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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: ITEM 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the Nasdaq Global Market under the symbol “LWAY.” Trading commenced on March 29, 1988. As of March 16, 2020, there were approximately 147 holders of record of Lifeway’s Common Stock.
Common stock price
The following table shows the high and low sale prices per share of our common stock as reported on the Nasdaq Global Market for each quarter during the two most recent fiscal years:
| | Low | First Quarter | Second Quarter | Third Quarter | Fourth Quarter |
| | Low | $ 5.99 | $ 4.79 | $ 2.66 | $ 1.88 |
| Common Stock Price Range 2018 | High | $ 8.40 | $ 6.48 | $ 4.63 | $ 3.39 | | What was the low sale price per share for each quarters in 2018 in chronological order? | "$ 5.99", "$ 4.79", "$ 2.66", "$ 1.88" |
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 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the Nasdaq Global Market under the symbol “LWAY.” Trading commenced on March 29, 1988. As of March 16, 2020, there were approximately 147 holders of record of Lifeway’s Common Stock.
Common stock price
The following table shows the high and low sale prices per share of our common stock as reported on the Nasdaq Global Market for each quarter during the two most recent fiscal years:
| | Low | First Quarter | Second Quarter | Third Quarter | Fourth Quarter |
| | Low | $ 5.99 | $ 4.79 | $ 2.66 | $ 1.88 |
| Common Stock Price Range 2018 | High | $ 8.40 | $ 6.48 | $ 4.63 | $ 3.39 | | When did trading commence? | March 29, 1988 |
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 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the Nasdaq Global Market under the symbol “LWAY.” Trading commenced on March 29, 1988. As of March 16, 2020, there were approximately 147 holders of record of Lifeway’s Common Stock.
Common stock price
The following table shows the high and low sale prices per share of our common stock as reported on the Nasdaq Global Market for each quarter during the two most recent fiscal years:
| | Low | First Quarter | Second Quarter | Third Quarter | Fourth Quarter |
| | Low | $ 5.99 | $ 4.79 | $ 2.66 | $ 1.88 |
| Common Stock Price Range 2018 | High | $ 8.40 | $ 6.48 | $ 4.63 | $ 3.39 | | In 2018, how many quarters had stock prices lower than $2.00 during their lows? | Fourth quarter |
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: 3. Inventories
Inventories consisted of the following:
The increase in live inventories is attributable to an increase in the quantity of live birds in inventory at the Company's Tyler, Texas facility as it increased production during fiscal 2019, as well as the value at which the Company's live poultry inventories of broilers are recorded. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be lower in the aggregate than the anticipated sales proceeds, the Company values the broiler inventories on hand at cost and accumulates costs as the birds are grown to a marketable age subsequent to the balance sheet date. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be higher in the aggregate than the anticipated sales proceeds, the Company will make an adjustment to lower the value of live birds in inventory to the net realizable value. The significant judgments that management makes in order to assess the net realizable value of its broiler inventory include estimating future selling prices of finished products and the related cost of sales to complete. The Company recorded a charge of $2.8 million at October 31, 2019 and of $9.6 million at October 31, 2018 to reduce the values of live broiler inventories on hand at those dates from cost to net realizable value.
The increases in feed, eggs and other, processed poultry and packaging materials inventories are also attributable to an increase in the inventory volume at the Tyler, Texas facility.
The increase in prepared chicken inventory is attributable to the mix of the different finished products in inventory at October 31, 2019, as compared to October 31, 2018, as well as an increase in production volume at the Company's prepared chicken facility in Flowood, Mississippi. During fiscal 2019, the facility processed approximately 129.1 million pounds of prepared chicken products, as compared to approximately 107.6 million pounds during fiscal 2018. Approximately 1.2 million pounds of that increase was in inventory at October 31, 2019, representing an approximately 12% increase in inventory volume.
| October 31, | 2019 | (In thousands) | Live poultry-broilers (net of reserve) and breeders | Feed, eggs and other | Processed poultry | Prepared chicken | Packaging materials | Total inventories |
| | 2019 | | $ 179,870 | 47,417 | 35,121 | 20,032 | 7,488 | $289,928 |
| | 2018 | | $150,980 | 37,965 | 30,973 | 13,591 | 6,547 | $240,056 | | What is the value of Processed poultry as of October 31, 2019 and 2018 respectively? | "35,121", "30,973" |
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: 3. Inventories
Inventories consisted of the following:
The increase in live inventories is attributable to an increase in the quantity of live birds in inventory at the Company's Tyler, Texas facility as it increased production during fiscal 2019, as well as the value at which the Company's live poultry inventories of broilers are recorded. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be lower in the aggregate than the anticipated sales proceeds, the Company values the broiler inventories on hand at cost and accumulates costs as the birds are grown to a marketable age subsequent to the balance sheet date. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be higher in the aggregate than the anticipated sales proceeds, the Company will make an adjustment to lower the value of live birds in inventory to the net realizable value. The significant judgments that management makes in order to assess the net realizable value of its broiler inventory include estimating future selling prices of finished products and the related cost of sales to complete. The Company recorded a charge of $2.8 million at October 31, 2019 and of $9.6 million at October 31, 2018 to reduce the values of live broiler inventories on hand at those dates from cost to net realizable value.
The increases in feed, eggs and other, processed poultry and packaging materials inventories are also attributable to an increase in the inventory volume at the Tyler, Texas facility.
The increase in prepared chicken inventory is attributable to the mix of the different finished products in inventory at October 31, 2019, as compared to October 31, 2018, as well as an increase in production volume at the Company's prepared chicken facility in Flowood, Mississippi. During fiscal 2019, the facility processed approximately 129.1 million pounds of prepared chicken products, as compared to approximately 107.6 million pounds during fiscal 2018. Approximately 1.2 million pounds of that increase was in inventory at October 31, 2019, representing an approximately 12% increase in inventory volume.
| October 31, | 2019 | (In thousands) | Live poultry-broilers (net of reserve) and breeders | Feed, eggs and other | Processed poultry | Prepared chicken | Packaging materials | Total inventories |
| | 2019 | | $ 179,870 | 47,417 | 35,121 | 20,032 | 7,488 | $289,928 |
| | 2018 | | $150,980 | 37,965 | 30,973 | 13,591 | 6,547 | $240,056 | | What is the value of Prepared chicken as of October 31, 2019 and 2018 respectively? | "20,032", "13,591" |
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: (6) INTANGIBLE ASSETS
Identifiable intangible assets as of June 30, 2019 and 2018 were as follows:
The weighted average remaining amortization period for the Company’s customer relationships asset is 14.3 years. The Company has determined that certain underlying rights (including easements) and the certifications have indefinite lives. The amortization period for underlying rights (including easements) is 13.0 years. The amortization of intangible assets for the years ended June 30, 2019, 2018 and 2017 was $95.1 million, $97.2 million, and $80.0 million, respectively.
| | | June 30, 2019 | Finite-Lived Intangible Assets | Customer relationships | Underlying rights and other | Total | Indefinite-Lived Intangible Assets | Certifications | Underlying rights and other | Total | June 30, 2018 | Finite-Lived Intangible Assets | Customer relationships | Underlying rights and other | Total | Indefinite-Lived Intangible Assets | Certifications | Underlying rights and other | Total |
| Gross Carrying Amount | | | | $1,597.6 | 3.4 | 1,601.0 | | 3.5 | 14.5 | 1,619.0 | | | $1,597.0 | 2.7 | 1,599.7 | | 3.5 | 15.1 | $1,618.3 |
| Accumulated Amortization | (in millions) | | | $(498.7) | (1.5) | (500.2) | | — | — | (500.2) | | | $(405.6) | (0.6) | (406.2) | | — | — | $(406.2) |
| Net | | | | $1,098.9 | 1.9 | 1,100.8 | | 3.5 | 14.5 | 1,118.8 | | | $1,191.4 | 2.1 | 1,193.5 | | 3.5 | 15.1 | $1,212.1 | | How many types of finite-Lived Intangible Assets are there? | "Customer relationships", "Underlying rights and other" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating Results – Teekay LNG
The following table compares Teekay LNG’s operating results, equity income and number of calendar-ship-days for its vessels for 2019 and 2018:
1) Includes direct general and administrative expenses and indirect general and administrative expenses allocated to the liquefied gas carriers and conventional tankers based on estimated use of corporate resources. (2) Further information on Teekay LNG’s conventional tanker results can be found in “Item 18 – Financial Statements: Note 3 – Segment Reporting.” (3) Calendar-ship-days presented relate to consolidated vessels.
Income from vessel operations for Teekay LNG increased to $299.3 million in 2019 compared to $148.6 million in 2018, primarily as a result of:
• an increase of $53.1 million as a result of write-downs in 2018 of three conventional tankers and four multi-gas vessels and the sales of the Teide Spirit, European Spirit, African Spirit, Toledo Spirit and Alexander Spirit, partially offset by a write-down of the Alexander Spirit in the third quarter of 2019; • an increase of $48.6 million due to the deliveries of the Sean Spirit, Bahrain Spirit and Yamal Spirit and commencement of their charter contracts;
• an increase of $33.2 million primarily due to higher charter rates earned in 2019 on the Torben Spirit and our seven multi-gas carriers; • an increase of $12.3 million due to the deliveries of the Magdala, Myrina and Megara following the commencement of their charter contracts in 2018; • an increase of $8.9 million due to the reclassification of Awilco vessels as sales-type leases in the fourth quarter of 2019, resulting in a gain on the derecognition of vessels in the same period;
• an increase of $6.0 million primarily due to a reduction in legal and other professional fees incurred in 2019. During 2018, professional fees included amounts relating to the tax treatment dispute relating to the lease of three LNG carriers (or the RasGas II LNG Carriers) in Teekay LNG's 70%-owned consolidated subsidiary Teekay Nakilat Corporation (or the RasGas II Joint Venture) and claims against a Norway-based marine transportation company, I.M. Skaugen SE, for damages and losses for Teekay LNG's seven multi-gas carriers previously on charter to them; and
• an increase of $3.2 million due to the Polar Spirit being off-hire for 35 days in 2018 primarily due to an incident investigation involving a collision with a small vessel and repositioning to other charters;
partially offset by
• a decrease of $9.1 million due to the Madrid Spirit and Galicia Spirit being off-hire for 82 days and 38 days in 2019, respectively, and the impact of the depreciation of the Euro on Teekay LNG's Euro-denominated revenue and Euro-denominated operating expenses, partially offset by the Catalunya Spirit being off-hire for 28 days in 2018 for a scheduled dry docking; and
• a decrease of $3.5 million due to decrease in operating expenses passed through to the charterer and due to declining revenue recognition for charter contracts accounted for as direct financing leases for the Tangguh Sago and Tangguh Hiri in 2019.
Equity income related to Teekay LNG’s liquefied gas carriers increased to $58.8 million in 2019 compared to $53.5 million in 2018. The changes were primarily a result of: • an increase of $23.3 million due to the deliveries of the Pan Americas, Pan Europe, Pan Africa, Rudolf Samoylovich, Nikolay Yevgenov, Vladimir Voronin, Georgiy Ushakov and Yakov Gakkel following the commencement of their charter contracts in 2018 and 2019;
• an increase of $8.8 million due to recognition of dry-dock revenue upon completion of a dry dock for the Meridian Spirit, higher charter rates earned for the Arwa Spirit and Marib Spirit on one-year fixed-rate charter contracts commencing in the third quarter of 2019, higher fleet utilization in 2019, and lower interest expense as a result of the refinancing completed in 2018 in Teekay LNG's 52%- owned investment in the LNG carriers relating to MALT LNG Carriers; and
• an increase of $7.9 million due to higher fixed and spot charter rates earned in Teekay LNG's 50%-ownership interest in Exmar LPG BVBA (or the Exmar LPG Joint Venture) compared to 2018;
partially offset by
• a decrease of $17.7 million due to mark-to-market changes for derivative instruments, resulting in the recognition of unrealized losses in 2019 compared to unrealized gains in 2018; • a decrease of $10.8 million due to the Bahrain Spirit floating storage unit chartered-in by the Bahrain LNG Joint Venture from Teekay LNG commencing in September 2018 not earning any sub-charter income in 2019; and • a decrease of $5.7 million due to a gain on the sale of Teekay LNG's interest in its 50%-owned joint venture with Exmar NV (or the Excelsior Joint Venture) recorded in 2018.
| Year Ended December 31, | (in thousands of U.S. dollars, except calendar-ship-days) | Revenues | Voyage expenses | Vessel operating expenses | Time-charter hire expense | Depreciation and amortization | General and administrative expenses (1) | Write-down of and sale of vessels | Restructuring charges | Income from vessel operations | Liquefied Gas Carriers (1) | Conventional Tankers (1)(2) | 299,253 | Equity income – Liquefied Gas Carriers | Calendar-Ship-Days (3) | Liquefied Gas Carriers | Conventional Tankers |
| | 2019 | 601,256 | (21,387) | (111,585) | (19,994) | (136,765) | (22,521) | 13,564 | (3,315) | 299,253 | 300,520 | (1,267) | 299,253 | 58,819 | | 11,650 | 317 |
| | 2018 | 510,762 | (28,237) | (117,658) | (7,670) | (124,378) | (28,512) | (53,863) | (1,845) | 148,599 | 169,918 | (21,319) | 148,599 | 53,546 | | 10,125 | 1,389 | | What was the income from vessel operations for Teekay LNG in 2018? | $148.6 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating Results – Teekay LNG
The following table compares Teekay LNG’s operating results, equity income and number of calendar-ship-days for its vessels for 2019 and 2018:
1) Includes direct general and administrative expenses and indirect general and administrative expenses allocated to the liquefied gas carriers and conventional tankers based on estimated use of corporate resources. (2) Further information on Teekay LNG’s conventional tanker results can be found in “Item 18 – Financial Statements: Note 3 – Segment Reporting.” (3) Calendar-ship-days presented relate to consolidated vessels.
Income from vessel operations for Teekay LNG increased to $299.3 million in 2019 compared to $148.6 million in 2018, primarily as a result of:
• an increase of $53.1 million as a result of write-downs in 2018 of three conventional tankers and four multi-gas vessels and the sales of the Teide Spirit, European Spirit, African Spirit, Toledo Spirit and Alexander Spirit, partially offset by a write-down of the Alexander Spirit in the third quarter of 2019; • an increase of $48.6 million due to the deliveries of the Sean Spirit, Bahrain Spirit and Yamal Spirit and commencement of their charter contracts;
• an increase of $33.2 million primarily due to higher charter rates earned in 2019 on the Torben Spirit and our seven multi-gas carriers; • an increase of $12.3 million due to the deliveries of the Magdala, Myrina and Megara following the commencement of their charter contracts in 2018; • an increase of $8.9 million due to the reclassification of Awilco vessels as sales-type leases in the fourth quarter of 2019, resulting in a gain on the derecognition of vessels in the same period;
• an increase of $6.0 million primarily due to a reduction in legal and other professional fees incurred in 2019. During 2018, professional fees included amounts relating to the tax treatment dispute relating to the lease of three LNG carriers (or the RasGas II LNG Carriers) in Teekay LNG's 70%-owned consolidated subsidiary Teekay Nakilat Corporation (or the RasGas II Joint Venture) and claims against a Norway-based marine transportation company, I.M. Skaugen SE, for damages and losses for Teekay LNG's seven multi-gas carriers previously on charter to them; and
• an increase of $3.2 million due to the Polar Spirit being off-hire for 35 days in 2018 primarily due to an incident investigation involving a collision with a small vessel and repositioning to other charters;
partially offset by
• a decrease of $9.1 million due to the Madrid Spirit and Galicia Spirit being off-hire for 82 days and 38 days in 2019, respectively, and the impact of the depreciation of the Euro on Teekay LNG's Euro-denominated revenue and Euro-denominated operating expenses, partially offset by the Catalunya Spirit being off-hire for 28 days in 2018 for a scheduled dry docking; and
• a decrease of $3.5 million due to decrease in operating expenses passed through to the charterer and due to declining revenue recognition for charter contracts accounted for as direct financing leases for the Tangguh Sago and Tangguh Hiri in 2019.
Equity income related to Teekay LNG’s liquefied gas carriers increased to $58.8 million in 2019 compared to $53.5 million in 2018. The changes were primarily a result of: • an increase of $23.3 million due to the deliveries of the Pan Americas, Pan Europe, Pan Africa, Rudolf Samoylovich, Nikolay Yevgenov, Vladimir Voronin, Georgiy Ushakov and Yakov Gakkel following the commencement of their charter contracts in 2018 and 2019;
• an increase of $8.8 million due to recognition of dry-dock revenue upon completion of a dry dock for the Meridian Spirit, higher charter rates earned for the Arwa Spirit and Marib Spirit on one-year fixed-rate charter contracts commencing in the third quarter of 2019, higher fleet utilization in 2019, and lower interest expense as a result of the refinancing completed in 2018 in Teekay LNG's 52%- owned investment in the LNG carriers relating to MALT LNG Carriers; and
• an increase of $7.9 million due to higher fixed and spot charter rates earned in Teekay LNG's 50%-ownership interest in Exmar LPG BVBA (or the Exmar LPG Joint Venture) compared to 2018;
partially offset by
• a decrease of $17.7 million due to mark-to-market changes for derivative instruments, resulting in the recognition of unrealized losses in 2019 compared to unrealized gains in 2018; • a decrease of $10.8 million due to the Bahrain Spirit floating storage unit chartered-in by the Bahrain LNG Joint Venture from Teekay LNG commencing in September 2018 not earning any sub-charter income in 2019; and • a decrease of $5.7 million due to a gain on the sale of Teekay LNG's interest in its 50%-owned joint venture with Exmar NV (or the Excelsior Joint Venture) recorded in 2018.
| Year Ended December 31, | (in thousands of U.S. dollars, except calendar-ship-days) | Revenues | Voyage expenses | Vessel operating expenses | Time-charter hire expense | Depreciation and amortization | General and administrative expenses (1) | Write-down of and sale of vessels | Restructuring charges | Income from vessel operations | Liquefied Gas Carriers (1) | Conventional Tankers (1)(2) | 299,253 | Equity income – Liquefied Gas Carriers | Calendar-Ship-Days (3) | Liquefied Gas Carriers | Conventional Tankers |
| | 2019 | 601,256 | (21,387) | (111,585) | (19,994) | (136,765) | (22,521) | 13,564 | (3,315) | 299,253 | 300,520 | (1,267) | 299,253 | 58,819 | | 11,650 | 317 |
| | 2018 | 510,762 | (28,237) | (117,658) | (7,670) | (124,378) | (28,512) | (53,863) | (1,845) | 148,599 | 169,918 | (21,319) | 148,599 | 53,546 | | 10,125 | 1,389 | | What was the increase in the write-down in 2018? | $53.1 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: Strategic Investments
In December 2019, the Company made a minority investment in a privately-held company, Talespin, Inc., for $8.0 million, representing approximately 13% equity ownership. The investment is accounted for using the equity method of accounting due to the Company’s ability to exercise significant influence.
