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data/downloaded_datasets/tatdqa/test/0fa66bdde5dce465760cf558173d40c6.pdf
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How many items had a % change that is less than 50%?
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$0.30 in 2019 as a result of the adoption of the new revenue recognition standard. Adjusted EPS is a non-GAAP financial measure. SEGMENT RESULTS Cubic Transportation Systems Fiscal 2019 Fiscal 2018 % Change (in millions) Sales $ 849.8 $ 670.7 27% Operating income 77.2 60.4 28 Adjusted EBITDA 110.5 73.3 51 Sales: CTS sales increased 27% to $849.8 million in 2019 compared to $670.7 million in 2018, including the impact of the adoption of ASC 606. The increase in sales was primarily driven by growth in both organic and inorganic business in North America. Sales in 2019 were higher in the U.S. primarily due to system development on contracts in New York, Boston, and the San Francisco Bay Area. Businesses acquired by CTS during fiscal year 2019, whose operations are all located in the U.S., had sales of $74.4 million in fiscal year 2019. Sales increased slightly in Australia between fiscal years 2018 and 2019 as increased system development work on a contract in Brisbane was partially offset by the negative impact of foreign currency exchange rates as well as a decrease in service sales. Sales were lower in the UK primarily due to a decrease in system development work in London and the negative impact of currency exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CTS sales of $22.2 million for 2019 compared to 2018, primarily due to the strengthening of the U.S. dollar against the British pound and Australian dollar. Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $22.0 million in 2019 and $5.2 million in 2018. The increase is due to the amortization of purchased intangibles for companies acquired by CTS in fiscal year 2019. Operating Income: CTS operating income increased 28% in 2019 to $77.2 million compared to $60.4 million in 2018. The increase in operating income was primarily caused by higher margins on increased work on development projects in New York, Boston, the San Francisco Bay Area and Brisbane, as well as the impact of the adoption of ASC 606. These increases in operating income were partially offset by operating losses incurred by businesses acquired by CTS in fiscal 2019 as well as the negative impact of changes in foreign currency exchange rates. Businesses acquired by CTS in fiscal years 2019 incurred operating losses of $10.1 million in fiscal 2019, which included acquisition transaction costs of $8.1 million and amortization of intangible assets totaling $19.3 million. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in a decrease in CTS operating income of $3.6 million for 2019 compared to 2018. Adjusted EBITDA: CTS Adjusted EBITDA increased 51% to $110.5 million in 2019 compared to $73.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increases in amortization of purchased intangibles and acquisition transaction costs which are excluded from Adjusted EBITDA. Adjusted EBITDA for CTS increased by $2.3 million in 2019 as a result of the adoption of the new revenue recognition standard. 46
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data/downloaded_datasets/tatdqa/test/0fa66bdde5dce465760cf558173d40c6.pdf
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What is the change in Adjusted EBITDA from 2018 to 2019?
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$0.30 in 2019 as a result of the adoption of the new revenue recognition standard. Adjusted EPS is a non-GAAP financial measure. SEGMENT RESULTS Cubic Transportation Systems Fiscal 2019 Fiscal 2018 % Change (in millions) Sales $ 849.8 $ 670.7 27% Operating income 77.2 60.4 28 Adjusted EBITDA 110.5 73.3 51 Sales: CTS sales increased 27% to $849.8 million in 2019 compared to $670.7 million in 2018, including the impact of the adoption of ASC 606. The increase in sales was primarily driven by growth in both organic and inorganic business in North America. Sales in 2019 were higher in the U.S. primarily due to system development on contracts in New York, Boston, and the San Francisco Bay Area. Businesses acquired by CTS during fiscal year 2019, whose operations are all located in the U.S., had sales of $74.4 million in fiscal year 2019. Sales increased slightly in Australia between fiscal years 2018 and 2019 as increased system development work on a contract in Brisbane was partially offset by the negative impact of foreign currency exchange rates as well as a decrease in service sales. Sales were lower in the UK primarily due to a decrease in system development work in London and the negative impact of currency exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CTS sales of $22.2 million for 2019 compared to 2018, primarily due to the strengthening of the U.S. dollar against the British pound and Australian dollar. Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $22.0 million in 2019 and $5.2 million in 2018. The increase is due to the amortization of purchased intangibles for companies acquired by CTS in fiscal year 2019. Operating Income: CTS operating income increased 28% in 2019 to $77.2 million compared to $60.4 million in 2018. The increase in operating income was primarily caused by higher margins on increased work on development projects in New York, Boston, the San Francisco Bay Area and Brisbane, as well as the impact of the adoption of ASC 606. These increases in operating income were partially offset by operating losses incurred by businesses acquired by CTS in fiscal 2019 as well as the negative impact of changes in foreign currency exchange rates. Businesses acquired by CTS in fiscal years 2019 incurred operating losses of $10.1 million in fiscal 2019, which included acquisition transaction costs of $8.1 million and amortization of intangible assets totaling $19.3 million. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in a decrease in CTS operating income of $3.6 million for 2019 compared to 2018. Adjusted EBITDA: CTS Adjusted EBITDA increased 51% to $110.5 million in 2019 compared to $73.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increases in amortization of purchased intangibles and acquisition transaction costs which are excluded from Adjusted EBITDA. Adjusted EBITDA for CTS increased by $2.3 million in 2019 as a result of the adoption of the new revenue recognition standard. 46
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data/downloaded_datasets/tatdqa/test/0fa66bdde5dce465760cf558173d40c6.pdf
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What is the average annual operating income in 2018 and 2019?
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$0.30 in 2019 as a result of the adoption of the new revenue recognition standard. Adjusted EPS is a non-GAAP financial measure. SEGMENT RESULTS Cubic Transportation Systems Fiscal 2019 Fiscal 2018 % Change (in millions) Sales $ 849.8 $ 670.7 27% Operating income 77.2 60.4 28 Adjusted EBITDA 110.5 73.3 51 Sales: CTS sales increased 27% to $849.8 million in 2019 compared to $670.7 million in 2018, including the impact of the adoption of ASC 606. The increase in sales was primarily driven by growth in both organic and inorganic business in North America. Sales in 2019 were higher in the U.S. primarily due to system development on contracts in New York, Boston, and the San Francisco Bay Area. Businesses acquired by CTS during fiscal year 2019, whose operations are all located in the U.S., had sales of $74.4 million in fiscal year 2019. Sales increased slightly in Australia between fiscal years 2018 and 2019 as increased system development work on a contract in Brisbane was partially offset by the negative impact of foreign currency exchange rates as well as a decrease in service sales. Sales were lower in the UK primarily due to a decrease in system development work in London and the negative impact of currency exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CTS sales of $22.2 million for 2019 compared to 2018, primarily due to the strengthening of the U.S. dollar against the British pound and Australian dollar. Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $22.0 million in 2019 and $5.2 million in 2018. The increase is due to the amortization of purchased intangibles for companies acquired by CTS in fiscal year 2019. Operating Income: CTS operating income increased 28% in 2019 to $77.2 million compared to $60.4 million in 2018. The increase in operating income was primarily caused by higher margins on increased work on development projects in New York, Boston, the San Francisco Bay Area and Brisbane, as well as the impact of the adoption of ASC 606. These increases in operating income were partially offset by operating losses incurred by businesses acquired by CTS in fiscal 2019 as well as the negative impact of changes in foreign currency exchange rates. Businesses acquired by CTS in fiscal years 2019 incurred operating losses of $10.1 million in fiscal 2019, which included acquisition transaction costs of $8.1 million and amortization of intangible assets totaling $19.3 million. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in a decrease in CTS operating income of $3.6 million for 2019 compared to 2018. Adjusted EBITDA: CTS Adjusted EBITDA increased 51% to $110.5 million in 2019 compared to $73.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increases in amortization of purchased intangibles and acquisition transaction costs which are excluded from Adjusted EBITDA. Adjusted EBITDA for CTS increased by $2.3 million in 2019 as a result of the adoption of the new revenue recognition standard. 46
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data/downloaded_datasets/tatdqa/test/23b98a2dfcb8b787448e527f00cffa9b.pdf
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How much did net sales change between 2017 and 2018?
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Net Sales Solid Capacitors net sales of $771.2 million in fiscal year 2018 increased $196.1 million or 34.1% from $575.1 million in fiscal year 2017. Tantalum product line net sales of $495.1 million in fiscal year 2018 increased $152.9 million or 44.7% from $342.2 million in fiscal year 2017. Ceramic product line net sales of $276.1 million in fiscal year 2018 increased $43.2 million or 18.5% from $232.9 million in fiscal year 2017. The increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income Segment operating income of $234.5 million for fiscal year 2018 increased $86.8 million or 58.8% from $147.7 million for fiscal year 2017. The increase in operating income was primarily attributable to an increase in gross margin of $100.4 million. TOKIN contributed $47.0 million in additional gross margin in fiscal year 2018. Legacy KEMET gross margin increased $53.3 million, or 30.6%, primarily driven by an increase in net sales, cost improvements in vertical integration, favorable foreign currency impact to manufacturing costs, and manufacturing process improvements resulting from our cost reduction activities. In addition, there was a $1.6 million improvement in (gain) loss on write down and disposal of long-lived assets. Partially offsetting these improvements were a $10.5 million increase in SG&A expenses and a $5.0 million increase in R&D expenses. TOKIN accounted for $10.2 million of the increase in SG&A expenses and $4.1 million of the increase in R&D expenses. Film and Electrolytic The table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages): For the Fiscal Years Ended March 31, 2018 March 31, 2017 % to Net % to Net Amount Sales Amount Sales Net sales $ 201,977 $ 182,228 Segment operating income (loss) 3,622 1.8% (9,028) (5.0)% Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606 Net Sales Film and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income (Loss) Segment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses. 51
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data/downloaded_datasets/tatdqa/test/23b98a2dfcb8b787448e527f00cffa9b.pdf
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How much did segment operating income change between 2017 and 2018?
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Net Sales Solid Capacitors net sales of $771.2 million in fiscal year 2018 increased $196.1 million or 34.1% from $575.1 million in fiscal year 2017. Tantalum product line net sales of $495.1 million in fiscal year 2018 increased $152.9 million or 44.7% from $342.2 million in fiscal year 2017. Ceramic product line net sales of $276.1 million in fiscal year 2018 increased $43.2 million or 18.5% from $232.9 million in fiscal year 2017. The increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income Segment operating income of $234.5 million for fiscal year 2018 increased $86.8 million or 58.8% from $147.7 million for fiscal year 2017. The increase in operating income was primarily attributable to an increase in gross margin of $100.4 million. TOKIN contributed $47.0 million in additional gross margin in fiscal year 2018. Legacy KEMET gross margin increased $53.3 million, or 30.6%, primarily driven by an increase in net sales, cost improvements in vertical integration, favorable foreign currency impact to manufacturing costs, and manufacturing process improvements resulting from our cost reduction activities. In addition, there was a $1.6 million improvement in (gain) loss on write down and disposal of long-lived assets. Partially offsetting these improvements were a $10.5 million increase in SG&A expenses and a $5.0 million increase in R&D expenses. TOKIN accounted for $10.2 million of the increase in SG&A expenses and $4.1 million of the increase in R&D expenses. Film and Electrolytic The table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages): For the Fiscal Years Ended March 31, 2018 March 31, 2017 % to Net % to Net Amount Sales Amount Sales Net sales $ 201,977 $ 182,228 Segment operating income (loss) 3,622 1.8% (9,028) (5.0)% Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606 Net Sales Film and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income (Loss) Segment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses. 51
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data/downloaded_datasets/tatdqa/test/23b98a2dfcb8b787448e527f00cffa9b.pdf
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What was the amount of net sales in 2017?
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Net Sales Solid Capacitors net sales of $771.2 million in fiscal year 2018 increased $196.1 million or 34.1% from $575.1 million in fiscal year 2017. Tantalum product line net sales of $495.1 million in fiscal year 2018 increased $152.9 million or 44.7% from $342.2 million in fiscal year 2017. Ceramic product line net sales of $276.1 million in fiscal year 2018 increased $43.2 million or 18.5% from $232.9 million in fiscal year 2017. The increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income Segment operating income of $234.5 million for fiscal year 2018 increased $86.8 million or 58.8% from $147.7 million for fiscal year 2017. The increase in operating income was primarily attributable to an increase in gross margin of $100.4 million. TOKIN contributed $47.0 million in additional gross margin in fiscal year 2018. Legacy KEMET gross margin increased $53.3 million, or 30.6%, primarily driven by an increase in net sales, cost improvements in vertical integration, favorable foreign currency impact to manufacturing costs, and manufacturing process improvements resulting from our cost reduction activities. In addition, there was a $1.6 million improvement in (gain) loss on write down and disposal of long-lived assets. Partially offsetting these improvements were a $10.5 million increase in SG&A expenses and a $5.0 million increase in R&D expenses. TOKIN accounted for $10.2 million of the increase in SG&A expenses and $4.1 million of the increase in R&D expenses. Film and Electrolytic The table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages): For the Fiscal Years Ended March 31, 2018 March 31, 2017 % to Net % to Net Amount Sales Amount Sales Net sales $ 201,977 $ 182,228 Segment operating income (loss) 3,622 1.8% (9,028) (5.0)% Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606 Net Sales Film and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income (Loss) Segment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses. 51
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data/downloaded_datasets/tatdqa/test/23b98a2dfcb8b787448e527f00cffa9b.pdf
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How many years did net sales exceed $200,000 thousand?
