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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: Stock purchase warrants
Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants.
Changes in fair value during the years ended December 31, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows:
| | 2019 | $ | Fair value at the beginning of the year | Fair value on acquisition/issuance | Unrealized gain (loss) included in earnings | Realized loss included in earnings | Settlements | Fair value at the end of the year |
| Year Ended December 31, | 2019 | $ | 12,026 | — | 26,900 | (25,559) | (13,367) | — |
| | 2018 | $ | 30,749 | 2,330 | (21,053) | — | — | 12,026 | | Prior to 2019, what was the amount of warrants held by Brookfield Transaction, Teekay? | 15.5 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: Stock purchase warrants
Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants.
Changes in fair value during the years ended December 31, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows:
| | 2019 | $ | Fair value at the beginning of the year | Fair value on acquisition/issuance | Unrealized gain (loss) included in earnings | Realized loss included in earnings | Settlements | Fair value at the end of the year |
| Year Ended December 31, | 2019 | $ | 12,026 | — | 26,900 | (25,559) | (13,367) | — |
| | 2018 | $ | 30,749 | 2,330 | (21,053) | — | — | 12,026 | | When did Teekay sell to Brookfield all of the Company’s remaining interests in Altera? | May 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: Stock purchase warrants
Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants.
Changes in fair value during the years ended December 31, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows:
| | 2019 | $ | Fair value at the beginning of the year | Fair value on acquisition/issuance | Unrealized gain (loss) included in earnings | Realized loss included in earnings | Settlements | Fair value at the end of the year |
| Year Ended December 31, | 2019 | $ | 12,026 | — | 26,900 | (25,559) | (13,367) | — |
| | 2018 | $ | 30,749 | 2,330 | (21,053) | — | — | 12,026 | | What was the Fair value at the beginning of the year for 2019 and 2018? | "12,026", "30,749" |
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: STOCK OPTIONS
Under BCE’s long-term incentive plans, BCE may grant options to executives to buy BCE common shares. The subscription price of a grant is based on the higher of: • the volume-weighted average of the trading price on the trading day immediately prior to the effective date of the grant • the volume-weighted average of the trading price for the last five consecutive trading days ending on the trading day immediately prior to the effective date of the grant
At December 31, 2019, 7,524,891 common shares were authorized for issuance under these plans. Options vest fully after three years of continuous employment from the date of grant. All options become exercisable when they vest and can be exercised for a period of seven years from the date of grant for options granted prior to 2019 and ten years from the date of grant for options granted in 2019.
The following table summarizes BCE’s outstanding stock options at December 31, 2019 and 2018.
(1) The weighted average market share price for options exercised was $62 in 2019 and $55 in 2018.
| | NOTE | Outstanding, January 1 | Granted | Exercised (1) | Forfeited | Outstanding, December 31 | Exercisable, December 31 |
| | NOTE | | | 27 | | | |
| 2019 | NUMBER OF OPTIONS | 14,072,332 | 3,357,303 | (4,459,559) | (144,535) | 12,825,541 | 2,786,043 |
| | WEIGHTED AVERAGE EXERCISE PRICE ($) | 56 | 58 | 54 | 58 | 57 | 56 |
| 2018 | NUMBER OF OPTIONS | 10,490,249 | 3,888,693 | (266,941) | (39,669) | 14,072,332 | 4,399,588 |
| | WEIGHTED AVERAGE EXERCISE PRICE ($) | 55 | 56 | 42 | 58 | 56 | 52 | | Which years have the weighted average market share price for options exercised 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: A reconciliation of the beginning and ending amounts of unrecognized tax benefits (without related interest expense) is as follows (in thousands):
Our effective income tax rates were 9.5%, (84.0)% and 9.3% for the years ended December 31, 2019, 2018 and 2017, respectively. Our effective tax rates were below the statutory rate primarily due to the tax windfall benefits from employee stockbased payment transactions, foreign derived intangible income deductions and research and development tax credits claimed, partially offset by the impact of non-deductible meal and entertainment expenses and state taxes.
We recognize a valuation allowance if, based on the weight of available evidence, both positive and negative, it is more likely than not that some portion, or all, of net deferred tax assets will not be realized. Due to the uncertainty of realization of and development tax credits totaling $0.3 million, we established a valuation allowance of $0.3 million during the second quarter of 2019, which remained at $0.3 million as of December 31, 2019. As of December 31, 2018, based on our historical and expected future taxable earnings, we believed it was more likely than not that we would realize all of the benefit of the existing deferred tax assets. Accordingly, we did not record a valuation allowance as of December 31, 2018.
We apply guidance for uncertainty in income taxes that requires the application of a more likely than not threshold to the recognition and de-recognition of uncertain tax positions. If the recognition threshold is met, this guidance permits us to recognize a tax benefit measured at the largest amount of the tax benefit that, in our judgment, is more likely than not to be realized upon settlement. We recorded unrecognized tax benefits of $0.6 million, $0.8 million and $1.0 million for research and development tax credits claimed during the years ended December 31, 2019, 2018 and 2017, respectively.
As of December 31, 2019 and 2018, we accrued $0.2 million and $0.1 million of total interest related to unrecognized tax benefits, respectively. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense.
We are not aware of any events that make it reasonably possible that there would be a significant change in our unrecognized tax benefits over the next twelve months. Our cumulative liability for uncertain tax positions was $3.1 million and $2.8 million as of December 31, 2019 and 2018, respectively, and if recognized, would reduce our income tax expense and the effective tax rate.
We file income tax returns in the United States and Canada. We are no longer subject to U.S. income tax examinations for years prior to 2016, with the exception that operating loss carryforwards generated prior to 2016 may be subject to tax audit adjustment. We are generally no longer subject to state and local income tax examinations by tax authorities for years prior to 2016.
As of December 31, 2019, we had federal net operating loss carryforwards of $4.9 million, which are scheduled to begin to expire in 2030. As of December 31, 2019, we had state net operating loss carryforwards of $1.7 million, which are scheduled to begin to expire in 2027. As of December 31, 2019, we had federal research and development tax credit carryforwards of $5.2 million, which are scheduled to begin to expire in 2038. As of December 31, 2019, we had state research and development tax credit carryforwards of $4.3 million, which are scheduled to begin to expire in 2021. The federal net operating loss carryforward arose in connection with the 2013 acquisition of EnergyHub. Utilization of net operating loss carryforwards may be subject to annual limitations due to ownership change limitations as provided by the Internal Revenue Code of 1986, as amended.
| | 2019 | Beginning balance | Additions based on tax positions of the current year | Additions based on tax positions of prior year | Decreases based on tax positions of prior year | Additions resulting from acquisitions | Decreases due to lapse of applicable statute of limitations | Ending balance |
| | 2019 | $2,801 | 718 | 18 | (253) | — | (219) | $3,065 |
| Year Ended December 31, | 2018 | $1,973 | 857 | 147 | — | — | (176) | $2,801 |
| | 2017 | $681 | 718 | 373 | — | 277 | (76) | $1,973 | | Which years does the table provide information for the reconciliation of the beginning and ending amounts of unrecognized tax benefits? | "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: A reconciliation of the beginning and ending amounts of unrecognized tax benefits (without related interest expense) is as follows (in thousands):
Our effective income tax rates were 9.5%, (84.0)% and 9.3% for the years ended December 31, 2019, 2018 and 2017, respectively. Our effective tax rates were below the statutory rate primarily due to the tax windfall benefits from employee stockbased payment transactions, foreign derived intangible income deductions and research and development tax credits claimed, partially offset by the impact of non-deductible meal and entertainment expenses and state taxes.
We recognize a valuation allowance if, based on the weight of available evidence, both positive and negative, it is more likely than not that some portion, or all, of net deferred tax assets will not be realized. Due to the uncertainty of realization of and development tax credits totaling $0.3 million, we established a valuation allowance of $0.3 million during the second quarter of 2019, which remained at $0.3 million as of December 31, 2019. As of December 31, 2018, based on our historical and expected future taxable earnings, we believed it was more likely than not that we would realize all of the benefit of the existing deferred tax assets. Accordingly, we did not record a valuation allowance as of December 31, 2018.
We apply guidance for uncertainty in income taxes that requires the application of a more likely than not threshold to the recognition and de-recognition of uncertain tax positions. If the recognition threshold is met, this guidance permits us to recognize a tax benefit measured at the largest amount of the tax benefit that, in our judgment, is more likely than not to be realized upon settlement. We recorded unrecognized tax benefits of $0.6 million, $0.8 million and $1.0 million for research and development tax credits claimed during the years ended December 31, 2019, 2018 and 2017, respectively.
As of December 31, 2019 and 2018, we accrued $0.2 million and $0.1 million of total interest related to unrecognized tax benefits, respectively. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense.
We are not aware of any events that make it reasonably possible that there would be a significant change in our unrecognized tax benefits over the next twelve months. Our cumulative liability for uncertain tax positions was $3.1 million and $2.8 million as of December 31, 2019 and 2018, respectively, and if recognized, would reduce our income tax expense and the effective tax rate.
We file income tax returns in the United States and Canada. We are no longer subject to U.S. income tax examinations for years prior to 2016, with the exception that operating loss carryforwards generated prior to 2016 may be subject to tax audit adjustment. We are generally no longer subject to state and local income tax examinations by tax authorities for years prior to 2016.
As of December 31, 2019, we had federal net operating loss carryforwards of $4.9 million, which are scheduled to begin to expire in 2030. As of December 31, 2019, we had state net operating loss carryforwards of $1.7 million, which are scheduled to begin to expire in 2027. As of December 31, 2019, we had federal research and development tax credit carryforwards of $5.2 million, which are scheduled to begin to expire in 2038. As of December 31, 2019, we had state research and development tax credit carryforwards of $4.3 million, which are scheduled to begin to expire in 2021. The federal net operating loss carryforward arose in connection with the 2013 acquisition of EnergyHub. Utilization of net operating loss carryforwards may be subject to annual limitations due to ownership change limitations as provided by the Internal Revenue Code of 1986, as amended.
| | 2019 | Beginning balance | Additions based on tax positions of the current year | Additions based on tax positions of prior year | Decreases based on tax positions of prior year | Additions resulting from acquisitions | Decreases due to lapse of applicable statute of limitations | Ending balance |
| | 2019 | $2,801 | 718 | 18 | (253) | — | (219) | $3,065 |
| Year Ended December 31, | 2018 | $1,973 | 857 | 147 | — | — | (176) | $2,801 |
| | 2017 | $681 | 718 | 373 | — | 277 | (76) | $1,973 | | How many years did the beginning balance exceed $2,000 thousand? | 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: AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
17. OTHER OPERATING EXPENSE
Other operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consisted primarily of towers and related assets, which are typically assessed on an individual basis, network location intangibles, which relate directly to towers, and tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs.
Impairment charges included the following for the years ended December 31,:
(1) For the year ended December 31, 2018, impairment charges on tower and network location intangible assets included $258.3 million in India primarily related to carrier consolidation-driven churn events. In addition, the Company fully impaired the tenant relationship for Aircel Ltd., which resulted in an impairment charge of $107.3 million.
(2) During the year ended December 31, 2017, $81.0 million of impairment charges on tower and network location intangible assets and all impairment charges on tenant relationships were related to carrier consolidation-driven churn in India.
(3) For the year ended December 31, 2019, amount includes impairment charges related to right-of-use assets and land easements.
| | Tower and network location intangible assets | Tenant relationships | Other (3) | Total impairment charges |
| 2019 | $77.4 | — | 16.8 | $94.2 |
| 2018 | $284.9 | 107.3 | 1.8 | $394.0 |
| 2017 | $108.7 | 100.1 | 2.6 | $211.4 | | How many years were the total impairment charges above $200 million? | "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: AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
17. OTHER OPERATING EXPENSE
Other operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consisted primarily of towers and related assets, which are typically assessed on an individual basis, network location intangibles, which relate directly to towers, and tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs.
Impairment charges included the following for the years ended December 31,:
(1) For the year ended December 31, 2018, impairment charges on tower and network location intangible assets included $258.3 million in India primarily related to carrier consolidation-driven churn events. In addition, the Company fully impaired the tenant relationship for Aircel Ltd., which resulted in an impairment charge of $107.3 million.
(2) During the year ended December 31, 2017, $81.0 million of impairment charges on tower and network location intangible assets and all impairment charges on tenant relationships were related to carrier consolidation-driven churn in India.
(3) For the year ended December 31, 2019, amount includes impairment charges related to right-of-use assets and land easements.
| | Tower and network location intangible assets | Tenant relationships | Other (3) | Total impairment charges |
| 2019 | $77.4 | — | 16.8 | $94.2 |
| 2018 | $284.9 | 107.3 | 1.8 | $394.0 |
| 2017 | $108.7 | 100.1 | 2.6 | $211.4 | | How many years were the Tower and network location intangible assets above $100 million? | "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: Medical Segment Results
Below is a table summarizing results for the fiscal years ended:
Net Sales. The Medical segment had $1.1 million of net sales in fiscal 2019, compared to $0.3 million of net sales in fiscal 2018. The increase was due to new business gained in fiscal 2019.
Gross Profit. Medical segment gross profit was a loss of $2.8 million in fiscal 2019, compared to a loss of $3.5 million in fiscal 2018. The improvement primarily relates to an increase in sales volumes during fiscal 2019.
Loss from Operations. Medical segment loss from operations decreased $2.8 million to $8.6 million in fiscal 2019, compared to $11.4 million in fiscal 2018. The decrease was due to an improvement in gross profit and lower selling and administrative expenses. Selling and administrative expenses were reduced by lower marketing and professional fee expenses, partially offset by initiatives to reduce overall costs and improve operational profitability of $0.9 million.
| (Dollars in Millions) | Net Sales | Gross Profit | Loss from Operations |
| April 27, 2019 | $1.1 | $(2.8) | $(8.6) |
| April 28, 2018 | $0.3 | $(3.5) | $(11.4) |
| Net Change | $0.8 | $0.7 | $2.8 |
| Net Change | 266.7 % | 20.0 % | 24.6 % | | What was the Gross Profit in 2019 and 2018 respectively? | "$(2.8)", "$(3.5)" |
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: Medical Segment Results
Below is a table summarizing results for the fiscal years ended:
Net Sales. The Medical segment had $1.1 million of net sales in fiscal 2019, compared to $0.3 million of net sales in fiscal 2018. The increase was due to new business gained in fiscal 2019.
Gross Profit. Medical segment gross profit was a loss of $2.8 million in fiscal 2019, compared to a loss of $3.5 million in fiscal 2018. The improvement primarily relates to an increase in sales volumes during fiscal 2019.
Loss from Operations. Medical segment loss from operations decreased $2.8 million to $8.6 million in fiscal 2019, compared to $11.4 million in fiscal 2018. The decrease was due to an improvement in gross profit and lower selling and administrative expenses. Selling and administrative expenses were reduced by lower marketing and professional fee expenses, partially offset by initiatives to reduce overall costs and improve operational profitability of $0.9 million.
| (Dollars in Millions) | Net Sales | Gross Profit | Loss from Operations |
| April 27, 2019 | $1.1 | $(2.8) | $(8.6) |
| April 28, 2018 | $0.3 | $(3.5) | $(11.4) |
| Net Change | $0.8 | $0.7 | $2.8 |
| Net Change | 266.7 % | 20.0 % | 24.6 % | | What was the net sales from medical segment in 2019? | $1.1 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: Segment Results
General
Reconciliation of segment revenue to total operating revenue is below:
(1) On May 1, 2017 we sold a portion of our data centers and colocation business. 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.
| | 2019 | | Operating revenue | International and Global Accounts | Enterprise | Small and Medium Business | Wholesale | Consumer | Total segment revenue | Operations and Other(1) | Total operating revenue |
| | 2019 | | | $3,596 | 6,133 | 2,956 | 4,074 | 5,642 | $22,401 | — | $22,401 |
| Year Ended December 31, | 2018 | (Dollars in millions) | | 3,653 | 6,133 | 3,144 | 4,397 | 6,116 | 23,443 | — | 23,443 |
| | 2017 | | | 1,382 | 4,186 | 2,418 | 3,026 | 6,451 | 17,463 | 193 | 17,656 | | What components are under operating revenue? | "International and Global Accounts", "Enterprise", "Small and Medium Business", "Wholesale", "Consumer" |
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: Segment Results
General
Reconciliation of segment revenue to total operating revenue is below:
(1) On May 1, 2017 we sold a portion of our data centers and colocation business. 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.
| | 2019 | | Operating revenue | International and Global Accounts | Enterprise | Small and Medium Business | Wholesale | Consumer | Total segment revenue | Operations and Other(1) | Total operating revenue |
| | 2019 | | | $3,596 | 6,133 | 2,956 | 4,074 | 5,642 | $22,401 | — | $22,401 |
| Year Ended December 31, | 2018 | (Dollars in millions) | | 3,653 | 6,133 | 3,144 | 4,397 | 6,116 | 23,443 | — | 23,443 |
| | 2017 | | | 1,382 | 4,186 | 2,418 | 3,026 | 6,451 | 17,463 | 193 | 17,656 | | How many items are there under operating revenue? | "International and Global Accounts", "Enterprise", "Small and Medium Business", "Wholesale", "Consumer" |
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: Issuer Purchases of Equity Securities
The following shares of the Company were repurchased during the quarter ended June 30, 2019:
(1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards.
