 | (in thousands) | $118,595 | 32,695 | 45,401 | $196,691 |
| 2018 | | $89,365 | 31,014 | 33,162 | $153,541 | | In which years was net inventories calculated? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: F. INVENTORIES
Inventories, net consisted of the following at December 31, 2019 and 2018:
Inventory reserves for the years ended December 31, 2019 and 2018 were $103.6 million and $100.8 million, respectively.
| | (in thousands) | Raw material | Work-in-process | Finished goods | $196,691 | |
| 2019 | (in thousands) | $118,595 | 32,695 | 45,401 | $196,691 |
| 2018 | | $89,365 | 31,014 | 33,162 | $153,541 | | What were the components included in net inventories in the table? | "Raw material", "Work-in-process", "Finished goods" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Accumulated Benefit Obligation
The following table provides information for the plans with an accumulated benefit obligation for fiscal years 2019 and 2018 (in thousands):
| | 2019 | Projected benefit obligation | Accumulated benefit obligation | Fair value of plan assets |
| August 31, | 2019 | $174,690 | $161,729 | $158,101 |
| | 2018 | $161,104 | $152,380 | $151,715 | | Which years does the table provide information for the plans with an accumulated benefit obligation for? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Accumulated Benefit Obligation
The following table provides information for the plans with an accumulated benefit obligation for fiscal years 2019 and 2018 (in thousands):
| | 2019 | Projected benefit obligation | Accumulated benefit obligation | Fair value of plan assets |
| August 31, | 2019 | $174,690 | $161,729 | $158,101 |
| | 2018 | $161,104 | $152,380 | $151,715 | | How many years did the Projected benefit obligation exceed $150,000 thousand? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Sales-Type Leases
We are the lessor in sales-type lease arrangements for network equipment, which have initial terms of up to five years. Our sales-type lease arrangements contain either a provision whereby the network equipment reverts back to us upon the expiration of the lease or a provision that allows the lessee to purchase the network equipment at a bargain purchase amount at the end of the lease. In addition, our sales-type lease arrangements do not contain any residual value guarantees or material restrictive covenants. The allocation of the consideration between lease and nonlease components is determined by stand-alone selling price by component. The net investment in sales-type leases consists of lease receivables less unearned income. Collectability of sales-type leases is evaluated periodically at an individual customer level. The Company has elected to exclude taxes related to sales-type leases from revenue and the associated expense of such taxes. As of December 31, 2019 and 2018, we did not have an allowance for credit losses for our net investment in sales-type leases. As of December 31, 2019 and 2018, the components of the net investment in sales-type leases were as follows:
(1) Included in other receivables on the Consolidated Balance Sheet.
(2) Included in other assets on the Consolidated Balance Sheet.
| (In thousands) | Current minimum lease payments receivable(1) | Non-current minimum lease payments receivable(2) | Total minimum lease payments receivable | Less | Less | Net investment in sales-type leases |
| December 31, 2019 | $1,201 | 889 | 2,090 | Current unearned revenue(1): 365 | Non-current unearned revenue(2): 163 | $1,562 |
| December 31, 2018 | $11,339 | 1,670 | 13,009 | Current unearned revenue(1): 631 | Non-current unearned revenue(2): 473 | $11,905 | | Where was current minimum lease payments receivable included in the Consolidated Balance Sheet? | other receivables |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Sales-Type Leases
We are the lessor in sales-type lease arrangements for network equipment, which have initial terms of up to five years. Our sales-type lease arrangements contain either a provision whereby the network equipment reverts back to us upon the expiration of the lease or a provision that allows the lessee to purchase the network equipment at a bargain purchase amount at the end of the lease. In addition, our sales-type lease arrangements do not contain any residual value guarantees or material restrictive covenants. The allocation of the consideration between lease and nonlease components is determined by stand-alone selling price by component. The net investment in sales-type leases consists of lease receivables less unearned income. Collectability of sales-type leases is evaluated periodically at an individual customer level. The Company has elected to exclude taxes related to sales-type leases from revenue and the associated expense of such taxes. As of December 31, 2019 and 2018, we did not have an allowance for credit losses for our net investment in sales-type leases. As of December 31, 2019 and 2018, the components of the net investment in sales-type leases were as follows:
(1) Included in other receivables on the Consolidated Balance Sheet.