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Net Sales Solid Capacitors net sales of $771.2 million in fiscal year 2018 increased $196.1 million or 34.1% from $575.1 million in fiscal year 2017. Tantalum product line net sales of $495.1 million in fiscal year 2018 increased $152.9 million or 44.7% from $342.2 million in fiscal year 2017. Ceramic product line net sales of $276.1 million in fiscal year 2018 increased $43.2 million or 18.5% from $232.9 million in fiscal year 2017. The increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income Segment operating income of $234.5 million for fiscal year 2018 increased $86.8 million or 58.8% from $147.7 million for fiscal year 2017. The increase in operating income was primarily attributable to an increase in gross margin of $100.4 million. TOKIN contributed $47.0 million in additional gross margin in fiscal year 2018. Legacy KEMET gross margin increased $53.3 million, or 30.6%, primarily driven by an increase in net sales, cost improvements in vertical integration, favorable foreign currency impact to manufacturing costs, and manufacturing process improvements resulting from our cost reduction activities. In addition, there was a $1.6 million improvement in (gain) loss on write down and disposal of long-lived assets. Partially offsetting these improvements were a $10.5 million increase in SG&A expenses and a $5.0 million increase in R&D expenses. TOKIN accounted for $10.2 million of the increase in SG&A expenses and $4.1 million of the increase in R&D expenses. Film and Electrolytic The table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages): For the Fiscal Years Ended March 31, 2018 March 31, 2017 % to Net % to Net Amount Sales Amount Sales Net sales $ 201,977 $ 182,228 Segment operating income (loss) 3,622 1.8% (9,028) (5.0)% Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606 Net Sales Film and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income (Loss) Segment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses. 51
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data/downloaded_datasets/tatdqa/test/23b98a2dfcb8b787448e527f00cffa9b.pdf
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What was the change in the percentage to net sales for segment operating income (loss) between 2017 and 2018?
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Net Sales Solid Capacitors net sales of $771.2 million in fiscal year 2018 increased $196.1 million or 34.1% from $575.1 million in fiscal year 2017. Tantalum product line net sales of $495.1 million in fiscal year 2018 increased $152.9 million or 44.7% from $342.2 million in fiscal year 2017. Ceramic product line net sales of $276.1 million in fiscal year 2018 increased $43.2 million or 18.5% from $232.9 million in fiscal year 2017. The increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income Segment operating income of $234.5 million for fiscal year 2018 increased $86.8 million or 58.8% from $147.7 million for fiscal year 2017. The increase in operating income was primarily attributable to an increase in gross margin of $100.4 million. TOKIN contributed $47.0 million in additional gross margin in fiscal year 2018. Legacy KEMET gross margin increased $53.3 million, or 30.6%, primarily driven by an increase in net sales, cost improvements in vertical integration, favorable foreign currency impact to manufacturing costs, and manufacturing process improvements resulting from our cost reduction activities. In addition, there was a $1.6 million improvement in (gain) loss on write down and disposal of long-lived assets. Partially offsetting these improvements were a $10.5 million increase in SG&A expenses and a $5.0 million increase in R&D expenses. TOKIN accounted for $10.2 million of the increase in SG&A expenses and $4.1 million of the increase in R&D expenses. Film and Electrolytic The table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages): For the Fiscal Years Ended March 31, 2018 March 31, 2017 % to Net % to Net Amount Sales Amount Sales Net sales $ 201,977 $ 182,228 Segment operating income (loss) 3,622 1.8% (9,028) (5.0)% Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606 Net Sales Film and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income (Loss) Segment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses. 51
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data/downloaded_datasets/tatdqa/test/23b98a2dfcb8b787448e527f00cffa9b.pdf
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What was the percentage change in the segment operating income (loss) between 2017 and 2018?
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Net Sales Solid Capacitors net sales of $771.2 million in fiscal year 2018 increased $196.1 million or 34.1% from $575.1 million in fiscal year 2017. Tantalum product line net sales of $495.1 million in fiscal year 2018 increased $152.9 million or 44.7% from $342.2 million in fiscal year 2017. Ceramic product line net sales of $276.1 million in fiscal year 2018 increased $43.2 million or 18.5% from $232.9 million in fiscal year 2017. The increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income Segment operating income of $234.5 million for fiscal year 2018 increased $86.8 million or 58.8% from $147.7 million for fiscal year 2017. The increase in operating income was primarily attributable to an increase in gross margin of $100.4 million. TOKIN contributed $47.0 million in additional gross margin in fiscal year 2018. Legacy KEMET gross margin increased $53.3 million, or 30.6%, primarily driven by an increase in net sales, cost improvements in vertical integration, favorable foreign currency impact to manufacturing costs, and manufacturing process improvements resulting from our cost reduction activities. In addition, there was a $1.6 million improvement in (gain) loss on write down and disposal of long-lived assets. Partially offsetting these improvements were a $10.5 million increase in SG&A expenses and a $5.0 million increase in R&D expenses. TOKIN accounted for $10.2 million of the increase in SG&A expenses and $4.1 million of the increase in R&D expenses. Film and Electrolytic The table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages): For the Fiscal Years Ended March 31, 2018 March 31, 2017 % to Net % to Net Amount Sales Amount Sales Net sales $ 201,977 $ 182,228 Segment operating income (loss) 3,622 1.8% (9,028) (5.0)% Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606 Net Sales Film and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar. Reportable Segment Operating Income (Loss) Segment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses. 51
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data/downloaded_datasets/tatdqa/test/5208576a85192612b24f629769981aa8.pdf
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Which years does the table provide information for accounts receivable?
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Table of Contents NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data) NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, December 31, 2019 2018 Accounts receivable $ 68,309 $ 76,376 Less: provision for doubtful receivables (16,377) (16,086) Accounts receivable, net $ 51,932 $ 60,290 Changes to the provisions for doubtful accounts are summarized as follows: Balance at Charges to Balance at Beginning of Costs and Amount End of Allowance for doubtful receivables Period Expenses Utilized Period Year ended December 31, 2017 $ (19,437) $ (269) $ — $(19,706) Year ended December 31, 2018 $ (19,706) $ (575) $4,195 $(16,086) Year ended December 31, 2019 $ (16,086) $ (999) $ 708 $(16,377) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations and are the same customers who accounted for 13.1% and 11.6%, respectively, of the Company’s revenue from continuing operations in the year ended December 31, 2018. For the year ended December 31, 2017, no customers accounted for more than 10% of the Company’s revenue. NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, December 31, 2019 2018 Prepaid voyage and operating costs $ 5,726 $ 9,261 Claims receivable 3,826 22,224 Prepaid other taxes 1,012 2,682 Advances for working capital purposes —_— 18 Other 1,675 6,005 Total prepaid expenses and other current assets $ 12,239 $ 40,190 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. As of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Accumulated Net Book Vessels Cost Depreciation Value Balance December 31, 2016 $1,930,950 $ (521,535) $1,409,415 Additions _— (73,017) (73,017) Impairment losses (104,157) 58,034 (46,123) Disposals (11,828) — (11,828) Balance December 31, 2017 1,814,965 (536,518) 1,278,447 F-31
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data/downloaded_datasets/tatdqa/test/5208576a85192612b24f629769981aa8.pdf
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What was the provision for doubtful receivables in 2018?
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Table of Contents NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data) NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, December 31, 2019 2018 Accounts receivable $ 68,309 $ 76,376 Less: provision for doubtful receivables (16,377) (16,086) Accounts receivable, net $ 51,932 $ 60,290 Changes to the provisions for doubtful accounts are summarized as follows: Balance at Charges to Balance at Beginning of Costs and Amount End of Allowance for doubtful receivables Period Expenses Utilized Period Year ended December 31, 2017 $ (19,437) $ (269) $ — $(19,706) Year ended December 31, 2018 $ (19,706) $ (575) $4,195 $(16,086) Year ended December 31, 2019 $ (16,086) $ (999) $ 708 $(16,377) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations and are the same customers who accounted for 13.1% and 11.6%, respectively, of the Company’s revenue from continuing operations in the year ended December 31, 2018. For the year ended December 31, 2017, no customers accounted for more than 10% of the Company’s revenue. NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, December 31, 2019 2018 Prepaid voyage and operating costs $ 5,726 $ 9,261 Claims receivable 3,826 22,224 Prepaid other taxes 1,012 2,682 Advances for working capital purposes —_— 18 Other 1,675 6,005 Total prepaid expenses and other current assets $ 12,239 $ 40,190 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. As of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Accumulated Net Book Vessels Cost Depreciation Value Balance December 31, 2016 $1,930,950 $ (521,535) $1,409,415 Additions _— (73,017) (73,017) Impairment losses (104,157) 58,034 (46,123) Disposals (11,828) — (11,828) Balance December 31, 2017 1,814,965 (536,518) 1,278,447 F-31
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data/downloaded_datasets/tatdqa/test/5208576a85192612b24f629769981aa8.pdf
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What was the net accounts receivable in 2019?
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Table of Contents NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data) NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, December 31, 2019 2018 Accounts receivable $ 68,309 $ 76,376 Less: provision for doubtful receivables (16,377) (16,086) Accounts receivable, net $ 51,932 $ 60,290 Changes to the provisions for doubtful accounts are summarized as follows: Balance at Charges to Balance at Beginning of Costs and Amount End of Allowance for doubtful receivables Period Expenses Utilized Period Year ended December 31, 2017 $ (19,437) $ (269) $ — $(19,706) Year ended December 31, 2018 $ (19,706) $ (575) $4,195 $(16,086) Year ended December 31, 2019 $ (16,086) $ (999) $ 708 $(16,377) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations and are the same customers who accounted for 13.1% and 11.6%, respectively, of the Company’s revenue from continuing operations in the year ended December 31, 2018. For the year ended December 31, 2017, no customers accounted for more than 10% of the Company’s revenue. NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, December 31, 2019 2018 Prepaid voyage and operating costs $ 5,726 $ 9,261 Claims receivable 3,826 22,224 Prepaid other taxes 1,012 2,682 Advances for working capital purposes —_— 18 Other 1,675 6,005 Total prepaid expenses and other current assets $ 12,239 $ 40,190 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. As of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Accumulated Net Book Vessels Cost Depreciation Value Balance December 31, 2016 $1,930,950 $ (521,535) $1,409,415 Additions _— (73,017) (73,017) Impairment losses (104,157) 58,034 (46,123) Disposals (11,828) — (11,828) Balance December 31, 2017 1,814,965 (536,518) 1,278,447 F-31
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data/downloaded_datasets/tatdqa/test/5208576a85192612b24f629769981aa8.pdf
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How many years did Accounts receivable exceed $50,000 thousand?
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Table of Contents NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data) NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, December 31, 2019 2018 Accounts receivable $ 68,309 $ 76,376 Less: provision for doubtful receivables (16,377) (16,086) Accounts receivable, net $ 51,932 $ 60,290 Changes to the provisions for doubtful accounts are summarized as follows: Balance at Charges to Balance at Beginning of Costs and Amount End of Allowance for doubtful receivables Period Expenses Utilized Period Year ended December 31, 2017 $ (19,437) $ (269) $ — $(19,706) Year ended December 31, 2018 $ (19,706) $ (575) $4,195 $(16,086) Year ended December 31, 2019 $ (16,086) $ (999) $ 708 $(16,377) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations and are the same customers who accounted for 13.1% and 11.6%, respectively, of the Company’s revenue from continuing operations in the year ended December 31, 2018. For the year ended December 31, 2017, no customers accounted for more than 10% of the Company’s revenue. NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, December 31, 2019 2018 Prepaid voyage and operating costs $ 5,726 $ 9,261 Claims receivable 3,826 22,224 Prepaid other taxes 1,012 2,682 Advances for working capital purposes —_— 18 Other 1,675 6,005 Total prepaid expenses and other current assets $ 12,239 $ 40,190 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. As of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Accumulated Net Book Vessels Cost Depreciation Value Balance December 31, 2016 $1,930,950 $ (521,535) $1,409,415 Additions _— (73,017) (73,017) Impairment losses (104,157) 58,034 (46,123) Disposals (11,828) — (11,828) Balance December 31, 2017 1,814,965 (536,518) 1,278,447 F-31
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data/downloaded_datasets/tatdqa/test/5208576a85192612b24f629769981aa8.pdf
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What was the change in the provision for doubtful receivables between 2018 and 2019?
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Table of Contents NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data) NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, December 31, 2019 2018 Accounts receivable $ 68,309 $ 76,376 Less: provision for doubtful receivables (16,377) (16,086) Accounts receivable, net $ 51,932 $ 60,290 Changes to the provisions for doubtful accounts are summarized as follows: Balance at Charges to Balance at Beginning of Costs and Amount End of Allowance for doubtful receivables Period Expenses Utilized Period Year ended December 31, 2017 $ (19,437) $ (269) $ — $(19,706) Year ended December 31, 2018 $ (19,706) $ (575) $4,195 $(16,086) Year ended December 31, 2019 $ (16,086) $ (999) $ 708 $(16,377) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations and are the same customers who accounted for 13.1% and 11.6%, respectively, of the Company’s revenue from continuing operations in the year ended December 31, 2018. For the year ended December 31, 2017, no customers accounted for more than 10% of the Company’s revenue. NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, December 31, 2019 2018 Prepaid voyage and operating costs $ 5,726 $ 9,261 Claims receivable 3,826 22,224 Prepaid other taxes 1,012 2,682 Advances for working capital purposes —_— 18 Other 1,675 6,005 Total prepaid expenses and other current assets $ 12,239 $ 40,190 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. As of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Accumulated Net Book Vessels Cost Depreciation Value Balance December 31, 2016 $1,930,950 $ (521,535) $1,409,415 Additions _— (73,017) (73,017) Impairment losses (104,157) 58,034 (46,123) Disposals (11,828) — (11,828) Balance December 31, 2017 1,814,965 (536,518) 1,278,447 F-31
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data/downloaded_datasets/tatdqa/test/5208576a85192612b24f629769981aa8.pdf
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What was the percentage change in net accounts receivables between 2018 and 2019?