(2) Total stock repurchase authorizations approved by the Company’s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.
| 1 | April 1 - April 30, 2019 | May 1 - May 31, 2019 | June 1 - June 30, 2019 | Total |
| Total Number of Shares Purchased | — | 250,000 | — | 250,000 |
| Average Price of Share | $— | $134.35 | $— | $134.35 |
| Total Number of Shares Purchased as Part of Publicly Announced Plans | — | 250,000 | — | 250,000 |
| Maximum Number of Shares that May Yet Be Purchased Under the Plans | 3,732,713 | 3,482,713 | 3,482,713 | 3,482,713 | | What are the three date periods shown in the table? | "April 1 - April 30, 2019", "May 1 - May 31, 2019", "June 1 - June 30, 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: Issuer Purchases of Equity Securities
The following shares of the Company were repurchased during the quarter ended June 30, 2019:
(1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards.
(2) Total stock repurchase authorizations approved by the Company’s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.
| 1 | April 1 - April 30, 2019 | May 1 - May 31, 2019 | June 1 - June 30, 2019 | Total |
| Total Number of Shares Purchased | — | 250,000 | — | 250,000 |
| Average Price of Share | $— | $134.35 | $— | $134.35 |
| Total Number of Shares Purchased as Part of Publicly Announced Plans | — | 250,000 | — | 250,000 |
| Maximum Number of Shares that May Yet Be Purchased Under the Plans | 3,732,713 | 3,482,713 | 3,482,713 | 3,482,713 | | What are the maximum number of shares that may yet be purchased under the plans as at April 1 - April 30, 2019 and May 1 - May 31, 2019 respectively? | "3,732,713", "3,482,713" |
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 following selected financial data has been derived from our consolidated financial statements.
The information below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the accompanying Consolidated Financial Statements and related notes thereto.
(1) Effective January 1, 2019, the Company adopted new guidance on leases using the modified retrospective method; as such, 2015 – 2018 have not been restated. See Note 3, Leases, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(2) Effective January 1, 2018, the Company adopted new guidance on revenue recognition using the modified retrospective method; as such, 2015 – 2017 have not been restated. See Note 2, Revenues, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(3) The amounts reflect the results of Symphony, WhistleOut, the Telecommunications Asset acquisition, Clearlink and Qelp since the associated acquisition dates of November 1, 2018, July 9, 2018, May 31, 2017, April 1, 2016 and July 2, 2015, respectively, as well as the related merger and integration costs incurred as part of each acquisition. See Note 4, Acquisitions, of the accompanying “Notes to Consolidated Financial Statements” for further information regarding the Symphony, WhistleOut and Telecommunications Asset acquisitions.
(4) The amounts for 2019, 2018 and 2017 include exit costs and impairments of long-lived assets. See Note 5, Costs Associated with Exit or Disposal Activities, and Note 6, Fair Value, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(5) The amounts for 2018 include the $1.2 million Slaughter settlement agreement. See Note 22, Commitments and Loss Contingencies, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(6) The amount for 2017 includes $32.7 million related to the impact of the 2017 Tax Reform Act. See Note 20, Income Taxes, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(7) The Company has not declared cash dividends per common share for any of the five years presented.
| | (in thousands, except per share data) | Income Statement Data (3) | Revenues | Income from operations (4)(5) | Net income (4)(5)(6) | Net Income Per Common Share | Basic | Diluted | Weighted Average Common Shares | Basic | Diluted | Balance Sheet Data | Total assets | Long-term debt | Shareholders' equity |
| | 2019 (1) | : | $1,614,762 | 89,800 | 64,081 | (3)(4)(5)(6): | $1.54 | $1.53 | : | 41,649 | 41,802 | (3)(4)(6)(7): | $1,415,500 | 73,000 | 874,475 |
| | 2018 (2) | : | $1,625,687 | 63,202 | 48,926 | (3)(4)(5)(6): | $1.16 | $1.16 | : | 42,090 | 42,246 | (3)(4)(6)(7): | $1,171,967 | 102,000 | 826,609 |
| Years Ended December 31, | 2017 | : | $1,586,008 | 87,042 | 32,216 | (3)(4)(5)(6): | $0.77 | $0.76 | : | 41,822 | 42,141 | (3)(4)(6)(7): | $1,327,092 | 275,000 | 796,479 |
| | 2016 | : | $1,460,037 | 92,373 | 62,390 | (3)(4)(5)(6): | $1.49 | $1.48 | : | 41,847 | 42,239 | (3)(4)(6)(7): | $1,236,403 | 267,000 | 724,522 |
| | 2015 | : | $1,286,340 | 94,358 | 68,597 | (3)(4)(5)(6): | $1.64 | $1.62 | : | 41,899 | 42,447 | (3)(4)(6)(7): | $947,772 | 70,000 | 678,680 | | In which years was the Income Statement Data provided for | "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: Item 6. Selected Financial Data
The following selected financial data has been derived from our consolidated financial statements.
The information below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the accompanying Consolidated Financial Statements and related notes thereto.
(1) Effective January 1, 2019, the Company adopted new guidance on leases using the modified retrospective method; as such, 2015 – 2018 have not been restated. See Note 3, Leases, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(2) Effective January 1, 2018, the Company adopted new guidance on revenue recognition using the modified retrospective method; as such, 2015 – 2017 have not been restated. See Note 2, Revenues, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(3) The amounts reflect the results of Symphony, WhistleOut, the Telecommunications Asset acquisition, Clearlink and Qelp since the associated acquisition dates of November 1, 2018, July 9, 2018, May 31, 2017, April 1, 2016 and July 2, 2015, respectively, as well as the related merger and integration costs incurred as part of each acquisition. See Note 4, Acquisitions, of the accompanying “Notes to Consolidated Financial Statements” for further information regarding the Symphony, WhistleOut and Telecommunications Asset acquisitions.
(4) The amounts for 2019, 2018 and 2017 include exit costs and impairments of long-lived assets. See Note 5, Costs Associated with Exit or Disposal Activities, and Note 6, Fair Value, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(5) The amounts for 2018 include the $1.2 million Slaughter settlement agreement. See Note 22, Commitments and Loss Contingencies, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(6) The amount for 2017 includes $32.7 million related to the impact of the 2017 Tax Reform Act. See Note 20, Income Taxes, of the accompanying “Notes to Consolidated Financial Statements” for further information.
(7) The Company has not declared cash dividends per common share for any of the five years presented.
| | (in thousands, except per share data) | Income Statement Data (3) | Revenues | Income from operations (4)(5) | Net income (4)(5)(6) | Net Income Per Common Share | Basic | Diluted | Weighted Average Common Shares | Basic | Diluted | Balance Sheet Data | Total assets | Long-term debt | Shareholders' equity |
| | 2019 (1) | : | $1,614,762 | 89,800 | 64,081 | (3)(4)(5)(6): | $1.54 | $1.53 | : | 41,649 | 41,802 | (3)(4)(6)(7): | $1,415,500 | 73,000 | 874,475 |
| | 2018 (2) | : | $1,625,687 | 63,202 | 48,926 | (3)(4)(5)(6): | $1.16 | $1.16 | : | 42,090 | 42,246 | (3)(4)(6)(7): | $1,171,967 | 102,000 | 826,609 |
| Years Ended December 31, | 2017 | : | $1,586,008 | 87,042 | 32,216 | (3)(4)(5)(6): | $0.77 | $0.76 | : | 41,822 | 42,141 | (3)(4)(6)(7): | $1,327,092 | 275,000 | 796,479 |
| | 2016 | : | $1,460,037 | 92,373 | 62,390 | (3)(4)(5)(6): | $1.49 | $1.48 | : | 41,847 | 42,239 | (3)(4)(6)(7): | $1,236,403 | 267,000 | 724,522 |
| | 2015 | : | $1,286,340 | 94,358 | 68,597 | (3)(4)(5)(6): | $1.64 | $1.62 | : | 41,899 | 42,447 | (3)(4)(6)(7): | $947,772 | 70,000 | 678,680 | | For which items in the table does the amount for 2017 includes the sum related to the impact of the 2017 Tax Reform Act? | "Net income", "Net Income Per Common Share", "Balance Sheet Data" |
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 provides a summary of cash flows from operating, investing and financing activities (in millions):
Operating Activities
The $57.2 million decrease in cash provided by operating activities in 2019 compared to 2018 is primarily related to the timing and amount of cash receipts for Trade receivables, net, higher payments primarily related to income taxes and incentive bonus, and the timing of payments for Trade accounts payable and other accrued liabilities. The $84.4 million increase in cash provided by operating activities in 2018 compared to 2017 was primarily related to increased earnings excluding the prior year effect of the Tax Reform Act and the timing and amount of cash receipts for Trade receivables, net.
Investing Activities
The $406.9 million increase in cash used in investing activities in 2019 compared to 2018 is primarily related to our D&B Investment and our acquisition of Compass Analytics. The $59.4 million increase in cash used in investing activities in 2018 compared to 2017 was primarily related to the HeavyWater and Ernst acquisitions and higher capital expenditures in 2018.
Financing Activities
The $455.1 million increase in cash provided by financing activities in 2019 compared to 2018 is primarily related to an incremental borrowing to fund our D&B Investment as well as fewer share repurchases. The $96.8 million decrease in cash used in financing activities in 2018 compared to 2017 was primarily related to tax distributions to BKFS LLC members and the senior notes redemption fee in 2017.
| | 2019 | Cash flows provided by operating activities | Cash flows used in investing activities | Cash flows provided by (used in) financing activities | Net (decrease) increase in cash and cash equivalents |
| Year ended December 31, | 2019 | $378.3 | (551.0) | 167.8 | $(4.9) |
| | 2018 | $435.5 | (144.1) | (287.3) | $4.1 |
| | 2017 | $351.1 | (84.7) | (384.1) | $(117.7) |
| Variance | 2019 v. 2018 | $(57.2) | (406.9) | 455.1 | $(9.0) |
| | 2018 v. 2017 | $84.4 | (59.4) | 96.8 | $121.8 | | How many years was the Net increase in cash and cash equivalents positive? | 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: Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of 3 to 5 years from the grant date and expire 10 years after the grant date. The Company recorded $32.0, $23.2, and $18.3 of compensation expense relating to outstanding options during 2019, 2018 and 2017, respectively, as a component of general and administrative expenses at Corporate.
The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2019, 2018 and 2017 were calculated using the following weighted-average assumptions:
| | Weighted-average fair value ($) | Risk-free interest rate (%) | Average expected option life (years) | Expected volatility (%) | Expected dividend yield (%) |
| 2019 | 68.05 | 2.37 | 5.42 | 19.22 | 0.58 |
| 2018 | 57.75 | 2.65 | 5.32 | 18.05 | 0.59 |
| 2017 | 40.87 | 2.03 | 5.26 | 18.74 | 0.67 | | What were the compensation expenses relating to outstanding options as a component of general and administrative expenses during 2018 and 2019, respectively? | "$23.2", "$32.0" |
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: Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of 3 to 5 years from the grant date and expire 10 years after the grant date. The Company recorded $32.0, $23.2, and $18.3 of compensation expense relating to outstanding options during 2019, 2018 and 2017, respectively, as a component of general and administrative expenses at Corporate.
The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2019, 2018 and 2017 were calculated using the following weighted-average assumptions:
| | Weighted-average fair value ($) | Risk-free interest rate (%) | Average expected option life (years) | Expected volatility (%) | Expected dividend yield (%) |
| 2019 | 68.05 | 2.37 | 5.42 | 19.22 | 0.58 |
| 2018 | 57.75 | 2.65 | 5.32 | 18.05 | 0.59 |
| 2017 | 40.87 | 2.03 | 5.26 | 18.74 | 0.67 | | What was the weighted-average fair value of options granted in 2017, 2018, and 2019, respectively? | "40.87", "57.75", "68.05" |
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: Income Taxes
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For fiscal 2018, the effective tax rate was different than the statutory rate due primarily to the impact of the Tax Act reform. The Company recorded a benefit of approximately $3.3 million resulting from the effect of a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences. At March 31, 2018, we had $198.7 million of a federal net operating loss carryforward that expires, if unused, in fiscal years 2031 to 2038.
For fiscal 2017, the effective tax rate was different than the statutory rate due primarily to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.
Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur in the range of zero to $0.1 million of tax and zero to $0.2 million of interest based on the outcome of tax examinations and as a result of the expiration of various statutes of limitations. We are routinely audited; due to the ongoing nature of current examinations in multiple jurisdictions, other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.
Because of our losses in prior periods, we have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets generated prior to Tax Act reform depends on the generation of future taxable income during the periods in which those temporary differences are deductible. Because of our losses in prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences.
| | (Dollars in thousands) | Income tax (benefit) expense | Effective tax rate |
| Year ended March 31, | 2018 | $ (3,251) | (28.0)% |
| | 2017 | $ 236 | (2.1)% |
| | $ | $ 3,487 | |
| | % | nm | | | What was the company recorded benefit resulting from the effect of reduction in rate? | $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: Income Taxes
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For fiscal 2018, the effective tax rate was different than the statutory rate due primarily to the impact of the Tax Act reform. The Company recorded a benefit of approximately $3.3 million resulting from the effect of a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences. At March 31, 2018, we had $198.7 million of a federal net operating loss carryforward that expires, if unused, in fiscal years 2031 to 2038.
For fiscal 2017, the effective tax rate was different than the statutory rate due primarily to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.
Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur in the range of zero to $0.1 million of tax and zero to $0.2 million of interest based on the outcome of tax examinations and as a result of the expiration of various statutes of limitations. We are routinely audited; due to the ongoing nature of current examinations in multiple jurisdictions, other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.
Because of our losses in prior periods, we have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets generated prior to Tax Act reform depends on the generation of future taxable income during the periods in which those temporary differences are deductible. Because of our losses in prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences.
| | (Dollars in thousands) | Income tax (benefit) expense | Effective tax rate |
| Year ended March 31, | 2018 | $ (3,251) | (28.0)% |
| | 2017 | $ 236 | (2.1)% |
| | $ | $ 3,487 | |
| | % | nm | | | What was the benefit related to a settlement with California Franchise Tax board? | $0.4 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: Income Taxes
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For fiscal 2018, the effective tax rate was different than the statutory rate due primarily to the impact of the Tax Act reform. The Company recorded a benefit of approximately $3.3 million resulting from the effect of a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences. At March 31, 2018, we had $198.7 million of a federal net operating loss carryforward that expires, if unused, in fiscal years 2031 to 2038.
For fiscal 2017, the effective tax rate was different than the statutory rate due primarily to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.
Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur in the range of zero to $0.1 million of tax and zero to $0.2 million of interest based on the outcome of tax examinations and as a result of the expiration of various statutes of limitations. We are routinely audited; due to the ongoing nature of current examinations in multiple jurisdictions, other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.
Because of our losses in prior periods, we have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets generated prior to Tax Act reform depends on the generation of future taxable income during the periods in which those temporary differences are deductible. Because of our losses in prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences.
| | (Dollars in thousands) | Income tax (benefit) expense | Effective tax rate |
| Year ended March 31, | 2018 | $ (3,251) | (28.0)% |
| | 2017 | $ 236 | (2.1)% |
| | $ | $ 3,487 | |
| | % | nm | | | What was the federal net operating loss carryforward at 31 March 2018? | $198.7 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: CASH FLOW STATEMENT1
1 Abridged version. The complete version is shown in the consolidated financial statements.
| € million | Cash flow from operating activities of continuing operations | Cash flow from operating activities of discontinued operations | Cash flow from operating activities | Cash flow from investing activities of continuing operations | Cash flow from investing activities of discontinued operations | Cash flow from investing activities | Cash flow before financing activities of continuing operations | Cash flow before financing activities of discontinued operations | Cash flow before financing activities | Cash flow from financing activities of continuing operations | Cash flow from financing activities of discontinued operations | Cash flow from financing activities | Total cash flows | Currency effects on cash and cash equivalents | Total change in cash and cash equivalents |
| 2017/18 | 766 | 139 | 905 | −292 | −89 | −381 | 474 | 50 | 524 | −587 | −74 | −661 | −137 | −30 | −167 |
| 2018/19 | 796 | 157 | 953 | 46 | −136 | −90 | 842 | 21 | 863 | −1,122 | −109 | −1,231 | −368 | 17 | −351 | | What version is the cash flow statement in the table in? | Abridged version |
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 Costs
The following table provides changes in our contract acquisition costs and fulfillment costs:
Acquisition costs include commission fees paid to employees as a result of obtaining contracts. Fulfillment costs include third party and internal costs associated with the provision, installation and activation of telecommunications services to customers, including labor and materials consumed for these activities.
Deferred acquisition and fulfillment costs are amortized based on the transfer of services on a straight-line basis over the average customer life of 30 months for consumer customers and 12 to 60 months for business customers and amortized fulfillment costs are included in cost of services and products and amortized acquisition costs are included in selling, general and administrative expenses in our consolidated statements of operations. The amount of these deferred costs that are anticipated to be amortized in the next twelve months are included in other current assets on our consolidated balance sheets. The amount of deferred costs expected to be amortized beyond the next twelve months is included in other non-current assets on our consolidated balance sheets. Deferred acquisition and fulfillment costs are assessed for impairment on an annual basis.
| | Acquisition Costs | (Dollars in millions) | Beginning of period balance | Costs incurred | Amortization | End of period balance |
| Year Ended December 31, 2019 | Acquisition Costs | (Dollars in millions) | $322 | 208 | (204) | $326 |
| | Fulfillment Costs | | 187 | 158 | (124) | 221 | | What are the types of costs highlighted in the table? | "Acquisition costs", "Fulfillment Costs" |
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 Costs
The following table provides changes in our contract acquisition costs and fulfillment costs:
Acquisition costs include commission fees paid to employees as a result of obtaining contracts. Fulfillment costs include third party and internal costs associated with the provision, installation and activation of telecommunications services to customers, including labor and materials consumed for these activities.