The Company’s non-marketable investments are composed of the following (in thousands):
| | 2019 | Accounted for at cost, adjusted for observable price changes | Accounted for using the equity method | Total non-marketable investments |
| December 31, | 2019 | $1,750 | 8,000 | $9,750 |
| | 2018 | $1,250 | — | $1,250 | | What was the company's equity ownership in Talespin, Inc? | approximately 13% |
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: Strategic Investments
In December 2019, the Company made a minority investment in a privately-held company, Talespin, Inc., for $8.0 million, representing approximately 13% equity ownership. The investment is accounted for using the equity method of accounting due to the Company’s ability to exercise significant influence.
The Company’s non-marketable investments are composed of the following (in thousands):
| | 2019 | Accounted for at cost, adjusted for observable price changes | Accounted for using the equity method | Total non-marketable investments |
| December 31, | 2019 | $1,750 | 8,000 | $9,750 |
| | 2018 | $1,250 | — | $1,250 | | How much was the company's investment in Talespin, Inc? | $8.0 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 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)
Current Liabilities
Ship management creditors’ liability is comprised of cash collected from Egypt LNG Shipping Ltd. to cover the obligations of its vessel under the Group’s management
Amounts due to related parties of $200 (December 31, 2018: $169) are expenses paid by a related party on behalf of the Group and payables to other related parties for the office lease and other operating expenses.
| | 2018 | Ship management creditors | Amounts due to related parties |
| As of December 31, | 2018 | 268 | 169 |
| | 2019 | 328 | 200 | | In which years was the current liabilities recorded for? | "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: Deferred Tax Assets and Liabilities
Significant components of the deferred tax assets and liabilities are summarized below (in thousands):
Based on the Company’s historical operating income, projection of future taxable income, scheduled reversal of taxable temporary differences, and tax planning strategies, management believes that it is more likely than not that the Company will realize the benefit of its deferred tax assets, net of valuation allowances recorded. The net increase in the total valuation allowance for the fiscal year ended August 31, 2019 is primarily related to the increase of a net operating loss carry forward due to a release of a non-U.S. unrecognized tax benefit and the increase of deferred tax assets in sites with existing valuation allowances. The decrease in domestic federal and state tax credits is primarily related to the utilization of tax credits against the one-time transition tax.
As of August 31, 2019, the Company intends to indefinitely reinvest the remaining earnings from its foreign subsidiaries for which a deferred tax liability has not already been recorded. The accumulated earnings are the most significant component of the basis difference which is indefinitely reinvested. As of August 31, 2019, the indefinitely reinvested earnings in foreign subsidiaries upon which taxes had not been provided were approximately $1.9 billion. The estimated amount of the unrecognized deferred tax liability on these reinvested earnings was approximately $0.2 billion.
| | 2019 | Deferred tax assets | Net operating loss carry forward | Receivables | Inventories | Compensated absences | Accrued expenses | Property, plant and equipment, principally due to differences in depreciation and amortization | Domestic federal and state tax credits | Foreign jurisdiction tax credits | Equity compensation–Domestic | Equity compensation–Foreign | Domestic federal interest carry forward | Cash flow hedges | Unrecognized capital loss carry forward | Revenue recognition | Other | Total deferred tax assets before valuation allowances | Less valuation allowances | Net deferred tax assets | Deferred tax liabilities | Unremitted earnings of foreign subsidiaries | Intangible assets | Other | Total deferred tax liabilities | Net deferred tax assets |
| Fiscal Year Ended August 31, | 2019 | : | $183,297 | 6,165 | 9,590 | 10,401 | 81,731 | 66,268 | 42,464 | 15,345 | 7,617 | 2,179 | 5,853 | 9,878 | 7,799 | 19,195 | 21,907 | 489,689 | (287,604) | $202,085 | : | 75,387 | 39,242 | 4,447 | $119,076 | $83,009 |
| | 2018 | : | $119,259 | 7,111 | 7,634 | 8,266 | 81,912 | 97,420 | 70,153 | 25,887 | 7,566 | 2,401 | — | — | — | — | 18,176 | 445,785 | (223,487) | $222,298 | : | 74,654 | 39,122 | 4,655 | $118,431 | $103,867 | | How many components of deferred tax assets exceeded $50,000 thousand in 2019? | "Net operating loss carry forward", "Accrued expenses", "Property, plant and equipment, principally due to differences in depreciation and amortization" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)
Movement of FVPL is analysed as follows:
Note: During the year ended 31 December 2019, the Group’s additions to FVPL mainly comprised the following:
an investment in a retail company of approximately USD500 million (equivalent to approximately RMB3,550 million) to subscribe for approximately 21% of its equity interests in form of preferred shares, on an outstanding basis;
an additional investment in a real estate O2O platform in the PRC of approximately USD320 million (equivalent to approximately RMB2,258 million). As at 31 December 2019, the Group’s equity interests in this investee company are approximately 9% on an outstanding basis; and
new investments and additional investments with an aggregate amount of approximately RMB38,810 million in listed and unlisted entities mainly operating in the United States, the PRC and other Asian countries. These companies are principally engaged in social networks, Internet platform, technology and other Internet-related business. None of the above investment was individually significant that triggers any disclosure requirements pursuant to Chapter 14 of the Listing Rules at the time of inception.
During the year ended 31 December 2019, except as described in Note 21(b), transfers also mainly comprised an equity investment designated as FVOCI due to the conversion of the redeemable instruments into ordinary shares amounting to RMB1,395 million upon its IPO.
During the year ended 31 December 2019, the Group disposed of certain investments with an aggregate amount of RMB16,664 million, which are mainly engaged in the provision of Internet-related services.
Management has assessed the level of influence that the Group exercises on certain FVPL with shareholding exceeding 20%. Since these investments are either held in form of redeemable instruments or interests in limited life partnership without significant influence, these investments have been classified as FVPL.
| | RMB’Million | At beginning of the year | Adjustment on adoption of IFRS 9 | Additions (Note (a)) | Transfers (Note (b)) | Changes in fair value (Note 7(b)) | Disposals (Note (c)) | Currency translation differences | At end of the year |
| 2019 | RMB’Million | 97,877 | – | 44,618 | (1,421) | 9,511 | (16,664) | 2,015 | 135,936 |
| 2018 | RMB’Million | – | 95,497 | 60,807 | (78,816) | 28,738 | (14,805) | 6,456 | 97,877 | | How much was invested into the retail company? | approximately USD500 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: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
NOTE 16 — Stock-Based Compensation
At December 31, 2019, we had five stock-based compensation plans: the Non-Employee Directors' Stock Retirement Plan
("Directors' Plan"), the 2004 Omnibus Long-Term Incentive Plan ("2004 Plan"), the 2009 Omnibus Equity and Performance
Incentive Plan ("2009 Plan"), the 2014 Performance & Incentive Plan ("2014 Plan"), and the 2018 Equity and Incentive
Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan.
These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance
shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted.
The following table summarizes the compensation expense included in selling, general and administrative expenses in the Consolidated Statements of Earnings related to stock-based compensation plans:
The fair value of all equity awards that vested during the periods ended December 31, 2019, 2018, and 2017 were $6,589, $5,805, and $5,471, respectively. We recorded a tax deduction related to equity awards that vested during the year ended December 31, 2019, in the amount of $1,489.
| | 2019 | Service-Based RSUs | Performance-Based RSUs | Cash-settled awards | Total | Income tax benefit | Net |
| | 2019 | $2,207 | 2,553 | 255 | $5,015 | 1,133 | $3,882 |
| Years Ended December 31, | 2018 | $2,036 | 3,089 | 131 | $5,256 | 1,188 | $4,068 |
| | 2017 | $1,762 | 2,350 | 72 | $4,184 | 1,573 | $2,611 | | Which years does the table provide information for share count and par value data related to shareholders' equity? | "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: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
NOTE 16 — Stock-Based Compensation
At December 31, 2019, we had five stock-based compensation plans: the Non-Employee Directors' Stock Retirement Plan
("Directors' Plan"), the 2004 Omnibus Long-Term Incentive Plan ("2004 Plan"), the 2009 Omnibus Equity and Performance
Incentive Plan ("2009 Plan"), the 2014 Performance & Incentive Plan ("2014 Plan"), and the 2018 Equity and Incentive
Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan.
These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance
shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted.
The following table summarizes the compensation expense included in selling, general and administrative expenses in the Consolidated Statements of Earnings related to stock-based compensation plans:
The fair value of all equity awards that vested during the periods ended December 31, 2019, 2018, and 2017 were $6,589, $5,805, and $5,471, respectively. We recorded a tax deduction related to equity awards that vested during the year ended December 31, 2019, in the amount of $1,489.
| | 2019 | Service-Based RSUs | Performance-Based RSUs | Cash-settled awards | Total | Income tax benefit | Net |
| | 2019 | $2,207 | 2,553 | 255 | $5,015 | 1,133 | $3,882 |
| Years Ended December 31, | 2018 | $2,036 | 3,089 | 131 | $5,256 | 1,188 | $4,068 |
| | 2017 | $1,762 | 2,350 | 72 | $4,184 | 1,573 | $2,611 | | How many years did the Income tax benefit exceed $1,500 thousand? | 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: On August 1, 2019 the Company acquired 100% of the limited liability company interest in Automated Packaging Systems, LLC, formerly Automated Packaging Systems, Inc., a manufacturer of automated bagging systems. The acquisition is included in our Product Care reporting segment. Automated offers opportunities to expand the Company's automated solutions as well as expand into adjacent markets.
Consideration exchanged for Automated was $445.7 million in cash. The preliminary opening balance sheet includes $58.2 million of assumed liabilities in connection with a deferred incentive compensation plan for Automated's European employees. Of this amount $19.7 million was paid as of December 31, 2019. Sealed Air will make the remaining payments to deferred incentive compensation plan participants in approximately equal installments over the next two years.
The purchase price was primarily funded with proceeds from the incremental term facility provided for under an amendment to our Credit Agreement, as described in Note 14, "Debt and Credit Facilities," of the Notes to Consolidated Financial Statements. For the year ended December 31, 2019, transaction expenses recognized for the Automated acquisition was $3.3 million. These expenses are included within selling, general and administrative expenses in the Consolidated Statements of Operations.
The following table summarizes the consideration transferred to acquire Automated and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.
(1) On August 1, 2019, $8.6 million in cash was initially recorded as Other receivables in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. The Company determined this balance should be reflected in Cash as the amount was settled to Automated on the day of purchase. This change had no impact on consideration paid or on our Consolidated Balance Sheets as of September 30, 2019.
(2) On August 1, 2019, $19.4 million was initially recorded within Other non-current liabilities in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. This amount was related to the second installment payment of the deferred incentive compensation plan for Automated's European employees. As two payments were expected to be made within the first twelve months after acquisition, the amount related to the second payment should have been reflected in other current liabilities. The preliminary allocation as of August 1, 2019 now shows the second installment within other current liabilities.
| | Allocation | (In millions) | Total consideration transferred | Assets | Cash and cash equivalents(1) | Trade receivables, net | Other receivables(1) | Inventories, net | Prepaid expenses and other current assets | Property and equipment, net | Identifiable intangible assets, net | Goodwill | Operating lease right-of-use-assets | Other non-current assets | Total assets | Liabilities | Accounts Payable | Current portion of long-term debt | Current portion of operating lease liabilities | Other current liabilities(2) | Long-term debt, less current portion | Long-term operating lease liabilities, less current portion | Deferred taxes | Other non-current liabilities(2) | Total liabilities |
| Revised Preliminary | Allocation | As of August 1, 2019 | $ 445.7 | : | 16.0 | 37.3 | 0.3 | 40.7 | 2.3 | 79.3 | 78.7 | 261.3 | — | 24.7 | $ 540.6 | : | 12.0 | 2.6 | — | 56.2 | 4.3 | — | — | 19.8 | $ 94.9 |
| Measurement | Period | Adjustments | $ — | : | (0.2) | — | — | (0.7) | — | 9.3 | (1.4) | (7.4) | 4.3 | 1.3 | $ 5.2 | : | — | — | 1.5 | (1.1) | — | 2.8 | 0.4 | 1.6 | $ 5.2 |
| Revised Preliminary | Allocation | As of December 31, 2019 | $ 445.7 | : | 15.8 | 37.3 | 0.3 | 40.0 | 2.3 | 88.6 | 77.3 | 253.9 | 4.3 | 26.0 | $ 545.8 | : | 12.0 | 2.6 | 1.5 | 55.1 | 4.3 | 2.8 | 0.4 | 21.4 | $ 100.1 | | What is the value of the assumed liabilites from Automated? | $58.2 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: On August 1, 2019 the Company acquired 100% of the limited liability company interest in Automated Packaging Systems, LLC, formerly Automated Packaging Systems, Inc., a manufacturer of automated bagging systems. The acquisition is included in our Product Care reporting segment. Automated offers opportunities to expand the Company's automated solutions as well as expand into adjacent markets.
Consideration exchanged for Automated was $445.7 million in cash. The preliminary opening balance sheet includes $58.2 million of assumed liabilities in connection with a deferred incentive compensation plan for Automated's European employees. Of this amount $19.7 million was paid as of December 31, 2019. Sealed Air will make the remaining payments to deferred incentive compensation plan participants in approximately equal installments over the next two years.
The purchase price was primarily funded with proceeds from the incremental term facility provided for under an amendment to our Credit Agreement, as described in Note 14, "Debt and Credit Facilities," of the Notes to Consolidated Financial Statements. For the year ended December 31, 2019, transaction expenses recognized for the Automated acquisition was $3.3 million. These expenses are included within selling, general and administrative expenses in the Consolidated Statements of Operations.
The following table summarizes the consideration transferred to acquire Automated and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.
(1) On August 1, 2019, $8.6 million in cash was initially recorded as Other receivables in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. The Company determined this balance should be reflected in Cash as the amount was settled to Automated on the day of purchase. This change had no impact on consideration paid or on our Consolidated Balance Sheets as of September 30, 2019.
(2) On August 1, 2019, $19.4 million was initially recorded within Other non-current liabilities in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. This amount was related to the second installment payment of the deferred incentive compensation plan for Automated's European employees. As two payments were expected to be made within the first twelve months after acquisition, the amount related to the second payment should have been reflected in other current liabilities. The preliminary allocation as of August 1, 2019 now shows the second installment within other current liabilities.
| | Allocation | (In millions) | Total consideration transferred | Assets | Cash and cash equivalents(1) | Trade receivables, net | Other receivables(1) | Inventories, net | Prepaid expenses and other current assets | Property and equipment, net | Identifiable intangible assets, net | Goodwill | Operating lease right-of-use-assets | Other non-current assets | Total assets | Liabilities | Accounts Payable | Current portion of long-term debt | Current portion of operating lease liabilities | Other current liabilities(2) | Long-term debt, less current portion | Long-term operating lease liabilities, less current portion | Deferred taxes | Other non-current liabilities(2) | Total liabilities |
| Revised Preliminary | Allocation | As of August 1, 2019 | $ 445.7 | : | 16.0 | 37.3 | 0.3 | 40.7 | 2.3 | 79.3 | 78.7 | 261.3 | — | 24.7 | $ 540.6 | : | 12.0 | 2.6 | — | 56.2 | 4.3 | — | — | 19.8 | $ 94.9 |
| Measurement | Period | Adjustments | $ — | : | (0.2) | — | — | (0.7) | — | 9.3 | (1.4) | (7.4) | 4.3 | 1.3 | $ 5.2 | : | — | — | 1.5 | (1.1) | — | 2.8 | 0.4 | 1.6 | $ 5.2 |
| Revised Preliminary | Allocation | As of December 31, 2019 | $ 445.7 | : | 15.8 | 37.3 | 0.3 | 40.0 | 2.3 | 88.6 | 77.3 | 253.9 | 4.3 | 26.0 | $ 545.8 | : | 12.0 | 2.6 | 1.5 | 55.1 | 4.3 | 2.8 | 0.4 | 21.4 | $ 100.1 | | What is the revised Total liabilities as of December 31, 2019? | $ 100.1 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: North America
North America net revenues increased $710,000 in 2019 compared to 2018 (see “Revenues” above). North America expenses decreased $2.2 million from 2018 to 2019 primarily due to a $1.7 million decrease in salary and employee related expenses, $742,000 decrease in professional service expenses, a $584,000 decrease in customer service costs and a $498,000 decrease in trade and brand marketing expenses, offset partially by a $1.2 million increase in member acquisition costs.
| | 2019 | (In thousands) | Revenues | Income from operations | Income from operations as a % of revenues |
| Year Ended December 31, | 2019 | | $68,024 | $12,491 | 18% |
| | 2018 | | $67,314 | $9,587 | 14% | | What is the amount of revenue in 2019 and 2018 respectively? | "$68,024", "$67,314" |
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: North America
North America net revenues increased $710,000 in 2019 compared to 2018 (see “Revenues” above). North America expenses decreased $2.2 million from 2018 to 2019 primarily due to a $1.7 million decrease in salary and employee related expenses, $742,000 decrease in professional service expenses, a $584,000 decrease in customer service costs and a $498,000 decrease in trade and brand marketing expenses, offset partially by a $1.2 million increase in member acquisition costs.
| | 2019 | (In thousands) | Revenues | Income from operations | Income from operations as a % of revenues |
| Year Ended December 31, | 2019 | | $68,024 | $12,491 | 18% |
| | 2018 | | $67,314 | $9,587 | 14% | | What is the amount of income from operations in 2019 and 2018 respectively? | "$12,491", "$9,587" |
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: North America
North America net revenues increased $710,000 in 2019 compared to 2018 (see “Revenues” above). North America expenses decreased $2.2 million from 2018 to 2019 primarily due to a $1.7 million decrease in salary and employee related expenses, $742,000 decrease in professional service expenses, a $584,000 decrease in customer service costs and a $498,000 decrease in trade and brand marketing expenses, offset partially by a $1.2 million increase in member acquisition costs.
| | 2019 | (In thousands) | Revenues | Income from operations | Income from operations as a % of revenues |
| Year Ended December 31, | 2019 | | $68,024 | $12,491 | 18% |
| | 2018 | | $67,314 | $9,587 | 14% | | How much did North America expenses decrease by from 2018 to 2019? | $2.2 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: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
NOTE 4 — Inventories
Inventories consist of the following:
| | 2019 | Finished goods | Work-in-process | Raw materials | Less | Inventories, net |
| As of December 31, | 2019 | $9,447 | 14,954 | 23,363 | Inventory reserves: (5,527) | $42,237 |
| | 2018 | $10,995 | 12,129 | 25,746 | Inventory reserves: (5,384) | $43,486 | | How many years did the amount of Finished Goods exceed $10,000 thousand? | 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 gross unrecognized tax benefit is as follows (in thousands):
The unrecognized tax benefits, if recognized, would not impact the Company's effective tax rate as the recognition of these tax benefits would be offset by changes in the Company's valuation allowance. The Company does not believe there will be any material changes in its unrecognized tax benefits over the next twelve months.