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Table of Contents NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data) NOTE 5: ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following: December 31, December 31, 2019 2018 Accounts receivable $ 68,309 $ 76,376 Less: provision for doubtful receivables (16,377) (16,086) Accounts receivable, net $ 51,932 $ 60,290 Changes to the provisions for doubtful accounts are summarized as follows: Balance at Charges to Balance at Beginning of Costs and Amount End of Allowance for doubtful receivables Period Expenses Utilized Period Year ended December 31, 2017 $ (19,437) $ (269) $ — $(19,706) Year ended December 31, 2018 $ (19,706) $ (575) $4,195 $(16,086) Year ended December 31, 2019 $ (16,086) $ (999) $ 708 $(16,377) Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. For the year ended December 31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company’s revenue from continuing operations and are the same customers who accounted for 13.1% and 11.6%, respectively, of the Company’s revenue from continuing operations in the year ended December 31, 2018. For the year ended December 31, 2017, no customers accounted for more than 10% of the Company’s revenue. NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: December 31, December 31, 2019 2018 Prepaid voyage and operating costs $ 5,726 $ 9,261 Claims receivable 3,826 22,224 Prepaid other taxes 1,012 2,682 Advances for working capital purposes —_— 18 Other 1,675 6,005 Total prepaid expenses and other current assets $ 12,239 $ 40,190 Claims receivable mainly represents claims against vessels’ insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. As of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay. NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET Accumulated Net Book Vessels Cost Depreciation Value Balance December 31, 2016 $1,930,950 $ (521,535) $1,409,415 Additions _— (73,017) (73,017) Impairment losses (104,157) 58,034 (46,123) Disposals (11,828) — (11,828) Balance December 31, 2017 1,814,965 (536,518) 1,278,447 F-31
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data/downloaded_datasets/tatdqa/test/8b1c7617ae16b63840f3cfc52ea82824.pdf
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How is Basic net earnings per common share calculated
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ASMI ANNUAL REPORT 2019 ABOUT VALUE CREATION GOVERNANCE The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources. Personnel expenses for employees were as follows: Q <4 FINANCIAL STATEMENTS. GENERAL INFORMATION The number of employees, exclusive of temporary workers, by function at year-end was as follows: December 31, a Per function Research and development 544 612 December 31, Manufacturing 456 484 | 2018 | Marketing and sales 277 275 Wages and salaries 158,371 191,459 Customer service 716 779 Social security 14,802 17,214 Finance and administration 188 187 Pension expenses 6,937 8,408 Total 2,181 2,337 Share-based payment expenses 8,215 10,538 Restructuring expenses 178 108 NOTE 24. EARNINGS PER SHARE Total 188,503 227,727 Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss. The number of employees, exclusive of temporary workers, by geographical area at year-end was as follows: December 31, Geographical location | 2018 | Europe: - the Netherlands 151 145 - EMEA 189 203 United States 576 639 Japan 248 271 South Korea 273 280 Singapore 463 474 Asia, other 281 325 Total 2,181 2,337 Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect. The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: December 31, a Net earnings used for purposes of calculating net income per common share Net earnings from operations 157,133 329,013 Basic weighted average number of shares outstanding during the year (thousands) 52,432 49,418 Effect of dilutive potential common shares from stock options and restricted shares 678 580 Dilutive weighted average number of shares outstanding 53,110 49,999 Basic net earnings per share: from operations 3.00 6.66 Diluted net earnings per share: from operations 2.96 6.58
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data/downloaded_datasets/tatdqa/test/8b1c7617ae16b63840f3cfc52ea82824.pdf
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For what years is information on earnings per share available?
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ASMI ANNUAL REPORT 2019 ABOUT VALUE CREATION GOVERNANCE The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources. Personnel expenses for employees were as follows: Q <4 FINANCIAL STATEMENTS. GENERAL INFORMATION The number of employees, exclusive of temporary workers, by function at year-end was as follows: December 31, a Per function Research and development 544 612 December 31, Manufacturing 456 484 | 2018 | Marketing and sales 277 275 Wages and salaries 158,371 191,459 Customer service 716 779 Social security 14,802 17,214 Finance and administration 188 187 Pension expenses 6,937 8,408 Total 2,181 2,337 Share-based payment expenses 8,215 10,538 Restructuring expenses 178 108 NOTE 24. EARNINGS PER SHARE Total 188,503 227,727 Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss. The number of employees, exclusive of temporary workers, by geographical area at year-end was as follows: December 31, Geographical location | 2018 | Europe: - the Netherlands 151 145 - EMEA 189 203 United States 576 639 Japan 248 271 South Korea 273 280 Singapore 463 474 Asia, other 281 325 Total 2,181 2,337 Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect. The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: December 31, a Net earnings used for purposes of calculating net income per common share Net earnings from operations 157,133 329,013 Basic weighted average number of shares outstanding during the year (thousands) 52,432 49,418 Effect of dilutive potential common shares from stock options and restricted shares 678 580 Dilutive weighted average number of shares outstanding 53,110 49,999 Basic net earnings per share: from operations 3.00 6.66 Diluted net earnings per share: from operations 2.96 6.58
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data/downloaded_datasets/tatdqa/test/8b1c7617ae16b63840f3cfc52ea82824.pdf
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What is the Net earnings from operations in 2018?
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ASMI ANNUAL REPORT 2019 ABOUT VALUE CREATION GOVERNANCE The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources. Personnel expenses for employees were as follows: Q <4 FINANCIAL STATEMENTS. GENERAL INFORMATION The number of employees, exclusive of temporary workers, by function at year-end was as follows: December 31, a Per function Research and development 544 612 December 31, Manufacturing 456 484 | 2018 | Marketing and sales 277 275 Wages and salaries 158,371 191,459 Customer service 716 779 Social security 14,802 17,214 Finance and administration 188 187 Pension expenses 6,937 8,408 Total 2,181 2,337 Share-based payment expenses 8,215 10,538 Restructuring expenses 178 108 NOTE 24. EARNINGS PER SHARE Total 188,503 227,727 Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss. The number of employees, exclusive of temporary workers, by geographical area at year-end was as follows: December 31, Geographical location | 2018 | Europe: - the Netherlands 151 145 - EMEA 189 203 United States 576 639 Japan 248 271 South Korea 273 280 Singapore 463 474 Asia, other 281 325 Total 2,181 2,337 Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect. The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: December 31, a Net earnings used for purposes of calculating net income per common share Net earnings from operations 157,133 329,013 Basic weighted average number of shares outstanding during the year (thousands) 52,432 49,418 Effect of dilutive potential common shares from stock options and restricted shares 678 580 Dilutive weighted average number of shares outstanding 53,110 49,999 Basic net earnings per share: from operations 3.00 6.66 Diluted net earnings per share: from operations 2.96 6.58
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data/downloaded_datasets/tatdqa/test/8b1c7617ae16b63840f3cfc52ea82824.pdf
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Which year had the lowest percentage difference in basic and diluted net earnings per share?
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ASMI ANNUAL REPORT 2019 ABOUT VALUE CREATION GOVERNANCE The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources. Personnel expenses for employees were as follows: Q <4 FINANCIAL STATEMENTS. GENERAL INFORMATION The number of employees, exclusive of temporary workers, by function at year-end was as follows: December 31, a Per function Research and development 544 612 December 31, Manufacturing 456 484 | 2018 | Marketing and sales 277 275 Wages and salaries 158,371 191,459 Customer service 716 779 Social security 14,802 17,214 Finance and administration 188 187 Pension expenses 6,937 8,408 Total 2,181 2,337 Share-based payment expenses 8,215 10,538 Restructuring expenses 178 108 NOTE 24. EARNINGS PER SHARE Total 188,503 227,727 Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss. The number of employees, exclusive of temporary workers, by geographical area at year-end was as follows: December 31, Geographical location | 2018 | Europe: - the Netherlands 151 145 - EMEA 189 203 United States 576 639 Japan 248 271 South Korea 273 280 Singapore 463 474 Asia, other 281 325 Total 2,181 2,337 Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect. The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: December 31, a Net earnings used for purposes of calculating net income per common share Net earnings from operations 157,133 329,013 Basic weighted average number of shares outstanding during the year (thousands) 52,432 49,418 Effect of dilutive potential common shares from stock options and restricted shares 678 580 Dilutive weighted average number of shares outstanding 53,110 49,999 Basic net earnings per share: from operations 3.00 6.66 Diluted net earnings per share: from operations 2.96 6.58
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data/downloaded_datasets/tatdqa/test/8b1c7617ae16b63840f3cfc52ea82824.pdf
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What is the change in Net earnings from operations from 2018 to 2019?
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ASMI ANNUAL REPORT 2019 ABOUT VALUE CREATION GOVERNANCE The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources. Personnel expenses for employees were as follows: Q <4 FINANCIAL STATEMENTS. GENERAL INFORMATION The number of employees, exclusive of temporary workers, by function at year-end was as follows: December 31, a Per function Research and development 544 612 December 31, Manufacturing 456 484 | 2018 | Marketing and sales 277 275 Wages and salaries 158,371 191,459 Customer service 716 779 Social security 14,802 17,214 Finance and administration 188 187 Pension expenses 6,937 8,408 Total 2,181 2,337 Share-based payment expenses 8,215 10,538 Restructuring expenses 178 108 NOTE 24. EARNINGS PER SHARE Total 188,503 227,727 Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss. The number of employees, exclusive of temporary workers, by geographical area at year-end was as follows: December 31, Geographical location | 2018 | Europe: - the Netherlands 151 145 - EMEA 189 203 United States 576 639 Japan 248 271 South Korea 273 280 Singapore 463 474 Asia, other 281 325 Total 2,181 2,337 Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect. The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: December 31, a Net earnings used for purposes of calculating net income per common share Net earnings from operations 157,133 329,013 Basic weighted average number of shares outstanding during the year (thousands) 52,432 49,418 Effect of dilutive potential common shares from stock options and restricted shares 678 580 Dilutive weighted average number of shares outstanding 53,110 49,999 Basic net earnings per share: from operations 3.00 6.66 Diluted net earnings per share: from operations 2.96 6.58
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data/downloaded_datasets/tatdqa/test/8b1c7617ae16b63840f3cfc52ea82824.pdf
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What is the percentage change in Net earnings from operations from 2018 to 2019?
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ASMI ANNUAL REPORT 2019 ABOUT VALUE CREATION GOVERNANCE The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources. Personnel expenses for employees were as follows: Q <4 FINANCIAL STATEMENTS. GENERAL INFORMATION The number of employees, exclusive of temporary workers, by function at year-end was as follows: December 31, a Per function Research and development 544 612 December 31, Manufacturing 456 484 | 2018 | Marketing and sales 277 275 Wages and salaries 158,371 191,459 Customer service 716 779 Social security 14,802 17,214 Finance and administration 188 187 Pension expenses 6,937 8,408 Total 2,181 2,337 Share-based payment expenses 8,215 10,538 Restructuring expenses 178 108 NOTE 24. EARNINGS PER SHARE Total 188,503 227,727 Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss. The number of employees, exclusive of temporary workers, by geographical area at year-end was as follows: December 31, Geographical location | 2018 | Europe: - the Netherlands 151 145 - EMEA 189 203 United States 576 639 Japan 248 271 South Korea 273 280 Singapore 463 474 Asia, other 281 325 Total 2,181 2,337 Basic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect. The calculation of basic and diluted net income per share attributable to common shareholders is based on the following data: December 31, a Net earnings used for purposes of calculating net income per common share Net earnings from operations 157,133 329,013 Basic weighted average number of shares outstanding during the year (thousands) 52,432 49,418 Effect of dilutive potential common shares from stock options and restricted shares 678 580 Dilutive weighted average number of shares outstanding 53,110 49,999 Basic net earnings per share: from operations 3.00 6.66 Diluted net earnings per share: from operations 2.96 6.58
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data/downloaded_datasets/tatdqa/test/832f8af1730c8f79e9d70fc20c3e9ed5.pdf
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How are Provisions for post-employment benefits plans recognised?
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NOTES NOTES TO THE BALANCE SHEET 239 €254million - from the reported balance sheet profit of €266 million and to carry forward the remaining amount to the new account. 32. Provisions for post-employment benefits plans and similar obligations € million 30/9/2018 30/9/2019 Provisions for post-employment benefits plans (employer’s commitments) 344 414 Provisions for indirect commitments 12 17 Provisions for voluntary pension benefits oO oO Provisions for post-employment benefit plans 71 78 427 509 Provisions for obligations similar to pensions 4 34 468 543 Provisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits). Provisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer’s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers’ assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service. The most important performance-based pension plans are described in the following. Germany METRO grants many employees in Germany retirement, disability and surviving dependant’s benefits. New commitments are granted in the form of ‘defined benefit’ commitments in the meaning of IAS 19 (contribution-oriented commitments pursuant to German company pension law), which comprise a payment contribution component and an employer-matching component. Contributions are paid to a pension reinsurance from which benefits are paid out when the insured event occurs. A provision is recognised for entitlements not covered by pension reinsurance. In addition, various pension funds exist that are closed for new contributions. In general, these provide for lifelong pensions starting with the start of retirement or recognised invalidity. Benefits are largely defined as fixed payments or on the basis of set annual increases. In special cases, benefits are calculated in consideration of accrued statutory pension entitlements. The commitments provide for a widow’s or widower’s pension of varying size, depending on the benefits the former employee received or would have received in case of invalidity. Legacy commitments are partially covered by assets held in benevolent funds. Provisions are recognised for those commitments not covered. The benevolent funds’ decision-making bodies (management board and general assembly of members) comprise both employer and employee representatives. The respective members of the Management Board decide on the deployment of funds and financial investments. It may commission third parties to manage fund assets. No statutory minimum endowment METRO ANNUAL REPORT 2018/19
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data/downloaded_datasets/tatdqa/test/832f8af1730c8f79e9d70fc20c3e9ed5.pdf
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What are the benefits under the different plans based on?