Deferred acquisition and fulfillment costs are amortized based on the transfer of services on a straight-line basis over the average customer life of 30 months for consumer customers and 12 to 60 months for business customers and amortized fulfillment costs are included in cost of services and products and amortized acquisition costs are included in selling, general and administrative expenses in our consolidated statements of operations. The amount of these deferred costs that are anticipated to be amortized in the next twelve months are included in other current assets on our consolidated balance sheets. The amount of deferred costs expected to be amortized beyond the next twelve months is included in other non-current assets on our consolidated balance sheets. Deferred acquisition and fulfillment costs are assessed for impairment on an annual basis.
| | Acquisition Costs | (Dollars in millions) | Beginning of period balance | Costs incurred | Amortization | End of period balance |
| Year Ended December 31, 2019 | Acquisition Costs | (Dollars in millions) | $322 | 208 | (204) | $326 |
| | Fulfillment Costs | | 187 | 158 | (124) | 221 | | Which type of costs has a larger amount under costs incurred? | Acquisition Costs |
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: 16. PRODUCT WARRANTIES
We establish a product warranty liability at the time of revenue recognition. Product warranties generally have terms of 12 months and cover nonconformance with specifications and defects in material or workmanship. For sales to distributors, our warranty generally begins when the product is resold by the distributor. The liability is based on estimated costs to fulfill customer product warranty obligations and utilizes historical product failure rates. Should actual warranty obligations differ from estimates, revisions to the warranty liability may be required.
Product warranty liability activity is as follows (in thousands):
| | 2019 | Balance — beginning of year | (Divested)/acquired | Provisions/(expense) | Direct charges/(payments) | Balance — end of year |
| | 2019 | $5,756 | — | (3,053) | 570 | $3,273 |
| Fiscal Years | 2018 | $3,672 | (49) | 1,865 | 268 | $5,756 |
| | 2017 | $1,039 | 952 | 1,737 | (56) | $3,672 | | What was the (Divested)/acquired values in 2019, 2018 and 2017 respectively? | "—", "(49)", "952" |
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: 16. PRODUCT WARRANTIES
We establish a product warranty liability at the time of revenue recognition. Product warranties generally have terms of 12 months and cover nonconformance with specifications and defects in material or workmanship. For sales to distributors, our warranty generally begins when the product is resold by the distributor. The liability is based on estimated costs to fulfill customer product warranty obligations and utilizes historical product failure rates. Should actual warranty obligations differ from estimates, revisions to the warranty liability may be required.
Product warranty liability activity is as follows (in thousands):
| | 2019 | Balance — beginning of year | (Divested)/acquired | Provisions/(expense) | Direct charges/(payments) | Balance — end of year |
| | 2019 | $5,756 | — | (3,053) | 570 | $3,273 |
| Fiscal Years | 2018 | $3,672 | (49) | 1,865 | 268 | $5,756 |
| | 2017 | $1,039 | 952 | 1,737 | (56) | $3,672 | | In which year was Balance — beginning of year less than 5,000 thousands? | "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: Current other investments comprise the following:
The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. These assets do not meet the definition of cash and cash equivalents, but are included in the Group’s net debt based on their liquidity.
Bonds and debt securities includes €955 million (2018: €862 million) of highly liquid German and €941 million (2018: €nil) Japanese government securities; €1,115 million (2018: €1,112 million) of UK government bonds and €1,184 million (2018: 830 million) of other assets both paid as collateral on derivative financial instruments6. Managed investment funds include €5,513 million (2018: €3,087 million) in managed investment funds with liquidity of up to 90 days and €892 million (2018: €804 million) invested in a fund whose underlying securities are supply chain receivables from a diverse range of corporate organisations of which Vodafone is a minority constituent.
Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.
3 €1,184 million (2018: €830 million) is measured at amortised cost and remaining items are measured at fair value. For €3,011 million (2018: €1,974 million) the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. The remaining balance is level 2 classification.
4 Items measured at fair value and the valuation basis is level 2 classification
5 €1,097 million (2018: €487 million) is measured at fair value and the valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value
| | €m | Included within current assets | Short-term investments | Bonds and debt securities3 | Managed investment funds4 | 11,095 | Other investments5 | 13,012 | |
| 2019 | €m | : | : | 4,690 | 6,405 | 11,095 | 1,917 | 13,012 |
| 2018 | €m | : | : | 4,690 | 3,891 | 6,870 | 1,925 | 8,795 | | Which financial years' information is shown in the table? | "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: Current other investments comprise the following:
The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. These assets do not meet the definition of cash and cash equivalents, but are included in the Group’s net debt based on their liquidity.
Bonds and debt securities includes €955 million (2018: €862 million) of highly liquid German and €941 million (2018: €nil) Japanese government securities; €1,115 million (2018: €1,112 million) of UK government bonds and €1,184 million (2018: 830 million) of other assets both paid as collateral on derivative financial instruments6. Managed investment funds include €5,513 million (2018: €3,087 million) in managed investment funds with liquidity of up to 90 days and €892 million (2018: €804 million) invested in a fund whose underlying securities are supply chain receivables from a diverse range of corporate organisations of which Vodafone is a minority constituent.
Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.
3 €1,184 million (2018: €830 million) is measured at amortised cost and remaining items are measured at fair value. For €3,011 million (2018: €1,974 million) the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. The remaining balance is level 2 classification.
4 Items measured at fair value and the valuation basis is level 2 classification
5 €1,097 million (2018: €487 million) is measured at fair value and the valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value
| | €m | Included within current assets | Short-term investments | Bonds and debt securities3 | Managed investment funds4 | 11,095 | Other investments5 | 13,012 | |
| 2019 | €m | : | : | 4,690 | 6,405 | 11,095 | 1,917 | 13,012 |
| 2018 | €m | : | : | 4,690 | 3,891 | 6,870 | 1,925 | 8,795 | | What type of short-term investments are shown in the table? | "Bonds and debt securities", "Managed investment funds" |
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 following tables set forth our selected financial data for the periods and at the dates indicated. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2019, 2018, and 2017 and the selected financial data from the consolidated balance sheets as of December 31, 2019 and 2018 have been derived from the audited consolidated financial statements included in this Annual Report on Form 10-K. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and the selected financial data from the consolidated balance sheets as of December 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 10-K. The information presented below should also be read in conjunction with our consolidated financial statements and the related notes thereto and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
| | 2019 | | Net sales . | Gross profit | Operating (loss) income . | Net (loss) income | Net (loss) income per share | Basic . | Diluted . | Cash dividends declared per common share. | Net cash provided by (used in) operating | activities | Net cash (used in) provided by investing | activities | Net cash provided by (used in) financing | activities | | 2019 | | Cash and cash equivalents . | Marketable securities . | Total assets . | Total long-term debt | Total liabilities | Total stockholders’ equity . |
| | 2019 | | $3,063,117 | 549,212 | (161,785) | (114,933) | : | $(1.09) | $(1.09) | $— | | $174,201 | | (362,298) | | 74,943 | | 2019 | | $1,352,741 | 811,506 | 7,515,689 | 471,697 | 2,418,922 | 5,096,767 |
| | 2018 | | $2,244,044 | 392,177 | 40,113 | 144,326 | : | $1.38 | $1.36 | $— | | $(326,809) | | (682,714) | | 255,228 | | 2018 | | $1,403,562 | 1,143,704 | 7,121,362 | 466,791 | 1,908,959 | 5,212,403 |
| Years Ended December 31, | 2017 | (In thousands, except per share amounts) | $2,941,324 | 548,947 | 177,851 | (165,615) | : | $(1.59) | $(1.59) | $— | | $1,340,677 | | (626,802) | | 192,045 | December 31, | 2017 | (In thousands) | $2,268,534 | 720,379 | 6,864,501 | 393,540 | 1,765,804 | 5,098,697 |
| | 2016 | | $2,904,563 | 638,418 | (568,151) | (416,112) | : | $(4.05) | $(4.05) | $— | | $206,753 | | 144,520 | | (136,393) | | 2016 | | $1,347,155 | 607,991 | 6,824,368 | 188,388 | 1,606,019 | 5,218,349 |
| | 2015 | | $4,112,650 | 1,132,762 | 730,159 | 593,406 | : | $5.88 | $5.83 | $— | | $(325,209) | | (156,177) | | 101,207 | | 2015 | | $1,126,826 | 703,454 | 7,360,392 | 289,415 | 1,741,996 | 5,618,396 | | What was the net cash provided by (used in) operating activities in 2018 and 2019 respectively? | "$(326,809)", "$174,201" |
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 2. Properties
Our corporate headquarters are located in Culver City, California, where we occupy facilities totaling approximately 8,000 square feet on a monthto-month basis pursuant to a Shared Services Agreement with NantWorks. We use these facilities for administration, sales and marketing, research and development, engineering, client support, and professional services. In addition, we have 5 U.S. locations across four states and one international location. Our key facilities include the following:
United States
Boston, Massachusetts
Panama City, Florida
Philadelphia, Pennsylvania
Phoenix, Arizona
International
◦ Belfast, Northern Ireland
Note that on February 3, 2020, the Company completed the sale of its Connected Care business which includes the Panama City, Florida property.
We believe that our facilities are adequate to meet our needs in the near term, and that, if needed, suitable additional space will be available to accommodate any expansion of our operations.
The following table outlines our facilities location, square footage, and use:
| City | Boston | Panama City | Belfast | Phoenix | Philadelphia | | |
| State | MA | FL | NI | AZ | PA | |
| Country | USA | USA | UK | USA | USA | |
| Sq ft | 31,752 | 51,288 | 15,500 | 4,865 | 14,183 | 117,588 |
| Type | Lease | Lease | Lease | Lease | Lease | |
| Business Nature/Use | Administrative, sales, client support, R&D, engineering, professional services | Administrative, sales, client support, R&D, engineering, professional services | R&D, engineering, administrative | Data Centre | Administrative, sales, client support, R&D, engineering, professional services | | | Where is the company's corporate headquarters located? | Culver City, California |
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 2. Properties
Our corporate headquarters are located in Culver City, California, where we occupy facilities totaling approximately 8,000 square feet on a monthto-month basis pursuant to a Shared Services Agreement with NantWorks. We use these facilities for administration, sales and marketing, research and development, engineering, client support, and professional services. In addition, we have 5 U.S. locations across four states and one international location. Our key facilities include the following:
United States
Boston, Massachusetts
Panama City, Florida
Philadelphia, Pennsylvania
Phoenix, Arizona
International
◦ Belfast, Northern Ireland
Note that on February 3, 2020, the Company completed the sale of its Connected Care business which includes the Panama City, Florida property.
We believe that our facilities are adequate to meet our needs in the near term, and that, if needed, suitable additional space will be available to accommodate any expansion of our operations.
The following table outlines our facilities location, square footage, and use:
| City | Boston | Panama City | Belfast | Phoenix | Philadelphia | | |
| State | MA | FL | NI | AZ | PA | |
| Country | USA | USA | UK | USA | USA | |
| Sq ft | 31,752 | 51,288 | 15,500 | 4,865 | 14,183 | 117,588 |
| Type | Lease | Lease | Lease | Lease | Lease | |
| Business Nature/Use | Administrative, sales, client support, R&D, engineering, professional services | Administrative, sales, client support, R&D, engineering, professional services | R&D, engineering, administrative | Data Centre | Administrative, sales, client support, R&D, engineering, professional services | | | What are the respective types of facilities in Boston and Panama City? | "Lease", "Lease" |
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 2. Properties
Our corporate headquarters are located in Culver City, California, where we occupy facilities totaling approximately 8,000 square feet on a monthto-month basis pursuant to a Shared Services Agreement with NantWorks. We use these facilities for administration, sales and marketing, research and development, engineering, client support, and professional services. In addition, we have 5 U.S. locations across four states and one international location. Our key facilities include the following:
United States
Boston, Massachusetts
Panama City, Florida
Philadelphia, Pennsylvania
Phoenix, Arizona
International
◦ Belfast, Northern Ireland
Note that on February 3, 2020, the Company completed the sale of its Connected Care business which includes the Panama City, Florida property.
We believe that our facilities are adequate to meet our needs in the near term, and that, if needed, suitable additional space will be available to accommodate any expansion of our operations.
The following table outlines our facilities location, square footage, and use:
| City | Boston | Panama City | Belfast | Phoenix | Philadelphia | | |
| State | MA | FL | NI | AZ | PA | |
| Country | USA | USA | UK | USA | USA | |
| Sq ft | 31,752 | 51,288 | 15,500 | 4,865 | 14,183 | 117,588 |
| Type | Lease | Lease | Lease | Lease | Lease | |
| Business Nature/Use | Administrative, sales, client support, R&D, engineering, professional services | Administrative, sales, client support, R&D, engineering, professional services | R&D, engineering, administrative | Data Centre | Administrative, sales, client support, R&D, engineering, professional services | | | What are the respective square feet of the facilities located in Boston and Phoenix? | "31,752", "4,865" |
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: No deferred tax assets were capitalised for the following tax loss carry-forwards and interest carry-forwards or temporary differences because realisation of the assets in the short-to-medium term is not expected:
The loss carry-forwards as of the closing date predominantly concern the German consolidation group. They can be carried forward without limitation.
| € million | Corporate tax losses | Trade tax losses | Interest carry-forwards | Temporary differences |
| 30/9/2018 | 4,320 | 3,296 | 57 | 104 |
| 30/9/2019 | 4,883 | 3,679 | 83 | 120 | | What are the components in the table whereby no deferred tax assets were capitalised? | "Corporate tax losses", "Trade tax losses", "Interest carry-forwards", "Temporary differences" |
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: As of December 31, 2019, our required annual payments relating to these contractual obligations were as follows (in millions):
(1) Includes finance lease obligations.
(2) These calculations include the effect of our interest rate swaps and assume that (a) applicable margins remain constant; (b) our term A loan and revolving credit facility variable rate debt is priced at the one-month LIBOR rate in effect as of December 31, 2019; (c) only mandatory debt repayments are made; and (d) no refinancing occurs at debt maturity.
(3) Other includes commitment fees on our revolving credit facility and rating agencies fees.
| | Total | Debt(1) | Interest on debt (2) | Data processing and maintenance commitments | Operating lease payments | Other(3) | Total |
| | Total | $1,554.8 | 171.5 | 103.4 | 27.5 | 3.9 | $1,861.1 |
| | 2020 | $80.0 | 54.7 | 44.5 | 12.6 | 1.2 | $193.0 |
| Payments due by period | 2021-2022 | $184.1 | 102.0 | 46.5 | 11.5 | 2.4 | $346.5 |
| | 2023-2024 | $1,290.7 | 14.8 | 12.4 | 3.4 | 0.3 | $1,321.6 | | What did the calculation for Debt include? | finance lease obligations. |
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: As of December 31, 2019, our required annual payments relating to these contractual obligations were as follows (in millions):
(1) Includes finance lease obligations.
(2) These calculations include the effect of our interest rate swaps and assume that (a) applicable margins remain constant; (b) our term A loan and revolving credit facility variable rate debt is priced at the one-month LIBOR rate in effect as of December 31, 2019; (c) only mandatory debt repayments are made; and (d) no refinancing occurs at debt maturity.
(3) Other includes commitment fees on our revolving credit facility and rating agencies fees.
| | Total | Debt(1) | Interest on debt (2) | Data processing and maintenance commitments | Operating lease payments | Other(3) | Total |
| | Total | $1,554.8 | 171.5 | 103.4 | 27.5 | 3.9 | $1,861.1 |
| | 2020 | $80.0 | 54.7 | 44.5 | 12.6 | 1.2 | $193.0 |
| Payments due by period | 2021-2022 | $184.1 | 102.0 | 46.5 | 11.5 | 2.4 | $346.5 |
| | 2023-2024 | $1,290.7 | 14.8 | 12.4 | 3.4 | 0.3 | $1,321.6 | | For the period 2021-2022, how many contractual obligations exceeded $100 million? | "Debt", "Interest on debt" |
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: GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
15. Vessel Operating and Supervision Costs
An analysis of vessel operating and supervision costs is as follows:
| | 2017 | Crew wages and vessel management employee costs | Technical maintenance expenses | Other vessel operating expenses | Total |
| | 2017 | 72,652 | 28,736 | 21,098 | 122,486 |
| For the year ended December 31, | 2018 | 79,624 | 28,694 | 19,766 | 128,084 |
| | 2019 | 80,713 | 37,653 | 21,296 | 139,662 | | What are the components of vessel operating and supervision costs? | "Crew wages and vessel management employee costs", "Technical maintenance expenses", "Other vessel operating 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: Item 6. Selected Financial Data
The following selected data is derived from our Consolidated Financial Statements. This data should be read in conjunction with the Consolidated Financial Statements and notes thereto incorporated into Item 8, “Financial Statements and Supplementary Data” and with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
(2) Working capital is defined as current assets minus current liabilities.
| | 2019 | | Consolidated Balance Sheets Data | Working capital(2) | Total assets | Current installments of notes payable and long-term debt | Notes payable and long-term debt, less current installments | Total Jabil Inc. stockholders’ equity | Common stock shares outstanding |
| | 2019 | | : | $(187,020) | $12,970,475 | $375,181 | $2,121,284 | $1,887,443 | 153,520 |
| | 2018 | | : | $319,050 | $12,045,641 | $25,197 | $2,493,502 | $1,950,257 | 164,588 |
| August 31, | 2017 | (in thousands) | : | $(243,910) | $11,095,995 | $444,255 | $1,606,017 | $2,353,514 | 177,728 |
| | 2016 | | : | $280,325 | $10,322,677 | $44,689 | $2,046,655 | $2,438,171 | 186,998 |
| | 2015 | | : | $191,168 | $9,591,600 | $321,964 | $1,308,663 | $2,314,856 | 192,068 | | What are the years included in the table? | "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: Item 6. Selected Financial Data
The following selected data is derived from our Consolidated Financial Statements. This data should be read in conjunction with the Consolidated Financial Statements and notes thereto incorporated into Item 8, “Financial Statements and Supplementary Data” and with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
(2) Working capital is defined as current assets minus current liabilities.
| | 2019 | | Consolidated Balance Sheets Data | Working capital(2) | Total assets | Current installments of notes payable and long-term debt | Notes payable and long-term debt, less current installments | Total Jabil Inc. stockholders’ equity | Common stock shares outstanding |
| | 2019 | | : | $(187,020) | $12,970,475 | $375,181 | $2,121,284 | $1,887,443 | 153,520 |
| | 2018 | | : | $319,050 | $12,045,641 | $25,197 | $2,493,502 | $1,950,257 | 164,588 |
| August 31, | 2017 | (in thousands) | : | $(243,910) | $11,095,995 | $444,255 | $1,606,017 | $2,353,514 | 177,728 |
| | 2016 | | : | $280,325 | $10,322,677 | $44,689 | $2,046,655 | $2,438,171 | 186,998 |
| | 2015 | | : | $191,168 | $9,591,600 | $321,964 | $1,308,663 | $2,314,856 | 192,068 | | How many years did Common stock shares outstanding exceed $160,000 thousand? | "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: The Company’s unused short-term lines of credit amounted to NT$77,658 million and NT$64,169 million as of December 31, 2018 and 2019, respectively.