As of December 31, 2019 and 2018, the Company had no accrued interest or penalties related to uncertain tax positions. Due to the Company’s historical loss position, all tax years from inception through December 31, 2019 remain open due to unutilized net operating losses.
The Company files income tax returns in the United States and various states and foreign jurisdictions and is subject to examination by various taxing authorities including major jurisdiction like the United States. As such, all its net operating loss and research credit carryforwards that may be used in future years are subject to adjustment, if and when utilized.
Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before their utilization.
| | 2019 | Unrecognized tax benefit - beginning balance | Increases for tax positions taken in prior years — | Decreases for tax positions taken in prior years — | Increases for tax positions taken in current year 623 | Unrecognized tax benefit - ending balance |
| Year Ended December 31, | 2019 | $8,217 | — | __ | 623 | $8,840 |
| | 2018 | $7,527 | — | (242) | 932 | $8,217 |
| | 2017 | $6,447 | 16 | — | 1,064 | $7,527 | | Which of the years had unrecognized tax benefit - ending balance of greater than $8,200 thousand? | "2018", "2019" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Stock Options with Market-based Vesting Criteria
We grant NQs that are subject to vesting only upon the market price of our underlying public stock closing above a certain price target withins even years of the date of grant. Share-based compensation expense is recognized regardless of the number of awards that are earned based on the market condition and is recognized on a straight-line basis over the estimated service period of approximately three years.
If the required service period is not met for these options, then the share-based compensation expense would be reversed. In the event that our common stock achieves the target price per share based on a 30-day trailing average prior to the end of the estimated service period, any remaining unamortized compensation cost will be recognized.
Stock options with market-based vesting criteria granted for fiscal years 2019, 2018 and 2017 were 585,000, 325,000 and 320,000, respectively, at weighted average grant date fair values of $7.47, $15.52 and $13.18 per share, or total grant date fair value $2.4 million, $5.0 million and $4.3 million, respectively.
These NQs with market-based vesting criteria were valued using a Monte Carlo simulation model. The weighted average Monte Carlo input assumptions used for calculating the fair value of these market-based stock options are as follows:
During our fiscal first quarter of 2019, we canceled 1,122,500 performance-based stock options with a concurrent grant of 748,328 PRSUs for 13 employees, which was accounted for as a modification. The incremental compensation cost resulting from the modification was $8.2 million, and was being recognized as share-based compensation expense over the requisite service period of three years for the new PRSU awards.
As a result of subsequent actions that resulted in forfeitures, the remaining compensation expense associated with this modification as of September 27, 2019 is $2.8 million.
| | 2019 | Risk-free interest rate | Expected term (years) | Expected volatility | Target price |
| | 2019 | 2.8% | 3.9 | 51.9% | $53.87 |
| Fiscal Years | 2018 | 2.3% | 3.4 | 45.8% | $98.99 |
| | 2017 | 1.9% | 7.0 | 32.3% | $67.39 | | What was the Risk-free interest rate in 2019, 2018 and 2017 respectively? | "2.8%", "2.3%", "1.9%" |
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 with Market-based Vesting Criteria
We grant NQs that are subject to vesting only upon the market price of our underlying public stock closing above a certain price target withins even years of the date of grant. Share-based compensation expense is recognized regardless of the number of awards that are earned based on the market condition and is recognized on a straight-line basis over the estimated service period of approximately three years.
If the required service period is not met for these options, then the share-based compensation expense would be reversed. In the event that our common stock achieves the target price per share based on a 30-day trailing average prior to the end of the estimated service period, any remaining unamortized compensation cost will be recognized.
Stock options with market-based vesting criteria granted for fiscal years 2019, 2018 and 2017 were 585,000, 325,000 and 320,000, respectively, at weighted average grant date fair values of $7.47, $15.52 and $13.18 per share, or total grant date fair value $2.4 million, $5.0 million and $4.3 million, respectively.
These NQs with market-based vesting criteria were valued using a Monte Carlo simulation model. The weighted average Monte Carlo input assumptions used for calculating the fair value of these market-based stock options are as follows:
During our fiscal first quarter of 2019, we canceled 1,122,500 performance-based stock options with a concurrent grant of 748,328 PRSUs for 13 employees, which was accounted for as a modification. The incremental compensation cost resulting from the modification was $8.2 million, and was being recognized as share-based compensation expense over the requisite service period of three years for the new PRSU awards.
As a result of subsequent actions that resulted in forfeitures, the remaining compensation expense associated with this modification as of September 27, 2019 is $2.8 million.
| | 2019 | Risk-free interest rate | Expected term (years) | Expected volatility | Target price |
| | 2019 | 2.8% | 3.9 | 51.9% | $53.87 |
| Fiscal Years | 2018 | 2.3% | 3.4 | 45.8% | $98.99 |
| | 2017 | 1.9% | 7.0 | 32.3% | $67.39 | | In which year was Risk-free interest rate greater than 2.0%? | "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: Contractual Obligations
The following table summarizes, as of December 31, 2019, our contractual obligations over the next five years for the property lease entered into during the year ended 2018, the VPN arrangement with Avira and the asset purchase from IBM:
| | Contractual Obligations | Operating Lease Obligations | Other Long-Term Liabilities | Finjan Mobile future commitment | Finjan Blue future commitment | Total |
| | Less Than 1 Year | : $773 | : | 650 | 2,000 | $3,423 |
| Payments due by Period | 2-5 Years | : $2,055 | : | — | 2,000 | $4,055 |
| | Total | : $2,828 | : | 650 | 4,000 | $7,478 | | What are the respective values of operating lease obligations that are less than one year and between 2-5 years? | "$773", "$2,055" |
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: Contractual Obligations
The following table summarizes, as of December 31, 2019, our contractual obligations over the next five years for the property lease entered into during the year ended 2018, the VPN arrangement with Avira and the asset purchase from IBM:
| | Contractual Obligations | Operating Lease Obligations | Other Long-Term Liabilities | Finjan Mobile future commitment | Finjan Blue future commitment | Total |
| | Less Than 1 Year | : $773 | : | 650 | 2,000 | $3,423 |
| Payments due by Period | 2-5 Years | : $2,055 | : | — | 2,000 | $4,055 |
| | Total | : $2,828 | : | 650 | 4,000 | $7,478 | | What are the respective values of Finjan Blue future commitments that are less than one year and between 2-5 years? | "2,000", "2,000" |
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: Contractual Obligations
The following table summarizes, as of December 31, 2019, our contractual obligations over the next five years for the property lease entered into during the year ended 2018, the VPN arrangement with Avira and the asset purchase from IBM:
| | Contractual Obligations | Operating Lease Obligations | Other Long-Term Liabilities | Finjan Mobile future commitment | Finjan Blue future commitment | Total |
| | Less Than 1 Year | : $773 | : | 650 | 2,000 | $3,423 |
| Payments due by Period | 2-5 Years | : $2,055 | : | — | 2,000 | $4,055 |
| | Total | : $2,828 | : | 650 | 4,000 | $7,478 | | What are the respective values of total contractual obligations that are less than one year and between 2-5 years? | "$3,423", "$4,055" |
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: RECENT DEVELOPMENTS AND RESULTS OF OPERATIONS
The results of operations that follow have first been divided into (a) our controlling interests in our publicly-traded subsidiaries Teekay LNG and Teekay Tankers and (b) Teekay Parent.
Within these groups, we have further subdivided the results into their respective lines of business. The following table (a) presents revenues and income (loss) from vessel operations for each of Teekay LNG and Teekay Tankers, and for Teekay Parent, and (b) reconciles these amounts to our consolidated financial statements.
(1) During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit LNG carrier was chartered by Teekay LNG to Teekay Parent for a short period of time. During 2018, Teekay Parent chartered in two LNG carriers from Teekay LNG until March and April 2018.
| | (in thousands of U.S. dollars) | Teekay LNG | Teekay Tankers | Teekay Parent | Elimination of intercompany (1) | Teekay Corporation Consolidated |
| Revenues | 2019 | 601,256 | 943,917 | 413,806 | (13,588) | 1,945,391 |
| | 2018 | 510,762 | 776,493 | 451,659 | (10,426) | 1,728,488 |
| Income | 2019 | 299,253 | 123,883 | (219,094) | — | 204,042 |
| | 2018 | 148,599 | 7,204 | 8,516 | — | 164,319 | | What was the Teekay LNG revenue in 2018 and 2019? | "601,256", "510,762" |
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: RECENT DEVELOPMENTS AND RESULTS OF OPERATIONS
The results of operations that follow have first been divided into (a) our controlling interests in our publicly-traded subsidiaries Teekay LNG and Teekay Tankers and (b) Teekay Parent.
Within these groups, we have further subdivided the results into their respective lines of business. The following table (a) presents revenues and income (loss) from vessel operations for each of Teekay LNG and Teekay Tankers, and for Teekay Parent, and (b) reconciles these amounts to our consolidated financial statements.
(1) During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit LNG carrier was chartered by Teekay LNG to Teekay Parent for a short period of time. During 2018, Teekay Parent chartered in two LNG carriers from Teekay LNG until March and April 2018.
| | (in thousands of U.S. dollars) | Teekay LNG | Teekay Tankers | Teekay Parent | Elimination of intercompany (1) | Teekay Corporation Consolidated |
| Revenues | 2019 | 601,256 | 943,917 | 413,806 | (13,588) | 1,945,391 |
| | 2018 | 510,762 | 776,493 | 451,659 | (10,426) | 1,728,488 |
| Income | 2019 | 299,253 | 123,883 | (219,094) | — | 204,042 |
| | 2018 | 148,599 | 7,204 | 8,516 | — | 164,319 | | In which period did Teekay Tankers' ship-to-ship transfer provided operational and maintenance services to Teekay LNG Bahrain? | During 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: Realized and unrealized losses of the cross currency swaps are recognized in earnings and reported in foreign exchange (loss) gain in the consolidated statements of loss. The effect of the gains (losses) on cross currency swaps on the consolidated statements of loss is as follows:
The Company is exposed to credit loss to the extent the fair value represents an asset in the event of non-performance by the counterparties to the foreign currency forward contracts, and cross currency and interest rate swap agreements; however, the Company does not anticipate non-performance by any of the counterparties. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk.
| | | 2019 | $ | Realized gains (losses) on maturity and/or partial termination of cross currency swap | Realized losses | Unrealized (losses) gains | Total realized and unrealized (losses) gains on cross currency swaps |
| | | 2019 | $ | — | (5,062) | (13,239) | (18,301) |
| Year Ended | December 31, | 2018 | $ | (42,271) | (6,533) | 21,240 | (27,564) |
| | | 2017 | $ | (25,733) | (18,494) | 82,668 | 38,441 | | What were the Realized losses in 2019, 2018 and 2017? | "(5,062)", "(6,533)", "(18,494)" |
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 Expense
Selling, general and administrative expense increased $9.6 million to $24.4 million for the year ended December 31, 2019 compared to $14.8 million for the year ended December 31, 2018. Selling, general and administrative expense increased primarily due to $4.4 million of expenses associated with the legacy business of MOI and $2.0 million of expenses associated with the legacy business of GP , in addition to $1.0 million in transaction costs associated with the acquisition of GP, a $0.9 million increase in share-based compensation as a result of new awards, and a $1.1 million increase in expenses related to sales and marketing as a result of increased revenue.
Research, development and engineering expenses increased $3.7 million to $7.5 million for the year ended December 31, 2019 compared to $3.8 million for the year ended December 31, 2018 primarily due to $1.1 million of research, development and engineering expense associated with the legacy business of MOI and $2.7 million of research, development and engineering expense associated with the legacy business of GP during the year ended December 31, 2019.
| | 2019 | Selling, general and administrative expense | Research, development and engineering expense | Total operating expense |
| Years ended December 31, | 2019 | $24,371,349 | 7,496,012 | $31,867,361 |
| | 2018 | $14,794,205 | 3,766,160 | $18,560,365 |
| | $ Difference | $9,577,144 | 3,729,852 | $13,306,996 |
| | % Difference | 64.7% | 99.0% | 71.7% | | How much was research, development and engineering expense associated with the legacy business of GP during the year ended December 31, 2019? | $2.7 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: Operating Expense
Selling, general and administrative expense increased $9.6 million to $24.4 million for the year ended December 31, 2019 compared to $14.8 million for the year ended December 31, 2018. Selling, general and administrative expense increased primarily due to $4.4 million of expenses associated with the legacy business of MOI and $2.0 million of expenses associated with the legacy business of GP , in addition to $1.0 million in transaction costs associated with the acquisition of GP, a $0.9 million increase in share-based compensation as a result of new awards, and a $1.1 million increase in expenses related to sales and marketing as a result of increased revenue.
Research, development and engineering expenses increased $3.7 million to $7.5 million for the year ended December 31, 2019 compared to $3.8 million for the year ended December 31, 2018 primarily due to $1.1 million of research, development and engineering expense associated with the legacy business of MOI and $2.7 million of research, development and engineering expense associated with the legacy business of GP during the year ended December 31, 2019.
| | 2019 | Selling, general and administrative expense | Research, development and engineering expense | Total operating expense |
| Years ended December 31, | 2019 | $24,371,349 | 7,496,012 | $31,867,361 |
| | 2018 | $14,794,205 | 3,766,160 | $18,560,365 |
| | $ Difference | $9,577,144 | 3,729,852 | $13,306,996 |
| | % Difference | 64.7% | 99.0% | 71.7% | | What was the Total operating expense in 2019 and 2018? | "$31,867,361", "$18,560,365" |
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 Expense
Selling, general and administrative expense increased $9.6 million to $24.4 million for the year ended December 31, 2019 compared to $14.8 million for the year ended December 31, 2018. Selling, general and administrative expense increased primarily due to $4.4 million of expenses associated with the legacy business of MOI and $2.0 million of expenses associated with the legacy business of GP , in addition to $1.0 million in transaction costs associated with the acquisition of GP, a $0.9 million increase in share-based compensation as a result of new awards, and a $1.1 million increase in expenses related to sales and marketing as a result of increased revenue.
Research, development and engineering expenses increased $3.7 million to $7.5 million for the year ended December 31, 2019 compared to $3.8 million for the year ended December 31, 2018 primarily due to $1.1 million of research, development and engineering expense associated with the legacy business of MOI and $2.7 million of research, development and engineering expense associated with the legacy business of GP during the year ended December 31, 2019.
| | 2019 | Selling, general and administrative expense | Research, development and engineering expense | Total operating expense |
| Years ended December 31, | 2019 | $24,371,349 | 7,496,012 | $31,867,361 |
| | 2018 | $14,794,205 | 3,766,160 | $18,560,365 |
| | $ Difference | $9,577,144 | 3,729,852 | $13,306,996 |
| | % Difference | 64.7% | 99.0% | 71.7% | | What was the Selling, general and administrative expense increase in 2019? | $9.6 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: (1) Vessel Calendar Days is the total number of days the vessels were in our fleet.
(2) Time Charter Equivalent (“TCE”) Rate, results from Net Voyage Revenue divided by total TCE days.
The change in Voyage revenue is due to two main factors:
i) The number of TCE days
ii) The change in the TCE rate achieved.
With regards to i), the decrease in vessel calendar days is mainly due to the disposal of ten vessels in 2018, offset by three 2018 Newbuildings delivered in the latter part of 2018.
With regards to ii), the TCE rate increased by $8,560, or 65.4%. The indicative rates presented by Clarksons Shipping increased by 91.7% for the twelve months of 2019 compared to the same twelve months in 2018 to $31,560 from $16,466, respectively. The rates presented by Clarksons Shipping were significantly influenced by the spike in the Suezmax tanker rates in the fourth quarter of both 2019 and 2018. Our average TCE was also positively impacted by the increased tanker rates towards the end of 2019, but not to the same extent as the rates reported by Clarksons Shipping. We expect this spike to materialize to a larger extent in the first quarter of 2020 compared to the rates reported by Clarksons Shipping.
As a result of i) and ii) net voyage revenues increased by 41.5% from $124.0 million for the year ended December 31, 2018, to $175.5 million for the year ended December 31, 2019.
| | All figures in USD ‘000, except TCE rate per day | Voyage Revenue | Less Voyage expenses | Net Voyage Revenue | Vessel Calendar Days (1) | Less off-hire days | Total TCE days | TCE Rate per day (2) | Total Days for vessel operating expenses |
| | 2019 | 317,220 | (141,770) | 175,450 | 8,395 | 293 | 8,102 | $21,655 | 8,395 |
| Years Ended December 31, | 2018 | 289,016 | (165,012) | 124,004 | 9,747 | 277 | 9,470 | $13,095 | 9,747 |
| | Variance | 9.8% | (14.1%) | 41.5% | (13.9%) | 5.8% | (14.4%) | 65.4%) | (13.9%) | | What are the respective net voyage revenue in 2018 and 2019? | "124,004", "175,450" |
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: 11. INCOME TAX
The following table summarizes our U.S. and foreign components of income (loss) from continuing operations before income taxes (in millions):
| | 2019 | United States | Foreign | Total |
| | 2019 | $65.8 | 0.3 | $66.1 |
| Year Ended December 31 | 2018 | $62.8 | 0.1 | $62.9 |
| | 2017 | $45.6 | (0.1) | $45.5 | | What are the total income from continuing operations before income taxes in 2019 and 2018 respectively? | "$66.1", "$62.9" |
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: 11. INCOME TAX
The following table summarizes our U.S. and foreign components of income (loss) from continuing operations before income taxes (in millions):
| | 2019 | United States | Foreign | Total |
| | 2019 | $65.8 | 0.3 | $66.1 |
| Year Ended December 31 | 2018 | $62.8 | 0.1 | $62.9 |
| | 2017 | $45.6 | (0.1) | $45.5 | | What are the total income from continuing operations before income taxes in 2017 and 2018 respectively? | "$45.5", "$62.9" |
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: 11. INCOME TAX
The following table summarizes our U.S. and foreign components of income (loss) from continuing operations before income taxes (in millions):
| | 2019 | United States | Foreign | Total |
| | 2019 | $65.8 | 0.3 | $66.1 |
| Year Ended December 31 | 2018 | $62.8 | 0.1 | $62.9 |
| | 2017 | $45.6 | (0.1) | $45.5 | | What are the income from continuing operations before income taxes in the United States in 2019 and 2018 respectively? | "$65.8", "$62.8" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Interest Expense:
Interest expense increased in fiscal 2019 compared to fiscal 2018 primarily due to higher average borrowings resulting from our issuance of $10.0 billion of senior notes in November 2017, which was partially offset by a reduction in interest expense resulting primarily from the maturities and repayments of $2.0 billion of senior notes during fiscal 2019 and $6.0 billion of senior notes during fiscal 2018.