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NOTES NOTES TO THE BALANCE SHEET 239 €254million - from the reported balance sheet profit of €266 million and to carry forward the remaining amount to the new account. 32. Provisions for post-employment benefits plans and similar obligations € million 30/9/2018 30/9/2019 Provisions for post-employment benefits plans (employer’s commitments) 344 414 Provisions for indirect commitments 12 17 Provisions for voluntary pension benefits oO oO Provisions for post-employment benefit plans 71 78 427 509 Provisions for obligations similar to pensions 4 34 468 543 Provisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits). Provisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer’s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers’ assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service. The most important performance-based pension plans are described in the following. Germany METRO grants many employees in Germany retirement, disability and surviving dependant’s benefits. New commitments are granted in the form of ‘defined benefit’ commitments in the meaning of IAS 19 (contribution-oriented commitments pursuant to German company pension law), which comprise a payment contribution component and an employer-matching component. Contributions are paid to a pension reinsurance from which benefits are paid out when the insured event occurs. A provision is recognised for entitlements not covered by pension reinsurance. In addition, various pension funds exist that are closed for new contributions. In general, these provide for lifelong pensions starting with the start of retirement or recognised invalidity. Benefits are largely defined as fixed payments or on the basis of set annual increases. In special cases, benefits are calculated in consideration of accrued statutory pension entitlements. The commitments provide for a widow’s or widower’s pension of varying size, depending on the benefits the former employee received or would have received in case of invalidity. Legacy commitments are partially covered by assets held in benevolent funds. Provisions are recognised for those commitments not covered. The benevolent funds’ decision-making bodies (management board and general assembly of members) comprise both employer and employee representatives. The respective members of the Management Board decide on the deployment of funds and financial investments. It may commission third parties to manage fund assets. No statutory minimum endowment METRO ANNUAL REPORT 2018/19
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data/downloaded_datasets/tatdqa/test/832f8af1730c8f79e9d70fc20c3e9ed5.pdf
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What are the types of provisions for post-employment benefits plans?
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NOTES NOTES TO THE BALANCE SHEET 239 €254million - from the reported balance sheet profit of €266 million and to carry forward the remaining amount to the new account. 32. Provisions for post-employment benefits plans and similar obligations € million 30/9/2018 30/9/2019 Provisions for post-employment benefits plans (employer’s commitments) 344 414 Provisions for indirect commitments 12 17 Provisions for voluntary pension benefits oO oO Provisions for post-employment benefit plans 71 78 427 509 Provisions for obligations similar to pensions 4 34 468 543 Provisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits). Provisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer’s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers’ assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service. The most important performance-based pension plans are described in the following. Germany METRO grants many employees in Germany retirement, disability and surviving dependant’s benefits. New commitments are granted in the form of ‘defined benefit’ commitments in the meaning of IAS 19 (contribution-oriented commitments pursuant to German company pension law), which comprise a payment contribution component and an employer-matching component. Contributions are paid to a pension reinsurance from which benefits are paid out when the insured event occurs. A provision is recognised for entitlements not covered by pension reinsurance. In addition, various pension funds exist that are closed for new contributions. In general, these provide for lifelong pensions starting with the start of retirement or recognised invalidity. Benefits are largely defined as fixed payments or on the basis of set annual increases. In special cases, benefits are calculated in consideration of accrued statutory pension entitlements. The commitments provide for a widow’s or widower’s pension of varying size, depending on the benefits the former employee received or would have received in case of invalidity. Legacy commitments are partially covered by assets held in benevolent funds. Provisions are recognised for those commitments not covered. The benevolent funds’ decision-making bodies (management board and general assembly of members) comprise both employer and employee representatives. The respective members of the Management Board decide on the deployment of funds and financial investments. It may commission third parties to manage fund assets. No statutory minimum endowment METRO ANNUAL REPORT 2018/19
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data/downloaded_datasets/tatdqa/test/832f8af1730c8f79e9d70fc20c3e9ed5.pdf
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In which year were the Provisions for post-employment benefits plans (employer’s commitments) larger?
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NOTES NOTES TO THE BALANCE SHEET 239 €254million - from the reported balance sheet profit of €266 million and to carry forward the remaining amount to the new account. 32. Provisions for post-employment benefits plans and similar obligations € million 30/9/2018 30/9/2019 Provisions for post-employment benefits plans (employer’s commitments) 344 414 Provisions for indirect commitments 12 17 Provisions for voluntary pension benefits oO oO Provisions for post-employment benefit plans 71 78 427 509 Provisions for obligations similar to pensions 4 34 468 543 Provisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits). Provisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer’s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers’ assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service. The most important performance-based pension plans are described in the following. Germany METRO grants many employees in Germany retirement, disability and surviving dependant’s benefits. New commitments are granted in the form of ‘defined benefit’ commitments in the meaning of IAS 19 (contribution-oriented commitments pursuant to German company pension law), which comprise a payment contribution component and an employer-matching component. Contributions are paid to a pension reinsurance from which benefits are paid out when the insured event occurs. A provision is recognised for entitlements not covered by pension reinsurance. In addition, various pension funds exist that are closed for new contributions. In general, these provide for lifelong pensions starting with the start of retirement or recognised invalidity. Benefits are largely defined as fixed payments or on the basis of set annual increases. In special cases, benefits are calculated in consideration of accrued statutory pension entitlements. The commitments provide for a widow’s or widower’s pension of varying size, depending on the benefits the former employee received or would have received in case of invalidity. Legacy commitments are partially covered by assets held in benevolent funds. Provisions are recognised for those commitments not covered. The benevolent funds’ decision-making bodies (management board and general assembly of members) comprise both employer and employee representatives. The respective members of the Management Board decide on the deployment of funds and financial investments. It may commission third parties to manage fund assets. No statutory minimum endowment METRO ANNUAL REPORT 2018/19
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data/downloaded_datasets/tatdqa/test/832f8af1730c8f79e9d70fc20c3e9ed5.pdf
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What was the change in Provisions for post-employment benefits plans (employer’s commitments) in FY2019 from FY2018?
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NOTES NOTES TO THE BALANCE SHEET 239 €254million - from the reported balance sheet profit of €266 million and to carry forward the remaining amount to the new account. 32. Provisions for post-employment benefits plans and similar obligations € million 30/9/2018 30/9/2019 Provisions for post-employment benefits plans (employer’s commitments) 344 414 Provisions for indirect commitments 12 17 Provisions for voluntary pension benefits oO oO Provisions for post-employment benefit plans 71 78 427 509 Provisions for obligations similar to pensions 4 34 468 543 Provisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits). Provisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer’s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers’ assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service. The most important performance-based pension plans are described in the following. Germany METRO grants many employees in Germany retirement, disability and surviving dependant’s benefits. New commitments are granted in the form of ‘defined benefit’ commitments in the meaning of IAS 19 (contribution-oriented commitments pursuant to German company pension law), which comprise a payment contribution component and an employer-matching component. Contributions are paid to a pension reinsurance from which benefits are paid out when the insured event occurs. A provision is recognised for entitlements not covered by pension reinsurance. In addition, various pension funds exist that are closed for new contributions. In general, these provide for lifelong pensions starting with the start of retirement or recognised invalidity. Benefits are largely defined as fixed payments or on the basis of set annual increases. In special cases, benefits are calculated in consideration of accrued statutory pension entitlements. The commitments provide for a widow’s or widower’s pension of varying size, depending on the benefits the former employee received or would have received in case of invalidity. Legacy commitments are partially covered by assets held in benevolent funds. Provisions are recognised for those commitments not covered. The benevolent funds’ decision-making bodies (management board and general assembly of members) comprise both employer and employee representatives. The respective members of the Management Board decide on the deployment of funds and financial investments. It may commission third parties to manage fund assets. No statutory minimum endowment METRO ANNUAL REPORT 2018/19
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data/downloaded_datasets/tatdqa/test/832f8af1730c8f79e9d70fc20c3e9ed5.pdf
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What was the percentage change in Provisions for post-employment benefits plans (employer’s commitments) in FY2019 from FY2018?
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NOTES NOTES TO THE BALANCE SHEET 239 €254million - from the reported balance sheet profit of €266 million and to carry forward the remaining amount to the new account. 32. Provisions for post-employment benefits plans and similar obligations € million 30/9/2018 30/9/2019 Provisions for post-employment benefits plans (employer’s commitments) 344 414 Provisions for indirect commitments 12 17 Provisions for voluntary pension benefits oO oO Provisions for post-employment benefit plans 71 78 427 509 Provisions for obligations similar to pensions 4 34 468 543 Provisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits). Provisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer’s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers’ assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service. The most important performance-based pension plans are described in the following. Germany METRO grants many employees in Germany retirement, disability and surviving dependant’s benefits. New commitments are granted in the form of ‘defined benefit’ commitments in the meaning of IAS 19 (contribution-oriented commitments pursuant to German company pension law), which comprise a payment contribution component and an employer-matching component. Contributions are paid to a pension reinsurance from which benefits are paid out when the insured event occurs. A provision is recognised for entitlements not covered by pension reinsurance. In addition, various pension funds exist that are closed for new contributions. In general, these provide for lifelong pensions starting with the start of retirement or recognised invalidity. Benefits are largely defined as fixed payments or on the basis of set annual increases. In special cases, benefits are calculated in consideration of accrued statutory pension entitlements. The commitments provide for a widow’s or widower’s pension of varying size, depending on the benefits the former employee received or would have received in case of invalidity. Legacy commitments are partially covered by assets held in benevolent funds. Provisions are recognised for those commitments not covered. The benevolent funds’ decision-making bodies (management board and general assembly of members) comprise both employer and employee representatives. The respective members of the Management Board decide on the deployment of funds and financial investments. It may commission third parties to manage fund assets. No statutory minimum endowment METRO ANNUAL REPORT 2018/19
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data/downloaded_datasets/tatdqa/test/e451667af82b3c2c9542984300486ebd.pdf
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What was the amount of equity raising done by the Group in 2018?
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During the year ended 30 June 2019, the Group contributed a further $1.3m into the Bundall Storage Trust and $2.2m into the Bundall Commercial Trust as part of a capital raise. There was no change in the total share of the Group's interest in either Trust following this investment. On 21 June 2019, the Group purchased two storage centre investment property assets from the Bundall Storage Trust for $43.7m. On 21 June 2019, the Bundall Storage Trust purchased a site for a proposed storage centre development from the Group for $8.2m and the Bundall Commercial Trust purchased a commercial property from the Group for $17.8m. As at 30 June 2019 the Bundall Storage Trust has one storage centre investment property asset under construction. The Bundall Commercial Trust derives rental property income from the leasing of commercial units. During the year ended 30 June 2018, the Group subscribed to 83.3% of the units in FKS Investments No.2 Unit Trust (“FKS"). FKS subsequently purchased a storage centre investment property asset in Queensland, Australia. On 28 June 2019, the Group sold its units in FKS for $3m. These investments are classified as joint ventures as all parties are subject to a Securityholders Agreement that has been contractually structured such that the parties to the agreement have equal representation on the advisory board responsible for the overall direction and supervision of each trust. None of the Group's joint ventures are listed on any public exchange. None of the Group's other joint ventures have any capital commitments at 30 June 2019. None of the Group's joint ventures had any contingent liabilities at 30 June 2019. Interest in associates Opening balance at 1 July 10,693 8,611 Capital contribution / acquisition of shareholding in associates - 2,048 Share of profit from associates* 1,695 1,282 Distributions from associate - (1,248) Closing balance at 30 June 12,388 10,693 *Included within share of profit from associates is $1,917,000 representing NSR's share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000). The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade self- storage centres in select cities around Australia. During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m). As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia. Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m. FINANCIAL STATEMENTS As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking. 13. CONTRIBUTED EQUITY Issued and paid up capital 83,692 66,128 Contract for future issue of equity 16,451 - Total contributed equity 100,143 66,128 Opening balance at 1 July 559,107,042 512,913,914 Institutional and retail placement 105,677,937 39,712,882 Distribution reinvestment plan 9,143,772 6,480,246 Closing balance at 30 June 673,928,751 559,107,042 Capital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities). On 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end. On 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities. Distribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group's Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount. Terms and conditions of contributed equity Stapled securities A stapled security represents one share in NSH and one unit in NSPT. Stapled securityholders have the right to receive declared dividends from NSH and distributions from NSPT and are entitled to one vote per stapled security at securityholders’ meetings. Holders of stapled securities can vote their shares and units in accordance with the Corporations Act 2001, either in person or by proxy, at a meeting of either NSH or NSPT. The stapled securities have no par value. In the event of the winding up of NSH and NSPT, stapled securityholders have the right to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on stapled securities held. Ordinary stapled securityholders rank after all creditors in repayment of capital. There is no current on or off market security buy-back. NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019
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data/downloaded_datasets/tatdqa/test/e451667af82b3c2c9542984300486ebd.pdf
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What was the new stapled securities issued in 2019 and 2018?