(10) Short-Term Loans
| | 2018 | NT$(In Thousands) | Unsecured bank loans | Unsecured other loans | Total |
| As of December 31, | 2018 | NT$(In Thousands) | $7,780,552 | 5,323,256 | $13,103,808 |
| | 2019 | NT$(In Thousands) | $8,080,200 | 3,935,006 | $12,015,206 | | How much was Company’s unused short-term lines of credit as of December 31, 2018? | NT$77,658 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 Company’s unused short-term lines of credit amounted to NT$77,658 million and NT$64,169 million as of December 31, 2018 and 2019, respectively.
(10) Short-Term Loans
| | 2018 | NT$(In Thousands) | Unsecured bank loans | Unsecured other loans | Total |
| As of December 31, | 2018 | NT$(In Thousands) | $7,780,552 | 5,323,256 | $13,103,808 |
| | 2019 | NT$(In Thousands) | $8,080,200 | 3,935,006 | $12,015,206 | | How much was Company’s unused short-term lines of credit as of December 31, 2019? | NT$64,169 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: Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 ‘Related Party Disclosures’:
No Director received compensation for loss of office (2018 nil).
There were gains of $2,010,731 (2018 $852,742) on the exercise of options by key management personnel in 2019.
For further details refer to the Report on Directors’ remuneration on pages 77 to 101.
| | $000 | Short-term employee benefits | Share-based payment | 5,523.6 | |
| 2019 | $000 | 3,540.9 | 1,982.7 | 5,523.6 |
| 2018 | $000 | 3,842.1 | 664.6 | 4,506.7 | | What are the categories specified in IAS 24 ‘Related Party Disclosures’ in the table? | "Short-term employee benefits", "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: Purchases of Accenture plc Class A Ordinary Shares
The following table provides information relating to our purchases of Accenture plc Class A ordinary shares during the fourth quarter of fiscal 2019. For year-to-date information on all of our share purchases, redemptions and exchanges and further discussion of our share purchase activity, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Share Purchases and Redemptions.”
(1) Average price paid per share reflects the total cash outlay for the period, divided by the number of shares acquired, including those acquired by purchase or redemption for cash and any acquired by means of employee forfeiture.
(2) Since August 2001, the Board of Directors of Accenture plc has authorized and periodically confirmed a publicly
announced open-market share purchase program for acquiring Accenture plc Class A ordinary shares. During
the fourth quarter of fiscal 2019, we purchased 2,048,307 Accenture plc Class A ordinary shares under this
program for an aggregate price of $389 million. The open-market purchase program does not have an expiration
date
(3) As of August 31, 2019, our aggregate available authorization for share purchases and redemptions was $3,674 million, which management has the discretion to use for either our publicly announced open-market share purchase program or our other share purchase programs. Since August 2001 and as of August 31, 2019, the Board of Directors of Accenture plc has authorized an aggregate of $35.1 billion for share purchases and redemptions by Accenture plc and Accenture Canada Holdings Inc
(4) During the fourth quarter of fiscal 2019, Accenture purchased 66,017 Accenture plc Class A ordinary shares in transactions unrelated to publicly announced share plans or programs. These transactions consisted of acquisitions of Accenture plc Class A ordinary shares primarily via share withholding for payroll tax obligations due from employees and former employees in connection with the delivery of Accenture plc Class A ordinary shares under our various employee equity share plans. These purchases of shares in connection with employee share plans do not affect our aggregate available authorization for our publicly announced open-market share purchase and our other share purchase programs.
| Period | | June 1, 2019 — June 30, 2019 | July 1, 2019 — July 31, 2019 | August 1, 2019 — August 31, 2019 | Total (4) |
| Total Number of Shares Purchased | | 801,659 | 462,629 | 850,036 | 2,114,324 |
| Average Price Paid per Share | | $183.18 | $194.65 | $193.23 | $189.73 |
| Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | 785,600 | 442,846 | 819,861 | 2,048,307 |
| Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | (in millions of U.S. dollars) | $3,924 | $3,832 | $3,674 | | | When did Accenture's Board of Directors authorize and confirm an open-market share purchase program for acquiring Accenture pls Class A ordinary shares? | August 2001 |
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 to significant customers as a percentage of total net sales were as follows:
We sell parts to these three transportation customers for certain vehicle platforms under purchase agreements that have no volume commitments and are subject to purchase orders issued from time to time.
No other customer accounted for 10% or more of total net sales during these periods. We continue to focus on broadening our customer base to diversify our end market exposure.
Changes in the level of our customers' orders have, in the past, had a significant impact on our operating results. If a major customer reduces the amount of business it does with us, or substantially changes the terms of that business, there could be an adverse impact on our operating results
| | 2019 | Cummins Inc. | Honda Motor Co. | Toyota Motor Corporation |
| | 2019 | 16.1% | 11.6% | 9.6% |
| Years Ended December 31, | 2018 | 15.2% | 10.5% | 10.5% |
| | 2017 | 13.4% | 11.2% | 10.2% | | Which years does the table provide information for the company's net sales to significant customers as a percentage of total net sales? | "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: Our net sales to significant customers as a percentage of total net sales were as follows:
We sell parts to these three transportation customers for certain vehicle platforms under purchase agreements that have no volume commitments and are subject to purchase orders issued from time to time.
No other customer accounted for 10% or more of total net sales during these periods. We continue to focus on broadening our customer base to diversify our end market exposure.
Changes in the level of our customers' orders have, in the past, had a significant impact on our operating results. If a major customer reduces the amount of business it does with us, or substantially changes the terms of that business, there could be an adverse impact on our operating results
| | 2019 | Cummins Inc. | Honda Motor Co. | Toyota Motor Corporation |
| | 2019 | 16.1% | 11.6% | 9.6% |
| Years Ended December 31, | 2018 | 15.2% | 10.5% | 10.5% |
| | 2017 | 13.4% | 11.2% | 10.2% | | How many years did Cummins Inc. occupy more than 15% of the company's total net sales? | "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: We recorded a liability for unrecognized tax positions. The aggregate changes in the balance of our gross unrecognized tax benefits were as follows for the years ended March 31:
As of March 31, 2019, we had a liability of $0.6 million related to uncertain tax positions, the recognition of which would affect our effective income tax rate.
Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months an immaterial reduction in unrecognized tax benefits may occur as a result of the expiration of various statutes of limitations. We are routinely audited and the outcome of tax examinations could also result in a reduction in unrecognized tax benefits. Other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.
We recognize interest accrued on any unrecognized tax benefits as a component of income tax expense. Penalties are recognized as a component of general and administrative expenses. We recognized interest and penalty expense of less than $0.1 million for the years ended March 31, 2019, 2018 and 2017. As of March 31, 2019 and 2018, we had approximately $0.5 million and $0.8 million of interest and penalties accrued.
In the U.S. we file consolidated federal and state income tax returns where statutes of limitations generally range from three to five years. Although we have resolved examinations with the IRS through tax year ended March 31, 2010, U.S. federal tax years are open from 2006 forward due to attribute carryforwards.
The statute of limitations is open from fiscal year 2012 forward in certain state jurisdictions. We also file income tax returns in international jurisdictions where statutes of limitations generally range from three to seven years. Years beginning after 2008 are open for examination by certain foreign taxing authorities.
| (In thousands) | Balance at April 1 | Reductions | Relating to positions taken during prior year | Relating to lapse in statute | Balance at March 31 |
| 2019 | $687 | : | — | (107) | $580 |
| 2018 | $988 | : | (300) | (1) | $687 |
| 2017 | $1,617 | : | (604) | (25) | $988 | | What was the liability related to uncertain tax position in 2019? | $0.6 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: We recorded a liability for unrecognized tax positions. The aggregate changes in the balance of our gross unrecognized tax benefits were as follows for the years ended March 31:
As of March 31, 2019, we had a liability of $0.6 million related to uncertain tax positions, the recognition of which would affect our effective income tax rate.
Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months an immaterial reduction in unrecognized tax benefits may occur as a result of the expiration of various statutes of limitations. We are routinely audited and the outcome of tax examinations could also result in a reduction in unrecognized tax benefits. Other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.
We recognize interest accrued on any unrecognized tax benefits as a component of income tax expense. Penalties are recognized as a component of general and administrative expenses. We recognized interest and penalty expense of less than $0.1 million for the years ended March 31, 2019, 2018 and 2017. As of March 31, 2019 and 2018, we had approximately $0.5 million and $0.8 million of interest and penalties accrued.
In the U.S. we file consolidated federal and state income tax returns where statutes of limitations generally range from three to five years. Although we have resolved examinations with the IRS through tax year ended March 31, 2010, U.S. federal tax years are open from 2006 forward due to attribute carryforwards.
The statute of limitations is open from fiscal year 2012 forward in certain state jurisdictions. We also file income tax returns in international jurisdictions where statutes of limitations generally range from three to seven years. Years beginning after 2008 are open for examination by certain foreign taxing authorities.
| (In thousands) | Balance at April 1 | Reductions | Relating to positions taken during prior year | Relating to lapse in statute | Balance at March 31 |
| 2019 | $687 | : | — | (107) | $580 |
| 2018 | $988 | : | (300) | (1) | $687 |
| 2017 | $1,617 | : | (604) | (25) | $988 | | What was the interest and penalties accrued in 2019? | approximately $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: Movement of options during the year ended 30 June 2018:
The weighted average fair value of options granted during the year was nil (2018: nil) as there were none issued during the year.
The weighted average share price for share options exercised during the period was $3.57 (2018: $3.90).
The weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).
The weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).
| Grant Date | 2 Jul 2012 | 2 Jul 2013 | 2 Jul 2014 | 2 Jul 2015 | 22 Dec 2016 | Total | Weighted average exercise price |
| Exercise Date | 2 Jul 2015 | 2 Jul 2016 | 2 Jul 2017 | 2 Jul 2018 | 31 Aug 2019 | | |
| Expiry Date | 2 Jul 2017 | 30 Sept 2018 1 | 2 Jul 2019 | 2 Jul 2020 | 22 Dec 2021 | | |
| Exercise Price $ | 0.92 | 0.92 | 1.30 | 2.67 | 3.59 | | |
| No. of Options at Beg. of Year | 40,000 | 295,000 | 875,000 | 1,000,000 | 1,323,730 | 3,533,730 | |
| Options Exercised or Lapsed | (40,000) | (220,000) | (405,000) | - | - | (665,000) | $1.15 |
| No. of Options at End of Year | - | 75,000 | 470,000 | 1,000,000 | 1,323,730 | 2,868,730 | $2.82 | | What was the weighted average share price for share options exercised during the period? | $3.57 (2018: $3.90). |
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: Movement of options during the year ended 30 June 2018:
The weighted average fair value of options granted during the year was nil (2018: nil) as there were none issued during the year.
The weighted average share price for share options exercised during the period was $3.57 (2018: $3.90).
The weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).
The weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).
| Grant Date | 2 Jul 2012 | 2 Jul 2013 | 2 Jul 2014 | 2 Jul 2015 | 22 Dec 2016 | Total | Weighted average exercise price |
| Exercise Date | 2 Jul 2015 | 2 Jul 2016 | 2 Jul 2017 | 2 Jul 2018 | 31 Aug 2019 | | |
| Expiry Date | 2 Jul 2017 | 30 Sept 2018 1 | 2 Jul 2019 | 2 Jul 2020 | 22 Dec 2021 | | |
| Exercise Price $ | 0.92 | 0.92 | 1.30 | 2.67 | 3.59 | | |
| No. of Options at Beg. of Year | 40,000 | 295,000 | 875,000 | 1,000,000 | 1,323,730 | 3,533,730 | |
| Options Exercised or Lapsed | (40,000) | (220,000) | (405,000) | - | - | (665,000) | $1.15 |
| No. of Options at End of Year | - | 75,000 | 470,000 | 1,000,000 | 1,323,730 | 2,868,730 | $2.82 | | What was the options' exercise date with the greatest number of options exercised or lapsed? | 2 Jul 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: (19) Income Taxes
Income tax expense (benefit) consists of the following (in millions):
On December 22, 2017, the Tax Reform Act was signed into law. Among other provisions, the Tax Reform Act reduced the federal statutory corporate income tax rate from 35% to 21%. During the fourth quarter of 2017, we recorded a one-time, noncash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Reform Act.
| | 2019 | Current | Federal | State | Foreign | Total current | Deferred | Federal | State | Total deferred | Total income tax expense (benefit) |
| | 2019 | : | $39.5 | 9.7 | 0.9 | 50.1 | : | (0.2) | (8.0) | (8.2) | $41.9 |
| Year ended December 31, | 2018 | : | $35.0 | 9.4 | 0.8 | 45.2 | : | (2.3) | (5.2) | (7.5) | $37.7 |
| | 2017 | : | $10.4 | 5.3 | 0.9 | 16.6 | : | (87.5) | 9.1 | (78.4) | $(61.8) | | Which years does the table provide information for the company's income tax expense (benefit)? | "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: (19) Income Taxes
Income tax expense (benefit) consists of the following (in millions):
On December 22, 2017, the Tax Reform Act was signed into law. Among other provisions, the Tax Reform Act reduced the federal statutory corporate income tax rate from 35% to 21%. During the fourth quarter of 2017, we recorded a one-time, noncash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Reform Act.
| | 2019 | Current | Federal | State | Foreign | Total current | Deferred | Federal | State | Total deferred | Total income tax expense (benefit) |
| | 2019 | : | $39.5 | 9.7 | 0.9 | 50.1 | : | (0.2) | (8.0) | (8.2) | $41.9 |
| Year ended December 31, | 2018 | : | $35.0 | 9.4 | 0.8 | 45.2 | : | (2.3) | (5.2) | (7.5) | $37.7 |
| | 2017 | : | $10.4 | 5.3 | 0.9 | 16.6 | : | (87.5) | 9.1 | (78.4) | $(61.8) | | When was the the Tax Reform Act signed into law? | December 22, 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: (19) Income Taxes
Income tax expense (benefit) consists of the following (in millions):
On December 22, 2017, the Tax Reform Act was signed into law. Among other provisions, the Tax Reform Act reduced the federal statutory corporate income tax rate from 35% to 21%. During the fourth quarter of 2017, we recorded a one-time, noncash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Reform Act.
| | 2019 | Current | Federal | State | Foreign | Total current | Deferred | Federal | State | Total deferred | Total income tax expense (benefit) |
| | 2019 | : | $39.5 | 9.7 | 0.9 | 50.1 | : | (0.2) | (8.0) | (8.2) | $41.9 |
| Year ended December 31, | 2018 | : | $35.0 | 9.4 | 0.8 | 45.2 | : | (2.3) | (5.2) | (7.5) | $37.7 |
| | 2017 | : | $10.4 | 5.3 | 0.9 | 16.6 | : | (87.5) | 9.1 | (78.4) | $(61.8) | | How many years did current state income tax benefit exceed $8 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: The fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends.