| Year Ended May 31, | | (Dollars in millions) | Interest expense |
| | | 2019 | $2,082 |
| | | Actual | 3% |
| | Percent Change | Constant | 3% |
| | | 2018 | $2,025 | | How much was the actual and constant percentage change in interest expense? | "3%", "3%" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Results of Operations
The following table sets forth the percentage of revenue for certain items in our statements of operations for the periods indicated:
Impact of inflation and product price changes on our revenue and on income was immaterial in 2019, 2018 and 2017.
| Fiscal Years | 2019 | Statements of Operations | Revenue | Cost of revenue | Gross profit | Operating expenses | Research and development | Selling, general and administrative | Loss from operations | Interest expense | Interest income and other expense, net | Loss before income taxes | Provision for income taxes | Net loss |
| | 2019 | : | 100% | 43% | 57% | : | 120% | 86% | (149)% | (3)% | 2% | (150)% | 1% | (151)% |
| | 2018 | : | 100% | 50% | 50% | : | 79% | 79% | (108)% | (1)% | 1% | (108)% | 1% | (109)% |
| | 2017 | : | 100% | 55% | 45% | : | 79% | 81% | (115)% | (1)% | —% | (116)% | 1% | (117)% | | What are the respective proportion of cost of revenue as a percentage of revenue in 2017 and 2018? | "55%", "50%" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Results of Operations
The following table sets forth the percentage of revenue for certain items in our statements of operations for the periods indicated:
Impact of inflation and product price changes on our revenue and on income was immaterial in 2019, 2018 and 2017.
| Fiscal Years | 2019 | Statements of Operations | Revenue | Cost of revenue | Gross profit | Operating expenses | Research and development | Selling, general and administrative | Loss from operations | Interest expense | Interest income and other expense, net | Loss before income taxes | Provision for income taxes | Net loss |
| | 2019 | : | 100% | 43% | 57% | : | 120% | 86% | (149)% | (3)% | 2% | (150)% | 1% | (151)% |
| | 2018 | : | 100% | 50% | 50% | : | 79% | 79% | (108)% | (1)% | 1% | (108)% | 1% | (109)% |
| | 2017 | : | 100% | 55% | 45% | : | 79% | 81% | (115)% | (1)% | —% | (116)% | 1% | (117)% | | What are the respective proportion of cost of revenue as a percentage of revenue in 2018 and 2019? | "50%", "43%" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Results of Operations
The following table sets forth the percentage of revenue for certain items in our statements of operations for the periods indicated:
Impact of inflation and product price changes on our revenue and on income was immaterial in 2019, 2018 and 2017.
| Fiscal Years | 2019 | Statements of Operations | Revenue | Cost of revenue | Gross profit | Operating expenses | Research and development | Selling, general and administrative | Loss from operations | Interest expense | Interest income and other expense, net | Loss before income taxes | Provision for income taxes | Net loss |
| | 2019 | : | 100% | 43% | 57% | : | 120% | 86% | (149)% | (3)% | 2% | (150)% | 1% | (151)% |
| | 2018 | : | 100% | 50% | 50% | : | 79% | 79% | (108)% | (1)% | 1% | (108)% | 1% | (109)% |
| | 2017 | : | 100% | 55% | 45% | : | 79% | 81% | (115)% | (1)% | —% | (116)% | 1% | (117)% | | What are the respective proportion of gross profit as a percentage of revenue in 2018 and 2019? | "50%", "57%" |
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: Cost of Revenue, Gross Profit and Gross Margin
Cost of revenue
Cost of products revenue is primarily comprised of cost of third-party manufacturing services and cost of inventory for the hardware component of our products. Cost of products revenue also includes warehouse personnel costs, shipping costs, inventory write-downs, certain allocated facilities and information technology infrastructure costs, and expenses associated with logistics and quality control.
Cost of services revenue is primarily comprised of personnel costs for our technical support, training and professional service teams. Cost of services revenue also includes the costs of inventory used to provide hardware replacements to end- customers under PCS contracts and certain allocated facilities and information technology infrastructure costs.
A summary of our cost of revenue is as follows (dollars in thousands):
| | 2019 | Cost of revenue | Products | Services | Total cost of revenue |
| Years Ended December 31, | 2019 | : | $29,816 | 19,065 | $48,881 |
| | 2018 | : | $34,066 | 17,830 | $51,896 |
| Increase | Amount | : | $(4,250) | 1,235 | $(3,015) |
| | Percent | : | (12)% | 7% | (6)% | | What is the company's main cost of revenue? | "Products", "Services" |
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: 35 Related party transactions (continued)
Balances outstanding between the Group and members of Peel at 31 December 2019 and 31 December 2018 are shown below:
Under the terms of the Group’s acquisition of intu Trafford Centre from Peel in 2011, Peel has provided a guarantee in respect of Section 106 planning obligation liabilities at Barton Square which at 31 December 2019 totalled £13.0 million (2018: £12.4 million).
The net investment in finance leases above relate to three advertising services agreements related to digital screens with Peel Advertising Limited (a member of Peel) under which Peel will procure advertising on behalf of the Group. The minimum fixed payments in these agreements have been classified as a finance lease.
During the year intu shareholders approved, at a General Meeting held on 31 May 2019, the sale to the Peel Group of a 30.96 acre site near intu Braehead known as King George V docks (West) and additional plots of adjacent ancillary land for cash consideration of £6.1 million.
Other transactions
During the year, the Group sold a wholly owned subsidiary, which holds a plot of sundry land near intu Xanadú, to the intu Xanadú joint venture for consideration of £8.6 million. Consideration includes cash consideration of £4.3 million and a retained interest in the entity through the intu Xanadú joint venture. The cash flow statement records a net inflow of £4.0 million comprising the cash consideration less cash in the business of £0.3 million.
| £m | Net investment in finance lease | Amounts owed by members of Peel | Amounts owed to members of Peel |
| 2019 | 0.8 | 0.3 | (0.1) |
| 2018 | 1.2 | 0.3 | (0.1) | | What is the total guarantee in respect of Section 106 planning obligation liabilities at Barton Square which at 31 December 2019? | £13.0 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 35 Related party transactions (continued)
Balances outstanding between the Group and members of Peel at 31 December 2019 and 31 December 2018 are shown below:
Under the terms of the Group’s acquisition of intu Trafford Centre from Peel in 2011, Peel has provided a guarantee in respect of Section 106 planning obligation liabilities at Barton Square which at 31 December 2019 totalled £13.0 million (2018: £12.4 million).
The net investment in finance leases above relate to three advertising services agreements related to digital screens with Peel Advertising Limited (a member of Peel) under which Peel will procure advertising on behalf of the Group. The minimum fixed payments in these agreements have been classified as a finance lease.
During the year intu shareholders approved, at a General Meeting held on 31 May 2019, the sale to the Peel Group of a 30.96 acre site near intu Braehead known as King George V docks (West) and additional plots of adjacent ancillary land for cash consideration of £6.1 million.
Other transactions
During the year, the Group sold a wholly owned subsidiary, which holds a plot of sundry land near intu Xanadú, to the intu Xanadú joint venture for consideration of £8.6 million. Consideration includes cash consideration of £4.3 million and a retained interest in the entity through the intu Xanadú joint venture. The cash flow statement records a net inflow of £4.0 million comprising the cash consideration less cash in the business of £0.3 million.
| £m | Net investment in finance lease | Amounts owed by members of Peel | Amounts owed to members of Peel |
| 2019 | 0.8 | 0.3 | (0.1) |
| 2018 | 1.2 | 0.3 | (0.1) | | What is the total guarantee in respect of Section 106 planning obligation liabilities at Barton Square which at 31 December 2018? | £12.4 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: 35 Related party transactions (continued)
Balances outstanding between the Group and members of Peel at 31 December 2019 and 31 December 2018 are shown below:
Under the terms of the Group’s acquisition of intu Trafford Centre from Peel in 2011, Peel has provided a guarantee in respect of Section 106 planning obligation liabilities at Barton Square which at 31 December 2019 totalled £13.0 million (2018: £12.4 million).
The net investment in finance leases above relate to three advertising services agreements related to digital screens with Peel Advertising Limited (a member of Peel) under which Peel will procure advertising on behalf of the Group. The minimum fixed payments in these agreements have been classified as a finance lease.
During the year intu shareholders approved, at a General Meeting held on 31 May 2019, the sale to the Peel Group of a 30.96 acre site near intu Braehead known as King George V docks (West) and additional plots of adjacent ancillary land for cash consideration of £6.1 million.
Other transactions
During the year, the Group sold a wholly owned subsidiary, which holds a plot of sundry land near intu Xanadú, to the intu Xanadú joint venture for consideration of £8.6 million. Consideration includes cash consideration of £4.3 million and a retained interest in the entity through the intu Xanadú joint venture. The cash flow statement records a net inflow of £4.0 million comprising the cash consideration less cash in the business of £0.3 million.
| £m | Net investment in finance lease | Amounts owed by members of Peel | Amounts owed to members of Peel |
| 2019 | 0.8 | 0.3 | (0.1) |
| 2018 | 1.2 | 0.3 | (0.1) | | What are minimum fixed payments classified as? | finance 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: 22. Directors and key management compensation
This note details the total amounts earned by the Company’s Directors and members of the Executive Committee.
Directors
Aggregate emoluments of the Directors of the Company were as follows:
Notes: 1 Excludes gains from long-term incentive plans.
2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions
No Directors serving during the year exercised share options in the year ended 31 March 2019 (2018: one Director, gain €0.1 million; gain 2017: one Director, €0.7 million
| | Salaries and fees | Incentive schemes1 | Other benefits2 | 6 | |
| 2019 €m | 4 | 2 | – | 6 |
| 2018 €m | 4 | 3 | 1 | 8 |
| 2017 €m | 4 | 2 | 1 | 7 | | What are the financial items listed in the table? | "Salaries and fees", "Incentive schemes", "Other benefits" |
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 by Reportable Segments
The following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventory, net; property and equipment, net; goodwill; intangible assets, net and leased systems, net.
(1) The assets allocated to segments as of December 31, 2018 have been revised to correct an error in the previous allocation of property and equipment. Assets allocated to Food Care were understated by $372.9 million with an offset to Product Care of $369.6 million and $3.3 million to assets not allocated. There is no impact to consolidated assets at December 31, 2018. This error did not impact the Company's annual assessment of goodwill impairment or any other impairment considerations of long-lived assets.
| | (In millions) | Assets allocated to segments | Food Care | Product Care | Total segments | Assets not allocated | Cash and cash equivalents | Assets held for sale | Income tax receivables | Other receivables | Deferred taxes | Other | Total |
| December 31, | 2019 | (1): | $ 1,997.8 | 2,762.9 | $ 4,760.7 | : | 262.4 | 2.8 | 32.8 | 80.3 | 238.6 | 387.6 | $ 5,765.2 |
| | 2018 | (1): | $ 1,914.4 | 2,273.8 | $ 4,188.2 | : | 271.7 | 0.6 | 58.4 | 81.3 | 170.5 | 279.5 | $ 5,050.2 | | What years are reported by the table? | "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: Greenhouse gas emissions
Spirent is committed to acting to combat climate change and reporting its progress. Our total Scope 1 and 2 emissions dropped by 6.14 per cent from 2018, and our emissions per $ million of revenue were down by 10.9 per cent. We have reduced our total emissions by 29 per cent since our 2014 baseline.
The Group responded to the Carbon Disclosure Project in 2019, completing the Climate Change and Supply Chain questionnaires. In 2019 we achieved a Climate Change rating of B (management) (2018 C) and a Supplier Engagement rating of B (management) (2018 B). The average for our sector is C in both categories.
| | Tonnes of CO2e | Emissions from | Combustion of fuel and operation of facilities (Scope 1) | Electricity, heat, steam and cooling purchased for own use (Scope 2) | Total emissions | Emissions intensity metrics | Normalised per FTE employee | Normalised per square metre of gross internal area of our facilities | Normalised per $ million of revenues |
| 2019 | Tonnes of CO2e | : | 144.7 | 4,641.0 | 4,785.7 | : | 3.46 | 0.114 | 9.50 |
| 2018 | Tonnes of CO2e | : | 137.2 | 4,950.4 | 5,087.6 | : | 3.57 | 0.125 | 10.67 | | What is the percentage change in the total amount of emissions from Combustion of fuel and operation of facilities and Electricity, heat, steam and cooling purchased for own use? | 6.14 per cent |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Greenhouse gas emissions
Spirent is committed to acting to combat climate change and reporting its progress. Our total Scope 1 and 2 emissions dropped by 6.14 per cent from 2018, and our emissions per $ million of revenue were down by 10.9 per cent. We have reduced our total emissions by 29 per cent since our 2014 baseline.
The Group responded to the Carbon Disclosure Project in 2019, completing the Climate Change and Supply Chain questionnaires. In 2019 we achieved a Climate Change rating of B (management) (2018 C) and a Supplier Engagement rating of B (management) (2018 B). The average for our sector is C in both categories.
| | Tonnes of CO2e | Emissions from | Combustion of fuel and operation of facilities (Scope 1) | Electricity, heat, steam and cooling purchased for own use (Scope 2) | Total emissions | Emissions intensity metrics | Normalised per FTE employee | Normalised per square metre of gross internal area of our facilities | Normalised per $ million of revenues |
| 2019 | Tonnes of CO2e | : | 144.7 | 4,641.0 | 4,785.7 | : | 3.46 | 0.114 | 9.50 |
| 2018 | Tonnes of CO2e | : | 137.2 | 4,950.4 | 5,087.6 | : | 3.57 | 0.125 | 10.67 | | By how much has Spirent reduced their total emissions since their 2014 baseline? | 29 per cent |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Greenhouse gas emissions
Spirent is committed to acting to combat climate change and reporting its progress. Our total Scope 1 and 2 emissions dropped by 6.14 per cent from 2018, and our emissions per $ million of revenue were down by 10.9 per cent. We have reduced our total emissions by 29 per cent since our 2014 baseline.
The Group responded to the Carbon Disclosure Project in 2019, completing the Climate Change and Supply Chain questionnaires. In 2019 we achieved a Climate Change rating of B (management) (2018 C) and a Supplier Engagement rating of B (management) (2018 B). The average for our sector is C in both categories.
| | Tonnes of CO2e | Emissions from | Combustion of fuel and operation of facilities (Scope 1) | Electricity, heat, steam and cooling purchased for own use (Scope 2) | Total emissions | Emissions intensity metrics | Normalised per FTE employee | Normalised per square metre of gross internal area of our facilities | Normalised per $ million of revenues |
| 2019 | Tonnes of CO2e | : | 144.7 | 4,641.0 | 4,785.7 | : | 3.46 | 0.114 | 9.50 |
| 2018 | Tonnes of CO2e | : | 137.2 | 4,950.4 | 5,087.6 | : | 3.57 | 0.125 | 10.67 | | What are the scopes of emissions? | "Scope 1", "Scope 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: 27 Financial risk management (continued)
Credit risk
Credit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables but also from other financial assets with counterparties including loans to joint ventures, cash deposits and derivative financial instruments.
– trade receivables
Credit risk associated with trade receivables is actively managed; tenants are typically invoiced quarterly in advance and are managed individually by asset managers, who continuously monitor and work with tenants, aiming wherever possible to identify and address risks prior to default.
Prospective tenants are assessed via a review process, including obtaining credit ratings and reviewing financial information, which is conducted internally. As a result deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2019 is £3.5 million (2018: £3.5 million).
When applying a loss allowance for expected credit losses, judgement is exercised as to the collectability of trade receivables and to determine if it is appropriate to impair these assets. When considering expected credit losses, management has taken into account days past due, credit status of the counterparty and historical evidence of collection.
The ageing analysis of trade receivables is as follows:
| £m | Up to three months | Three to six months | Trade receivables |
| 2019 | 29.9 | 10.0 | 39.9 |
| 2018 | 32.1 | 3.7 | 35.8 | | What is taken into account when considering expected credit losses? | "days past due", "credit status of the counterparty", "historical evidence of collection" |
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: 27 Financial risk management (continued)
Credit risk
Credit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables but also from other financial assets with counterparties including loans to joint ventures, cash deposits and derivative financial instruments.
– trade receivables
Credit risk associated with trade receivables is actively managed; tenants are typically invoiced quarterly in advance and are managed individually by asset managers, who continuously monitor and work with tenants, aiming wherever possible to identify and address risks prior to default.
Prospective tenants are assessed via a review process, including obtaining credit ratings and reviewing financial information, which is conducted internally. As a result deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2019 is £3.5 million (2018: £3.5 million).
When applying a loss allowance for expected credit losses, judgement is exercised as to the collectability of trade receivables and to determine if it is appropriate to impair these assets. When considering expected credit losses, management has taken into account days past due, credit status of the counterparty and historical evidence of collection.
The ageing analysis of trade receivables is as follows:
| £m | Up to three months | Three to six months | Trade receivables |
| 2019 | 29.9 | 10.0 | 39.9 |
| 2018 | 32.1 | 3.7 | 35.8 | | What is the amount of deposits held as collateral at 31 December 2019? | £3.5 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: 27 Financial risk management (continued)
Credit risk
Credit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables but also from other financial assets with counterparties including loans to joint ventures, cash deposits and derivative financial instruments.
– trade receivables
Credit risk associated with trade receivables is actively managed; tenants are typically invoiced quarterly in advance and are managed individually by asset managers, who continuously monitor and work with tenants, aiming wherever possible to identify and address risks prior to default.
Prospective tenants are assessed via a review process, including obtaining credit ratings and reviewing financial information, which is conducted internally. As a result deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2019 is £3.5 million (2018: £3.5 million).
When applying a loss allowance for expected credit losses, judgement is exercised as to the collectability of trade receivables and to determine if it is appropriate to impair these assets. When considering expected credit losses, management has taken into account days past due, credit status of the counterparty and historical evidence of collection.
The ageing analysis of trade receivables is as follows:
| £m | Up to three months | Three to six months | Trade receivables |
| 2019 | 29.9 | 10.0 | 39.9 |
| 2018 | 32.1 | 3.7 | 35.8 | | What is the amount of deposits held as collateral at 31 December 2018? | £3.5 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: GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Note 5. Accounts Receivable
Accounts receivable consisted of the following as of the dates indicated
| | December 31, 2019 | Transaction related | Servicing related | Total | December 31, 2018 | Transaction related | Servicing related | Total |
| Accounts Receivable, Gross | | $12,863 | 6,868 | $19,731 | | $14,704 | 864 | $15,568 |
| Allowance for Losses | | $(238) | — | $(238) | | $(168) | — | $(168) |
| Accounts Receivable, Net | | $12,625 | 6,868 | $19,493 | | $14,536 | 864 | $15,400 | | Which years does the table show? | "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: GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Note 5. Accounts Receivable
Accounts receivable consisted of the following as of the dates indicated
| | December 31, 2019 | Transaction related | Servicing related | Total | December 31, 2018 | Transaction related | Servicing related | Total |
| Accounts Receivable, Gross | | $12,863 | 6,868 | $19,731 | | $14,704 | 864 | $15,568 |
| Allowance for Losses | | $(238) | — | $(238) | | $(168) | — | $(168) |
| Accounts Receivable, Net | | $12,625 | 6,868 | $19,493 | | $14,536 | 864 | $15,400 | | How many years did the total net Accounts Receivable exceed $15,000 thousand? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cash Flows
Fiscal Year 2019 Cash Flows
Net cash provided by operations was $45.0 million for fiscal 2019 consisting of $24.2 million of net income and $47.6 million of non-cash charges, partially offset by an increase in working capital of $26.8 million. The increase in non-cash charges of $9.4 million is primarily driven by changes in the fair value of earn-out liabilities of $4.4 million and higher depreciation and amortization expense. The increase in working capital of $26.8 million is a result of organic growth and acquisitions and includes $1.8 million of earn-out liability payments classified as operating activities.