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During the year ended 30 June 2019, the Group contributed a further $1.3m into the Bundall Storage Trust and $2.2m into the Bundall Commercial Trust as part of a capital raise. There was no change in the total share of the Group's interest in either Trust following this investment. On 21 June 2019, the Group purchased two storage centre investment property assets from the Bundall Storage Trust for $43.7m. On 21 June 2019, the Bundall Storage Trust purchased a site for a proposed storage centre development from the Group for $8.2m and the Bundall Commercial Trust purchased a commercial property from the Group for $17.8m. As at 30 June 2019 the Bundall Storage Trust has one storage centre investment property asset under construction. The Bundall Commercial Trust derives rental property income from the leasing of commercial units. During the year ended 30 June 2018, the Group subscribed to 83.3% of the units in FKS Investments No.2 Unit Trust (“FKS"). FKS subsequently purchased a storage centre investment property asset in Queensland, Australia. On 28 June 2019, the Group sold its units in FKS for $3m. These investments are classified as joint ventures as all parties are subject to a Securityholders Agreement that has been contractually structured such that the parties to the agreement have equal representation on the advisory board responsible for the overall direction and supervision of each trust. None of the Group's joint ventures are listed on any public exchange. None of the Group's other joint ventures have any capital commitments at 30 June 2019. None of the Group's joint ventures had any contingent liabilities at 30 June 2019. Interest in associates Opening balance at 1 July 10,693 8,611 Capital contribution / acquisition of shareholding in associates - 2,048 Share of profit from associates* 1,695 1,282 Distributions from associate - (1,248) Closing balance at 30 June 12,388 10,693 *Included within share of profit from associates is $1,917,000 representing NSR's share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000). The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade self- storage centres in select cities around Australia. During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m). As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia. Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m. FINANCIAL STATEMENTS As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking. 13. CONTRIBUTED EQUITY Issued and paid up capital 83,692 66,128 Contract for future issue of equity 16,451 - Total contributed equity 100,143 66,128 Opening balance at 1 July 559,107,042 512,913,914 Institutional and retail placement 105,677,937 39,712,882 Distribution reinvestment plan 9,143,772 6,480,246 Closing balance at 30 June 673,928,751 559,107,042 Capital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities). On 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end. On 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities. Distribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group's Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount. Terms and conditions of contributed equity Stapled securities A stapled security represents one share in NSH and one unit in NSPT. Stapled securityholders have the right to receive declared dividends from NSH and distributions from NSPT and are entitled to one vote per stapled security at securityholders’ meetings. Holders of stapled securities can vote their shares and units in accordance with the Corporations Act 2001, either in person or by proxy, at a meeting of either NSH or NSPT. The stapled securities have no par value. In the event of the winding up of NSH and NSPT, stapled securityholders have the right to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on stapled securities held. Ordinary stapled securityholders rank after all creditors in repayment of capital. There is no current on or off market security buy-back. NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019
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data/downloaded_datasets/tatdqa/test/e451667af82b3c2c9542984300486ebd.pdf
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What was the Issued and paid up capital in 2019?
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During the year ended 30 June 2019, the Group contributed a further $1.3m into the Bundall Storage Trust and $2.2m into the Bundall Commercial Trust as part of a capital raise. There was no change in the total share of the Group's interest in either Trust following this investment. On 21 June 2019, the Group purchased two storage centre investment property assets from the Bundall Storage Trust for $43.7m. On 21 June 2019, the Bundall Storage Trust purchased a site for a proposed storage centre development from the Group for $8.2m and the Bundall Commercial Trust purchased a commercial property from the Group for $17.8m. As at 30 June 2019 the Bundall Storage Trust has one storage centre investment property asset under construction. The Bundall Commercial Trust derives rental property income from the leasing of commercial units. During the year ended 30 June 2018, the Group subscribed to 83.3% of the units in FKS Investments No.2 Unit Trust (“FKS"). FKS subsequently purchased a storage centre investment property asset in Queensland, Australia. On 28 June 2019, the Group sold its units in FKS for $3m. These investments are classified as joint ventures as all parties are subject to a Securityholders Agreement that has been contractually structured such that the parties to the agreement have equal representation on the advisory board responsible for the overall direction and supervision of each trust. None of the Group's joint ventures are listed on any public exchange. None of the Group's other joint ventures have any capital commitments at 30 June 2019. None of the Group's joint ventures had any contingent liabilities at 30 June 2019. Interest in associates Opening balance at 1 July 10,693 8,611 Capital contribution / acquisition of shareholding in associates - 2,048 Share of profit from associates* 1,695 1,282 Distributions from associate - (1,248) Closing balance at 30 June 12,388 10,693 *Included within share of profit from associates is $1,917,000 representing NSR's share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000). The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade self- storage centres in select cities around Australia. During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m). As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia. Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m. FINANCIAL STATEMENTS As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking. 13. CONTRIBUTED EQUITY Issued and paid up capital 83,692 66,128 Contract for future issue of equity 16,451 - Total contributed equity 100,143 66,128 Opening balance at 1 July 559,107,042 512,913,914 Institutional and retail placement 105,677,937 39,712,882 Distribution reinvestment plan 9,143,772 6,480,246 Closing balance at 30 June 673,928,751 559,107,042 Capital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities). On 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end. On 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities. Distribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group's Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount. Terms and conditions of contributed equity Stapled securities A stapled security represents one share in NSH and one unit in NSPT. Stapled securityholders have the right to receive declared dividends from NSH and distributions from NSPT and are entitled to one vote per stapled security at securityholders’ meetings. Holders of stapled securities can vote their shares and units in accordance with the Corporations Act 2001, either in person or by proxy, at a meeting of either NSH or NSPT. The stapled securities have no par value. In the event of the winding up of NSH and NSPT, stapled securityholders have the right to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on stapled securities held. Ordinary stapled securityholders rank after all creditors in repayment of capital. There is no current on or off market security buy-back. NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019
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data/downloaded_datasets/tatdqa/test/e451667af82b3c2c9542984300486ebd.pdf
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What was the increase / (decrease) in the Issued and paid up capital from 2018 to 2019?
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During the year ended 30 June 2019, the Group contributed a further $1.3m into the Bundall Storage Trust and $2.2m into the Bundall Commercial Trust as part of a capital raise. There was no change in the total share of the Group's interest in either Trust following this investment. On 21 June 2019, the Group purchased two storage centre investment property assets from the Bundall Storage Trust for $43.7m. On 21 June 2019, the Bundall Storage Trust purchased a site for a proposed storage centre development from the Group for $8.2m and the Bundall Commercial Trust purchased a commercial property from the Group for $17.8m. As at 30 June 2019 the Bundall Storage Trust has one storage centre investment property asset under construction. The Bundall Commercial Trust derives rental property income from the leasing of commercial units. During the year ended 30 June 2018, the Group subscribed to 83.3% of the units in FKS Investments No.2 Unit Trust (“FKS"). FKS subsequently purchased a storage centre investment property asset in Queensland, Australia. On 28 June 2019, the Group sold its units in FKS for $3m. These investments are classified as joint ventures as all parties are subject to a Securityholders Agreement that has been contractually structured such that the parties to the agreement have equal representation on the advisory board responsible for the overall direction and supervision of each trust. None of the Group's joint ventures are listed on any public exchange. None of the Group's other joint ventures have any capital commitments at 30 June 2019. None of the Group's joint ventures had any contingent liabilities at 30 June 2019. Interest in associates Opening balance at 1 July 10,693 8,611 Capital contribution / acquisition of shareholding in associates - 2,048 Share of profit from associates* 1,695 1,282 Distributions from associate - (1,248) Closing balance at 30 June 12,388 10,693 *Included within share of profit from associates is $1,917,000 representing NSR's share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000). The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade self- storage centres in select cities around Australia. During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m). As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia. Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m. FINANCIAL STATEMENTS As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking. 13. CONTRIBUTED EQUITY Issued and paid up capital 83,692 66,128 Contract for future issue of equity 16,451 - Total contributed equity 100,143 66,128 Opening balance at 1 July 559,107,042 512,913,914 Institutional and retail placement 105,677,937 39,712,882 Distribution reinvestment plan 9,143,772 6,480,246 Closing balance at 30 June 673,928,751 559,107,042 Capital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities). On 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end. On 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities. Distribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group's Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount. Terms and conditions of contributed equity Stapled securities A stapled security represents one share in NSH and one unit in NSPT. Stapled securityholders have the right to receive declared dividends from NSH and distributions from NSPT and are entitled to one vote per stapled security at securityholders’ meetings. Holders of stapled securities can vote their shares and units in accordance with the Corporations Act 2001, either in person or by proxy, at a meeting of either NSH or NSPT. The stapled securities have no par value. In the event of the winding up of NSH and NSPT, stapled securityholders have the right to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on stapled securities held. Ordinary stapled securityholders rank after all creditors in repayment of capital. There is no current on or off market security buy-back. NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019
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data/downloaded_datasets/tatdqa/test/e451667af82b3c2c9542984300486ebd.pdf
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What was the average Contract for future issue of equity?
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During the year ended 30 June 2019, the Group contributed a further $1.3m into the Bundall Storage Trust and $2.2m into the Bundall Commercial Trust as part of a capital raise. There was no change in the total share of the Group's interest in either Trust following this investment. On 21 June 2019, the Group purchased two storage centre investment property assets from the Bundall Storage Trust for $43.7m. On 21 June 2019, the Bundall Storage Trust purchased a site for a proposed storage centre development from the Group for $8.2m and the Bundall Commercial Trust purchased a commercial property from the Group for $17.8m. As at 30 June 2019 the Bundall Storage Trust has one storage centre investment property asset under construction. The Bundall Commercial Trust derives rental property income from the leasing of commercial units. During the year ended 30 June 2018, the Group subscribed to 83.3% of the units in FKS Investments No.2 Unit Trust (“FKS"). FKS subsequently purchased a storage centre investment property asset in Queensland, Australia. On 28 June 2019, the Group sold its units in FKS for $3m. These investments are classified as joint ventures as all parties are subject to a Securityholders Agreement that has been contractually structured such that the parties to the agreement have equal representation on the advisory board responsible for the overall direction and supervision of each trust. None of the Group's joint ventures are listed on any public exchange. None of the Group's other joint ventures have any capital commitments at 30 June 2019. None of the Group's joint ventures had any contingent liabilities at 30 June 2019. Interest in associates Opening balance at 1 July 10,693 8,611 Capital contribution / acquisition of shareholding in associates - 2,048 Share of profit from associates* 1,695 1,282 Distributions from associate - (1,248) Closing balance at 30 June 12,388 10,693 *Included within share of profit from associates is $1,917,000 representing NSR's share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000). The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade self- storage centres in select cities around Australia. During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m). As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia. Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m. FINANCIAL STATEMENTS As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking. 13. CONTRIBUTED EQUITY Issued and paid up capital 83,692 66,128 Contract for future issue of equity 16,451 - Total contributed equity 100,143 66,128 Opening balance at 1 July 559,107,042 512,913,914 Institutional and retail placement 105,677,937 39,712,882 Distribution reinvestment plan 9,143,772 6,480,246 Closing balance at 30 June 673,928,751 559,107,042 Capital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities). On 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end. On 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities. Distribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group's Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount. Terms and conditions of contributed equity Stapled securities A stapled security represents one share in NSH and one unit in NSPT. Stapled securityholders have the right to receive declared dividends from NSH and distributions from NSPT and are entitled to one vote per stapled security at securityholders’ meetings. Holders of stapled securities can vote their shares and units in accordance with the Corporations Act 2001, either in person or by proxy, at a meeting of either NSH or NSPT. The stapled securities have no par value. In the event of the winding up of NSH and NSPT, stapled securityholders have the right to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on stapled securities held. Ordinary stapled securityholders rank after all creditors in repayment of capital. There is no current on or off market security buy-back. NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019
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data/downloaded_datasets/tatdqa/test/e451667af82b3c2c9542984300486ebd.pdf
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In which year was Total contributed equity less than 100,000 thousands?
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During the year ended 30 June 2019, the Group contributed a further $1.3m into the Bundall Storage Trust and $2.2m into the Bundall Commercial Trust as part of a capital raise. There was no change in the total share of the Group's interest in either Trust following this investment. On 21 June 2019, the Group purchased two storage centre investment property assets from the Bundall Storage Trust for $43.7m. On 21 June 2019, the Bundall Storage Trust purchased a site for a proposed storage centre development from the Group for $8.2m and the Bundall Commercial Trust purchased a commercial property from the Group for $17.8m. As at 30 June 2019 the Bundall Storage Trust has one storage centre investment property asset under construction. The Bundall Commercial Trust derives rental property income from the leasing of commercial units. During the year ended 30 June 2018, the Group subscribed to 83.3% of the units in FKS Investments No.2 Unit Trust (“FKS"). FKS subsequently purchased a storage centre investment property asset in Queensland, Australia. On 28 June 2019, the Group sold its units in FKS for $3m. These investments are classified as joint ventures as all parties are subject to a Securityholders Agreement that has been contractually structured such that the parties to the agreement have equal representation on the advisory board responsible for the overall direction and supervision of each trust. None of the Group's joint ventures are listed on any public exchange. None of the Group's other joint ventures have any capital commitments at 30 June 2019. None of the Group's joint ventures had any contingent liabilities at 30 June 2019. Interest in associates Opening balance at 1 July 10,693 8,611 Capital contribution / acquisition of shareholding in associates - 2,048 Share of profit from associates* 1,695 1,282 Distributions from associate - (1,248) Closing balance at 30 June 12,388 10,693 *Included within share of profit from associates is $1,917,000 representing NSR's share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000). The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade self- storage centres in select cities around Australia. During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m). As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia. Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m. FINANCIAL STATEMENTS As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking. 13. CONTRIBUTED EQUITY Issued and paid up capital 83,692 66,128 Contract for future issue of equity 16,451 - Total contributed equity 100,143 66,128 Opening balance at 1 July 559,107,042 512,913,914 Institutional and retail placement 105,677,937 39,712,882 Distribution reinvestment plan 9,143,772 6,480,246 Closing balance at 30 June 673,928,751 559,107,042 Capital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities). On 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end. On 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities. Distribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group's Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount. Terms and conditions of contributed equity Stapled securities A stapled security represents one share in NSH and one unit in NSPT. Stapled securityholders have the right to receive declared dividends from NSH and distributions from NSPT and are entitled to one vote per stapled security at securityholders’ meetings. Holders of stapled securities can vote their shares and units in accordance with the Corporations Act 2001, either in person or by proxy, at a meeting of either NSH or NSPT. The stapled securities have no par value. In the event of the winding up of NSH and NSPT, stapled securityholders have the right to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on stapled securities held. Ordinary stapled securityholders rank after all creditors in repayment of capital. There is no current on or off market security buy-back. NATIONAL STORAGE REIT ANNUAL REPORT 2018/2019
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data/downloaded_datasets/tatdqa/test/abd9a03c501a39369634fb1aa57880f5.pdf
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What was the reason for the increase in Selling and Marketing expenses?