The fair value of the Company’s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:
As of June 30, 2019, the Company had $271.9 million of total unrecognized compensation expense related to all unvested RSUs granted which is expected to be recognized over a weighted-average remaining period of 2.2 years.
| | June 30, 2019 | Expected volatility | Risk-free interest rate | Expected term (years) | Dividend yield |
| | June 30, 2019 | 32.65% | 2.52% | 2.92 | 2.49% |
| YearEnded | June 24, 2018 | 34.07% | 2.35% | 2.92 | 1.05% |
| | June 25, 2017 | 27.48% | 1.55% | 2.92 | 1.50% | | What is the amount of total unrecognised compensation expense as of June 30, 2019? | $271.9 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: Asset position of METRO AG
ASSETS
As of the closing date, METRO had total assets of €18,221 million, which are predominantly comprised of financial assets in the amount of €9,005 million, receivables from affiliated companies at €8,214 million and the usufructuary rights to the METRO and MAKRO brands which were recognised as an intangible asset (€883 million). Cash on hand, bank deposits and cheques amounted to €44 million. The financial assets predominantly consist of shares held in affiliated companies in the amount of €8,964 million which are essentially comprised of shares in the holding for wholesale companies (€6,693 million), in real estate companies (€1,278 million), in service providers (€470 million) and in other companies (€523 million). The financial assets account for 49.4% of the total assets. Receivables from affiliated companies amount to €8,214 million. This corresponds to 45.1% of the total assets. This position contains €6,117 million in receivables from a group-internal transfer of shares in affiliated companies at their carrying values and predominantly reflects the short-term financing requirements of the group companies as of the closing date.
| € million | Non-current assets | Intangible assets | Tangible assets | Financial assets | 10.160 | Current assets | Receivables and other assets | Cash on hand, bank deposits and cheques | 7,217 | Deferred income | 17,389 | |
| 30/9/2018 | | 1,001 | 2 | 9.157 | 10.160 | | 6,882 | 335 | 7,217 | 12 | 17,389 |
| 30/9/2019 | | 939 | 3 | 9,005 | 9,947 | | 8,218 | 44 | 8,262 | 12 | 18,221 | | What was METRO's total assets in FY2019? | €18,221 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: Asset position of METRO AG
ASSETS
As of the closing date, METRO had total assets of €18,221 million, which are predominantly comprised of financial assets in the amount of €9,005 million, receivables from affiliated companies at €8,214 million and the usufructuary rights to the METRO and MAKRO brands which were recognised as an intangible asset (€883 million). Cash on hand, bank deposits and cheques amounted to €44 million. The financial assets predominantly consist of shares held in affiliated companies in the amount of €8,964 million which are essentially comprised of shares in the holding for wholesale companies (€6,693 million), in real estate companies (€1,278 million), in service providers (€470 million) and in other companies (€523 million). The financial assets account for 49.4% of the total assets. Receivables from affiliated companies amount to €8,214 million. This corresponds to 45.1% of the total assets. This position contains €6,117 million in receivables from a group-internal transfer of shares in affiliated companies at their carrying values and predominantly reflects the short-term financing requirements of the group companies as of the closing date.
| € million | Non-current assets | Intangible assets | Tangible assets | Financial assets | 10.160 | Current assets | Receivables and other assets | Cash on hand, bank deposits and cheques | 7,217 | Deferred income | 17,389 | |
| 30/9/2018 | | 1,001 | 2 | 9.157 | 10.160 | | 6,882 | 335 | 7,217 | 12 | 17,389 |
| 30/9/2019 | | 939 | 3 | 9,005 | 9,947 | | 8,218 | 44 | 8,262 | 12 | 18,221 | | What was the amount of financial assets in FY2019? | €9,005 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: Asset position of METRO AG
ASSETS
As of the closing date, METRO had total assets of €18,221 million, which are predominantly comprised of financial assets in the amount of €9,005 million, receivables from affiliated companies at €8,214 million and the usufructuary rights to the METRO and MAKRO brands which were recognised as an intangible asset (€883 million). Cash on hand, bank deposits and cheques amounted to €44 million. The financial assets predominantly consist of shares held in affiliated companies in the amount of €8,964 million which are essentially comprised of shares in the holding for wholesale companies (€6,693 million), in real estate companies (€1,278 million), in service providers (€470 million) and in other companies (€523 million). The financial assets account for 49.4% of the total assets. Receivables from affiliated companies amount to €8,214 million. This corresponds to 45.1% of the total assets. This position contains €6,117 million in receivables from a group-internal transfer of shares in affiliated companies at their carrying values and predominantly reflects the short-term financing requirements of the group companies as of the closing date.
| € million | Non-current assets | Intangible assets | Tangible assets | Financial assets | 10.160 | Current assets | Receivables and other assets | Cash on hand, bank deposits and cheques | 7,217 | Deferred income | 17,389 | |
| 30/9/2018 | | 1,001 | 2 | 9.157 | 10.160 | | 6,882 | 335 | 7,217 | 12 | 17,389 |
| 30/9/2019 | | 939 | 3 | 9,005 | 9,947 | | 8,218 | 44 | 8,262 | 12 | 18,221 | | What are the types of assets under Non-current assets in the table? | "Intangible assets", "Tangible assets", "Financial 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: Stock option and stock appreciation right (SAR) activity under the Company's stock incentive plans in the three years ended March 31, 2019 is set forth below:
The total intrinsic value of options and SARs exercised during the years ended March 31, 2019, 2018 and 2017 was $8.3 million, $7.4 million and $9.6 million, respectively. This intrinsic value represents the difference between the fair market value of the Company's common stock on the date of exercise and the exercise price of each equity award.
The aggregate intrinsic value of options and SARs outstanding at March 31, 2019 was $14.9 million. The aggregate intrinsic value of options and SARS exercisable at March 31, 2019 was $14.8 million. The aggregate intrinsic values were calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019.
As of March 31, 2019 and March 31, 2018, the number of option and SAR shares exercisable was 278,591 and 224,022, respectively, and the weighted average exercise price per share was $30.03 and $29.96, respectively.
There were no stock options granted in the years ended March 31, 2019, 2018 and 2017
| | Outstanding at March 31, 2016 | Exercised | Forfeited or expired | Outstanding at March 31, 2017 | Exercised | Forfeited or expired | Outstanding at March 31, 2018 | Assumed upon acquisition | Exercised | Forfeited or expired | Outstanding at March 31, 2019 |
| Number of Shares | 913,508 | (437,906) | (42,485) | 433,117 | (131,666) | (17,111) | 284,340 | 141,751 | (140,118) | (4,091) | 281,882 |
| Weighted Average Exercise Price per Share | $33.00 | 34.34 | 34.26 | 31.51 | 31.75 | 34.73 | 31.21 | 25.86 | 27.67 | 39.62 | $30.16 | | Which years does the table provide the number of outstanding shares for? | "2016", "2017", "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: Stock option and stock appreciation right (SAR) activity under the Company's stock incentive plans in the three years ended March 31, 2019 is set forth below:
The total intrinsic value of options and SARs exercised during the years ended March 31, 2019, 2018 and 2017 was $8.3 million, $7.4 million and $9.6 million, respectively. This intrinsic value represents the difference between the fair market value of the Company's common stock on the date of exercise and the exercise price of each equity award.
The aggregate intrinsic value of options and SARs outstanding at March 31, 2019 was $14.9 million. The aggregate intrinsic value of options and SARS exercisable at March 31, 2019 was $14.8 million. The aggregate intrinsic values were calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019.
As of March 31, 2019 and March 31, 2018, the number of option and SAR shares exercisable was 278,591 and 224,022, respectively, and the weighted average exercise price per share was $30.03 and $29.96, respectively.
There were no stock options granted in the years ended March 31, 2019, 2018 and 2017
| | Outstanding at March 31, 2016 | Exercised | Forfeited or expired | Outstanding at March 31, 2017 | Exercised | Forfeited or expired | Outstanding at March 31, 2018 | Assumed upon acquisition | Exercised | Forfeited or expired | Outstanding at March 31, 2019 |
| Number of Shares | 913,508 | (437,906) | (42,485) | 433,117 | (131,666) | (17,111) | 284,340 | 141,751 | (140,118) | (4,091) | 281,882 |
| Weighted Average Exercise Price per Share | $33.00 | 34.34 | 34.26 | 31.51 | 31.75 | 34.73 | 31.21 | 25.86 | 27.67 | 39.62 | $30.16 | | How many years did the outstanding number of shares exceed 500,000? | 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: Assets Measured at Fair Value on a Recurring Basis
Assets measured at fair value on a recurring basis at March 31, 2018 are as follows (amounts in millions):
There were no transfers between Level 1 or Level 2 during fiscal 2019 or fiscal 2018. There were no assets measured on a recurring basis during fiscal 2019 or fiscal 2018 using significant unobservable inputs (Level 3).
| Level 1 | Assets | Cash and cash equivalents | Money market mutual funds | Deposit accounts | Commercial Paper | Government agency bonds | Short-term investments | Marketable equity securities | Corporate bonds and debt | Time deposits | Government agency bonds | Municipal bonds - taxable | Total assets measured at fair value |
| Quoted Prices in Active Markets for Identical Instruments | | : | $121.0 | — | — | — | : | 2.8 | — | — | — | — | $123.8 |
| Significant Other Observable Inputs | | : | $— | 641.6 | 118.7 | 20.0 | : | — | 542.9 | 11.5 | 723.2 | 14.9 | $2,072.8 |
| Total Balance | | : | $121.0 | 641.6 | 118.7 | 20.0 | : | 2.8 | 542.9 | 11.5 | 723.2 | 14.9 | $2,196.6 | | How many Short-term investments had a total balance that exceeded $500 million? | "Corporate bonds and debt", "Government agency bonds" |
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: 5. Net Income (Loss) per Share
The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. For purposes of this calculation, options to purchase common stock, stock awards, and the Convertible Senior Notes are considered to be common stock equivalents.
Since the Company has the intent and ability to settle the principal amount of the Convertible Senior Notes in cash and any excess in shares of the Company’s common stock, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable.
The conversion spread will have a dilutive impact on net income (loss) per share of common stock when the average market price of the Company’s common stock for a given period exceeds the conversion price of $113.75 per share for the Convertible Senior Notes. During the fiscal years ended July 31, 2019 and 2018, the Company’s weighted average common stock price was below the conversion price of the Convertible Senior Notes.
The following table sets forth the computation of the Company’s basic and diluted net income per share for the years endedJ uly 31, 2019, 2018 and 2017 (in thousands, except share and per share amounts):
| | Numerator | Net income (loss) | Net income (loss) per share | Basic | Diluted | Denominator | Weighted average shares used in computing net income (loss) per share | Basic | Weighted average effect of diluted stock options | Weighted average effect of diluted stock awards | Diluted |
| 2019 | : | $20,732 | : | $0.25 | $0.25 | : | : | 81,447,998 | 229,035 | 1,004,181 | 82,681,214 |
| 2018 | : | $(26,743) | : | $(0.34) | $(0.34) | : | : | 77,709,592 | — | — | 77,709,592 |
| 2017 | : | $18,072 | : | $0.24 | $0.24 | : | : | 73,994,577 | 544,520 | 789,246 | 75,328,343 | | What was the Net income (loss) in 2019, 2018 and 2017 respectively? | "$20,732", "$(26,743)", "$18,072" |
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: Overview of the Markets We Serve
The U.S. mortgage loan servicing market is comprised of first and second lien mortgage loans. Even through housing downturns, the mortgage loan servicing market generally remains stable, as the total number of first lien mortgage loans outstanding tends to stay relatively constant. The number of second lien mortgage loans outstanding can vary based on a number of factors including loan-to-value ratios, interest rates and lenders' desire to own such loans.
While delinquent mortgage loans typically represent a small portion of the overall mortgage loan servicing market, the mortgage loan default process is long and complex and involves multiple parties, a significant exchange of data and documentation and extensive regulatory requirements. Providers in the default process must be able to meet strict regulatory guidelines, which we believe are best met through the use of proven technology.
The U.S. mortgage loan origination market consists of both purchase and refinance mortgage loan originations. The mortgage loan origination process is complex and involves multiple parties, significant data exchange and significant regulatory oversight, which requires a comprehensive, scalable solution developed by a company with substantial industry experience. According to the Mortgage Bankers Association ("MBA"), the U.S. mortgage loan origination market for purchase and refinance mortgage loan originations is estimated as follows (in billions):
Note: Amounts may not recalculate due to rounding.
(1) The 2019, 2018 and 2017 U.S. mortgage loan origination market for purchase and refinance originations is estimated by the MBA Mortgage Finance Forecast as of February 18, 2020, February 11, 2019 and October 16, 2018, respectively.
| | Mortgage loan originations(1) | Purchase | Refinance | Total |
| 2019 | : | $1,272.0 | 796.0 | $2,068.0 |
| 2018 | : | $1,185.0 | 458.0 | $1,643.0 |
| 2017 | : | $1,143.0 | 616.0 | $1,760.0 | | Which years does the table provide information for the U.S. mortgage loan origination market for purchase and refinance mortgage loan originations? | "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: Overview of the Markets We Serve
The U.S. mortgage loan servicing market is comprised of first and second lien mortgage loans. Even through housing downturns, the mortgage loan servicing market generally remains stable, as the total number of first lien mortgage loans outstanding tends to stay relatively constant. The number of second lien mortgage loans outstanding can vary based on a number of factors including loan-to-value ratios, interest rates and lenders' desire to own such loans.
While delinquent mortgage loans typically represent a small portion of the overall mortgage loan servicing market, the mortgage loan default process is long and complex and involves multiple parties, a significant exchange of data and documentation and extensive regulatory requirements. Providers in the default process must be able to meet strict regulatory guidelines, which we believe are best met through the use of proven technology.
The U.S. mortgage loan origination market consists of both purchase and refinance mortgage loan originations. The mortgage loan origination process is complex and involves multiple parties, significant data exchange and significant regulatory oversight, which requires a comprehensive, scalable solution developed by a company with substantial industry experience. According to the Mortgage Bankers Association ("MBA"), the U.S. mortgage loan origination market for purchase and refinance mortgage loan originations is estimated as follows (in billions):
Note: Amounts may not recalculate due to rounding.
(1) The 2019, 2018 and 2017 U.S. mortgage loan origination market for purchase and refinance originations is estimated by the MBA Mortgage Finance Forecast as of February 18, 2020, February 11, 2019 and October 16, 2018, respectively.
| | Mortgage loan originations(1) | Purchase | Refinance | Total |
| 2019 | : | $1,272.0 | 796.0 | $2,068.0 |
| 2018 | : | $1,185.0 | 458.0 | $1,643.0 |
| 2017 | : | $1,143.0 | 616.0 | $1,760.0 | | How many years did the purchase originations exceed $1,000 billion? | "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: 20. Borrowings and capital resources
The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.
This section includes an analysis of net debt, which is used to manage capital
Accounting policies
Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with policy (see note 21 “Capital and financial risk management”). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method.
Net debt
At 31 March 2019 net debt represented 58% of our market capitalisation (2018: 46%). Average net debt at month end accounting dates over the 12-month period ended 31 March 2019 was €30.9 billion and ranged between net debt of €27.0 billion and €34.1 billion. Our consolidated net debt position at 31 March was as follows:
Notes: 1 Liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short-term borrowings at 31 March 2018 have therefore been revised to exclude €1,838 million in respect of such liabilities.
2 At 31 March 2019 the amount includes €2,011 million (2018: €1,070 million) in relation to cash received under collateral support agreements
3 Includes €1,919 million (2018: €nil) of spectrum licence payables following the completion of recent auctions in Italy and Spain.
The fair value of the Group’s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €44,439 million (2018: €30,473 million) and a fair value of €43,616 million (2018: €29,724 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices.
| | Short-term borrowings | Bonds | Commercial paper | Bank loans | Other short-term borrowings2 | (4,270) | Long-term borrowings | Bonds | Bank loans | Other long-term borrowings3 | (48,685) | Cash and cash equivalents | Other financial instruments | Derivative financial instruments included in trade and other receivables (note 14) | Derivative financial instruments included in trade and other payables (note 15) | Short-term investments (note 13) | 12,285 | Net debt |
| 2019 €m | | (53) | (873) | (1,220) | (2,124) | (4,270) | | (44,439) | (1,780) | (2,466) | (48,685) | 13,637 | | 3,634 | (2,444) | 11,095 | 12,285 | (27,033) |
| Restated1 2018 €m | | (3,477) | (2,712) | (1,159) | (1,165) | (8,513) | | (30,473) | (2,157) | (278) | (32,908) | 4,674 | | 2,629 | (2,383) | 6,870 | 7,116 | (29,631) | | Which financial years' information is shown in the table? | "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: 20. Borrowings and capital resources
The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.
This section includes an analysis of net debt, which is used to manage capital
Accounting policies
Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with policy (see note 21 “Capital and financial risk management”). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method.
Net debt
At 31 March 2019 net debt represented 58% of our market capitalisation (2018: 46%). Average net debt at month end accounting dates over the 12-month period ended 31 March 2019 was €30.9 billion and ranged between net debt of €27.0 billion and €34.1 billion. Our consolidated net debt position at 31 March was as follows:
Notes: 1 Liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short-term borrowings at 31 March 2018 have therefore been revised to exclude €1,838 million in respect of such liabilities.
2 At 31 March 2019 the amount includes €2,011 million (2018: €1,070 million) in relation to cash received under collateral support agreements
3 Includes €1,919 million (2018: €nil) of spectrum licence payables following the completion of recent auctions in Italy and Spain.
The fair value of the Group’s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €44,439 million (2018: €30,473 million) and a fair value of €43,616 million (2018: €29,724 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices.
| | Short-term borrowings | Bonds | Commercial paper | Bank loans | Other short-term borrowings2 | (4,270) | Long-term borrowings | Bonds | Bank loans | Other long-term borrowings3 | (48,685) | Cash and cash equivalents | Other financial instruments | Derivative financial instruments included in trade and other receivables (note 14) | Derivative financial instruments included in trade and other payables (note 15) | Short-term investments (note 13) | 12,285 | Net debt |
| 2019 €m | | (53) | (873) | (1,220) | (2,124) | (4,270) | | (44,439) | (1,780) | (2,466) | (48,685) | 13,637 | | 3,634 | (2,444) | 11,095 | 12,285 | (27,033) |
| Restated1 2018 €m | | (3,477) | (2,712) | (1,159) | (1,165) | (8,513) | | (30,473) | (2,157) | (278) | (32,908) | 4,674 | | 2,629 | (2,383) | 6,870 | 7,116 | (29,631) | | What type of short term borrowings are shown in the table? | "Bonds", "Commercial paper", "Bank loans", "Other short-term borrowings" |
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: 20. Borrowings and capital resources
The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.
This section includes an analysis of net debt, which is used to manage capital
Accounting policies
Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with policy (see note 21 “Capital and financial risk management”). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method.