Net cash used in investing activities was $44.2 million in fiscal 2019 driven by $16.1 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildouts of our headquarters in Ridgefield, CT and distribution center in Dallas, Texas. The Company used $28.1 million in cash to fund acquisitions, the most significant of which was Bassian.
Net cash provided by financing activities was $96.9 million for fiscal 2019 driven by $145.0 million of net proceeds received from the issuance of our Senior Notes, partially offset by $44.2 million to settle all borrowings outstanding on our ABL and $2.4 million of earn-out liability payments classified as financing activities.
Fiscal Year 2018 Cash Flows
Net cash provided by operations was $45.1 million for fiscal 2018 consisting of $20.4 million of net income and $38.2 million of non-cash charges, partially offset by a $13.5 million increase in working capital as a result of organic growth and acquisitions.
Net cash used in investing activities was $33.7 million for fiscal 2018 driven by $19.8 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildout of our distribution centers in Portland, OR, Dallas, TX and Toronto, Canada. The remaining cash used in investing activities of $13.9 million was mainly used to fund small strategic acquisitions.
Net cash used in financing activities was $10.4 million for fiscal 2018 . During fiscal 2018, we entered into a new ABL which effectively doubled our borrowing capacity. We drew $47.1 million from the ABL to make an equivalent prepayment on our term loan which lowered the effective interest rates charged on our outstanding indebtedness. We also made additional principal payments of $5.2 million on our indebtedness, paid a $3.0 million earn-out related to our Fells Point acquisition, and made a $1.5 million payment for financing fees related to our new ABL.
| | December 27, 2019 | Net income | Non-cash charges | Changes in working capital | Cash provided by operating activities | Cash used in investing activities | Cash provided by (used in) financing activities |
| | December 27, 2019 | $24,193 | $47,625 | $(26,811) | $45,007 | $(44,154) | $96,947 |
| Fiscal Year Ended | December 28, 2018 | $20,402 | $38,186 | $(13,506) | $45,082 | $(33,688) | $(10,442) |
| | December 29, 2017 | $14,366 | $28,725 | $(11,594) | $31,497 | $(42,406) | $19,429 | | What is the Net income for fiscal years 2019, 2018 and 2017 respectively? | "$24,193", "$20,402", "$14,366" |
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
Fiscal Year 2019 Cash Flows
Net cash provided by operations was $45.0 million for fiscal 2019 consisting of $24.2 million of net income and $47.6 million of non-cash charges, partially offset by an increase in working capital of $26.8 million. The increase in non-cash charges of $9.4 million is primarily driven by changes in the fair value of earn-out liabilities of $4.4 million and higher depreciation and amortization expense. The increase in working capital of $26.8 million is a result of organic growth and acquisitions and includes $1.8 million of earn-out liability payments classified as operating activities.
Net cash used in investing activities was $44.2 million in fiscal 2019 driven by $16.1 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildouts of our headquarters in Ridgefield, CT and distribution center in Dallas, Texas. The Company used $28.1 million in cash to fund acquisitions, the most significant of which was Bassian.
Net cash provided by financing activities was $96.9 million for fiscal 2019 driven by $145.0 million of net proceeds received from the issuance of our Senior Notes, partially offset by $44.2 million to settle all borrowings outstanding on our ABL and $2.4 million of earn-out liability payments classified as financing activities.
Fiscal Year 2018 Cash Flows
Net cash provided by operations was $45.1 million for fiscal 2018 consisting of $20.4 million of net income and $38.2 million of non-cash charges, partially offset by a $13.5 million increase in working capital as a result of organic growth and acquisitions.
Net cash used in investing activities was $33.7 million for fiscal 2018 driven by $19.8 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildout of our distribution centers in Portland, OR, Dallas, TX and Toronto, Canada. The remaining cash used in investing activities of $13.9 million was mainly used to fund small strategic acquisitions.
Net cash used in financing activities was $10.4 million for fiscal 2018 . During fiscal 2018, we entered into a new ABL which effectively doubled our borrowing capacity. We drew $47.1 million from the ABL to make an equivalent prepayment on our term loan which lowered the effective interest rates charged on our outstanding indebtedness. We also made additional principal payments of $5.2 million on our indebtedness, paid a $3.0 million earn-out related to our Fells Point acquisition, and made a $1.5 million payment for financing fees related to our new ABL.
| | December 27, 2019 | Net income | Non-cash charges | Changes in working capital | Cash provided by operating activities | Cash used in investing activities | Cash provided by (used in) financing activities |
| | December 27, 2019 | $24,193 | $47,625 | $(26,811) | $45,007 | $(44,154) | $96,947 |
| Fiscal Year Ended | December 28, 2018 | $20,402 | $38,186 | $(13,506) | $45,082 | $(33,688) | $(10,442) |
| | December 29, 2017 | $14,366 | $28,725 | $(11,594) | $31,497 | $(42,406) | $19,429 | | What is the Non-cash charges for fiscal years 2019, 2018 and 2017 respectively? | "$47,625", "$38,186", "$28,725" |
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
Fiscal Year 2019 Cash Flows
Net cash provided by operations was $45.0 million for fiscal 2019 consisting of $24.2 million of net income and $47.6 million of non-cash charges, partially offset by an increase in working capital of $26.8 million. The increase in non-cash charges of $9.4 million is primarily driven by changes in the fair value of earn-out liabilities of $4.4 million and higher depreciation and amortization expense. The increase in working capital of $26.8 million is a result of organic growth and acquisitions and includes $1.8 million of earn-out liability payments classified as operating activities.
Net cash used in investing activities was $44.2 million in fiscal 2019 driven by $16.1 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildouts of our headquarters in Ridgefield, CT and distribution center in Dallas, Texas. The Company used $28.1 million in cash to fund acquisitions, the most significant of which was Bassian.
Net cash provided by financing activities was $96.9 million for fiscal 2019 driven by $145.0 million of net proceeds received from the issuance of our Senior Notes, partially offset by $44.2 million to settle all borrowings outstanding on our ABL and $2.4 million of earn-out liability payments classified as financing activities.
Fiscal Year 2018 Cash Flows
Net cash provided by operations was $45.1 million for fiscal 2018 consisting of $20.4 million of net income and $38.2 million of non-cash charges, partially offset by a $13.5 million increase in working capital as a result of organic growth and acquisitions.
Net cash used in investing activities was $33.7 million for fiscal 2018 driven by $19.8 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildout of our distribution centers in Portland, OR, Dallas, TX and Toronto, Canada. The remaining cash used in investing activities of $13.9 million was mainly used to fund small strategic acquisitions.
Net cash used in financing activities was $10.4 million for fiscal 2018 . During fiscal 2018, we entered into a new ABL which effectively doubled our borrowing capacity. We drew $47.1 million from the ABL to make an equivalent prepayment on our term loan which lowered the effective interest rates charged on our outstanding indebtedness. We also made additional principal payments of $5.2 million on our indebtedness, paid a $3.0 million earn-out related to our Fells Point acquisition, and made a $1.5 million payment for financing fees related to our new ABL.
| | December 27, 2019 | Net income | Non-cash charges | Changes in working capital | Cash provided by operating activities | Cash used in investing activities | Cash provided by (used in) financing activities |
| | December 27, 2019 | $24,193 | $47,625 | $(26,811) | $45,007 | $(44,154) | $96,947 |
| Fiscal Year Ended | December 28, 2018 | $20,402 | $38,186 | $(13,506) | $45,082 | $(33,688) | $(10,442) |
| | December 29, 2017 | $14,366 | $28,725 | $(11,594) | $31,497 | $(42,406) | $19,429 | | What is the Cash provided by operating activities for fiscal years 2019, 2018 and 2017 respectively? | "$45,007", "$45,082", "$31,497" |
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-based Compensation Expense
The following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company’s consolidated statements of operations (in thousands):
During the years ended December 31, 2019, 2018, and 2017 the Company capitalized stock-based compensation cost of $0.5 million, $0.1 million, and $0.3 million, respectively, in projects in process as part of property and equipment, net on the accompanying consolidated balance sheets.
As of December 31, 2019, there was $60.3 million unrecognized stock-based compensation expense of which $13.9 million is related to stock options and ESPP and $46.4 million is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of December 31, 2019 will be amortized over a weighted-average period of 2.87 years. The total unrecognized stock-based compensation expense related to RSUs as of December 31, 2019 will be amortized over a weighted-average period of 2.69 years.
| | 2019 | Cost of revenues | Sales and marketing | Research and development | General and administrative | Total stock-based compensation expense |
| | 2019 | 2,193 | 6,812 | 4,804 | 18,328 | 32,137 |
| Year Ended December 31, | 2018 | 2,315 | 6,596 | 6,137 | 16,338 | 31,386 |
| | 2017 | 2,000 | 6,621 | 7,949 | 15,682 | 32,252 | | How many categories are there under total stock-based compensation expense? | "Cost of revenues", "sales and marketing", "research and development", "general and administrative" |
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-based Compensation Expense
The following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company’s consolidated statements of operations (in thousands):
During the years ended December 31, 2019, 2018, and 2017 the Company capitalized stock-based compensation cost of $0.5 million, $0.1 million, and $0.3 million, respectively, in projects in process as part of property and equipment, net on the accompanying consolidated balance sheets.
As of December 31, 2019, there was $60.3 million unrecognized stock-based compensation expense of which $13.9 million is related to stock options and ESPP and $46.4 million is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of December 31, 2019 will be amortized over a weighted-average period of 2.87 years. The total unrecognized stock-based compensation expense related to RSUs as of December 31, 2019 will be amortized over a weighted-average period of 2.69 years.
| | 2019 | Cost of revenues | Sales and marketing | Research and development | General and administrative | Total stock-based compensation expense |
| | 2019 | 2,193 | 6,812 | 4,804 | 18,328 | 32,137 |
| Year Ended December 31, | 2018 | 2,315 | 6,596 | 6,137 | 16,338 | 31,386 |
| | 2017 | 2,000 | 6,621 | 7,949 | 15,682 | 32,252 | | From 2017 to 2019, how many of the years was the research and development more than 5 million? | "2017", "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-based Compensation Expense
The following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company’s consolidated statements of operations (in thousands):
During the years ended December 31, 2019, 2018, and 2017 the Company capitalized stock-based compensation cost of $0.5 million, $0.1 million, and $0.3 million, respectively, in projects in process as part of property and equipment, net on the accompanying consolidated balance sheets.
As of December 31, 2019, there was $60.3 million unrecognized stock-based compensation expense of which $13.9 million is related to stock options and ESPP and $46.4 million is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of December 31, 2019 will be amortized over a weighted-average period of 2.87 years. The total unrecognized stock-based compensation expense related to RSUs as of December 31, 2019 will be amortized over a weighted-average period of 2.69 years.
| | 2019 | Cost of revenues | Sales and marketing | Research and development | General and administrative | Total stock-based compensation expense |
| | 2019 | 2,193 | 6,812 | 4,804 | 18,328 | 32,137 |
| Year Ended December 31, | 2018 | 2,315 | 6,596 | 6,137 | 16,338 | 31,386 |
| | 2017 | 2,000 | 6,621 | 7,949 | 15,682 | 32,252 | | Over how many years will the total unrecognized stock-based compensation expense related to stock options and ESPP, and RSUs as of December 31, 2019 be amortized over? | "2.87", "2.69" |
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-based Compensation Expense
The following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company’s consolidated statements of operations (in thousands):
During the years ended December 31, 2019, 2018, and 2017 the Company capitalized stock-based compensation cost of $0.5 million, $0.1 million, and $0.3 million, respectively, in projects in process as part of property and equipment, net on the accompanying consolidated balance sheets.
As of December 31, 2019, there was $60.3 million unrecognized stock-based compensation expense of which $13.9 million is related to stock options and ESPP and $46.4 million is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of December 31, 2019 will be amortized over a weighted-average period of 2.87 years. The total unrecognized stock-based compensation expense related to RSUs as of December 31, 2019 will be amortized over a weighted-average period of 2.69 years.
| | 2019 | Cost of revenues | Sales and marketing | Research and development | General and administrative | Total stock-based compensation expense |
| | 2019 | 2,193 | 6,812 | 4,804 | 18,328 | 32,137 |
| Year Ended December 31, | 2018 | 2,315 | 6,596 | 6,137 | 16,338 | 31,386 |
| | 2017 | 2,000 | 6,621 | 7,949 | 15,682 | 32,252 | | What was the amount of unrecognized stock-based compensation expense related to RSUs as of December 31, 2019? | $46.4 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: 17 Impairment of Goodwill and Intangibles
Before recognition of impairment losses, the carrying amount of goodwill had been allocated as follows:
Impairment of goodwill and intangible assets is tested annually, or more frequently where there is indication of impairment.
Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the Consolidated Statement of Profit or Loss.
Goodwill is considered impaired if the carrying value of the cash-generating unit to which it relates is greater than the higher of fair value less costs of disposal and the value in use.
For the year-ended 31 March 2019, the Directors have reviewed the value of goodwill based on internal value in use calculations. The key assumptions for these calculations are discount rates, growth rates and expected changes to billings and direct costs during the period.
The Group prepares cash flow forecasts derived from the Directors’ most recent financial forecasts for the following five years. The growth rates for the five-year period are based on Directors’ expectations of the medium-term operating performance of the cash-generating unit, planned growth in market share, industry forecasts, growth in the market and specific regional considerations and are in line with past experience. Discount rates have been estimated based on rates that reflect current market assessments of the Group’s weighted average cost of capital.
| | $M | Americas | EMEA | APJ | 785.3 | |
| 31 March 2019 | $M | 273.6 | 413.0 | 98.7 | 785.3 |
| 31 March 2018 | $M | 288.2 | 434.2 | 103.6 | 826.0 | | What are the regions in the table to which the carrying amount of goodwill had been allocated to before recognition of impairment losses? | "Americas", "EMEA", "APJ" |
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: Consumer Cyber Safety segment
Revenue increased $616 million due to a $639 million increase in revenue from sales of our identity and information protection products acquired at the end of fiscal 2017, offset by a $23 million decrease in revenue related to our consumer security products. Our revenue growth reflects the benefit of the shift to subscription-based contracts and bundling of our consumer products, which is helping to mitigate the trend of declining revenues from sales of stand-alone security products. Operating income increased $272 million primarily due to sales of our identity and information protection products, partially offset by higher related cost of sales and operating expenses.
| | (In millions, except for percentages) | Net revenues | Percentage of total net revenues | Operating income | Operating margin |
| Fiscal Year | 2018 | $2,280 | 47% | $1,111 | 49% |
| | 2017 | $1,664 | 41% | $839 | 50% |
| Variance in | Dollar | $616 | | $272 | |
| | Percent | 37% | | 32% | | | How much did revenue increase from Fiscal 2017 to Fiscal 2018? | $616 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 Group has assumed that mortality will be in line with nationally published mortality table S2NA with CMI 2018 projections related to members’ years of birth with long-term rate of improvement of 1.5% per annum. These tables translate into an average life expectancy for a pensioner retiring at age 65 as follows:
It is assumed that 50% of non-retired members of the Scheme will commute the maximum amount of cash at retirement (2018: 50% of
non-retired members of the Scheme will commute the maximum amount of cash at retirement).
| | Men | Years | Member aged 65 (current life expectancy) | Member aged 45 (life expectancy at age 65) |
| 2019 | Men | Years | 86.8 | 88.5 |
| | Women | Years | 88.9 | 90.7 |
| 2018 | Men | Years | 87.3 | 89.0 |
| | Women | Years | 89.3 | 91.1 | | For which years is the average life expectancy for a pensioner retiring at age 65 provided for? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 4. Other Current Assets
Other current assets consist of (in thousands):
| | 2019 | Indemnification receivable from SSL for pre-closing taxes (see Note 13) | Due from affiliates | Prepaid expenses | Other | $1,322 | |
| December 31, | 2019 | $598 | 186 | 164 | 374 | $1,322 |
| | 2018 | $2,410 | 161 | 151 | 510 | $3,232 | | What are the respective values of the company's indemnification receivable from SSL for pre-closing taxes in 2018 and 2019? | "$2,410", "$598" |
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: 4. Other Current Assets
Other current assets consist of (in thousands):
| | 2019 | Indemnification receivable from SSL for pre-closing taxes (see Note 13) | Due from affiliates | Prepaid expenses | Other | $1,322 | |
| December 31, | 2019 | $598 | 186 | 164 | 374 | $1,322 |
| | 2018 | $2,410 | 161 | 151 | 510 | $3,232 | | What are the respective values of the company's due from affiliates in 2018 and 2019? | "161", "186" |
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: 4. Other Current Assets
Other current assets consist of (in thousands):
| | 2019 | Indemnification receivable from SSL for pre-closing taxes (see Note 13) | Due from affiliates | Prepaid expenses | Other | $1,322 | |
| December 31, | 2019 | $598 | 186 | 164 | 374 | $1,322 |
| | 2018 | $2,410 | 161 | 151 | 510 | $3,232 | | What are the respective values of the company's prepaid expenses in 2018 and 2019? | "151", "164" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cash Flow Hedges
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the gains (losses) related to cash flow hedges recognized during the years ended June 30, 2019, 2018 and 2017:
| | | ($ in millions) | Derivatives in Cash Flow Hedging Relationship | Commodity contracts | Foreign exchange contracts | Total |
| | | 2019 | : | $45.4 | (0.9) | $44.5 |
| Amount of Gain | Years Ended June 30, | 2018 | : | $41.4 | (0.4) | $41.0 |
| | | 2017 | : | $9.4 | (0.1) | $9.3 | | In which years were cash flow hedges 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 weighted-average grant date fair value of VMware stock options can fluctuate from period to period primarily due to higher valued options assumed through business combinations with exercise prices lower than the fair market value of VMware’s stock on the date of grant.
For equity awards granted under the VMware equity plan, volatility was based on an analysis of historical stock prices and implied volatilities of VMware’s Class A common stock. The expected term was based on historical exercise patterns and post-vesting termination behavior, the term of the option period for grants made under the ESPP, or the weighted-average remaining term for options assumed in acquisitions. VMware’s expected dividend yield input was zero as the Company has not historically paid, nor expects in the future to pay, regular dividends on its common stock. The risk-free interest rate was based on a U.S. Treasury instrument whose term is consistent with the expected term of the stock options.