(2) Included in other assets on the Consolidated Balance Sheet.
| (In thousands) | Current minimum lease payments receivable(1) | Non-current minimum lease payments receivable(2) | Total minimum lease payments receivable | Less | Less | Net investment in sales-type leases |
| December 31, 2019 | $1,201 | 889 | 2,090 | Current unearned revenue(1): 365 | Non-current unearned revenue(2): 163 | $1,562 |
| December 31, 2018 | $11,339 | 1,670 | 13,009 | Current unearned revenue(1): 631 | Non-current unearned revenue(2): 473 | $11,905 | | Where was non-current minimum lease payments receivable included in the Consolidated Balance Sheet? | other assets |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
The domestic and foreign components of income from continuing operations before income taxes are as follows:
| | 2019 | United States | Foreign | Total |
| | 2019 | $1,527.0 | 389.4 | $1,916.4 |
| Year Ended December 31, | 2018 | $1,212.7 | (58.1) | $1,154.6 |
| | 2017 | $971.2 | 284.9 | $1,256.1 | | How many years did income from continuing operations before income taxes from the United States exceed $1,000 million? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
The domestic and foreign components of income from continuing operations before income taxes are as follows:
| | 2019 | United States | Foreign | Total |
| | 2019 | $1,527.0 | 389.4 | $1,916.4 |
| Year Ended December 31, | 2018 | $1,212.7 | (58.1) | $1,154.6 |
| | 2017 | $971.2 | 284.9 | $1,256.1 | | How many years did total income from continuing operations before income taxes exceed $1,000 million? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The activity for unrecognized gross tax benefits is as follows (in millions):
Included in the December 31, 2019 balance of $130.0 million is $97.2 million related to unrecognized tax benefits that, if recognized, would impact the annual effective tax rate. Also included in the balance of unrecognized tax benefits as of December 31, 2019 is $32.8 million of benefit that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.
Although the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $1.5 million in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. The Company did not recognize any additional tax benefit or expense for interest and penalties during the year ended December 31, 2019.
The Company recognized approximately $0.8 million of tax benefit and $1.5 million of tax expense for interest and penalties during the years ended December 31, 2018 and 2017, respectively. The Company had approximately $5.1 million, $5.1 million, and $5.9 million of accrued interest and penalties at December 31, 2019, 2018, and 2017, respectively. The Company recognizes interest and penalties accrued in relation to unrecognized tax benefits in tax expense.
Tax years prior to 2016 are generally not subject to examination by the IRS except for items involving tax attributes that have been carried forward to tax years whose statute of limitations remains open. The Company is not currently under IRS examination. For state returns, the Company is generally not subject to income tax examinations for years prior to 2015.
The Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to jurisdictions outside the United States, the Company's subsidiaries are generally no longer subject to income tax audits for years prior to 2009. The Company is currently under audit in the following jurisdictions including, but not limited to, Canada, China, the Czech Republic, the Philippines, Singapore and the United Kingdom.
| | Balance at beginning of year | Acquired balances | Additions for tax benefits related to the current year | Additions for tax benefits of prior years | Reductions for tax benefits of prior years | Lapse of statute | Settlements | Change in rate due to U.S. Tax Reform | Balance at end of year |
| 2019 | $112.2 | 15.5 | 9.4 | 8.0 | (0.2) | (8.2) | (6.7) | — | $130.0 |
| 2018 | $114.8 | — | 7.4 | 2.8 | (1.9) | (10.9) | — | — | $112.2 |
| 2017 | $136.7 | — | 23.6 | 4.7 | (1.6) | (16.3) | (4.9) | (27.4) | $114.8 | | How much was accrued interest and penalties at December 31, 2019? | $5.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The activity for unrecognized gross tax benefits is as follows (in millions):
Included in the December 31, 2019 balance of $130.0 million is $97.2 million related to unrecognized tax benefits that, if recognized, would impact the annual effective tax rate. Also included in the balance of unrecognized tax benefits as of December 31, 2019 is $32.8 million of benefit that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.
Although the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $1.5 million in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. The Company did not recognize any additional tax benefit or expense for interest and penalties during the year ended December 31, 2019.
The Company recognized approximately $0.8 million of tax benefit and $1.5 million of tax expense for interest and penalties during the years ended December 31, 2018 and 2017, respectively. The Company had approximately $5.1 million, $5.1 million, and $5.9 million of accrued interest and penalties at December 31, 2019, 2018, and 2017, respectively. The Company recognizes interest and penalties accrued in relation to unrecognized tax benefits in tax expense.
Tax years prior to 2016 are generally not subject to examination by the IRS except for items involving tax attributes that have been carried forward to tax years whose statute of limitations remains open. The Company is not currently under IRS examination. For state returns, the Company is generally not subject to income tax examinations for years prior to 2015.
The Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to jurisdictions outside the United States, the Company's subsidiaries are generally no longer subject to income tax audits for years prior to 2009. The Company is currently under audit in the following jurisdictions including, but not limited to, Canada, China, the Czech Republic, the Philippines, Singapore and the United Kingdom.
| | Balance at beginning of year | Acquired balances | Additions for tax benefits related to the current year | Additions for tax benefits of prior years | Reductions for tax benefits of prior years | Lapse of statute | Settlements | Change in rate due to U.S. Tax Reform | Balance at end of year |
| 2019 | $112.2 | 15.5 | 9.4 | 8.0 | (0.2) | (8.2) | (6.7) | — | $130.0 |
| 2018 | $114.8 | — | 7.4 | 2.8 | (1.9) | (10.9) | — | — | $112.2 |
| 2017 | $136.7 | — | 23.6 | 4.7 | (1.6) | (16.3) | (4.9) | (27.4) | $114.8 | | How much was accrued interest and penalties at December 31, 2018? | $5.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The activity for unrecognized gross tax benefits is as follows (in millions):
Included in the December 31, 2019 balance of $130.0 million is $97.2 million related to unrecognized tax benefits that, if recognized, would impact the annual effective tax rate. Also included in the balance of unrecognized tax benefits as of December 31, 2019 is $32.8 million of benefit that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.
Although the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $1.5 million in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. The Company did not recognize any additional tax benefit or expense for interest and penalties during the year ended December 31, 2019.
The Company recognized approximately $0.8 million of tax benefit and $1.5 million of tax expense for interest and penalties during the years ended December 31, 2018 and 2017, respectively. The Company had approximately $5.1 million, $5.1 million, and $5.9 million of accrued interest and penalties at December 31, 2019, 2018, and 2017, respectively. The Company recognizes interest and penalties accrued in relation to unrecognized tax benefits in tax expense.
Tax years prior to 2016 are generally not subject to examination by the IRS except for items involving tax attributes that have been carried forward to tax years whose statute of limitations remains open. The Company is not currently under IRS examination. For state returns, the Company is generally not subject to income tax examinations for years prior to 2015.
The Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to jurisdictions outside the United States, the Company's subsidiaries are generally no longer subject to income tax audits for years prior to 2009. The Company is currently under audit in the following jurisdictions including, but not limited to, Canada, China, the Czech Republic, the Philippines, Singapore and the United Kingdom.
| | Balance at beginning of year | Acquired balances | Additions for tax benefits related to the current year | Additions for tax benefits of prior years | Reductions for tax benefits of prior years | Lapse of statute | Settlements | Change in rate due to U.S. Tax Reform | Balance at end of year |
| 2019 | $112.2 | 15.5 | 9.4 | 8.0 | (0.2) | (8.2) | (6.7) | — | $130.0 |
| 2018 | $114.8 | — | 7.4 | 2.8 | (1.9) | (10.9) | — | — | $112.2 |
| 2017 | $136.7 | — | 23.6 | 4.7 | (1.6) | (16.3) | (4.9) | (27.4) | $114.8 | | How much was accrued interest and penalties at December 31, 2017? | $5.9 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating profit
Notes
1. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).
2. Adjusted operating profit as a percentage of revenue in the period.
Adjusted operating profit increased by $15.8 million or 20.5 per cent to $92.9 million in 2019, compared with $77.1 million in 2018. Adjusted operating margin increased by 2.2 per cent to 18.4 per cent, from 16.2 per cent in 2018.
Reported operating profit was up by $31.1 million or 54.1 per cent to $88.6 million (2018 $57.5 million). Total adjusting items were lower in 2019 at $4.3 million, compared to $19.6 million in 2018, mainly due to exceptional items totalling $13.1 million charged last year (see below).
| $ million | Networks & Security | Lifecycle Service Assurance | Connected Devices | Corporate | Adjusted operating profit1 | Exceptional items | Acquisition related costs | Acquired intangible asset amortisation | Share-based payment | Reported operating profit |
| 2019 | 73.9 | 18.1 | 9.5 | (8.6) | 92.9 | 0.5 | (0.1) | (1.2) | (3.5) | 88.6 |
| Adjusted operating margin 1, 2 % | 23.1 | 16.3 | 13.1 | | 18.4 | | | | | |
| 2018 | 56.4 | 17.4 | 10.5 | (7.2) | 77.1 | (13.1) | – | (3.7) | (2.8) | 57.5 |
| Adjusted operating margin 1, 2 % | 19.8 | 15.4 | 13.3 | | 16.2 | | | | | | | What was the adjusted operating margin in 2018? | 16.2 per cent |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating profit
Notes
1. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).
2. Adjusted operating profit as a percentage of revenue in the period.
Adjusted operating profit increased by $15.8 million or 20.5 per cent to $92.9 million in 2019, compared with $77.1 million in 2018. Adjusted operating margin increased by 2.2 per cent to 18.4 per cent, from 16.2 per cent in 2018.