Net debt
At 31 March 2019 net debt represented 58% of our market capitalisation (2018: 46%). Average net debt at month end accounting dates over the 12-month period ended 31 March 2019 was €30.9 billion and ranged between net debt of €27.0 billion and €34.1 billion. Our consolidated net debt position at 31 March was as follows:
Notes: 1 Liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short-term borrowings at 31 March 2018 have therefore been revised to exclude €1,838 million in respect of such liabilities.
2 At 31 March 2019 the amount includes €2,011 million (2018: €1,070 million) in relation to cash received under collateral support agreements
3 Includes €1,919 million (2018: €nil) of spectrum licence payables following the completion of recent auctions in Italy and Spain.
The fair value of the Group’s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €44,439 million (2018: €30,473 million) and a fair value of €43,616 million (2018: €29,724 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices.
| | Short-term borrowings | Bonds | Commercial paper | Bank loans | Other short-term borrowings2 | (4,270) | Long-term borrowings | Bonds | Bank loans | Other long-term borrowings3 | (48,685) | Cash and cash equivalents | Other financial instruments | Derivative financial instruments included in trade and other receivables (note 14) | Derivative financial instruments included in trade and other payables (note 15) | Short-term investments (note 13) | 12,285 | Net debt |
| 2019 €m | | (53) | (873) | (1,220) | (2,124) | (4,270) | | (44,439) | (1,780) | (2,466) | (48,685) | 13,637 | | 3,634 | (2,444) | 11,095 | 12,285 | (27,033) |
| Restated1 2018 €m | | (3,477) | (2,712) | (1,159) | (1,165) | (8,513) | | (30,473) | (2,157) | (278) | (32,908) | 4,674 | | 2,629 | (2,383) | 6,870 | 7,116 | (29,631) | | What type of long-term borrowings are shown in the table? | "Bonds", "Bank loans", "Other long-term borrowings" |
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 tax assets and liabilities at December 27, 2019 and December 28, 2018 consist of the following:
The deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions as well as the Canadian Federal and provincial districts. For Federal income tax purposes, the 2016 through 2019 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2019. For state tax purposes, the 2015 through 2019 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense.
At December 27, 2019, the Company had a valuation allowance of $907 which consisted of a full valuation allowance on the Company’s Canada net operating loss carryforward of $732, offset by a $267 reduction in deferred tax liabilities related to indefinite-lived intangible assets acquired in 2013, and a valuation allowance of $442 against the Company’s state net operating loss carryforwards. The valuation allowances on net operating loss carryforwards are necessary as they are not expected be be fully realizable in the future. The Company’s Canada net operating loss carryforward expires at various dates between fiscal 2036 and 2038 and the Company’s state net operating loss carryforwards expire at various dates between fiscal 2019 and 2038.
For financial reporting purposes, the Company’s foreign subsidiaries had operating income before income taxes of $18 for the fiscal year ended December 27, 2019 and net operating losses before income taxes of $3,223 and $1,520 for the fiscal years ended December 28, 2018 and December 29, 2017, respectively. The Company is permanently reinvested in the earnings of it’s foreign operations which are disregarded for US tax purposes. In addition, the US tax consequences and foreign withholding taxes on any future remittances are immaterial.
As of December 27, 2019 and December 28, 2018, the Company did not have any material uncertain tax positions.
| | Deferred tax assets | Receivables and inventory | Accrued expenses | Self-insurance reserves | Net operating loss carryforwards | Stock compensation | Operating lease liabilities | Other | Total deferred tax assets | Deferred tax liabilities | Property & equipment | Intangible assets | Contingent earn-out liabilities | Prepaid expenses and other | Operating lease right-of-use assets | Total deferred tax liabilities | Valuation allowance | Total net deferred tax liability |
| December 27, 2019 | : | $4,468 | 170 | 1,957 | 1,393 | 1,894 | 37,740 | 612 | 48,234 | : | (5,218) | (15,192) | (1,526) | (1,379) | (34,895) | (58,210) | (907) | $(10,883) |
| December 28, 2018 | : | $3,978 | 1,835 | 2,050 | 1,749 | 1,670 | — | 803 | 12,085 | : | (3,446) | (13,197) | (3,179) | (1,052) | — | (20,874) | (812) | $(9,601) | | What is the value of Receivables and inventory for 2019 and 2018 respectively? | "$4,468", "$3,978" |
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 tax assets and liabilities at December 27, 2019 and December 28, 2018 consist of the following:
The deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions as well as the Canadian Federal and provincial districts. For Federal income tax purposes, the 2016 through 2019 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2019. For state tax purposes, the 2015 through 2019 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense.
At December 27, 2019, the Company had a valuation allowance of $907 which consisted of a full valuation allowance on the Company’s Canada net operating loss carryforward of $732, offset by a $267 reduction in deferred tax liabilities related to indefinite-lived intangible assets acquired in 2013, and a valuation allowance of $442 against the Company’s state net operating loss carryforwards. The valuation allowances on net operating loss carryforwards are necessary as they are not expected be be fully realizable in the future. The Company’s Canada net operating loss carryforward expires at various dates between fiscal 2036 and 2038 and the Company’s state net operating loss carryforwards expire at various dates between fiscal 2019 and 2038.
For financial reporting purposes, the Company’s foreign subsidiaries had operating income before income taxes of $18 for the fiscal year ended December 27, 2019 and net operating losses before income taxes of $3,223 and $1,520 for the fiscal years ended December 28, 2018 and December 29, 2017, respectively. The Company is permanently reinvested in the earnings of it’s foreign operations which are disregarded for US tax purposes. In addition, the US tax consequences and foreign withholding taxes on any future remittances are immaterial.
As of December 27, 2019 and December 28, 2018, the Company did not have any material uncertain tax positions.
| | Deferred tax assets | Receivables and inventory | Accrued expenses | Self-insurance reserves | Net operating loss carryforwards | Stock compensation | Operating lease liabilities | Other | Total deferred tax assets | Deferred tax liabilities | Property & equipment | Intangible assets | Contingent earn-out liabilities | Prepaid expenses and other | Operating lease right-of-use assets | Total deferred tax liabilities | Valuation allowance | Total net deferred tax liability |
| December 27, 2019 | : | $4,468 | 170 | 1,957 | 1,393 | 1,894 | 37,740 | 612 | 48,234 | : | (5,218) | (15,192) | (1,526) | (1,379) | (34,895) | (58,210) | (907) | $(10,883) |
| December 28, 2018 | : | $3,978 | 1,835 | 2,050 | 1,749 | 1,670 | — | 803 | 12,085 | : | (3,446) | (13,197) | (3,179) | (1,052) | — | (20,874) | (812) | $(9,601) | | What is the value of Accrued expenses for 2019 and 2018 respectively? | "170", "1,835" |
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 tax assets and liabilities at December 27, 2019 and December 28, 2018 consist of the following:
The deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions as well as the Canadian Federal and provincial districts. For Federal income tax purposes, the 2016 through 2019 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2019. For state tax purposes, the 2015 through 2019 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense.
At December 27, 2019, the Company had a valuation allowance of $907 which consisted of a full valuation allowance on the Company’s Canada net operating loss carryforward of $732, offset by a $267 reduction in deferred tax liabilities related to indefinite-lived intangible assets acquired in 2013, and a valuation allowance of $442 against the Company’s state net operating loss carryforwards. The valuation allowances on net operating loss carryforwards are necessary as they are not expected be be fully realizable in the future. The Company’s Canada net operating loss carryforward expires at various dates between fiscal 2036 and 2038 and the Company’s state net operating loss carryforwards expire at various dates between fiscal 2019 and 2038.
For financial reporting purposes, the Company’s foreign subsidiaries had operating income before income taxes of $18 for the fiscal year ended December 27, 2019 and net operating losses before income taxes of $3,223 and $1,520 for the fiscal years ended December 28, 2018 and December 29, 2017, respectively. The Company is permanently reinvested in the earnings of it’s foreign operations which are disregarded for US tax purposes. In addition, the US tax consequences and foreign withholding taxes on any future remittances are immaterial.
As of December 27, 2019 and December 28, 2018, the Company did not have any material uncertain tax positions.
| | Deferred tax assets | Receivables and inventory | Accrued expenses | Self-insurance reserves | Net operating loss carryforwards | Stock compensation | Operating lease liabilities | Other | Total deferred tax assets | Deferred tax liabilities | Property & equipment | Intangible assets | Contingent earn-out liabilities | Prepaid expenses and other | Operating lease right-of-use assets | Total deferred tax liabilities | Valuation allowance | Total net deferred tax liability |
| December 27, 2019 | : | $4,468 | 170 | 1,957 | 1,393 | 1,894 | 37,740 | 612 | 48,234 | : | (5,218) | (15,192) | (1,526) | (1,379) | (34,895) | (58,210) | (907) | $(10,883) |
| December 28, 2018 | : | $3,978 | 1,835 | 2,050 | 1,749 | 1,670 | — | 803 | 12,085 | : | (3,446) | (13,197) | (3,179) | (1,052) | — | (20,874) | (812) | $(9,601) | | What is the value of Self-insurance reserves for 2019 and 2018 respectively? | "1,957", "2,050" |
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: Auditor Service Fees
The aggregate amounts paid or accrued by the Company with respect to fees payable to PricewaterhouseCoopers LLP, the auditors of the Company, for audit (including separate audits of wholly-owned and non-wholly owned entities, financings, regulatory reporting requirements and SOX related services), audit-related, tax and other services in the years ended December 31, 2019 and 2018 were as follows:
Audit fees relate to the audit of our annual consolidated financial statements, the review of our quarterly condensed consolidated financial statements and services in connection with our 2019 and 2018 public offerings of Class A subordinate voting shares
Audit-related fees consist of aggregate fees for accounting consultations and other services that were reasonably related to the performance of audits or reviews of our consolidated financial statements and were not reported above under "Audit Fees".
Tax fees relate to assistance with tax compliance, expatriate tax return preparation, tax planning and various tax advisory services.
Other fees are any additional amounts for products and services provided by the principal accountants other than the services reported above under "Audit Fees", "Audit-Related Fees" and "Tax Fees".
| | $ | (in thousands) | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | Total |
| Fiscal 2019 | $ | (in thousands) | 1,133 | — | — | 3 | 1,136 |
| Fiscal 2018 | $ | | 764 | — | — | 2 | 766 | | Which financial years' information is shown in the table? | "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: Auditor Service Fees
The aggregate amounts paid or accrued by the Company with respect to fees payable to PricewaterhouseCoopers LLP, the auditors of the Company, for audit (including separate audits of wholly-owned and non-wholly owned entities, financings, regulatory reporting requirements and SOX related services), audit-related, tax and other services in the years ended December 31, 2019 and 2018 were as follows:
Audit fees relate to the audit of our annual consolidated financial statements, the review of our quarterly condensed consolidated financial statements and services in connection with our 2019 and 2018 public offerings of Class A subordinate voting shares
Audit-related fees consist of aggregate fees for accounting consultations and other services that were reasonably related to the performance of audits or reviews of our consolidated financial statements and were not reported above under "Audit Fees".
Tax fees relate to assistance with tax compliance, expatriate tax return preparation, tax planning and various tax advisory services.
Other fees are any additional amounts for products and services provided by the principal accountants other than the services reported above under "Audit Fees", "Audit-Related Fees" and "Tax Fees".
| | $ | (in thousands) | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | Total |
| Fiscal 2019 | $ | (in thousands) | 1,133 | — | — | 3 | 1,136 |
| Fiscal 2018 | $ | | 764 | — | — | 2 | 766 | | Which financial items are listed in the table? | "Audit Fees", "Audit-Related Fees", "Tax Fees", "All Other Fees" |
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: Capital management
The following table summarises the capital of the Group at 31 March:
Note: 1 Financial liabilities under put option arrangements comprise liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement; the amounts at 31 March 2018 were previously presented within short-term borrowings
The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. The Board has approved three internal debt protection ratios being: net interest to operating cash flow (plus dividends from associates); retained cash flow (operating cash flow plus dividends from associates less interest, tax, dividends to non-controlling shareholders and equity dividends) to net debt; and operating cash flow (plus dividends from associates) to net debt. These internal ratios establish levels of debt that the Group should not exceed other than for relatively short periods of time and are shared with the Group’s debt rating agencies being Moody’s, Fitch Ratings and Standard & Poor’s.
| | €m | Net debt | Financial liabilities under put option arrangements1 | Equity | Capital |
| 2019 | €m | 27,033 | 1,844 | 63,445 | 92,322 |
| 2018 | €m | 29,631 | 1,838 | 68,607 | 100,076 | | What does the Group's capital comprise of? | "Net debt", "Financial liabilities under put option arrangements", "Equity" |
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 14—INCOME TAXES
Our effective tax rate represents the net effect of the mix of income earned in various tax jurisdictions that are subject to a wide range of income tax rates.
The following is a geographical breakdown of income before the provision for income taxes:
| | 2019 | Domestic income (loss) | Foreign income | Income before income taxes |
| | 2019 | $269,331 | 171,243 | $440,574 |
| Year Ended June 30, | 2018 | $238,405 | 147,721 | $386,126 |
| | 2017 | $110,562 | 138,989 | $249,551 | | 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: NOTE 14—INCOME TAXES
Our effective tax rate represents the net effect of the mix of income earned in various tax jurisdictions that are subject to a wide range of income tax rates.
The following is a geographical breakdown of income before the provision for income taxes:
| | 2019 | Domestic income (loss) | Foreign income | Income before income taxes |
| | 2019 | $269,331 | 171,243 | $440,574 |
| Year Ended June 30, | 2018 | $238,405 | 147,721 | $386,126 |
| | 2017 | $110,562 | 138,989 | $249,551 | | In what years did Income before income taxes exceed $300,000? | "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: Employee Share Ownership Plan
UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual.
Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below.
The accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.
| | Grant date | Exercise price | Number of employees | Shares under scheme | Vesting period | Expected volatility | Risk free interest rate | Expected dividend yield | Fair value |
| 2015 Grant | 1st October | 2,797.0p | 1,038 | 34,449 | 3 years | 21% | 0.4% | 2.5% | 2,931.3p |
| 2016 Grant | 1st October | 4,477.3p | 1,040 | 22,173 | 3 years | 21% | 0.1% | 2.5% | 4,696.7p |
| 2017 Grant | 1st October | 5,496.7p | 1,229 | 22,411 | 3 years | 21% | 0.4% | 2.3% | 5,799.0p |
| 2018 Grant | 1st October | 7,240.0p | 1,294 | 16,687 | 3 years | 19% | 0.8% | 2.0% | 7,623.7p |
| 2019 Grant | 1st October | 7,835.0p | 1,318 | 16,820 | 3 years | 21% | 0.5% | 1.8% | 8,305.1p | | When does the accumulation period for the 2019 ESOP end? | September 2020 |
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: Employee Share Ownership Plan
UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual.
Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below.
The accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.
| | Grant date | Exercise price | Number of employees | Shares under scheme | Vesting period | Expected volatility | Risk free interest rate | Expected dividend yield | Fair value |
| 2015 Grant | 1st October | 2,797.0p | 1,038 | 34,449 | 3 years | 21% | 0.4% | 2.5% | 2,931.3p |
| 2016 Grant | 1st October | 4,477.3p | 1,040 | 22,173 | 3 years | 21% | 0.1% | 2.5% | 4,696.7p |
| 2017 Grant | 1st October | 5,496.7p | 1,229 | 22,411 | 3 years | 21% | 0.4% | 2.3% | 5,799.0p |
| 2018 Grant | 1st October | 7,240.0p | 1,294 | 16,687 | 3 years | 19% | 0.8% | 2.0% | 7,623.7p |
| 2019 Grant | 1st October | 7,835.0p | 1,318 | 16,820 | 3 years | 21% | 0.5% | 1.8% | 8,305.1p | | For which years of share issuance are the relevant disclosures in respect of the Employee Share Ownership Plans analysed? | "2015", "2016", "2017", "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: COHERENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands)
(1) Reclassification adjustments were not significant during fiscal 2019, 2018 and 2017.
(2) Tax benefits of $(5,161), $0 and $(326) were provided on translation adjustments during fiscal 2019, 2018 and 2017, respectively.
(3) Tax benefits of $0, $(2) and $(1,876) were provided on changes in unrealized losses on available-for-sale securities during fiscal 2019, 2018 and 2017, respectively.
(4) Tax expenses (benefits) of $(2,371), $202 and $1,747 were provided on changes in defined benefit pension plans during fiscal 2019, 2018 and 2017, respectively.
| | September 28,2019 | Net income | Other comprehensive income (loss) | Translation adjustment, net of taxes(2) | Changes in unrealized losses on available-for-sale securities, net of taxes(3) | Defined benefit pension plans, net of taxes(4) | Other comprehensive income (loss), net of tax | Comprehensive income |
| | September 28,2019 | $53,825 | (1): | (32,609) | — | (6,560) | (39,169) | $14,656 |
| Year Ended | September 29,2018 | $247,358 | (1): | (18,065) | (4) | 996 | (17,073) | $230,285 |
| | September 30,2017 | $207,122 | (1): | 24,923 | (3,330) | 3,613 | 25,206 | $232,328 | | In which years was Comprehensive income 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: The change in projected benefit obligation and the accumulated benefit obligation, were as follows (in millions):
The Company's pension liability represents the present value of estimated future benefits to be paid. The discount rate is based on the quarterly average yield for Euros treasuries with a duration of 30 years, plus a supplement for corporate bonds consolidated balance sheets, will be recognized as a component of net periodic cost over the average remaining service period.