For equity awards granted under the Pivotal equity plan, volatility was based on the volatility of a group of comparable public companies based on size, stage of life cycle, profitability, growth and other factors. The expected term was estimated using the simplified method and was determined based on the vesting terms, exercise terms and contractual lives of the options. Pivotal’s expected dividend yield input was zero as the Company has not historically paid regular dividends on its common stock. The risk-free interest rate was based on a U.S. Treasury instrument whose term was consistent with the expected term of the stock options.
| | VMware Employee Stock Purchase Plan | Dividend yield | Expected volatility | Risk-free interest rate | Expected term (in years) | Weighted-average fair value at grant date |
| | January 31, 2020 | None | 27.4% | 1.7% | 0.6 | $35.66 |
| For the Year Ended | February 1, 2019 | None | 33.5% | 2.0% | 0.8 | $34.72 |
| | February 2, 2018 | None | 22.6% | 1.2% | 0.9 | $21.93 | | Which years did expected term exceed 0.5 years? | "2020", "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: Horizon Clinicals and Series2000 Revenue Cycle Discontinued Operation
Two of the product offerings acquired with the EIS Business in 2017, Horizon Clinicals and Series2000 Revenue Cycle, were sunset after March 31, 2018. The decision to discontinue maintaining and supporting these solutions was made prior to our acquisition of the EIS Business and, therefore, they are presented below as discontinued operations.
Until the end of the first quarter of 2018, we were involved in ongoing maintenance and support for these solutions until customers transitioned to other platforms. No disposal gains or losses were recognized during the year ended December 31, 2018 related to these discontinued solutions. We had $0.9 million of accrued expenses associated with the Horizon Clinicals and Series2000 Revenue Cycle businesses on the consolidated balance sheets as of December 31, 2018
The following table summarizes the major income and expense line items of these discontinued solutions, as reported in the consolidated statements of operations for the years ended December 31, 2018 and 2017:
| (In thousands) | Major classes of line items constituting pretax profit (loss) of discontinued operations for Horizon Clinicals and Series2000 Revenue Cycle | Revenue | Software delivery, support and maintenance | Client services | Total revenue | Cost of revenue | Software delivery, support and maintenance | Client services | Total cost of revenue | Gross profit | Research and development | Income from discontinued operations for Horizon Clinicals and Series2000 Revenue Cycle before income taxes | Income tax provision | Income from discontinued operations, net of tax for Horizon Clinicals and Series2000 Revenue Cycle |
| 2018 | : | : | $9,441 | 404 | 9,845 | : | 2,322 | 830 | 3,152 | 6,693 | 1,651 | 5,042 | (1,311) | $3,731 |
| 2017 | : | : | $10,949 | 1,044 | 11,993 | : | 2,918 | 261 | 3,179 | 8,814 | 1,148 | 7,666 | (2,990) | $4,676 | | How much was the accrued expenses associated with the Horizon Clinicals and Series2000 Revenue Cycle businesses on the consolidated balance sheets as of December 31, 2018? | $0.9 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: Years Ended December 31, 2019 and 2018:
Revenue
Services. Services revenue consists primarily of fees for customer support services generated from our partners. We provide these services remotely, generally using personnel who utilize our proprietary technology to deliver the services. Services revenue is also comprised of licensing of our Support.com Cloud applications. Services revenue for the year ended December 31, 2019 decreased by $4.9 million from 2018. The decrease in service revenue was primarily due to the decrease in the billable hours of our major customers. For the year ended December 31, 2019, services revenue generated from our partnerships was $56.6 million compared to $61.0 million for 2018. For the year ended December 31, 2019, direct services revenue was $2.9 million compared to $3.5 million for 2018. As with any market that is undergoing shifts, timing of downward pressures and growth opportunities in our services programs are difficult to predict. We are experiencing downward pressure with some of our services programs as personal computer and certain retail markets are subject to internal re-alignment and other sector specific softness. However, we still see opportunity in the market for growth with our service partners as a result of the evolving support market trends.
Software and other. Software and other revenue is comprised primarily of fees for end-user software products provided through direct customer downloads, and, to a lesser extent, through the sale of these software products via partners. Software and other revenue for the year ended December 31, 2019 decreased compared with the year ended 2018 primarily due to the cancellation of a significant partner contract as well as some softness in new subscriptions and renewals. For the year ended December 31, 2019, direct software and other revenue was $1.9 million compared to $2.8 million for 2018. For the year ended December 31, 2019, software and other revenue generated from our partnerships was $1.9 million compared to $2.7 million for 2018.
| ($ in thousands) | Services | Software and other | Total revenue |
| 2019 | $59,545 | 3,788 | $63,333 |
| % Change 2018 to 2019 | (8)% | (25)% | (9)% |
| 2018 | $64,476 | 5,073 | $69,549 | | What are the segments of revenue? | "Services", "Software and other" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Years Ended December 31, 2019 and 2018:
Revenue
Services. Services revenue consists primarily of fees for customer support services generated from our partners. We provide these services remotely, generally using personnel who utilize our proprietary technology to deliver the services. Services revenue is also comprised of licensing of our Support.com Cloud applications. Services revenue for the year ended December 31, 2019 decreased by $4.9 million from 2018. The decrease in service revenue was primarily due to the decrease in the billable hours of our major customers. For the year ended December 31, 2019, services revenue generated from our partnerships was $56.6 million compared to $61.0 million for 2018. For the year ended December 31, 2019, direct services revenue was $2.9 million compared to $3.5 million for 2018. As with any market that is undergoing shifts, timing of downward pressures and growth opportunities in our services programs are difficult to predict. We are experiencing downward pressure with some of our services programs as personal computer and certain retail markets are subject to internal re-alignment and other sector specific softness. However, we still see opportunity in the market for growth with our service partners as a result of the evolving support market trends.
Software and other. Software and other revenue is comprised primarily of fees for end-user software products provided through direct customer downloads, and, to a lesser extent, through the sale of these software products via partners. Software and other revenue for the year ended December 31, 2019 decreased compared with the year ended 2018 primarily due to the cancellation of a significant partner contract as well as some softness in new subscriptions and renewals. For the year ended December 31, 2019, direct software and other revenue was $1.9 million compared to $2.8 million for 2018. For the year ended December 31, 2019, software and other revenue generated from our partnerships was $1.9 million compared to $2.7 million for 2018.
| ($ in thousands) | Services | Software and other | Total revenue |
| 2019 | $59,545 | 3,788 | $63,333 |
| % Change 2018 to 2019 | (8)% | (25)% | (9)% |
| 2018 | $64,476 | 5,073 | $69,549 | | Which segment has a higher percentage change? | Software and other |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Our restaurant leases generally provide for fixed rental payments (with cost-of-living index adjustments) plus real estate taxes, insurance, and other expenses. In addition, approximately 14% of our leases provide for contingent rental payments between 1% and 15% of the restaurant’s gross sales once certain thresholds are met. We have generally been able to renew our restaurant leases as they expire at then-current market rates. The remaining terms of ground leases range from less than one year to 49 years, including optional renewal periods. The remaining lease terms of our other leases range from less thanone year to 56 years, including optional renewal periods.
As of September 29, 2019, our restaurant leases had initial terms expiring as follows:
Our principal executive offices are located in San Diego, California in an owned facility of approximately 150,000 square feet. We also own our 70,000 square foot Innovation Center and approximately four acres of undeveloped land directly adjacent to it. We plan to sell our principal executive offices and consolidate our headquarters in the Innovation Center, which we believe will be suitable and adequate for our purposes.
| | | Ground | Fiscal Year | 2020 – 2024 | 2025 – 2029 | 2030 – 2034 |
| | | Ground | Leases | 381 | 198 | 40 |
| Number of Restaurants | Land and | Building | Leases | 697 | 270 | 135 | | Where are the principal executive offices located? | San Diego, 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: Credit risk
The carrying amount of financial assets, previously recognised as loans and receivables under IAS 39 now classified as amortised cost under IFRS 9, represents the maximum credit exposure. The maximum exposure to credit risk at 31 March 2019 was £59.1m (2018: £56.5m).
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
| | Note | UK | Ireland | Total |
| | Note | | | |
| 2019 | £m | 24.5 | 0.4 | 24.9 |
| 2018 | £m | 24.9 | 0.5 | 25.4 | | What are the geographic regions involving the maximum exposure to credit risk for trade receivables at the reporting date? | "UK", "Ireland" |
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 3. ACQUISITIONS
MGI
On April 4, 2019, we acquired substantially all of the assets comprising the business of MGI Grain Processing, LLC, a Minnesota limited liability company, now conducting business as MGI Grain Incorporated (MGI) for an aggregate purchase price of $3.8 million. The purchase price included $0.3 million deposited in an escrow account at closing which was subsequently released to the sellers in June 2019. MGI owns and operates a grain mill and processing facility in East Grand Forks, Minnesota. We acquired MGI as part of our strategy to expand our product portfolio. The acquisition has been accounted for as a business combination. The results of MGI’s operations are included in our consolidated financial statements beginning April 4, 2019. In 2019, we incurred $0.1 million of MGI acquisition-related costs which are included in selling, general and administrative expenses.
The purchase price for MGI was subject to adjustment if the estimated closing working capital with respect to the assets purchased and the liabilities assumed was different than the actual closing working capital, as defined in the purchase agreement. The seller of MGI paid a working capital adjustment of $18 thousand in 2019. The following table summarizes the purchase price allocation, the consideration transferred to acquire MGI and the amounts of identified assets acquired and liabilities assumed (in thousands).
In the fourth quarter of 2019, our appraiser finalized certain fair value calculations and we completed our review of the calculations. The fair value of MGI’s trade receivables at acquisition, equaled the gross amount of trade receivables. The fair value of the customer relationship intangible at acquisition was estimated using an income approach based on expected future cash flows. As discussed in Note 9, we are amortizing the customer relationship intangible to expense over the 15-year period of expected future economic benefit, in proportion to the discounted expected future cash flows used to estimate the value of the intangible at acquisition. Goodwill primarily was attributed to intangible assets that do not qualify for separate recognition and synergies generated by MGI when combined with our existing operations. The $0.7 million allocated to goodwill is deductible for tax purposes over the next fifteen years.
| | Cash | Working capital adjustment to purchase price | Total fair value of consideration transferred | Accounts receivable | Inventories | Deposits and other current assets | Property and equipment | Customer relationship | Other finite-lived intangible assets | Accounts payable | Finance lease liabilities | Net recognized amounts of identifiable assets acquired and liabilities assumed | Goodwill |
| Estimated at June 30, 2019 | $3,795 | (38) | 3,757 | 591 | 149 | 4 | 1,560 | 930 | 35 | (219) | (18) | 3,032 | $ 725 |
| Adjustments | $ - | 20 | 20 | - | - | 8 | - | - | - | - | - | 8 | $ 12 |
| Final as of December 31, 2019 | $3,795 | (18) | 3,777 | 591 | 149 | 12 | 1,560 | 930 | 35 | (219) | (18) | 3,040 | $ 737 | | What are the respective cash amount at June 30 and December 31, 2019? | "$3,795", "$3,795" |
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 3. ACQUISITIONS
MGI
On April 4, 2019, we acquired substantially all of the assets comprising the business of MGI Grain Processing, LLC, a Minnesota limited liability company, now conducting business as MGI Grain Incorporated (MGI) for an aggregate purchase price of $3.8 million. The purchase price included $0.3 million deposited in an escrow account at closing which was subsequently released to the sellers in June 2019. MGI owns and operates a grain mill and processing facility in East Grand Forks, Minnesota. We acquired MGI as part of our strategy to expand our product portfolio. The acquisition has been accounted for as a business combination. The results of MGI’s operations are included in our consolidated financial statements beginning April 4, 2019. In 2019, we incurred $0.1 million of MGI acquisition-related costs which are included in selling, general and administrative expenses.
The purchase price for MGI was subject to adjustment if the estimated closing working capital with respect to the assets purchased and the liabilities assumed was different than the actual closing working capital, as defined in the purchase agreement. The seller of MGI paid a working capital adjustment of $18 thousand in 2019. The following table summarizes the purchase price allocation, the consideration transferred to acquire MGI and the amounts of identified assets acquired and liabilities assumed (in thousands).
In the fourth quarter of 2019, our appraiser finalized certain fair value calculations and we completed our review of the calculations. The fair value of MGI’s trade receivables at acquisition, equaled the gross amount of trade receivables. The fair value of the customer relationship intangible at acquisition was estimated using an income approach based on expected future cash flows. As discussed in Note 9, we are amortizing the customer relationship intangible to expense over the 15-year period of expected future economic benefit, in proportion to the discounted expected future cash flows used to estimate the value of the intangible at acquisition. Goodwill primarily was attributed to intangible assets that do not qualify for separate recognition and synergies generated by MGI when combined with our existing operations. The $0.7 million allocated to goodwill is deductible for tax purposes over the next fifteen years.
| | Cash | Working capital adjustment to purchase price | Total fair value of consideration transferred | Accounts receivable | Inventories | Deposits and other current assets | Property and equipment | Customer relationship | Other finite-lived intangible assets | Accounts payable | Finance lease liabilities | Net recognized amounts of identifiable assets acquired and liabilities assumed | Goodwill |
| Estimated at June 30, 2019 | $3,795 | (38) | 3,757 | 591 | 149 | 4 | 1,560 | 930 | 35 | (219) | (18) | 3,032 | $ 725 |
| Adjustments | $ - | 20 | 20 | - | - | 8 | - | - | - | - | - | 8 | $ 12 |
| Final as of December 31, 2019 | $3,795 | (18) | 3,777 | 591 | 149 | 12 | 1,560 | 930 | 35 | (219) | (18) | 3,040 | $ 737 | | What are the respective working capital adjustment at June 30 and December 31, 2019? | "38", "18" |
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 3. ACQUISITIONS
MGI
On April 4, 2019, we acquired substantially all of the assets comprising the business of MGI Grain Processing, LLC, a Minnesota limited liability company, now conducting business as MGI Grain Incorporated (MGI) for an aggregate purchase price of $3.8 million. The purchase price included $0.3 million deposited in an escrow account at closing which was subsequently released to the sellers in June 2019. MGI owns and operates a grain mill and processing facility in East Grand Forks, Minnesota. We acquired MGI as part of our strategy to expand our product portfolio. The acquisition has been accounted for as a business combination. The results of MGI’s operations are included in our consolidated financial statements beginning April 4, 2019. In 2019, we incurred $0.1 million of MGI acquisition-related costs which are included in selling, general and administrative expenses.
The purchase price for MGI was subject to adjustment if the estimated closing working capital with respect to the assets purchased and the liabilities assumed was different than the actual closing working capital, as defined in the purchase agreement. The seller of MGI paid a working capital adjustment of $18 thousand in 2019. The following table summarizes the purchase price allocation, the consideration transferred to acquire MGI and the amounts of identified assets acquired and liabilities assumed (in thousands).
In the fourth quarter of 2019, our appraiser finalized certain fair value calculations and we completed our review of the calculations. The fair value of MGI’s trade receivables at acquisition, equaled the gross amount of trade receivables. The fair value of the customer relationship intangible at acquisition was estimated using an income approach based on expected future cash flows. As discussed in Note 9, we are amortizing the customer relationship intangible to expense over the 15-year period of expected future economic benefit, in proportion to the discounted expected future cash flows used to estimate the value of the intangible at acquisition. Goodwill primarily was attributed to intangible assets that do not qualify for separate recognition and synergies generated by MGI when combined with our existing operations. The $0.7 million allocated to goodwill is deductible for tax purposes over the next fifteen years.
| | Cash | Working capital adjustment to purchase price | Total fair value of consideration transferred | Accounts receivable | Inventories | Deposits and other current assets | Property and equipment | Customer relationship | Other finite-lived intangible assets | Accounts payable | Finance lease liabilities | Net recognized amounts of identifiable assets acquired and liabilities assumed | Goodwill |
| Estimated at June 30, 2019 | $3,795 | (38) | 3,757 | 591 | 149 | 4 | 1,560 | 930 | 35 | (219) | (18) | 3,032 | $ 725 |
| Adjustments | $ - | 20 | 20 | - | - | 8 | - | - | - | - | - | 8 | $ 12 |
| Final as of December 31, 2019 | $3,795 | (18) | 3,777 | 591 | 149 | 12 | 1,560 | 930 | 35 | (219) | (18) | 3,040 | $ 737 | | What are the respective total fair value of consideration transferred at June 30 and December 31, 2019? | "3,757", "3,777" |
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: ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
We account for uncertain tax positions by applying a minimum recognition threshold to tax positions before recognizing these positions in the financial statements. The reconciliation of our total gross unrecognized tax benefits is as follows:
The unrecognized tax benefits of $13.0 million, if recognized, will impact the Company’s effective tax rate. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. We had $3.0 million and $1.2 million of accrued interest and penalties at December 31, 2019 and 2018, respectively. We expect the total amount of tax contingencies will decrease by approximately $3.5 million in 2020 based on statute of limitation expiration.
With few exceptions, the Company is no longer subject to federal, state or foreign income tax examinations by tax authorities for years before 2016.
| | 2019 | Balance at beginning of period | Additions based on tax positions taken during a prior period | Additions based on tax positions taken during a prior period - acquisitions | Additions based on tax positions taken during the current period | Reductions based on tax positions taken during a prior period | Reductions related to a lapse of applicable statute of limitations | Reductions related to a settlement with taxing authorities | Balance at end of period |
| | 2019 | $13,162 | 484 | 4,479 | — | (4,295) | (821) | — | $13,009 |
| Years Ended December 31, | 2018 | $15,990 | 94 | 757 | — | (153) | (3,144) | (382) | $13,162 |
| | 2017 | $11,401 | 1,258 | — | 4,433 | — | (1,102) | — | $15,990 | | What was the company's accrued interest and penalties in 2019? | $3.0 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Property, Plant and Equipment.
Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below:
Depreciation expense was $27.2 million, $22.5 million and $22.0 million in fiscal 2019, fiscal 2018 and fiscal 2017, respectively. As of April 27, 2019 and April 28, 2018, capital expenditures recorded in accounts payable totaled $6.4 million and $9.0 million, respectively.
| (Dollars in Millions) | Land | Buildings and Building Improvements | Machinery and Equipment | Total Property, Plant and Equipment, Gross | Less | Property, Plant and Equipment, Net |
| April 27, 2019 | $3.7 | 81.2 | 390.7 | 475.6 | Accumulated Depreciation: 283.7 | $191.9 |
| April 28, 2018 | $0.8 | 69.2 | 364.7 | 434.7 | Accumulated Depreciation: 272.5 | $162.2 | | What was the depreciation expense in 2019, 2018 and 2017 respectively? | "27.2 million", "$22.5 million", "$22.0 million" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Property, Plant and Equipment.
Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below:
Depreciation expense was $27.2 million, $22.5 million and $22.0 million in fiscal 2019, fiscal 2018 and fiscal 2017, respectively. As of April 27, 2019 and April 28, 2018, capital expenditures recorded in accounts payable totaled $6.4 million and $9.0 million, respectively.
| (Dollars in Millions) | Land | Buildings and Building Improvements | Machinery and Equipment | Total Property, Plant and Equipment, Gross | Less | Property, Plant and Equipment, Net |
| April 27, 2019 | $3.7 | 81.2 | 390.7 | 475.6 | Accumulated Depreciation: 283.7 | $191.9 |
| April 28, 2018 | $0.8 | 69.2 | 364.7 | 434.7 | Accumulated Depreciation: 272.5 | $162.2 | | What was the capital expenditures recorded in accounts payable in 2019 and 2018 respectively? | "$6.4 million", "$9.0 million" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 14. DEFINED BENEFIT PLANS
As a result of the Rofin acquisition, we have assumed all assets and liabilities of Rofin’s defined benefit plans for the Rofin-Sinar Laser, GmbH (‘‘RSL’’) and Rofin-Sinar Inc. (‘‘RS Inc.’’) employees. The U.S. plan began in fiscal 1995 and is partially funded. Any new employees hired after January 1, 2007, are not eligible for the RS Inc. pension plan. As is the customary practice with German companies, the German pension plan is unfunded. Any new employees hired after 2000 are not eligible for the RSL pension plan. The measurement date of these pension plans is September 30. For these pension plans, actuarial gains and losses are deferred into OCI and amortized over future periods.
Effective January 1, 2012, the RS Inc. defined benefit plan was amended to exclude highly compensated employees, as defined by the Internal Revenue Service, from receiving future years of service under the RS Inc. defined benefit plan. A non-qualified defined benefit plan was created to replace the benefits lost by the employees that were otherwise excluded from the qualified defined benefit plan. Effective August 31, 2018 both the RS Inc. plans were amended to freeze all future compensation benefit accruals.
In addition, we have defined benefit plans in South Korea, Japan, Spain and Italy, covering all full-time employees with at least one year of service, and a defined benefit plan in Germany covering two individuals. As is the customary practice with European and Asian companies, the plans are unfunded, with the exception of the Spanish plan which is partially funded. We have elected to recognize all actuarial gains and losses on these plans immediately, as incurred. The measurement date of these defined benefit plans is September 30.
For financial reporting purposes, the calculation of net periodic pension costs is based upon a number of actuarial assumptions including a discount rate for plan obligations, an assumed rate of return on pension assets and an assumed rate of compensation increase for employees covered by the plan. All of these assumptions were based upon management’s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact future expense recognition and the cash funding requirements of our defined benefit plans.
Components of net periodic cost are as follows for fiscal 2019, 2018 and 2017 (in thousands):
| | 2019 | Service cost | Interest cost | Expected return on plan assets | Recognized net actuarial (gain) loss | Foreign exchange impacts | Recognition of curtailment gain due to plan freeze | Net periodic pension cost |
| | 2019 | $1,955 | 1,308 | (817) | 470 | (79) | — | $2,837 |
| Fiscal | 2018 | $2,262 | 1,230 | (787) | 240 | (56) | (1,236) | $1,653 |
| | 2017 | $2,077 | 1,086 | (736) | (236) | (6) | — | $2,185 | | In which years was the amount of Interest cost 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: Cash Flows
Comparison of Years Ended December 31, 2019 and 2018
The following table summarizes our cash flows for the years ended December 31, 2019 and 2018 (in thousands):
Cash Flows from Operating Activities
Net cash used in operating activities was $0.6 million for the year ended December 31, 2019 and consisted primarily of a net loss of $3.8 million, capitalized debt discount of $13 thousand and a loss on debt extinguishment of $2.6 million. This net loss was partially offset by non-cash items such as $108 thousand in share-based compensation expense, $66 thousand of debt discount and debt issue cost amortization expense, $66 thousand of depreciation expense, and $207 thousand of intangible asset amortization expense with $154 thousand in net cash outflows from changes in operating assets and liabilities. Cash outflows from changes in operating assets and liabilities of $154 thousand were primarily due to $78 thousand increase in collaboration revenue receivable and $379 thousand decrease in accounts payable and accrued expenses. These cash outflows were partially offset by a decreases of $55 thousand in royalty receivables, $67 thousand in income tax receivable, $394 thousand in accrued interest and $44 thousand in prepaid expenses and other current assets and increases of $18 thousand in other current liabilities.
Net cash used in operating activities was $3.9 million for the year ended December 31, 2018 and consisted primarily of a net loss of $3.8 million, capitalized debt discount of $172 thousand and a gain on the debt extinguishment of $296 thousand. This net loss was partially offset by non-cash items such as $218 thousand in share-based compensation expense, $87 thousand of debt discount and debt issue cost amortization expense, $73 thousand of depreciation expense, and $207 thousand of intangible asset amortization expense with $183 thousand in net cash outflows from changes in operating assets and liabilities. Cash outflows from changes in operating assets and liabilities of $896 thousand were primarily due to $66 thousand increase in royalty receivable and $830 thousand decreases in both accrued interest and accrued expenses. These cash outflows were partially offset by a $109 thousand decrease in prepaid expenses and other current assets and increase of $604 in accounts payable.
Cash Flows from Investing Activities
We had no investing activities for the years ended December 31, 2019 and 2018.
Cash Flows from Financing Activities
Net cash provided by financing activities was $1.4 million for the year ended December 31, 2019 and consisted of the net proceeds from loans provided by Mr. Schutte.
Net cash provided by financing activities was $1.8 million for the year ended December 31, 2018 and consisted of the $4.350 million net proceeds from loans provided by Mr. Schutte partially offset by $2.6 million principal repayments and debt retirement on the loan with Oxford Finance.
| | | 2019 | Net cash (used in) provided by | Operating activities | Investing activities | Financing activities | Net increase (decrease) in cash and cash equivalents |
| | | 2019 | : | $(618) | - | 1,389 | $771 |
| Year Ended | December 31, | 2018 | : | $(3,908) | - | 1,779 | $(2,129) | | How much cash was provided from financing activities in 2018? | $1.8 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: 18 Investment in associates
Investment in associates comprises a 32.4 per cent holding in the ordinary shares of Prozone Intu Properties Limited (Prozone), a listed Indian shopping centre developer, and a 26.8 per cent direct holding in the ordinary shares of Empire Mall Private Limited (Empire) – Empire also forms part of the Prozone group giving the Group an effective ownership of 38.0 per cent. Both companies are incorporated in India.
The equity method of accounting is applied to the Group’s investments in Prozone and Empire in line with the requirements of IAS 28 Investments in Associates and Joint Ventures. The results for the year to 30 September have been used as 31 December information is not available in time for these financial statements. Those results are adjusted to be in line with the Group’s accounting policies and include the most recent property valuations, determined at 30 September 2019, by independent professionally qualified external valuers in line with the valuation methodology described in note 13.
The market price per share of Prozone at 31 December 2019 was INR19 (31 December 2018: INR29), valuing the Group’s interest at £9.9 million (31 December 2018: £16.4 million) compared with the Prozone carrying value pre-impairment of £41.5 million (31 December 2018: £45.1 million). As the share price of Prozone is lower than its carrying value, a review of the carrying value of Prozone and the Group’s direct interest in Empire (as it also forms part of the Prozone group) has been undertaken. Underpinning the impairment assessment (where the fair value less costs to sell was considered) were the independent third-party valuations received for the investment and development properties, representing the underlying value of the associate’s net assets. Assumptions were also made for tax and other costs that would be reasonably expected if these assets were to be disposed of. Following this review, an impairment of £7.4 million was recognised.
| £m | At 1 January | Share of post-tax (loss)/profit of associates | Impairment | Foreign exchange movements | At 31 December |
| 2019 | 65.6 | (0.3) | (7.4) | (4.2) | 53.7 |
| 2018 | 64.8 | 2.3 | – | (1.5) | 65.6 | | What is the Prozone pre-impairment carrying value at 31 December 2019? | £41.5 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: 18 Investment in associates
Investment in associates comprises a 32.4 per cent holding in the ordinary shares of Prozone Intu Properties Limited (Prozone), a listed Indian shopping centre developer, and a 26.8 per cent direct holding in the ordinary shares of Empire Mall Private Limited (Empire) – Empire also forms part of the Prozone group giving the Group an effective ownership of 38.0 per cent. Both companies are incorporated in India.
The equity method of accounting is applied to the Group’s investments in Prozone and Empire in line with the requirements of IAS 28 Investments in Associates and Joint Ventures. The results for the year to 30 September have been used as 31 December information is not available in time for these financial statements. Those results are adjusted to be in line with the Group’s accounting policies and include the most recent property valuations, determined at 30 September 2019, by independent professionally qualified external valuers in line with the valuation methodology described in note 13.
The market price per share of Prozone at 31 December 2019 was INR19 (31 December 2018: INR29), valuing the Group’s interest at £9.9 million (31 December 2018: £16.4 million) compared with the Prozone carrying value pre-impairment of £41.5 million (31 December 2018: £45.1 million). As the share price of Prozone is lower than its carrying value, a review of the carrying value of Prozone and the Group’s direct interest in Empire (as it also forms part of the Prozone group) has been undertaken. Underpinning the impairment assessment (where the fair value less costs to sell was considered) were the independent third-party valuations received for the investment and development properties, representing the underlying value of the associate’s net assets. Assumptions were also made for tax and other costs that would be reasonably expected if these assets were to be disposed of. Following this review, an impairment of £7.4 million was recognised.
| £m | At 1 January | Share of post-tax (loss)/profit of associates | Impairment | Foreign exchange movements | At 31 December |
| 2019 | 65.6 | (0.3) | (7.4) | (4.2) | 53.7 |
| 2018 | 64.8 | 2.3 | – | (1.5) | 65.6 | | What does investment in associates comprise of? | "32.4 per cent holding in the ordinary shares of Prozone Intu Properties Limited (Prozone)", "a 26.8 per cent direct holding in the ordinary shares of Empire Mall Private Limited (Empire)" |
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: 21. Segment and Geographical Information
The Company has determined that it operates in a single operating and reportable segment.
The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:
Expressed in US $000's except share and per share amounts
| | December 31, 2019 | $ | Canada | United States | United Kingdom | Australia | Rest of World | 1,578,173 | |
| Years ended | December 31, 2019 | $ | 96,168 | 1,079,520 | 103,498 | 68,571 | 230,416 | 1,578,173 |
| | | % | 6.1% | 68.4% | 6.6% | 4.3% | 14.6% | 100.0% |
| | December 31, 2018 | $ | 70,774 | 755,454 | 69,596 | 47,937 | 129,468 | 1,073,229 |
| | | % | 6.6% | 70.4% | 6.5% | 4.5% | 12.0% | 100.0% | | Which countries are shown in the table of total external revenues by geographic location? | "Canada", "United States", "United Kingdom", "Australia", "Rest of World" |
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: 21. Segment and Geographical Information
The Company has determined that it operates in a single operating and reportable segment.
The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:
Expressed in US $000's except share and per share amounts
| | December 31, 2019 | $ | Canada | United States | United Kingdom | Australia | Rest of World | 1,578,173 | |
| Years ended | December 31, 2019 | $ | 96,168 | 1,079,520 | 103,498 | 68,571 | 230,416 | 1,578,173 |
| | | % | 6.1% | 68.4% | 6.6% | 4.3% | 14.6% | 100.0% |
| | December 31, 2018 | $ | 70,774 | 755,454 | 69,596 | 47,937 | 129,468 | 1,073,229 |
| | | % | 6.6% | 70.4% | 6.5% | 4.5% | 12.0% | 100.0% | | Which country had the highest total external revenue in year ended December 31, 2019? | United States |
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 Company grants restricted stock units, or RSUs, to employees with various vesting terms. RSUs entitle the holder to receive, at no cost, one common share for each restricted stock unit on the vesting date as it vests. The Company withholds shares in settlement of employee tax withholding obligations upon the vesting of restricted stock units. Stock-based compensation related to grants of vested RSUs and PSUs was $3.0 million, $1.6, million and $1.0 million in 2019, 2018 and 2017, respectively.
The following table summarizes RSU’s activity under the 2019 Plan and 2009 Plan, and the related weighted average grant date fair value, for 2019, 2018 and 2017:
| | Number of Shares | (in thousands) | Nonvested at January 1, 2017 | Granted | Vested | Forfeited | Nonvested at January 1, 2018 | Granted | Vested | Forfeited | Nonvested at December 30, 2018 | Granted | Vested | Forfeited | Nonvested at December 29, 2019 |
| | Number of Shares | (in thousands) | 98 | 132 | (43) | (19) | 168 | 110 | (77) | (18) | 183 | 353 | (118) | (41) | 377 |
| RSUs & PRSUs Outstanding | Weighted Average Grant Date Fair Value | | $23.52 | 19.74 | 20.44 | — | 21.56 | 11.90 | 19.18 | — | 17.22 | 10.77 | 14.48 | — | $12.55 | | What is the respective number of nonvested shares granted on January 1, 2017 and between December 30, 2018 and December 29, 2019? | "132", "353" |
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 Company grants restricted stock units, or RSUs, to employees with various vesting terms. RSUs entitle the holder to receive, at no cost, one common share for each restricted stock unit on the vesting date as it vests. The Company withholds shares in settlement of employee tax withholding obligations upon the vesting of restricted stock units. Stock-based compensation related to grants of vested RSUs and PSUs was $3.0 million, $1.6, million and $1.0 million in 2019, 2018 and 2017, respectively.
The following table summarizes RSU’s activity under the 2019 Plan and 2009 Plan, and the related weighted average grant date fair value, for 2019, 2018 and 2017:
| | Number of Shares | (in thousands) | Nonvested at January 1, 2017 | Granted | Vested | Forfeited | Nonvested at January 1, 2018 | Granted | Vested | Forfeited | Nonvested at December 30, 2018 | Granted | Vested | Forfeited | Nonvested at December 29, 2019 |
| | Number of Shares | (in thousands) | 98 | 132 | (43) | (19) | 168 | 110 | (77) | (18) | 183 | 353 | (118) | (41) | 377 |
| RSUs & PRSUs Outstanding | Weighted Average Grant Date Fair Value | | $23.52 | 19.74 | 20.44 | — | 21.56 | 11.90 | 19.18 | — | 17.22 | 10.77 | 14.48 | — | $12.55 | | What is the respective number of nonvested shares vested on January 1, 2017 and between December 30, 2018 and December 29, 2019? | "(43)", "(118)" |
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 Company grants restricted stock units, or RSUs, to employees with various vesting terms. RSUs entitle the holder to receive, at no cost, one common share for each restricted stock unit on the vesting date as it vests. The Company withholds shares in settlement of employee tax withholding obligations upon the vesting of restricted stock units. Stock-based compensation related to grants of vested RSUs and PSUs was $3.0 million, $1.6, million and $1.0 million in 2019, 2018 and 2017, respectively.
The following table summarizes RSU’s activity under the 2019 Plan and 2009 Plan, and the related weighted average grant date fair value, for 2019, 2018 and 2017:
| | Number of Shares | (in thousands) | Nonvested at January 1, 2017 | Granted | Vested | Forfeited | Nonvested at January 1, 2018 | Granted | Vested | Forfeited | Nonvested at December 30, 2018 | Granted | Vested | Forfeited | Nonvested at December 29, 2019 |
| | Number of Shares | (in thousands) | 98 | 132 | (43) | (19) | 168 | 110 | (77) | (18) | 183 | 353 | (118) | (41) | 377 |
| RSUs & PRSUs Outstanding | Weighted Average Grant Date Fair Value | | $23.52 | 19.74 | 20.44 | — | 21.56 | 11.90 | 19.18 | — | 17.22 | 10.77 | 14.48 | — | $12.55 | | What is the respective number of nonvested shares forfeited on January 1, 2017 and between December 30, 2018 and December 29, 2019? | "(19)", "(41)" |
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: Certain information regarding our initial distribution rights to films initially released in the three fiscal years 2019, 2018 and 2017 is set forth below:
We distribute content in over 50 countries through our own offices located in key strategic locations across the globe. In response to Indian cinemas’ continued growth in popularity across the world, especially in non-English speaking markets, including Germany, Poland, Russia, Southeast Asia and Arabic speaking countries, we offer dubbed and/or subtitled content in over 25 different languages.
In addition to our internal distribution resources, our global distribution network includes relationships with distribution partners, sub-distributors, producers, directors and prominent figures within the Indian film industry and distribution arena.
| | 2019 | Global (India and International) | Hindi films | Regional films (excluding Tamil films) | Tamil films | International Only | Hindi films | Regional films (excluding Tamil films) | Tamil films | India Only | Hindi films | Regional films (excluding Tamil films) | Tamil films | Total |
| | 2019 | | 7 | 49 | 3 | | 7 | — | — | | 1 | 5 | — | 72 |
| Year ended March 31, | 2018 | | 10 | 3 | 1 | | 1 | — | — | | 3 | 6 | 0 | 24 |
| | 2017 | | 8 | 12 | 3 | | 3 | — | 12 | | 1 | 5 | 1 | 45 | | How many countries does the company distribute content to? | over 50 countries |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 4. Expenses
Accounting policy for expenses
Operating lease costs
Operating lease payments, net of any incentives received from the lessor, are charged to profit or loss on a straight-line basis over the term of the lease.
Finance costs
All finance costs are expensed in the period in which they are incurred.
Research and development costs
Expenditure on research activities, undertaken with the prospect of obtaining new technical knowledge and understanding, is recognised in the statement of profit or loss and other comprehensive income as an expense when it is incurred.
Expenditure on development activities is charged as incurred, or deferred where these costs are directly associated with either integration of acquired technology or the development of new technology and it is determined that the technology has reached technological feasibility. Costs are deferred to future periods to the extent that they are expected beyond any reasonable doubt to be recoverable. The costs capitalised comprises directly attributable costs, including costs of materials, services and direct labour. Deferred costs are amortised from the date of commercial release on a straight-line basis over the period of the expected benefit, which varies from 2 to 10 years.
| Consolidated | 2019 | US$000 | Profit before income tax includes the following specific expenses | Included in professional advice expense | Costs associated with acquisitions | Finance costs | Interest and finance charges paid/payable | Unwinding of the discount on provisions | Finance costs expensed | Operating leases included in income statement | Office rent | Equipment | Motor vehicle | Total expense relating to operating leases | Post-employment benefits | Post-employment benefits | Research and development costs expensed | Research and development costs incurred |
| | 2019 | US$000 | : | | 244 | | 1 | 199 | 200 | | 4,339 | 12 | 51 | 4,402 | | defined contribution: 2,169 | | 18,478 |
| | 2018 | US$000 | : | | 572 | | 2 | 60 | 62 | | 3,538 | 16 | 96 | 3,650 | | defined contribution: 1,870 | | 17,793 | | What are the years included in the table? | "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: Item 10. Directors, Executive Officers and Corporate Governance
The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.