Reported operating profit was up by $31.1 million or 54.1 per cent to $88.6 million (2018 $57.5 million). Total adjusting items were lower in 2019 at $4.3 million, compared to $19.6 million in 2018, mainly due to exceptional items totalling $13.1 million charged last year (see below).
| $ million | Networks & Security | Lifecycle Service Assurance | Connected Devices | Corporate | Adjusted operating profit1 | Exceptional items | Acquisition related costs | Acquired intangible asset amortisation | Share-based payment | Reported operating profit |
| 2019 | 73.9 | 18.1 | 9.5 | (8.6) | 92.9 | 0.5 | (0.1) | (1.2) | (3.5) | 88.6 |
| Adjusted operating margin 1, 2 % | 23.1 | 16.3 | 13.1 | | 18.4 | | | | | |
| 2018 | 56.4 | 17.4 | 10.5 | (7.2) | 77.1 | (13.1) | – | (3.7) | (2.8) | 57.5 |
| Adjusted operating margin 1, 2 % | 19.8 | 15.4 | 13.3 | | 16.2 | | | | | | | What was the reported operating profit in 2019? | $88.6 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating profit
Notes
1. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).
2. Adjusted operating profit as a percentage of revenue in the period.
Adjusted operating profit increased by $15.8 million or 20.5 per cent to $92.9 million in 2019, compared with $77.1 million in 2018. Adjusted operating margin increased by 2.2 per cent to 18.4 per cent, from 16.2 per cent in 2018.
Reported operating profit was up by $31.1 million or 54.1 per cent to $88.6 million (2018 $57.5 million). Total adjusting items were lower in 2019 at $4.3 million, compared to $19.6 million in 2018, mainly due to exceptional items totalling $13.1 million charged last year (see below).
| $ million | Networks & Security | Lifecycle Service Assurance | Connected Devices | Corporate | Adjusted operating profit1 | Exceptional items | Acquisition related costs | Acquired intangible asset amortisation | Share-based payment | Reported operating profit |
| 2019 | 73.9 | 18.1 | 9.5 | (8.6) | 92.9 | 0.5 | (0.1) | (1.2) | (3.5) | 88.6 |
| Adjusted operating margin 1, 2 % | 23.1 | 16.3 | 13.1 | | 18.4 | | | | | |
| 2018 | 56.4 | 17.4 | 10.5 | (7.2) | 77.1 | (13.1) | – | (3.7) | (2.8) | 57.5 |
| Adjusted operating margin 1, 2 % | 19.8 | 15.4 | 13.3 | | 16.2 | | | | | | | What were the items factored into the adjusted operating profit to derive the reported operating profit in 2019? | "Exceptional items", "Acquisition related costs", "Acquired intangible asset amortisation", "Share-based payment" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 18. Other taxes
The other taxes (for example property tax, motor vehicle tax, excise tax and transaction tax) have the following effects on the income statement:
| € million | Other taxes | thereof from cost of sales | thereof from selling expenses | thereof from general administrative expenses |
| 2017/2018 | 79 | (1) | (65) | (13) |
| 2018/2019 | 79 | (1) | (62) | (16) | | What are the costs or expenses under Other taxes in the table? | "thereof from cost of sales", "thereof from selling expenses", "thereof from general administrative expenses" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Interest Expense and Interest Income and Other Expense, net
The table below sets forth the changes in interest expense and interest income and other expense, net, for the fiscal year ended December 29, 2019, as compared to fiscal year ended December 30, 2018 (in thousands, except percentage data):
The $242,000 increase in interest expense was attributable to higher line of credit balance in 2019 compared to 2018. The $112,000 increase in interest income and other expenses was attributable to increase in interest income from money market account with Heritage Bank.
| | 2019 | Interest expense | Interest income and other expense, net | $(161) | |
| Fiscal Years | 2019 | $(350) | 189 | $(161) |
| | 2018 | $(108) | 77 | $(31) |
| Year-Over-Year Change | Amount | $(242) | 112 | $(130) |
| | Percentage | 224% | 145% | 419% | | What are the respective interest expense in 2018 and 2019? | "108", "350" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Interest Expense and Interest Income and Other Expense, net
The table below sets forth the changes in interest expense and interest income and other expense, net, for the fiscal year ended December 29, 2019, as compared to fiscal year ended December 30, 2018 (in thousands, except percentage data):
The $242,000 increase in interest expense was attributable to higher line of credit balance in 2019 compared to 2018. The $112,000 increase in interest income and other expenses was attributable to increase in interest income from money market account with Heritage Bank.
| | 2019 | Interest expense | Interest income and other expense, net | $(161) | |
| Fiscal Years | 2019 | $(350) | 189 | $(161) |
| | 2018 | $(108) | 77 | $(31) |
| Year-Over-Year Change | Amount | $(242) | 112 | $(130) |
| | Percentage | 224% | 145% | 419% | | What are the respective net values of interest income and other expenses in 2018 and 2019? | "77", "189" |