As the defined benefit plans are unfunded, the liability recognized on the Company's consolidated balance sheet as of March 31, 2019 was $72.7 million of which $1.3 million is included in accrued liabilities and $71.4 million is included in other long-term liabilities. The liability recognized on the Company's consolidated balance sheet as of March 31, 2018 was $61.0 million of which $0.9 million is included in accrued liabilities and $60.1 million is included in other long-term liabilities.
| | 2019 | Projected benefit obligation at the beginning of the year | Additions due to acquisition of Microsemi | Service cost | Interest cost | Actuarial losses | Benefits paid | Foreign currency exchange rate changes | Projected benefit obligation at the end of the year | Accumulated benefit obligation at the end of the year | Weighted average assumptions | Discount rate | Rate of compensation increase |
| Year Ended March 31, | 2019 | $61.0 | 9.8 | 1.5 | 1.1 | 6.0 | (0.9) | (5.8) | $72.7 | $66.7 | | 1.41% | 2.79% |
| | 2018 | $50.4 | — | 2.2 | 1.0 | 0.7 | (0.8) | 7.5 | $61.0 | $55.5 | | 1.73% | 2.91% | | Which years does the table provide information for the change in projected benefit obligation and the accumulated benefit obligation? | "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: Segment Financial Results
Revenues
The following table sets forth revenues by segment for the periods presented (in millions):
(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.
Software Solutions
Revenues were $962.0 million in 2018 compared to $904.5 million in 2017, an increase of $57.5 million, or 6%. Our servicing software solutions revenues increased 7%, or $52.5 million, primarily driven by loan growth on MSP® from new and existing clients. Our origination software solutions revenues increased 3%, or $5.0 million, primarily driven by growth in our loan origination system solutions and a software license fee in our Lending Solutions business, partially offset by the effect of lower volumes on our Exchange and eLending platforms primarily as a result of the 26% decline in refinancing originations as reported by the Mortgage Bankers Association.
Data and Analytics
Revenues were $154.5 million in 2018 compared to $151.6 million in 2017, an increase of $2.9 million, or 2%. The increase was primarily driven by growth in our property data and multiple listing service businesses, partially offset by upfront revenues from long-term strategic license deals in 2017.
| | 2018 | Software Solutions | Data and Analytics | Corporate and Other(1) | Total |
| Year ended December 31 | 2018 | $962.0 | 154.5 | (2.5) | $1,114.0 |
| | 2017 | $904.5 | 151.6 | (4.5) | $1,051.6 |
| Variance | $ | $57.5 | 2.9 | 2.0 | $62.4 |
| | % | 6% | 2% | NM | 6% | | How many years did revenue from Data and Analytics exceed $150 million? | "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: Disaggregation of Revenue
The tables below present the Company’s revenue disaggregated by type of revenue. Refer to Note 13, Reportable Segment Information, for disaggregated revenue by type and reportable segment. The majority of the Company’s revenue is earned domestically, with revenue from customers outside the United States comprising less than 1% of total revenue.
| | 2019 | Processing | Outsourcing & Cloud | Product Delivery & Services | In-House Support | Services & Support | Total Revenue |
| Year Ended June 30, | 2019 | $594,202 | 405,359 | 231,982 | 321,148 | 958,489 | $1,552,691 |
| | 2018 | $550,058 | 361,922 | 251,743 | 307,074 | 920,739 | $1,470,797 |
| | 2017 | $506,555 | 327,738 | 256,794 | 297,203 | $881,735 | $1,388,290 | | What are the types of revenue shown in the table? | "Processing", "Outsourcing & Cloud", "Product Delivery & Services", "In-House Support", "Services & Support" |
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 following table reconciles total segment adjusted EBITDA to net (loss) income for the years ended December 31, 2019, 2018 and 2017:
We do not have any single customer that provides more than 10% of our consolidated total operating revenue.
The assets we hold outside of the U.S. represent less than 10% of our total assets. Revenue from sources outside of the U.S. is responsible for less than 10% of our total operating revenue.
| | 2019 | | Total segment adjusted EBITDA | Depreciation and amortization | Goodwill impairment | Other operating expenses | Share-based compensation | Operating (loss) income | Total other expense, net | (Loss) income before income taxes | Income tax expense (benefit) | Net (loss) income |
| | 2019 | | $15,987 | (4,829) | (6,506) | (7,216) | (162) | (2,726) | (2,040) | (4,766) | 503 | $(5,269) |
| Years Ended December 31, | 2018 | (Dollars in millions) | 16,647 | (5,120) | (2,726) | (8,045) | (186) | 570 | (2,133) | (1,563) | 170 | (1,733) |
| | 2017 | | 12,560 | (3,936) | — | (6,504) | (111) | 2,009 | (1,469) | 540 | (849) | 1,389 | | What years does the table reconcile total segment adjusted EBITDA to net (loss) income 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: Intangible assets
Intangible assets include the value assigned to completed technologies, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from two to seven years. Intangible assets as of September 30, 2019 and 2018 are summarized as follows(amounts shown in thousands, except for years):
Amortization expense related to acquired intangible assets was $7.0 million, $4.0 million, and $0.6 million for fiscal years ended September 30, 2019, 2018, and 2017, respectively and is recorded in acquisition-related costs and expenses in the consolidated statements of operations.
| September 30, 2019: | Completed technologies | Customer relationships | Trade names | Total intangible assets |
| Weighted Average Amortization Period | 6.4 years | 4.8 years | 4.5 years | |
| Cost | $20,341 | 17,628 | 618 | $38,587 |
| Accumulated Amortization | $7,104 | 6,701 | 377 | $14,182 |
| Net | $13,237 | 10,927 | 241 | $24,405 | | What are the costs of completed technologies and customer relationships in 2019, respectively? | "$20,341", "17,628" |
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: Intangible assets
Intangible assets include the value assigned to completed technologies, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from two to seven years. Intangible assets as of September 30, 2019 and 2018 are summarized as follows(amounts shown in thousands, except for years):
Amortization expense related to acquired intangible assets was $7.0 million, $4.0 million, and $0.6 million for fiscal years ended September 30, 2019, 2018, and 2017, respectively and is recorded in acquisition-related costs and expenses in the consolidated statements of operations.
| September 30, 2019: | Completed technologies | Customer relationships | Trade names | Total intangible assets |
| Weighted Average Amortization Period | 6.4 years | 4.8 years | 4.5 years | |
| Cost | $20,341 | 17,628 | 618 | $38,587 |
| Accumulated Amortization | $7,104 | 6,701 | 377 | $14,182 |
| Net | $13,237 | 10,927 | 241 | $24,405 | | Which intangible assets have the highest proportion of accumulated amortization over cost in 2019? | Trade names |
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 operate in the following two reportable segments, which are the same as our operating segments:
• Enterprise Security. Our Enterprise Security segment focuses on providing our Integrated Cyber Defense solutions to help business and government customers unify cloud and on-premises security to deliver a more effective cyber defense solution, while driving down cost and complexity. • Consumer Cyber Safety. Our Consumer Cyber Safety segment focuses on providing cyber safety solutions under our Norton LifeLock brand to help consumers protect their devices, online privacy, identities, and home networks.
Operating segments are based upon the nature of our business and how our business is managed. Our Chief Operating Decision Makers, comprised of our Chief Executive Officer and Chief Financial Officer, use our operating segment financial information to evaluate segment performance and to allocate resources.
There were no inter-segment sales for the periods presented. The following table summarizes the operating results of our reportable segments:
Note 15. Segment and Geographic Information
| | (In millions) | Total segments | Net revenues | Operating income | Enterprise Security | Net revenues | Operating income | Consumer Cyber Safety | Net revenues | Operating income |
| | March 29, 2019 | : | $4,731 | $1,414 | : | $2,323 | $269 | : | $2,408 | $1,145 |
| Year Ended | March 30, 2018 | : | $4,834 | $1,584 | : | $2,554 | $473 | : | $2,280 | $1,111 |
| | March 31, 2017 | : | $4,019 | $1,026 | : | $2,355 | $187 | : | $1,664 | $839 | | What are the two reportable segments? | "Enterprise Security", "Consumer Cyber Safety" |
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 Income and Interest Expense
Interest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income in fiscal 2019 compared to fiscal 2018 was attributable to higher investment yields, related in part to longer duration investments, as well as higher average investment balances.
Interest expense primarily includes interest on our term loans, partially offset by income from our interest-rate swap derivative contracts, as well as term loan issuance costs amortization charges. The decrease in interest expense in fiscal 2019 compared to fiscal 2018 was primarily due to lower outstanding debt balances related to the CMI acquisition as a result of principal payments made, partially offset by additional interest expense related to the term loan originated to finance the acquisition of FRT.
Other Income (Expense), Net
Other income (expense), net primarily includes the effects of foreign currency impact and various other gains and losses.
| | December 28, 2019 | | Interest income | Weighted average balance of cash and investments | Weighted average yield on cash and investments | Interest expense | Average debt outstanding | Weighted average interest rate on debt |
| | December 28, 2019 | | $2,714 | $179,526 | 2.05 % | $1,915 | $56,776 | 4.09 % |
| Fiscal Year Ended | December 29, 2018 | (Dollars in thousands) | $1,356 | $138,467 | 1.51 % | $3,314 | $90,086 | 3.98 % |
| | December 30, 2017 | | $548 | $124,637 | 0.84 % | $4,491 | $127,598 | 3.07 % | | What was the Weighted average balance of cash and investments in 2019 and 2018 respectively? | "$179,526", "$138,467" |
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: Cubic Mission Solutions
Sales: CMS sales increased 23% to $207.0 million in fiscal 2018 compared to $168.9 million in 2017. The increase in sales was primarily due to increased orders and shipments of expeditionary satellite communications products, tactical networking products, and Command and Control, Intelligence, Surveillance and Reconnaissance (C2ISR) products and services. Businesses acquired during fiscal years 2018 and 2017 whose operations are included in our CMS operating segment had sales of $5.6 million and $1.5 million for fiscal years 2018 and 2017, respectively.
Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CMS results amounted to $20.8 million in 2018 and $23.6 million in 2017. The $2.8 million decrease in amortization expense is related to purchased intangible assets that are amortized based upon accelerated methods.
Operating Income: CMS had an operating loss of $0.1 million in 2018 compared to $9.3 million in 2017. CMS realized increased profits from expeditionary satellite communications products, tactical networking products, and C2ISR products and services. As mentioned above, amortization of purchased intangibles decreased to $20.8 million in 2018 compared to $23.6 million in 2017. CMS increased R&D expenditures between 2017 and 2018 by $10.8 million, primarily driven by development of new antenna technologies. Businesses acquired by CMS in fiscal years 2018 and 2017 incurred operating losses of $4.7 million in fiscal 2018 compared to $2.9 million in fiscal 2017. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.8 million incurred in fiscal years 2018 and 2017, respectively.
Adjusted EBITDA: CMS Adjusted EBITDA increased 82% to $26.2 million in 2018 compared to $14.4 million in 2017.
The increase in CMS Adjusted EBITDA was primarily due to the same items described in the operating income section
above, excluding the changes in amortization expense and acquisition transaction costs discussed above as such items are
excluded from Adjusted EBITDA.
| | | Sales | Operating loss | Adjusted EBITDA |
| Fiscal 2018 | | $ 207.0 | (0.1) | 26.2 |
| Fiscal 2017 | (in millions) | $ 168.9 | (9.3) | 14.4 |
| % Change | | 23 % | (99) | 82 | | What did the increase in expeditionary satellite communications products, tactical networking products, C2ISR products and services result in? | "increase in sales", "increased profits" |
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: 28. FINANCIAL INSTRUMENTS (cont.)
(1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy. (1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy.
(2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment). (2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment).
(3) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.
| As at December 31, 2018 | Cash and cash equivalents | Trade and other receivables | Other current financial assets (1) | Other long-term financial assets (1) | Trade and other payables | Other current financial liabilities | Other long-term financial liabilities | Indebtedness (2) | $46,795 | |
| FVTPL | $ - | - | 18,632 | 33,796 | - | (6) | (5,627) | - | $46,795 |
| Amortised cost | $768,433 | 45,631 | 147 | 21,959 | (30,659) | (26,380) | (48,894) | (3,853,883) | $(3,123,646) |
| Total | $768,433 | 45,631 | 18,779 | 55,755 | (30,659) | (26,386) | (54,521) | (3,853,883) | $(3,076,851) |
| Fair Value | $768,433 | 45,631 | 18,779 | 55,755 | (30,659) | (29,131) | (54,733) | (3,709,695) | $(2,935,620) |
| Fair Value hierarchy | Level 1 | (3) | Level 1, Level 2 | Level 1, Level 2 | (3) | Level 2 | Level 2 | Level 2 | | | What are the respective fair value hierarchies of cash and cash equivalents as well as other current financial liabilities? | "Level 1", "Level 2" |
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: 28. FINANCIAL INSTRUMENTS (cont.)
(1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy. (1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy.
(2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment). (2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment).
(3) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.
| As at December 31, 2018 | Cash and cash equivalents | Trade and other receivables | Other current financial assets (1) | Other long-term financial assets (1) | Trade and other payables | Other current financial liabilities | Other long-term financial liabilities | Indebtedness (2) | $46,795 | |
| FVTPL | $ - | - | 18,632 | 33,796 | - | (6) | (5,627) | - | $46,795 |
| Amortised cost | $768,433 | 45,631 | 147 | 21,959 | (30,659) | (26,380) | (48,894) | (3,853,883) | $(3,123,646) |
| Total | $768,433 | 45,631 | 18,779 | 55,755 | (30,659) | (26,386) | (54,521) | (3,853,883) | $(3,076,851) |
| Fair Value | $768,433 | 45,631 | 18,779 | 55,755 | (30,659) | (29,131) | (54,733) | (3,709,695) | $(2,935,620) |
| Fair Value hierarchy | Level 1 | (3) | Level 1, Level 2 | Level 1, Level 2 | (3) | Level 2 | Level 2 | Level 2 | | | What are the financial instruments classified under Level 1 under the fair value hierarchy? | "Cash and cash equivalents", "Other current financial assets", "Other long-term financial 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: 28. FINANCIAL INSTRUMENTS (cont.)
(1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy. (1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy.
(2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment). (2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment).
(3) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.
| As at December 31, 2018 | Cash and cash equivalents | Trade and other receivables | Other current financial assets (1) | Other long-term financial assets (1) | Trade and other payables | Other current financial liabilities | Other long-term financial liabilities | Indebtedness (2) | $46,795 | |
| FVTPL | $ - | - | 18,632 | 33,796 | - | (6) | (5,627) | - | $46,795 |
| Amortised cost | $768,433 | 45,631 | 147 | 21,959 | (30,659) | (26,380) | (48,894) | (3,853,883) | $(3,123,646) |
| Total | $768,433 | 45,631 | 18,779 | 55,755 | (30,659) | (26,386) | (54,521) | (3,853,883) | $(3,076,851) |
| Fair Value | $768,433 | 45,631 | 18,779 | 55,755 | (30,659) | (29,131) | (54,733) | (3,709,695) | $(2,935,620) |
| Fair Value hierarchy | Level 1 | (3) | Level 1, Level 2 | Level 1, Level 2 | (3) | Level 2 | Level 2 | Level 2 | | | What are the financial instruments that do not have a fair value hierarchy classification? | "Trade and other receivables", "Trade and other payables" |
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 following table sets forth our 60-month backlog estimate, by reportable segment, as of December 31, 2019; September 30, 2019; June 30, 2019; March 31, 2019; and December 31, 2018 (in millions). The 60-month backlog estimate includes approximately $1.5 billion as a result of the acquisition of Speedpay, which occurred on May 9, 2019. Dollar amounts reflect foreign currency exchange rates as of each period end. This is a non-GAAP financial measure being presented to provide comparability across accounting periods. We believe this measure provides useful information to investors and others in understanding and evaluating our financial performance.
Estimates of future financial results require substantial judgment and are based on several assumptions, as described above. These assumptions may turn out to be inaccurate or wrong for reasons outside of management’s control. For example, our customers may attempt to renegotiate or terminate their contracts for many reasons, including mergers, changes in their financial condition, or general changes in economic conditions in the customer’s industry or geographic location. We may also experience delays in the development or delivery of products or services specified in customer contracts, which may cause the actual renewal rates and amounts to differ from historical experiences. Changes in foreign currency exchange rates may also impact the amount of revenue recognized in future periods. Accordingly, there can be no assurance that amounts included in backlog estimates will generate the specified revenues or that the actual revenues will be generated within the corresponding 60-month period. Additionally, because certain components of Committed Backlog and all of Renewal Backlog estimates are operating metrics, the estimates are not required to be subject to the same level of internal review or controls as contracted but not recognized Committed Backlog.
| | ACI On Premise | ACI On Demand | Total | December 31, 2019 | Committed | Renewal | Total |
| December 31, 2019 | $1,977 | 3,855 | $5,832 | December 31, 2019 | $2,168 | 3,664 | $5,832 |
| September 30, 2019 | $1,925 | 3,756 | $5,681 | September 30, 2019 | $2,003 | 3,678 | $5,681 |
| June 30, 2019 | $1,880 | 3,813 | $5,693 | June 30, 2019 | $2,105 | 3,588 | $5,693 |
| March 31, 2019 | $1,861 | 2,290 | $4,151 | March 31, 2019 | $1,734 | 2,417 | $4,151 |
| December 31, 2018 | $1,875 | 2,299 | $4,174 | December 31, 2018 | $1,832 | 2,342 | $4,174 | | How much was the 60-month backlog estimate as a result of the acquisition of Speedpay? | $1.5 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: Operating expenses
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Research and development expenses
Research and development expenses increased $15.8 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $10.1 million, information technology and facility costs of $2.3 million, professional services costs of $0.9 million, share-based compensation expense of $0.7 million, travel and other costs of $0.5 million and data center costs of $0.5 million.