The Company’s Code of Ethics for Senior Financial Officers that applies to its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer is posted on the Company’s website at http://www.cincinnatibell.com. Within the time period required by the SEC and the New York Stock Exchange ("NYSE"), the Company will post on its website any amendment to the Code of Ethics for Senior Financial Officers and any waiver of such code relating to such senior executive officers of the Company
<div>In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual. In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual.
Executive Officers of the Registrant:
The names, ages and positions of the executive officers of the Company as of February 24, 2020 are as follows:
Officers are elected annually but are removable at the discretion of the Board of Directors.
LEIGH R. FOX, President and Chief Executive Officer since May 31, 2017; President and Chief Operating Officer of the Company from September 2016 to May 2017; Chief Financial Officer of the Company from October 2013 to September 2016; Chief Administrative Officer of the Company from July 2013 to October 2013; Senior Vice President of Finance and Operations from December 2012 to July 2013; Vice President of Finance at Cincinnati Bell Technology Solutions Inc. (CBTS) from October 2008 to December 2012.
ANDREW R. KAISER, Chief Financial Officer of the Company since September 2016; Vice President, Consumer Marketing and Data Analytics of the Company from December 2015 to September 2016; Vice President, Corporate Finance of the Company from January 2014 to December 2015; Partner at Howard Roark Consulting, LLC from 2005 to January 2014.
CHRISTI H. CORNETTE, Chief Culture Officer of the Company since June 2017; Senior Vice President, Marketing of the Company from August 2013 to June 017; Vice President, Marketing of the Company from October 2008 to August 2013; Director of CBTS Marketing from October 2002 to October 2008.
THOMAS E. SIMPSON, Chief Operating Officer since June 2017, Senior Vice President and Chief Technology Officer of the Company from January 2015 to June 2017; Vice President and Chief Technology Officer at Cincinnati Bell Technology Solutions (CBTS) from 2014 to 2015; Vice President, Research and Development at CBTS from 2010 to 2014; Director, Technical Operations at CBTS from 2008 to 2010
CHRISTOPHER J. WILSON, Vice President and General Counsel of the Company since August 2003.
JOSHUA T. DUCKWORTH, Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017; Vice President, Investor Relations and Controller of the Company from July 2013 to October 2017; Assistant Treasurer and Director of Investor Relations for Cincinnati Bell Inc. from August 2012 to July 2013; Assistant Controller for Cincinnati Bell Inc. from August 2010 to August 2012; Deloitte & Touche LLP's audit practice from October 2004 to August 2010.
SUZANNE E MARATTA, Vice President and Corporate Controller of the Company since May 2019; Assistant Corporate Controller of the Company from August 2017 to May 2019; Senior Financial Reporting Manager of the Company from May 2014 to August 2017; Auditor at PricewaterhouseCoopers from January 2007 to May 2014
| Name | Leigh R Fox | Andrew R Kaiser | Christi H. Cornette | Thomas E. Simpson | Christopher J. Wilson | Joshua T. Duckworth | Suzanne E. Maratta |
| Age | 47 | 51 | 64 | 47 | 54 | 41 | 37 |
| Title | President and Chief Executive Officer | Chief Financial Officer | Chief Culture Officer | Chief Operating Officer | Vice President and General Counsel | Vice President of Treasury, Corporate Finance and Investor Relations | Vice President and Corporate Controller | | How many Executive Officers are there in the company as at 24 February 2020? | "Leigh R Fox", "Andrew R Kaiser", "Christi H. Cornette", "Thomas E. Simpson", "Christopher J. Wilson", "Joshua T. Duckworth", "Suzanne E. Maratta" |
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 10. Directors, Executive Officers and Corporate Governance
The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.
The Company’s Code of Ethics for Senior Financial Officers that applies to its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer is posted on the Company’s website at http://www.cincinnatibell.com. Within the time period required by the SEC and the New York Stock Exchange ("NYSE"), the Company will post on its website any amendment to the Code of Ethics for Senior Financial Officers and any waiver of such code relating to such senior executive officers of the Company
<div>In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual. In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual.
Executive Officers of the Registrant:
The names, ages and positions of the executive officers of the Company as of February 24, 2020 are as follows:
Officers are elected annually but are removable at the discretion of the Board of Directors.
LEIGH R. FOX, President and Chief Executive Officer since May 31, 2017; President and Chief Operating Officer of the Company from September 2016 to May 2017; Chief Financial Officer of the Company from October 2013 to September 2016; Chief Administrative Officer of the Company from July 2013 to October 2013; Senior Vice President of Finance and Operations from December 2012 to July 2013; Vice President of Finance at Cincinnati Bell Technology Solutions Inc. (CBTS) from October 2008 to December 2012.
ANDREW R. KAISER, Chief Financial Officer of the Company since September 2016; Vice President, Consumer Marketing and Data Analytics of the Company from December 2015 to September 2016; Vice President, Corporate Finance of the Company from January 2014 to December 2015; Partner at Howard Roark Consulting, LLC from 2005 to January 2014.
CHRISTI H. CORNETTE, Chief Culture Officer of the Company since June 2017; Senior Vice President, Marketing of the Company from August 2013 to June 017; Vice President, Marketing of the Company from October 2008 to August 2013; Director of CBTS Marketing from October 2002 to October 2008.
THOMAS E. SIMPSON, Chief Operating Officer since June 2017, Senior Vice President and Chief Technology Officer of the Company from January 2015 to June 2017; Vice President and Chief Technology Officer at Cincinnati Bell Technology Solutions (CBTS) from 2014 to 2015; Vice President, Research and Development at CBTS from 2010 to 2014; Director, Technical Operations at CBTS from 2008 to 2010
CHRISTOPHER J. WILSON, Vice President and General Counsel of the Company since August 2003.
JOSHUA T. DUCKWORTH, Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017; Vice President, Investor Relations and Controller of the Company from July 2013 to October 2017; Assistant Treasurer and Director of Investor Relations for Cincinnati Bell Inc. from August 2012 to July 2013; Assistant Controller for Cincinnati Bell Inc. from August 2010 to August 2012; Deloitte & Touche LLP's audit practice from October 2004 to August 2010.
SUZANNE E MARATTA, Vice President and Corporate Controller of the Company since May 2019; Assistant Corporate Controller of the Company from August 2017 to May 2019; Senior Financial Reporting Manager of the Company from May 2014 to August 2017; Auditor at PricewaterhouseCoopers from January 2007 to May 2014
| Name | Leigh R Fox | Andrew R Kaiser | Christi H. Cornette | Thomas E. Simpson | Christopher J. Wilson | Joshua T. Duckworth | Suzanne E. Maratta |
| Age | 47 | 51 | 64 | 47 | 54 | 41 | 37 |
| Title | President and Chief Executive Officer | Chief Financial Officer | Chief Culture Officer | Chief Operating Officer | Vice President and General Counsel | Vice President of Treasury, Corporate Finance and Investor Relations | Vice President and Corporate Controller | | Who is the company's Chief Financial Officer? | Andrew R. Kaiser |
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 10. Directors, Executive Officers and Corporate Governance
The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.
The Company’s Code of Ethics for Senior Financial Officers that applies to its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer is posted on the Company’s website at http://www.cincinnatibell.com. Within the time period required by the SEC and the New York Stock Exchange ("NYSE"), the Company will post on its website any amendment to the Code of Ethics for Senior Financial Officers and any waiver of such code relating to such senior executive officers of the Company
<div>In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual. In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company’s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual.
Executive Officers of the Registrant:
The names, ages and positions of the executive officers of the Company as of February 24, 2020 are as follows:
Officers are elected annually but are removable at the discretion of the Board of Directors.
LEIGH R. FOX, President and Chief Executive Officer since May 31, 2017; President and Chief Operating Officer of the Company from September 2016 to May 2017; Chief Financial Officer of the Company from October 2013 to September 2016; Chief Administrative Officer of the Company from July 2013 to October 2013; Senior Vice President of Finance and Operations from December 2012 to July 2013; Vice President of Finance at Cincinnati Bell Technology Solutions Inc. (CBTS) from October 2008 to December 2012.
ANDREW R. KAISER, Chief Financial Officer of the Company since September 2016; Vice President, Consumer Marketing and Data Analytics of the Company from December 2015 to September 2016; Vice President, Corporate Finance of the Company from January 2014 to December 2015; Partner at Howard Roark Consulting, LLC from 2005 to January 2014.
CHRISTI H. CORNETTE, Chief Culture Officer of the Company since June 2017; Senior Vice President, Marketing of the Company from August 2013 to June 017; Vice President, Marketing of the Company from October 2008 to August 2013; Director of CBTS Marketing from October 2002 to October 2008.
THOMAS E. SIMPSON, Chief Operating Officer since June 2017, Senior Vice President and Chief Technology Officer of the Company from January 2015 to June 2017; Vice President and Chief Technology Officer at Cincinnati Bell Technology Solutions (CBTS) from 2014 to 2015; Vice President, Research and Development at CBTS from 2010 to 2014; Director, Technical Operations at CBTS from 2008 to 2010
CHRISTOPHER J. WILSON, Vice President and General Counsel of the Company since August 2003.
JOSHUA T. DUCKWORTH, Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017; Vice President, Investor Relations and Controller of the Company from July 2013 to October 2017; Assistant Treasurer and Director of Investor Relations for Cincinnati Bell Inc. from August 2012 to July 2013; Assistant Controller for Cincinnati Bell Inc. from August 2010 to August 2012; Deloitte & Touche LLP's audit practice from October 2004 to August 2010.
SUZANNE E MARATTA, Vice President and Corporate Controller of the Company since May 2019; Assistant Corporate Controller of the Company from August 2017 to May 2019; Senior Financial Reporting Manager of the Company from May 2014 to August 2017; Auditor at PricewaterhouseCoopers from January 2007 to May 2014
| Name | Leigh R Fox | Andrew R Kaiser | Christi H. Cornette | Thomas E. Simpson | Christopher J. Wilson | Joshua T. Duckworth | Suzanne E. Maratta |
| Age | 47 | 51 | 64 | 47 | 54 | 41 | 37 |
| Title | President and Chief Executive Officer | Chief Financial Officer | Chief Culture Officer | Chief Operating Officer | Vice President and General Counsel | Vice President of Treasury, Corporate Finance and Investor Relations | Vice President and Corporate Controller | | Who is the Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017? | Joshua T. Duckworth |
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: Statements of Cash Flows
The following table summarizes our cash flow related activities (in thousands):
| | 2019 | Cash (used in) provided by | Operating activities | Investing activities | Financing activities | Net increase (decrease) in cash and cash equivalents |
| | 2019 | : | $(426) | (251) | 5,798 | $5,121 |
| Years Ended December 31, | 2018 | : | $(2,694) | (6,876) | 3,624 | $(5,946) |
| | 2017 | : | $14,314 | (5,142) | 8,420 | $17,592 | | What are the years included under the statement of cash flows table? | "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: Note 2. Business Acquisitions
Acquisition of Microsemi
The following unaudited pro-forma consolidated results of operations for the fiscal year ended March 31, 2019 and 2018 assume the closing of the Microsemi acquisition occurred as of April 1, 2017. The pro-forma adjustments are mainly comprised of acquired inventory fair value costs and amortization of purchased intangible assets. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2017 or of results that may occur in the future (in millions except per share data):
| | 2019 | Net sales | Net income (loss) | Basic net income (loss) per common share | Diluted net income (loss) per common share |
| Year Ended March 31, | 2019 | $5,563.7 | $542.0 | $2.29 | $2.17 |
| | 2018 | $5,875.0 | $(762.3) | $(3.27) | $(3.27) | | Which years does the table provide information for the unaudited pro-forma consolidated results of operations? | "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: Other Income (Expense)
Interest Income
Interest income represents interest earned on our cash, cash equivalents, and investments.
Interest income increased by $16.9 million in fiscal year 2019. The increase in our interest income is associated with the increase in invested funds, primarily as a result of proceeds of approximately $600 million related to the common stock and convertible note offering in March 2018 and, to a lesser extent, higher yields on those invested funds.
Interest Expense
Interest expense includes both stated interest and the amortization of debt discount and issuance costs associated with the $400.0 million aggregate principal amount of our Convertible Senior Notes that were issued in March 2018. Accordingly, interest expense in fiscal year 2019 is higher than fiscal year 2018 as the notes were only outstanding for part of fiscal year 2018.
Interest expense increased $10.9 million in fiscal year 2019, compared to the same period a year ago. Interest expense for fiscal year 2019 consists of noncash interest expense of $12.2 million related to the amortization of debt discount and issuance costs and stated interest of $5.0 million.
Other Income (Expense), Net
Other income (expense), net consists primarily of foreign exchange gains and losses resulting from fluctuations in foreign exchange rates on monetary asset and monetary liability balances that are denominated in currencies other than the functional currency of the entity in which they are recorded. We currently have entities with a functional currency of the Argentine Peso, Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Euro, Japanese Yen, Malaysian Ringgit, and Polish Zloty.
We realized a net currency exchange loss of $1.9 million in fiscal year 2019 as compared to a net currency exchange gain of $0.5 million in fiscal year 2018 as a result of exchange rate movements on foreign currency denominated accounts against the US Dollar.
| | 2019 | Amount | | Interest income | Interest expense | Other income (expense), net |
| Fiscal years ended July 31, | 2019 | Amount | | $30,182 | $(17,334) | $(1,867) |
| | 2018 | Amount | (In thousands, except percentages) | $13,281 | $(6,442) | $509 |
| | Change | ($) | | 16,901 | (10,892) | (2,376) |
| | | (%) | | 127 | 169 | (467) | | What was the increase in interest income in 2019? | $16.9 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: Other Income (Expense)
Interest Income
Interest income represents interest earned on our cash, cash equivalents, and investments.
Interest income increased by $16.9 million in fiscal year 2019. The increase in our interest income is associated with the increase in invested funds, primarily as a result of proceeds of approximately $600 million related to the common stock and convertible note offering in March 2018 and, to a lesser extent, higher yields on those invested funds.
Interest Expense
Interest expense includes both stated interest and the amortization of debt discount and issuance costs associated with the $400.0 million aggregate principal amount of our Convertible Senior Notes that were issued in March 2018. Accordingly, interest expense in fiscal year 2019 is higher than fiscal year 2018 as the notes were only outstanding for part of fiscal year 2018.
Interest expense increased $10.9 million in fiscal year 2019, compared to the same period a year ago. Interest expense for fiscal year 2019 consists of noncash interest expense of $12.2 million related to the amortization of debt discount and issuance costs and stated interest of $5.0 million.
Other Income (Expense), Net
Other income (expense), net consists primarily of foreign exchange gains and losses resulting from fluctuations in foreign exchange rates on monetary asset and monetary liability balances that are denominated in currencies other than the functional currency of the entity in which they are recorded. We currently have entities with a functional currency of the Argentine Peso, Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Euro, Japanese Yen, Malaysian Ringgit, and Polish Zloty.
We realized a net currency exchange loss of $1.9 million in fiscal year 2019 as compared to a net currency exchange gain of $0.5 million in fiscal year 2018 as a result of exchange rate movements on foreign currency denominated accounts against the US Dollar.
| | 2019 | Amount | | Interest income | Interest expense | Other income (expense), net |
| Fiscal years ended July 31, | 2019 | Amount | | $30,182 | $(17,334) | $(1,867) |
| | 2018 | Amount | (In thousands, except percentages) | $13,281 | $(6,442) | $509 |
| | Change | ($) | | 16,901 | (10,892) | (2,376) |
| | | (%) | | 127 | 169 | (467) | | What was the Interest income in 2019 and 2018 respectively? | "$30,182", "$13,281" |
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: On June 7, 2019, the U.S. Court of Appeals for the Ninth Circuit in Altera Corp. v. Commissioner upheld U.S. Treasury Department regulations requiring that related parties in a cost-sharing arrangement share expenses related to stock-based compensation in proportion to the economic activity of the parties. The ruling reversed the prior decision of the U.S. Tax Court. On November 12, 2019, the Ninth Circuit Court of Appeals denied the plaintiff’s request for an en banc rehearing. Based on the appellate court’s ruling, the Company recorded a cumulative income tax expense of $5.3 million in the fourth quarter of 2019. The plaintiff filed a petition for a writ of certiorari in the U.S. Supreme Court on February 10, 2020, and the Company will continue to monitor developments in this matter.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets were as follows (in thousands):
The Company accounts for deferred taxes under ASC Topic 740, “Income Taxes” (“ASC 740”) which involves weighing positive and negative evidence concerning the realizability of the Company’s deferred tax assets in each jurisdiction. The Company evaluated its ability to realize the benefit of its net deferred tax assets and weighed all available positive and negative evidence both objective and subjective in nature. In determining the need for a valuation allowance, the weight given to positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. Consideration was given to negative evidence such as: the duration and severity of losses in prior years, high seasonal revenue concentrations, increasing competitive pressures, and a challenging retail environment. Realization of the Company’s net deferred tax assets is dependent upon its generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.
The Company recorded a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. As of December 31, 2019, the Company has a valuation allowance of $191.7 million against its U.S. deferred tax assets and a valuation allowance of $52.9 million against certain of its foreign deferred tax assets that the Company is not expected to realize. The Company will continue to assess the realizability of its deferred tax assets in each of the applicable jurisdictions going forward.
As of December 31, 2019, the Company has U.S. federal net operating loss carryforwards of $316.2 million which expire beginning after 2032, California net operating loss carryforwards of $57.3 million which expire beginning after 2032, and other states net operating loss carryforwards of $52.1 million which expire beginning after 2023. As of December 31, 2019, the Company has U.S. federal research tax credit carryforwards of approximately $22.6 million, which if not utilized, begin to expire after 2031, California research tax credit carryforwards of approximately $45.0 million, which do not expire, Massachusetts research tax credit carryforwards of approximately $2.9 million, which if not utilized, begin to expire after 2028,
| | 2019 | Deferred tax assets | Net operating losses and credits | Fixed assets and intangible assets | Accruals and reserves | Stock-based compensation | Inventory | Other | Total deferred tax assets | Less | Deferred tax assets, net of valuation allowance | Deferred tax liabilities | Accruals and reserves | Other | Total deferred tax liabilities | Net deferred tax assets |
| December 31, | 2019 | : | $113,475 | 61,932 | 75,133 | 8,615 | 429 | 5,287 | 264,871 | valuation allowance: (244,581) | 20,290 | : | (15,525) | (914) | (16,439) | $3,851 |
| | 2018 | : | $61,494 | 55,476 | 53,818 | 9,494 | 911 | 4,806 | 185,999 | valuation allowance: (181,122) | 4,877 | : | — | (560) | (560) | $4,317 | | What is the Company's valuation allowance against its U.S deferred tax assets as of December 31, 2019? | $191.7 million |