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by primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games. Selling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018. General and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018. Finance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates. Income tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019. A 14 Tencent Holdings Limited
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data/downloaded_datasets/tatdqa/test/abd9a03c501a39369634fb1aa57880f5.pdf
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What was the reason for the increase in General and administrative expenses?
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by primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games. Selling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018. General and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018. Finance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates. Income tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019. A 14 Tencent Holdings Limited
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data/downloaded_datasets/tatdqa/test/abd9a03c501a39369634fb1aa57880f5.pdf
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What was the reason for the increase in Finance costs?
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by primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games. Selling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018. General and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018. Finance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates. Income tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019. A 14 Tencent Holdings Limited
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data/downloaded_datasets/tatdqa/test/abd9a03c501a39369634fb1aa57880f5.pdf
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What was the profit margin for the fourth quarter of 2019?
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by primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games. Selling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018. General and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018. Finance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates. Income tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019. A 14 Tencent Holdings Limited
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data/downloaded_datasets/tatdqa/test/abd9a03c501a39369634fb1aa57880f5.pdf
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What was the profit margin for the fourth quarter of 2018?
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by primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games. Selling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018. General and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018. Finance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates. Income tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019. A 14 Tencent Holdings Limited
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data/downloaded_datasets/tatdqa/test/abd9a03c501a39369634fb1aa57880f5.pdf
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What percentage of fourth quarter 2019 revenue is the cost of revenue?
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by primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games. Selling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018. General and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018. Finance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness. Share of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates. Income tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits. Profit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019. A 14 Tencent Holdings Limited
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data/downloaded_datasets/tatdqa/test/0551beccb943904e051f6f2a1519bd3a.pdf
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How much did the company decrease its valuation allowance by in 2019?
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The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands): December 31, 2019 2018 Deferred income tax assets: Net operating loss carryforwards $ 23,030 $ 25,745 Tax credits 52,902 43,838 Compensation 18,791 15,934 Deferred revenue 25,599 27,587 Research and development expense deferral _— 12,631 Other 4,065 5,393 Gross deferred income tax assets 124,387 131,128 Less: valuation allowance (7,653) (20,415) Net deferred income tax assets $ 116,734 $ 110,713 Deferred income tax liabilities: Depreciation and amortization $ (52,978) $ (60,872) Deferred revenue (44,198) (54,508) Total deferred income tax liabilities (97,176) (115,380) Net deferred income taxes $ 19,558 $ (4,667) Deferred income taxes / liabilities included in the balance sheet are: Deferred income tax asset — noncurrent $ 51,611 $ 27,048 Deferred income tax liability — noncurrent (32,053) (31,715) Net deferred income taxes $ 19,558 $ (4,667) In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses. At December 31, 2019, the Company had domestic federal tax net operating losses (“NOLs”) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs. The Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively. The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total 81
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data/downloaded_datasets/tatdqa/test/0551beccb943904e051f6f2a1519bd3a.pdf
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How much was Net operating loss carryforwards in 2019?
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The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands): December 31, 2019 2018 Deferred income tax assets: Net operating loss carryforwards $ 23,030 $ 25,745 Tax credits 52,902 43,838 Compensation 18,791 15,934 Deferred revenue 25,599 27,587 Research and development expense deferral _— 12,631 Other 4,065 5,393 Gross deferred income tax assets 124,387 131,128 Less: valuation allowance (7,653) (20,415) Net deferred income tax assets $ 116,734 $ 110,713 Deferred income tax liabilities: Depreciation and amortization $ (52,978) $ (60,872) Deferred revenue (44,198) (54,508) Total deferred income tax liabilities (97,176) (115,380) Net deferred income taxes $ 19,558 $ (4,667) Deferred income taxes / liabilities included in the balance sheet are: Deferred income tax asset — noncurrent $ 51,611 $ 27,048 Deferred income tax liability — noncurrent (32,053) (31,715) Net deferred income taxes $ 19,558 $ (4,667) In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses. At December 31, 2019, the Company had domestic federal tax net operating losses (“NOLs”) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs. The Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively. The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total 81
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data/downloaded_datasets/tatdqa/test/0551beccb943904e051f6f2a1519bd3a.pdf
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How much was Net operating loss carryforwards in 2018?
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The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands): December 31, 2019 2018 Deferred income tax assets: Net operating loss carryforwards $ 23,030 $ 25,745 Tax credits 52,902 43,838 Compensation 18,791 15,934 Deferred revenue 25,599 27,587 Research and development expense deferral _— 12,631 Other 4,065 5,393 Gross deferred income tax assets 124,387 131,128 Less: valuation allowance (7,653) (20,415) Net deferred income tax assets $ 116,734 $ 110,713 Deferred income tax liabilities: Depreciation and amortization $ (52,978) $ (60,872) Deferred revenue (44,198) (54,508) Total deferred income tax liabilities (97,176) (115,380) Net deferred income taxes $ 19,558 $ (4,667) Deferred income taxes / liabilities included in the balance sheet are: Deferred income tax asset — noncurrent $ 51,611 $ 27,048 Deferred income tax liability — noncurrent (32,053) (31,715) Net deferred income taxes $ 19,558 $ (4,667) In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses. At December 31, 2019, the Company had domestic federal tax net operating losses (“NOLs”) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs. The Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively. The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total 81
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data/downloaded_datasets/tatdqa/test/0551beccb943904e051f6f2a1519bd3a.pdf
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What was the change in tax credits between 2018 and 2019?
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The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands): December 31, 2019 2018 Deferred income tax assets: Net operating loss carryforwards $ 23,030 $ 25,745 Tax credits 52,902 43,838 Compensation 18,791 15,934 Deferred revenue 25,599 27,587 Research and development expense deferral _— 12,631 Other 4,065 5,393 Gross deferred income tax assets 124,387 131,128 Less: valuation allowance (7,653) (20,415) Net deferred income tax assets $ 116,734 $ 110,713 Deferred income tax liabilities: Depreciation and amortization $ (52,978) $ (60,872) Deferred revenue (44,198) (54,508) Total deferred income tax liabilities (97,176) (115,380) Net deferred income taxes $ 19,558 $ (4,667) Deferred income taxes / liabilities included in the balance sheet are: Deferred income tax asset — noncurrent $ 51,611 $ 27,048 Deferred income tax liability — noncurrent (32,053) (31,715) Net deferred income taxes $ 19,558 $ (4,667) In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses. At December 31, 2019, the Company had domestic federal tax net operating losses (“NOLs”) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs. The Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively. The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total 81
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data/downloaded_datasets/tatdqa/test/0551beccb943904e051f6f2a1519bd3a.pdf
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What was the change in compensation between 2018 and 2019?
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The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands): December 31, 2019 2018 Deferred income tax assets: Net operating loss carryforwards $ 23,030 $ 25,745 Tax credits 52,902 43,838 Compensation 18,791 15,934 Deferred revenue 25,599 27,587 Research and development expense deferral _— 12,631 Other 4,065 5,393 Gross deferred income tax assets 124,387 131,128 Less: valuation allowance (7,653) (20,415) Net deferred income tax assets $ 116,734 $ 110,713 Deferred income tax liabilities: Depreciation and amortization $ (52,978) $ (60,872) Deferred revenue (44,198) (54,508) Total deferred income tax liabilities (97,176) (115,380) Net deferred income taxes $ 19,558 $ (4,667) Deferred income taxes / liabilities included in the balance sheet are: Deferred income tax asset — noncurrent $ 51,611 $ 27,048 Deferred income tax liability — noncurrent (32,053) (31,715) Net deferred income taxes $ 19,558 $ (4,667) In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses. At December 31, 2019, the Company had domestic federal tax net operating losses (“NOLs”) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs. The Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively. The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total 81
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data/downloaded_datasets/tatdqa/test/0551beccb943904e051f6f2a1519bd3a.pdf
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What was the percentage change in Gross deferred income tax assets between 2018 and 2019?
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The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands): December 31, 2019 2018 Deferred income tax assets: Net operating loss carryforwards $ 23,030 $ 25,745 Tax credits 52,902 43,838 Compensation 18,791 15,934 Deferred revenue 25,599 27,587 Research and development expense deferral _— 12,631 Other 4,065 5,393 Gross deferred income tax assets 124,387 131,128 Less: valuation allowance (7,653) (20,415) Net deferred income tax assets $ 116,734 $ 110,713 Deferred income tax liabilities: Depreciation and amortization $ (52,978) $ (60,872) Deferred revenue (44,198) (54,508) Total deferred income tax liabilities (97,176) (115,380) Net deferred income taxes $ 19,558 $ (4,667) Deferred income taxes / liabilities included in the balance sheet are: Deferred income tax asset — noncurrent $ 51,611 $ 27,048 Deferred income tax liability — noncurrent (32,053) (31,715) Net deferred income taxes $ 19,558 $ (4,667) In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses. At December 31, 2019, the Company had domestic federal tax net operating losses (“NOLs”) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs. The Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively. The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total 81
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data/downloaded_datasets/tatdqa/test/1cc3d0517b2508eb255a753e58210447.pdf
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What was the increase in net cash provided by operating activities from 2018 to 2019?
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Table of Contents LIQUIDITY AND CAPITAL RESOURCES This data should be read in conjunction with our Consolidated Statements of Cash Flows. As of (in millions) “November 29, 2019 November 30, 2018 Cash and cash equivalents $ 2,650.2 $ 1,642.8 Short-term investments $ 1,526.8 $ 1,586.2 Working capital $ (1,696.0) $ 555.9 Stockholders’ equity $ 10,530.2 $ 9,362.1 Working Capital Working capital as of November 29, 2019 and November 30, 2018 was $1.70 billion of a deficit and $555.9 million of a surplus, respectively. The decrease was primarily due to the reclassification of $3.15 billion total carrying value of our $2.25 billion term loan due April 30, 2020 (“Term Loan”) and $900 million 4.75% senior notes due February 1, 2020 (“2020 Notes”) to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. A summary of our cash flows is as follows: (in millions) 2019 2018 2017 Net cash provided by operating activities $ 4,421.8 $ 4,029.3 $ 2,912.9 Net cash used for investing activities (455.6) (4,685.3) (442.9) Net cash used for financing activities (2,946.1) (5.6) (1,183.7) Effect of foreign currency exchange rates on cash and cash equivalents (12.7) (1.7) 8.5 Net increase (decrease) in cash and cash equivalents $ 1,007.4 $ (663.3) $ 1,294.8 Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards. Cash Flows from Operating Activities For fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets. Cash Flows from Investing Activities For fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions. Cash Flows from Financing Activities For fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below. We expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business. 50
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data/downloaded_datasets/tatdqa/test/1cc3d0517b2508eb255a753e58210447.pdf
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Which was the year that performed the worst in terms of net operating cash?
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Table of Contents LIQUIDITY AND CAPITAL RESOURCES This data should be read in conjunction with our Consolidated Statements of Cash Flows. As of (in millions) “November 29, 2019 November 30, 2018 Cash and cash equivalents $ 2,650.2 $ 1,642.8 Short-term investments $ 1,526.8 $ 1,586.2 Working capital $ (1,696.0) $ 555.9 Stockholders’ equity $ 10,530.2 $ 9,362.1 Working Capital Working capital as of November 29, 2019 and November 30, 2018 was $1.70 billion of a deficit and $555.9 million of a surplus, respectively. The decrease was primarily due to the reclassification of $3.15 billion total carrying value of our $2.25 billion term loan due April 30, 2020 (“Term Loan”) and $900 million 4.75% senior notes due February 1, 2020 (“2020 Notes”) to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. A summary of our cash flows is as follows: (in millions) 2019 2018 2017 Net cash provided by operating activities $ 4,421.8 $ 4,029.3 $ 2,912.9 Net cash used for investing activities (455.6) (4,685.3) (442.9) Net cash used for financing activities (2,946.1) (5.6) (1,183.7) Effect of foreign currency exchange rates on cash and cash equivalents (12.7) (1.7) 8.5 Net increase (decrease) in cash and cash equivalents $ 1,007.4 $ (663.3) $ 1,294.8 Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards. Cash Flows from Operating Activities For fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets. Cash Flows from Investing Activities For fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions. Cash Flows from Financing Activities For fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below. We expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business. 50
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data/downloaded_datasets/tatdqa/test/1cc3d0517b2508eb255a753e58210447.pdf
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How much was the difference in net increase(decrease) in cash and cash equivalents from 2017 to 2018?