Research and development expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.5 million primarily as a result of the weakening of the U.S. dollar relative to the British pound.
Personnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, information technology and facility costs increased primarily as a result of increased headcount, professional services costs increased primarily as a result of the use of research and development contractors and share-based compensation expense increased primarily as a result of share option grants since the prior year.
Sales and marketing expenses
Sales and marketing expenses increased $25.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $13.5 million, marketing costs of $4.7 million, information technology and facilities costs of $3.6 million, travel and other costs of $2.3 million and professional services of $0.8 million.
Sales and marketing expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $1.4 million primarily as a result of the weakening of the U.S. dollar relative to the South African rand and British pound. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Information technology and facility costs and travel and other costs increased primarily as a result of increased headcount.
General and administrative expenses
General and administrative expenses increased $9.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $5.0 million, share-based compensation expense of $1.2 million, information technology and facilities costs of $1.0 million and professional services costs and material supplies of $0.6 million each.
General and administrative expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.3 million primarily as a result of the weakening of the U.S. dollar against the British pound and South African rand. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount.
Share-based compensation expense increased primarily as a result of share option grants since the prior year. Information technology and facility and material supplies costs increased primarily as a result of increased headcount.
Restructuring and Impairment of long-lived assets
In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals, and a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.
| | % Change | | Operating expenses | Research and development | Sales and marketing | General and administrative | Impairment of long-lived assets | Restructuring | Total operating expenses |
| Year ended March 31, | 2018 | | : | $38,373 | 121,246 | 36,989 | 1,712 | 832 | $199,152 |
| | 2017 | (dollars in thousands) | : | $22,593 | 96,154 | 27,875 | — | — | $146,622 |
| Period-to-period change | Amount | | : | $15,780 | 25,092 | 9,114 | 1,712 | 832 | $52,530 |
| | % Change | | : | 70% | 26% | 33% | nm | nm | 36% | | What was the increase in Research and development expense in 2018? | $15.8 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 expenses
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Research and development expenses
Research and development expenses increased $15.8 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $10.1 million, information technology and facility costs of $2.3 million, professional services costs of $0.9 million, share-based compensation expense of $0.7 million, travel and other costs of $0.5 million and data center costs of $0.5 million.
Research and development expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.5 million primarily as a result of the weakening of the U.S. dollar relative to the British pound.
Personnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, information technology and facility costs increased primarily as a result of increased headcount, professional services costs increased primarily as a result of the use of research and development contractors and share-based compensation expense increased primarily as a result of share option grants since the prior year.
Sales and marketing expenses
Sales and marketing expenses increased $25.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $13.5 million, marketing costs of $4.7 million, information technology and facilities costs of $3.6 million, travel and other costs of $2.3 million and professional services of $0.8 million.
Sales and marketing expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $1.4 million primarily as a result of the weakening of the U.S. dollar relative to the South African rand and British pound. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Information technology and facility costs and travel and other costs increased primarily as a result of increased headcount.
General and administrative expenses
General and administrative expenses increased $9.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $5.0 million, share-based compensation expense of $1.2 million, information technology and facilities costs of $1.0 million and professional services costs and material supplies of $0.6 million each.
General and administrative expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.3 million primarily as a result of the weakening of the U.S. dollar against the British pound and South African rand. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount.
Share-based compensation expense increased primarily as a result of share option grants since the prior year. Information technology and facility and material supplies costs increased primarily as a result of increased headcount.
Restructuring and Impairment of long-lived assets
In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals, and a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.
| | % Change | | Operating expenses | Research and development | Sales and marketing | General and administrative | Impairment of long-lived assets | Restructuring | Total operating expenses |
| Year ended March 31, | 2018 | | : | $38,373 | 121,246 | 36,989 | 1,712 | 832 | $199,152 |
| | 2017 | (dollars in thousands) | : | $22,593 | 96,154 | 27,875 | — | — | $146,622 |
| Period-to-period change | Amount | | : | $15,780 | 25,092 | 9,114 | 1,712 | 832 | $52,530 |
| | % Change | | : | 70% | 26% | 33% | nm | nm | 36% | | What was the Sales and marketing expenses in 2018 and 2017 respectively? | "121,246", "96,154" |
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 expenses
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Research and development expenses
Research and development expenses increased $15.8 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $10.1 million, information technology and facility costs of $2.3 million, professional services costs of $0.9 million, share-based compensation expense of $0.7 million, travel and other costs of $0.5 million and data center costs of $0.5 million.
Research and development expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.5 million primarily as a result of the weakening of the U.S. dollar relative to the British pound.
Personnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, information technology and facility costs increased primarily as a result of increased headcount, professional services costs increased primarily as a result of the use of research and development contractors and share-based compensation expense increased primarily as a result of share option grants since the prior year.
Sales and marketing expenses
Sales and marketing expenses increased $25.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $13.5 million, marketing costs of $4.7 million, information technology and facilities costs of $3.6 million, travel and other costs of $2.3 million and professional services of $0.8 million.
Sales and marketing expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $1.4 million primarily as a result of the weakening of the U.S. dollar relative to the South African rand and British pound. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Information technology and facility costs and travel and other costs increased primarily as a result of increased headcount.
General and administrative expenses
General and administrative expenses increased $9.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $5.0 million, share-based compensation expense of $1.2 million, information technology and facilities costs of $1.0 million and professional services costs and material supplies of $0.6 million each.
General and administrative expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.3 million primarily as a result of the weakening of the U.S. dollar against the British pound and South African rand. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount.
Share-based compensation expense increased primarily as a result of share option grants since the prior year. Information technology and facility and material supplies costs increased primarily as a result of increased headcount.
Restructuring and Impairment of long-lived assets
In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals, and a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.
| | % Change | | Operating expenses | Research and development | Sales and marketing | General and administrative | Impairment of long-lived assets | Restructuring | Total operating expenses |
| Year ended March 31, | 2018 | | : | $38,373 | 121,246 | 36,989 | 1,712 | 832 | $199,152 |
| | 2017 | (dollars in thousands) | : | $22,593 | 96,154 | 27,875 | — | — | $146,622 |
| Period-to-period change | Amount | | : | $15,780 | 25,092 | 9,114 | 1,712 | 832 | $52,530 |
| | % Change | | : | 70% | 26% | 33% | nm | nm | 36% | | What was the Research and development expenses in 2018 and 2017 respectively? | "$38,373", "$22,593" |
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 recorded $14.2 million, $15.2 million and $12.3 million of amortization related to our intangible assets for the years ended December 31, 2019, 2018 and 2017, respectively. There were no impairments of long-lived assets during the years ended December 31, 2019, 2018 and 2017.
The following tables reflect the weighted-average remaining life and carrying value of finite-lived intangible assets (in thousands, except weighted-average remaining life):
| | Gross Carrying Amount | Customer relationships | Developed technology | Trade name | Other | Total intangible assets |
| | Gross Carrying Amount | $123,731 | 30,542 | 3,304 | 234 | $157,811 |
| December 31, 2019 | Accumulated Amortization | $(39,335) | (13,722) | (1,082) | (234) | $(54,373) |
| | Net Carrying Value | $84,396 | 16,820 | 2,222 | — | $103,438 |
| | Weighted- Average Remaining Life | 9.8 | 8.7 | 4.8 | — | | | What was the amortization related to the company's intangible assets in 2019? | $14.2 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 recorded $14.2 million, $15.2 million and $12.3 million of amortization related to our intangible assets for the years ended December 31, 2019, 2018 and 2017, respectively. There were no impairments of long-lived assets during the years ended December 31, 2019, 2018 and 2017.
The following tables reflect the weighted-average remaining life and carrying value of finite-lived intangible assets (in thousands, except weighted-average remaining life):
| | Gross Carrying Amount | Customer relationships | Developed technology | Trade name | Other | Total intangible assets |
| | Gross Carrying Amount | $123,731 | 30,542 | 3,304 | 234 | $157,811 |
| December 31, 2019 | Accumulated Amortization | $(39,335) | (13,722) | (1,082) | (234) | $(54,373) |
| | Net Carrying Value | $84,396 | 16,820 | 2,222 | — | $103,438 |
| | Weighted- Average Remaining Life | 9.8 | 8.7 | 4.8 | — | | | How many intangible assets in 2019 had a net carrying value of more than $50,000 thousand? | Customer relationships |
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: Relative importance of the spend on pay
The following table shows the Group’s actual spend on pay for all employees compared to distributions to shareholders. The average number of employees has also been included for context. Revenue and Operating profit have also been disclosed as these are two key measures of Group performance.
1 2018 comparatives have been restated to reflect the adoption of IFRS 9, IFRS 15 and IFRS 16, and to include share buybacks.
| | £m | Employee costs (see note 7 to the consolidated financial statements) | Average number of employees (see note 6 to the consolidated financial statements) | Revenue (see Consolidated income statement) | Operating profit | Dividends paid and proposed and share buybacks (see notes 26 and 27 to the consolidated financial statements) |
| 2019 | £m | 56.0 | 802 | 355.1 | 243.7 | 156.4 |
| Restated 2018 | £m | 54.5 | 822 | 330.1 | 221.3 | 152.8¹ |
| | % change | 3% | 3% | 8% | 10% | 2% | | Which items in the table are key measures of Group performance? | "Revenue", "Operating 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: Restricted Stock Units
The following table summarizes RSU activity in the fiscal years ended September 30, 2019, 2018, and 2017:
The cost of RSUs is determined using the fair value of the Company’s Common Stock on the award date, and the compensation expense is recognized ratably over the vesting period. The Company recognized $6.8 million, $5.9 million, and $4.0 million in stock-based compensation expense related to outstanding RSUs in the fiscal years ended September 30, 2019, 2018, and 2017, respectively. As of September 30, 2019, the Company had approximately $12.2 million of unrecognized compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of approximately 2.3 years.
| | Outstanding at September 30, 2016 | Granted | Settled | Canceled | Outstanding at September 30, 2017 | Granted | Settled | Canceled | Outstanding at September 30, 2018 | Granted | Settled | Canceled | Outstanding at September 30, 2019 |
| Number of Shares | 2,046,169 | 1,249,224 | (707,174) | (231,198) | 2,357,021 | 1,184,906 | (745,197) | (216,554) | 2,580,176 | 1,147,976 | (881,420) | (494,245) | 2,352,487 |
| Fair Value Per Share | $4.90 | $6.61 | $4.81 | $4.93 | $5.65 | $8.54 | $5.26 | $7.39 | $6.92 | $9.67 | $6.53 | $7.70 | 8.26 | | How much were the stock-based compensation expenses related to outstanding RSUs in fiscal years 2018 and 2019, respectively? | "$5.9 million", "$6.8 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: Restricted Stock Units
The following table summarizes RSU activity in the fiscal years ended September 30, 2019, 2018, and 2017:
The cost of RSUs is determined using the fair value of the Company’s Common Stock on the award date, and the compensation expense is recognized ratably over the vesting period. The Company recognized $6.8 million, $5.9 million, and $4.0 million in stock-based compensation expense related to outstanding RSUs in the fiscal years ended September 30, 2019, 2018, and 2017, respectively. As of September 30, 2019, the Company had approximately $12.2 million of unrecognized compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of approximately 2.3 years.
| | Outstanding at September 30, 2016 | Granted | Settled | Canceled | Outstanding at September 30, 2017 | Granted | Settled | Canceled | Outstanding at September 30, 2018 | Granted | Settled | Canceled | Outstanding at September 30, 2019 |
| Number of Shares | 2,046,169 | 1,249,224 | (707,174) | (231,198) | 2,357,021 | 1,184,906 | (745,197) | (216,554) | 2,580,176 | 1,147,976 | (881,420) | (494,245) | 2,352,487 |
| Fair Value Per Share | $4.90 | $6.61 | $4.81 | $4.93 | $5.65 | $8.54 | $5.26 | $7.39 | $6.92 | $9.67 | $6.53 | $7.70 | 8.26 | | What was the number of shares outstanding on September 30, 2016, and 2017, respectively? | "2,046,169", "2,357,021" |
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: Product Revenue by Groups of Similar Products
In addition to the primary view on a geographic basis, we also prepare financial information related to groups of similar products and customer markets for various purposes. We report our product revenue in the following categories: Infrastructure Platforms, Applications, Security, and Other Products. This aligns our product categories with our evolving business model. Prior period amounts have been reclassified to conform to the current period’s presentation.
The following table presents revenue for groups of similar products (in millions, except percentages):
Amounts may not sum and percentages may not recalculate due to rounding.
Infrastructure Platforms The Infrastructure Platforms product category represents our core networking offerings related to switching, routing, wireless, and the data center. Infrastructure Platforms revenue increased by 7%, or $1,869 million, with growth across the portfolio. Switching had solid growth, with strong revenue growth in campus switching driven by an increase in sales of our intent-based networking Catalyst 9000 Series, and with growth in data center switching driven by increased revenue from our ACI portfolio. Routing experienced modest revenue growth driven by an increase in sales of SD-WAN products, partially offset by weakness in the service provider market. We experienced double digit revenue growth from wireless products driven by increases across the portfolio. Revenue from data center increased driven by higher sales of HyperFlex and our server products.
Applications The Applications product category includes our collaboration offerings (unified communications, Cisco TelePresence and conferencing) as well as IoT and AppDynamics analytics software offerings. Revenue in our Applications product category increased by 15%, or $767 million, with double digit growth in unified communications, TelePresence, AppDynamics, and IoT software.
Security Revenue in our Security product category increased 16%, or $378 million, driven by higher sales of identity and access, advanced threat security, unified threat management and web security products. The Duo acquisition in the first quarter of fiscal 2019 also contributed to the revenue increase in this product category.
Other Products The decrease in revenue from our Other Products category was primarily driven by a decrease in revenue from SPVSS business which we divested on October 28, 2018.
| | July 27, 2019 | Product revenue | Infrastructure Platforms | Applications | Security . | Other Products | Total . |
| | July 27, 2019 | : | $30,191 | 5,803 | 2,730 | 281 | $39,005 |
| Years Ended | July 28, 2018 | : | $28,322 | 5,036 | 2,352 | 999 | $36,709 |
| | July 29, 2017 | : | $27,817 | 4,568 | 2,152 | 1,168 | $35,705 |
| 2019 vs. 2018 | Variance in Dollars | : | $1,869 | 767 | 378 | (718) | $2,296 |
| | Variance in Percent | : | 7% | 15% | 16% | (72)% | 6% | | Which categories does the company report its product revenue? | "Infrastructure Platforms", "Applications", "Security", "Other Products" |
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: Product Revenue by Groups of Similar Products
In addition to the primary view on a geographic basis, we also prepare financial information related to groups of similar products and customer markets for various purposes. We report our product revenue in the following categories: Infrastructure Platforms, Applications, Security, and Other Products. This aligns our product categories with our evolving business model. Prior period amounts have been reclassified to conform to the current period’s presentation.
The following table presents revenue for groups of similar products (in millions, except percentages):
Amounts may not sum and percentages may not recalculate due to rounding.
Infrastructure Platforms The Infrastructure Platforms product category represents our core networking offerings related to switching, routing, wireless, and the data center. Infrastructure Platforms revenue increased by 7%, or $1,869 million, with growth across the portfolio. Switching had solid growth, with strong revenue growth in campus switching driven by an increase in sales of our intent-based networking Catalyst 9000 Series, and with growth in data center switching driven by increased revenue from our ACI portfolio. Routing experienced modest revenue growth driven by an increase in sales of SD-WAN products, partially offset by weakness in the service provider market. We experienced double digit revenue growth from wireless products driven by increases across the portfolio. Revenue from data center increased driven by higher sales of HyperFlex and our server products.
Applications The Applications product category includes our collaboration offerings (unified communications, Cisco TelePresence and conferencing) as well as IoT and AppDynamics analytics software offerings. Revenue in our Applications product category increased by 15%, or $767 million, with double digit growth in unified communications, TelePresence, AppDynamics, and IoT software.
Security Revenue in our Security product category increased 16%, or $378 million, driven by higher sales of identity and access, advanced threat security, unified threat management and web security products. The Duo acquisition in the first quarter of fiscal 2019 also contributed to the revenue increase in this product category.
Other Products The decrease in revenue from our Other Products category was primarily driven by a decrease in revenue from SPVSS business which we divested on October 28, 2018.
| | July 27, 2019 | Product revenue | Infrastructure Platforms | Applications | Security . | Other Products | Total . |
| | July 27, 2019 | : | $30,191 | 5,803 | 2,730 | 281 | $39,005 |
| Years Ended | July 28, 2018 | : | $28,322 | 5,036 | 2,352 | 999 | $36,709 |
| | July 29, 2017 | : | $27,817 | 4,568 | 2,152 | 1,168 | $35,705 |
| 2019 vs. 2018 | Variance in Dollars | : | $1,869 | 767 | 378 | (718) | $2,296 |
| | Variance in Percent | : | 7% | 15% | 16% | (72)% | 6% | | How many years did revenue from infrastructure platforms exceed $30,000 million? | 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 19 – DERIVATIVE FINANCIAL INSTRUMENTS
Please refer to note 21 “Financial Instruments” for further information on fair value hierarchies.
| USDm | Fair value of derivatives | Derivative financial instruments regarding freight and bunkers | Forward freight agreements | Bunker swaps | Derivative financial instruments regarding interest and currency exchange rate | Forward exchange contracts | Interest rate swaps | Fair value of derivatives as of 31 December |
| 2019 | : | : | -0.3 | - | : | -0.4 | -11.1 | -11.8 |
| 2018 | : | : | 0.5 | -1.2 | : | -1.8 | 2.8 | 0.3 | | What are the types of derivative financial instruments regarding freight and bunkers? | "Forward freight agreements", "Bunker swaps" |