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Table of Contents LIQUIDITY AND CAPITAL RESOURCES This data should be read in conjunction with our Consolidated Statements of Cash Flows. As of (in millions) “November 29, 2019 November 30, 2018 Cash and cash equivalents $ 2,650.2 $ 1,642.8 Short-term investments $ 1,526.8 $ 1,586.2 Working capital $ (1,696.0) $ 555.9 Stockholders’ equity $ 10,530.2 $ 9,362.1 Working Capital Working capital as of November 29, 2019 and November 30, 2018 was $1.70 billion of a deficit and $555.9 million of a surplus, respectively. The decrease was primarily due to the reclassification of $3.15 billion total carrying value of our $2.25 billion term loan due April 30, 2020 (“Term Loan”) and $900 million 4.75% senior notes due February 1, 2020 (“2020 Notes”) to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. A summary of our cash flows is as follows: (in millions) 2019 2018 2017 Net cash provided by operating activities $ 4,421.8 $ 4,029.3 $ 2,912.9 Net cash used for investing activities (455.6) (4,685.3) (442.9) Net cash used for financing activities (2,946.1) (5.6) (1,183.7) Effect of foreign currency exchange rates on cash and cash equivalents (12.7) (1.7) 8.5 Net increase (decrease) in cash and cash equivalents $ 1,007.4 $ (663.3) $ 1,294.8 Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards. Cash Flows from Operating Activities For fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets. Cash Flows from Investing Activities For fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions. Cash Flows from Financing Activities For fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below. We expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business. 50
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data/downloaded_datasets/tatdqa/test/1cc3d0517b2508eb255a753e58210447.pdf
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What were the main components of net cash used for investing activities?
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Table of Contents LIQUIDITY AND CAPITAL RESOURCES This data should be read in conjunction with our Consolidated Statements of Cash Flows. As of (in millions) “November 29, 2019 November 30, 2018 Cash and cash equivalents $ 2,650.2 $ 1,642.8 Short-term investments $ 1,526.8 $ 1,586.2 Working capital $ (1,696.0) $ 555.9 Stockholders’ equity $ 10,530.2 $ 9,362.1 Working Capital Working capital as of November 29, 2019 and November 30, 2018 was $1.70 billion of a deficit and $555.9 million of a surplus, respectively. The decrease was primarily due to the reclassification of $3.15 billion total carrying value of our $2.25 billion term loan due April 30, 2020 (“Term Loan”) and $900 million 4.75% senior notes due February 1, 2020 (“2020 Notes”) to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. A summary of our cash flows is as follows: (in millions) 2019 2018 2017 Net cash provided by operating activities $ 4,421.8 $ 4,029.3 $ 2,912.9 Net cash used for investing activities (455.6) (4,685.3) (442.9) Net cash used for financing activities (2,946.1) (5.6) (1,183.7) Effect of foreign currency exchange rates on cash and cash equivalents (12.7) (1.7) 8.5 Net increase (decrease) in cash and cash equivalents $ 1,007.4 $ (663.3) $ 1,294.8 Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards. Cash Flows from Operating Activities For fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets. Cash Flows from Investing Activities For fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions. Cash Flows from Financing Activities For fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below. We expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business. 50
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data/downloaded_datasets/tatdqa/test/1cc3d0517b2508eb255a753e58210447.pdf
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What can cash reserves be used for?
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Table of Contents LIQUIDITY AND CAPITAL RESOURCES This data should be read in conjunction with our Consolidated Statements of Cash Flows. As of (in millions) “November 29, 2019 November 30, 2018 Cash and cash equivalents $ 2,650.2 $ 1,642.8 Short-term investments $ 1,526.8 $ 1,586.2 Working capital $ (1,696.0) $ 555.9 Stockholders’ equity $ 10,530.2 $ 9,362.1 Working Capital Working capital as of November 29, 2019 and November 30, 2018 was $1.70 billion of a deficit and $555.9 million of a surplus, respectively. The decrease was primarily due to the reclassification of $3.15 billion total carrying value of our $2.25 billion term loan due April 30, 2020 (“Term Loan”) and $900 million 4.75% senior notes due February 1, 2020 (“2020 Notes”) to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. A summary of our cash flows is as follows: (in millions) 2019 2018 2017 Net cash provided by operating activities $ 4,421.8 $ 4,029.3 $ 2,912.9 Net cash used for investing activities (455.6) (4,685.3) (442.9) Net cash used for financing activities (2,946.1) (5.6) (1,183.7) Effect of foreign currency exchange rates on cash and cash equivalents (12.7) (1.7) 8.5 Net increase (decrease) in cash and cash equivalents $ 1,007.4 $ (663.3) $ 1,294.8 Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards. Cash Flows from Operating Activities For fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets. Cash Flows from Investing Activities For fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions. Cash Flows from Financing Activities For fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below. We expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business. 50
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data/downloaded_datasets/tatdqa/test/1cc3d0517b2508eb255a753e58210447.pdf
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Why was the net cash used for financing activities in 2019 $2.95 billion?
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Table of Contents LIQUIDITY AND CAPITAL RESOURCES This data should be read in conjunction with our Consolidated Statements of Cash Flows. As of (in millions) “November 29, 2019 November 30, 2018 Cash and cash equivalents $ 2,650.2 $ 1,642.8 Short-term investments $ 1,526.8 $ 1,586.2 Working capital $ (1,696.0) $ 555.9 Stockholders’ equity $ 10,530.2 $ 9,362.1 Working Capital Working capital as of November 29, 2019 and November 30, 2018 was $1.70 billion of a deficit and $555.9 million of a surplus, respectively. The decrease was primarily due to the reclassification of $3.15 billion total carrying value of our $2.25 billion term loan due April 30, 2020 (“Term Loan”) and $900 million 4.75% senior notes due February 1, 2020 (“2020 Notes”) to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates. A summary of our cash flows is as follows: (in millions) 2019 2018 2017 Net cash provided by operating activities $ 4,421.8 $ 4,029.3 $ 2,912.9 Net cash used for investing activities (455.6) (4,685.3) (442.9) Net cash used for financing activities (2,946.1) (5.6) (1,183.7) Effect of foreign currency exchange rates on cash and cash equivalents (12.7) (1.7) 8.5 Net increase (decrease) in cash and cash equivalents $ 1,007.4 $ (663.3) $ 1,294.8 Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards. Cash Flows from Operating Activities For fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets. Cash Flows from Investing Activities For fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions. Cash Flows from Financing Activities For fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled “Stock Repurchase Program” discussed below. We expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business. 50
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data/downloaded_datasets/tatdqa/test/160a79e59f966afa764e2aff7e470e2d.pdf
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How much was the average restructuring expenses in 2018 and 2019?
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Table of Contents Index to Financial Statements On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 . Restructuring Expenses: Restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report. Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Restructuring expenses S 443 -25% -22% $ 588 Restructuring expenses in fiscal 2019 primarily related to our 2019 Restructuring Plan. Restructuring expenses in fiscal 2018 primarily related to our 2017 Restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 Restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans . Interest Expense: Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Interest expense S 2,082 3% 3% $ 2,025 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 $6.0 billion of senior notes during fiscal 2018. Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses). Year Ended May 31, Percent Change (Dollars in millions) 2019 actual S~*~CConstant 2018 Interest income S 1,092 -9% -9% § 1,203 Foreign currency losses, net (111) 50% 62% (74) Noncontrolling interests in income (152) 12% 12% (135) Other income, net (14) -107% -42% 191 Total non-operating income, net S 815 -31% -31% S$ 1,185 52
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data/downloaded_datasets/tatdqa/test/160a79e59f966afa764e2aff7e470e2d.pdf
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What was the difference in restructuring expenses in 2019 and 2018?
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Table of Contents Index to Financial Statements On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 . Restructuring Expenses: Restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report. Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Restructuring expenses S 443 -25% -22% $ 588 Restructuring expenses in fiscal 2019 primarily related to our 2019 Restructuring Plan. Restructuring expenses in fiscal 2018 primarily related to our 2017 Restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 Restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans . Interest Expense: Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Interest expense S 2,082 3% 3% $ 2,025 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 $6.0 billion of senior notes during fiscal 2018. Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses). Year Ended May 31, Percent Change (Dollars in millions) 2019 actual S~*~CConstant 2018 Interest income S 1,092 -9% -9% § 1,203 Foreign currency losses, net (111) 50% 62% (74) Noncontrolling interests in income (152) 12% 12% (135) Other income, net (14) -107% -42% 191 Total non-operating income, net S 815 -31% -31% S$ 1,185 52
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data/downloaded_datasets/tatdqa/test/160a79e59f966afa764e2aff7e470e2d.pdf
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What was the total amount spent on restructuring expenses across 2018 and 2019?
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Table of Contents Index to Financial Statements On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 . Restructuring Expenses: Restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report. Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Restructuring expenses S 443 -25% -22% $ 588 Restructuring expenses in fiscal 2019 primarily related to our 2019 Restructuring Plan. Restructuring expenses in fiscal 2018 primarily related to our 2017 Restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 Restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans . Interest Expense: Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Interest expense S 2,082 3% 3% $ 2,025 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 $6.0 billion of senior notes during fiscal 2018. Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses). Year Ended May 31, Percent Change (Dollars in millions) 2019 actual S~*~CConstant 2018 Interest income S 1,092 -9% -9% § 1,203 Foreign currency losses, net (111) 50% 62% (74) Noncontrolling interests in income (152) 12% 12% (135) Other income, net (14) -107% -42% 191 Total non-operating income, net S 815 -31% -31% S$ 1,185 52
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data/downloaded_datasets/tatdqa/test/160a79e59f966afa764e2aff7e470e2d.pdf
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What is included in restructuring expenses?
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Table of Contents Index to Financial Statements On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 . Restructuring Expenses: Restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report. Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Restructuring expenses S 443 -25% -22% $ 588 Restructuring expenses in fiscal 2019 primarily related to our 2019 Restructuring Plan. Restructuring expenses in fiscal 2018 primarily related to our 2017 Restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 Restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans . Interest Expense: Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Interest expense S 2,082 3% 3% $ 2,025 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 $6.0 billion of senior notes during fiscal 2018. Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses). Year Ended May 31, Percent Change (Dollars in millions) 2019 actual S~*~CConstant 2018 Interest income S 1,092 -9% -9% § 1,203 Foreign currency losses, net (111) 50% 62% (74) Noncontrolling interests in income (152) 12% 12% (135) Other income, net (14) -107% -42% 191 Total non-operating income, net S 815 -31% -31% S$ 1,185 52
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data/downloaded_datasets/tatdqa/test/160a79e59f966afa764e2aff7e470e2d.pdf
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How much was the total estimated restructuring costs associated with the 2019 restructuring plan, and how much remained as of May 31, 2019?
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Table of Contents Index to Financial Statements On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 . Restructuring Expenses: Restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report. Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Restructuring expenses S 443 -25% -22% $ 588 Restructuring expenses in fiscal 2019 primarily related to our 2019 Restructuring Plan. Restructuring expenses in fiscal 2018 primarily related to our 2017 Restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 Restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans . Interest Expense: Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Interest expense S 2,082 3% 3% $ 2,025 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 $6.0 billion of senior notes during fiscal 2018. Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses). Year Ended May 31, Percent Change (Dollars in millions) 2019 actual S~*~CConstant 2018 Interest income S 1,092 -9% -9% § 1,203 Foreign currency losses, net (111) 50% 62% (74) Noncontrolling interests in income (152) 12% 12% (135) Other income, net (14) -107% -42% 191 Total non-operating income, net S 815 -31% -31% S$ 1,185 52
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data/downloaded_datasets/tatdqa/test/160a79e59f966afa764e2aff7e470e2d.pdf
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Does the company expect to incur additional restructuring expenses in future periods?
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Table of Contents Index to Financial Statements On a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 . Restructuring Expenses: Restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. Restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report. Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Restructuring expenses S 443 -25% -22% $ 588 Restructuring expenses in fiscal 2019 primarily related to our 2019 Restructuring Plan. Restructuring expenses in fiscal 2018 primarily related to our 2017 Restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 Restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans . Interest Expense: Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Interest expense S 2,082 3% 3% $ 2,025 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 $6.0 billion of senior notes during fiscal 2018. Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses). Year Ended May 31, Percent Change (Dollars in millions) 2019 actual S~*~CConstant 2018 Interest income S 1,092 -9% -9% § 1,203 Foreign currency losses, net (111) 50% 62% (74) Noncontrolling interests in income (152) 12% 12% (135) Other income, net (14) -107% -42% 191 Total non-operating income, net S 815 -31% -31% S$ 1,185 52
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data/downloaded_datasets/tatdqa/test/1a8874a4f3c3f8044c083509da0746b2.pdf
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What was the Expected long-term return on plan assets assumption used in calculating net periodic benefit cost based on?
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Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): Pension 2019 2018 2017 Service COSt 20... 6. ccc ccc cece eee b eee cette eee eee $ 1,437 $1,063 $ 1,068 Interest COSt 2... ect e ete t eee e ee eee 3,715 3,807 2,942 Expected long-term return on plan assets ..... 0.00... (5,291) (5,954) (4,206) Recognized actuarial loss 2.0.2.0... 2 eens 741 1,127 1,929 Amortization of prior service credit ...... 0... eee ee (44) (88) (138) Net settlement loss 2... 0... e nent nee eens 634 116 1,472 Net periodic benefit cost 2... 6.6... cence tenet e nee e ne ee $1,192 $ 71 $ 3,067 On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality. Assumptions Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows: Pension 2019 2018 2017 Net periodic benefit cost: Expected long-term return on plan assets) 2.0.0.2. eee ee eee 3.6% 3.8% 3.3% Rate of compensation increase .. 6.0... cece ete eee 4.4% 3.3% 2.7% Discount rate 2.0... eet ete ene eee 2.2% 2.1% 1.9% Projected benefit obligation: Expected long-term return on plan assets 2.2.2.0... 00. e eee eeeeeeeeeee 2.0% 3.6% 4.0% Rate of compensation increase .. 6.0... cece ete eee 4.3% 4.4% 4.4% Discount rate? 20. eee teen eens 1.7% 2.2% 2.3% (1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan. ®) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover. Plan Assets The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to 92
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data/downloaded_datasets/tatdqa/test/1a8874a4f3c3f8044c083509da0746b2.pdf
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What was the discount rate used to state?
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Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): Pension 2019 2018 2017 Service COSt 20... 6. ccc ccc cece eee b eee cette eee eee $ 1,437 $1,063 $ 1,068 Interest COSt 2... ect e ete t eee e ee eee 3,715 3,807 2,942 Expected long-term return on plan assets ..... 0.00... (5,291) (5,954) (4,206) Recognized actuarial loss 2.0.2.0... 2 eens 741 1,127 1,929 Amortization of prior service credit ...... 0... eee ee (44) (88) (138) Net settlement loss 2... 0... e nent nee eens 634 116 1,472 Net periodic benefit cost 2... 6.6... cence tenet e nee e ne ee $1,192 $ 71 $ 3,067 On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality. Assumptions Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows: Pension 2019 2018 2017 Net periodic benefit cost: Expected long-term return on plan assets) 2.0.0.2. eee ee eee 3.6% 3.8% 3.3% Rate of compensation increase .. 6.0... cece ete eee 4.4% 3.3% 2.7% Discount rate 2.0... eet ete ene eee 2.2% 2.1% 1.9% Projected benefit obligation: Expected long-term return on plan assets 2.2.2.0... 00. e eee eeeeeeeeeee 2.0% 3.6% 4.0% Rate of compensation increase .. 6.0... cece ete eee 4.3% 4.4% 4.4% Discount rate? 20. eee teen eens 1.7% 2.2% 2.3% (1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan. ®) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover. Plan Assets The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to 92
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data/downloaded_datasets/tatdqa/test/1a8874a4f3c3f8044c083509da0746b2.pdf
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What was the rate of compensation increase in 2019?
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Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): Pension 2019 2018 2017 Service COSt 20... 6. ccc ccc cece eee b eee cette eee eee $ 1,437 $1,063 $ 1,068 Interest COSt 2... ect e ete t eee e ee eee 3,715 3,807 2,942 Expected long-term return on plan assets ..... 0.00... (5,291) (5,954) (4,206) Recognized actuarial loss 2.0.2.0... 2 eens 741 1,127 1,929 Amortization of prior service credit ...... 0... eee ee (44) (88) (138) Net settlement loss 2... 0... e nent nee eens 634 116 1,472 Net periodic benefit cost 2... 6.6... cence tenet e nee e ne ee $1,192 $ 71 $ 3,067 On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality. Assumptions Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows: Pension 2019 2018 2017 Net periodic benefit cost: Expected long-term return on plan assets) 2.0.0.2. eee ee eee 3.6% 3.8% 3.3% Rate of compensation increase .. 6.0... cece ete eee 4.4% 3.3% 2.7% Discount rate 2.0... eet ete ene eee 2.2% 2.1% 1.9% Projected benefit obligation: Expected long-term return on plan assets 2.2.2.0... 00. e eee eeeeeeeeeee 2.0% 3.6% 4.0% Rate of compensation increase .. 6.0... cece ete eee 4.3% 4.4% 4.4% Discount rate? 20. eee teen eens 1.7% 2.2% 2.3% (1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan. ®) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover. Plan Assets The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to 92
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data/downloaded_datasets/tatdqa/test/1a8874a4f3c3f8044c083509da0746b2.pdf
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What was the percentage change in the net periodic benefit cost discount rate between 2018 and 2019?
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Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): Pension 2019 2018 2017 Service COSt 20... 6. ccc ccc cece eee b eee cette eee eee $ 1,437 $1,063 $ 1,068 Interest COSt 2... ect e ete t eee e ee eee 3,715 3,807 2,942 Expected long-term return on plan assets ..... 0.00... (5,291) (5,954) (4,206) Recognized actuarial loss 2.0.2.0... 2 eens 741 1,127 1,929 Amortization of prior service credit ...... 0... eee ee (44) (88) (138) Net settlement loss 2... 0... e nent nee eens 634 116 1,472 Net periodic benefit cost 2... 6.6... cence tenet e nee e ne ee $1,192 $ 71 $ 3,067 On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality. Assumptions Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows: Pension 2019 2018 2017 Net periodic benefit cost: Expected long-term return on plan assets) 2.0.0.2. eee ee eee 3.6% 3.8% 3.3% Rate of compensation increase .. 6.0... cece ete eee 4.4% 3.3% 2.7% Discount rate 2.0... eet ete ene eee 2.2% 2.1% 1.9% Projected benefit obligation: Expected long-term return on plan assets 2.2.2.0... 00. e eee eeeeeeeeeee 2.0% 3.6% 4.0% Rate of compensation increase .. 6.0... cece ete eee 4.3% 4.4% 4.4% Discount rate? 20. eee teen eens 1.7% 2.2% 2.3% (1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan. ®) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover. Plan Assets The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to 92
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data/downloaded_datasets/tatdqa/test/1a8874a4f3c3f8044c083509da0746b2.pdf
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What was the percentage change in the net periodic benefit cost rate of compensation increase between 2017 and 2018?
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Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): Pension 2019 2018 2017 Service COSt 20... 6. ccc ccc cece eee b eee cette eee eee $ 1,437 $1,063 $ 1,068 Interest COSt 2... ect e ete t eee e ee eee 3,715 3,807 2,942 Expected long-term return on plan assets ..... 0.00... (5,291) (5,954) (4,206) Recognized actuarial loss 2.0.2.0... 2 eens 741 1,127 1,929 Amortization of prior service credit ...... 0... eee ee (44) (88) (138) Net settlement loss 2... 0... e nent nee eens 634 116 1,472 Net periodic benefit cost 2... 6.6... cence tenet e nee e ne ee $1,192 $ 71 $ 3,067 On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality. Assumptions Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows: Pension 2019 2018 2017 Net periodic benefit cost: Expected long-term return on plan assets) 2.0.0.2. eee ee eee 3.6% 3.8% 3.3% Rate of compensation increase .. 6.0... cece ete eee 4.4% 3.3% 2.7% Discount rate 2.0... eet ete ene eee 2.2% 2.1% 1.9% Projected benefit obligation: Expected long-term return on plan assets 2.2.2.0... 00. e eee eeeeeeeeeee 2.0% 3.6% 4.0% Rate of compensation increase .. 6.0... cece ete eee 4.3% 4.4% 4.4% Discount rate? 20. eee teen eens 1.7% 2.2% 2.3% (1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan. ®) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover. Plan Assets The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to 92
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data/downloaded_datasets/tatdqa/test/1a8874a4f3c3f8044c083509da0746b2.pdf
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What was the percentage change in the projected benefit obligation discount rate between 2018 and 2019?
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Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands): Pension 2019 2018 2017 Service COSt 20... 6. ccc ccc cece eee b eee cette eee eee $ 1,437 $1,063 $ 1,068 Interest COSt 2... ect e ete t eee e ee eee 3,715 3,807 2,942 Expected long-term return on plan assets ..... 0.00... (5,291) (5,954) (4,206) Recognized actuarial loss 2.0.2.0... 2 eens 741 1,127 1,929 Amortization of prior service credit ...... 0... eee ee (44) (88) (138) Net settlement loss 2... 0... e nent nee eens 634 116 1,472 Net periodic benefit cost 2... 6.6... cence tenet e nee e ne ee $1,192 $ 71 $ 3,067 On September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality. Assumptions Weighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows: Pension 2019 2018 2017 Net periodic benefit cost: Expected long-term return on plan assets) 2.0.0.2. eee ee eee 3.6% 3.8% 3.3% Rate of compensation increase .. 6.0... cece ete eee 4.4% 3.3% 2.7% Discount rate 2.0... eet ete ene eee 2.2% 2.1% 1.9% Projected benefit obligation: Expected long-term return on plan assets 2.2.2.0... 00. e eee eeeeeeeeeee 2.0% 3.6% 4.0% Rate of compensation increase .. 6.0... cece ete eee 4.3% 4.4% 4.4% Discount rate? 20. eee teen eens 1.7% 2.2% 2.3% (1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan. ®) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover. Plan Assets The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to 92
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data/downloaded_datasets/tatdqa/test/7c1a0fac586f2de1336256cc0bf74e68.pdf
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What is the value of the accounts receivable due from Customer A in 2019?
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Table of Contents The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2019 Americas Europe Asia Total Total (Amounts in thousands) TS $ 67,228 $ 3,285 $ 646 $ 71,159 90 % HPP 5,294 77 1,837 7,902 10 % Total $ 72,522 $ 4,056 $ 2,483 $ 79,061 100 % % of Total 92% 5% 3% 100 % 2018 TS $ 52,034 $ 9,059 $ 1,344 $ 62,437 86 % HPP 8,424 1,266 789 10,479 14 % Total $ 60,458 $ 10,325 $2,133, $ 72,916 100 % % of Total 83 % 14% 3% 100 % Substantially all Americas amounts are United States. Long-lived assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,270 $ 844 Europe 3 3 Totals $ 1,273. $ 847 Deferred tax assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,946 $ 1,895 Europe _ _ Totals $ 1,946 $ 1,895 The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018. For the years ended September 30, 2019 September 30, 2018 % of % of Amount Revenues Amount Revenues (Amounts in millions) Customer A $ 3.8 5% $ 7.5 10 % Customer B $ 10.2 13% $ 1.1 3% In addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as of September 30, 2019. 74
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data/downloaded_datasets/tatdqa/test/7c1a0fac586f2de1336256cc0bf74e68.pdf
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Which are the customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2018 and 2019?
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Table of Contents The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2019 Americas Europe Asia Total Total (Amounts in thousands) TS $ 67,228 $ 3,285 $ 646 $ 71,159 90 % HPP 5,294 77 1,837 7,902 10 % Total $ 72,522 $ 4,056 $ 2,483 $ 79,061 100 % % of Total 92% 5% 3% 100 % 2018 TS $ 52,034 $ 9,059 $ 1,344 $ 62,437 86 % HPP 8,424 1,266 789 10,479 14 % Total $ 60,458 $ 10,325 $2,133, $ 72,916 100 % % of Total 83 % 14% 3% 100 % Substantially all Americas amounts are United States. Long-lived assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,270 $ 844 Europe 3 3 Totals $ 1,273. $ 847 Deferred tax assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,946 $ 1,895 Europe _ _ Totals $ 1,946 $ 1,895 The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018. For the years ended September 30, 2019 September 30, 2018 % of % of Amount Revenues Amount Revenues (Amounts in millions) Customer A $ 3.8 5% $ 7.5 10 % Customer B $ 10.2 13% $ 1.1 3% In addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as of September 30, 2019. 74
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data/downloaded_datasets/tatdqa/test/7c1a0fac586f2de1336256cc0bf74e68.pdf
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What is the total accounts receivable and long term receivable from Customer B as of September 30, 2019?
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Table of Contents The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2019 Americas Europe Asia Total Total (Amounts in thousands) TS $ 67,228 $ 3,285 $ 646 $ 71,159 90 % HPP 5,294 77 1,837 7,902 10 % Total $ 72,522 $ 4,056 $ 2,483 $ 79,061 100 % % of Total 92% 5% 3% 100 % 2018 TS $ 52,034 $ 9,059 $ 1,344 $ 62,437 86 % HPP 8,424 1,266 789 10,479 14 % Total $ 60,458 $ 10,325 $2,133, $ 72,916 100 % % of Total 83 % 14% 3% 100 % Substantially all Americas amounts are United States. Long-lived assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,270 $ 844 Europe 3 3 Totals $ 1,273. $ 847 Deferred tax assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,946 $ 1,895 Europe _ _ Totals $ 1,946 $ 1,895 The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018. For the years ended September 30, 2019 September 30, 2018 % of % of Amount Revenues Amount Revenues (Amounts in millions) Customer A $ 3.8 5% $ 7.5 10 % Customer B $ 10.2 13% $ 1.1 3% In addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as of September 30, 2019. 74
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data/downloaded_datasets/tatdqa/test/7c1a0fac586f2de1336256cc0bf74e68.pdf
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What is the percentage change in revenue earned from customer B between 2018 and 2019?
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Table of Contents The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2019 Americas Europe Asia Total Total (Amounts in thousands) TS $ 67,228 $ 3,285 $ 646 $ 71,159 90 % HPP 5,294 77 1,837 7,902 10 % Total $ 72,522 $ 4,056 $ 2,483 $ 79,061 100 % % of Total 92% 5% 3% 100 % 2018 TS $ 52,034 $ 9,059 $ 1,344 $ 62,437 86 % HPP 8,424 1,266 789 10,479 14 % Total $ 60,458 $ 10,325 $2,133, $ 72,916 100 % % of Total 83 % 14% 3% 100 % Substantially all Americas amounts are United States. Long-lived assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,270 $ 844 Europe 3 3 Totals $ 1,273. $ 847 Deferred tax assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,946 $ 1,895 Europe _ _ Totals $ 1,946 $ 1,895 The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018. For the years ended September 30, 2019 September 30, 2018 % of % of Amount Revenues Amount Revenues (Amounts in millions) Customer A $ 3.8 5% $ 7.5 10 % Customer B $ 10.2 13% $ 1.1 3% In addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as of September 30, 2019. 74
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data/downloaded_datasets/tatdqa/test/7c1a0fac586f2de1336256cc0bf74e68.pdf
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What is the value of customer A's accounts receivable as a percentage of the revenue derived from customer A in 2019?
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Table of Contents The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2019 Americas Europe Asia Total Total (Amounts in thousands) TS $ 67,228 $ 3,285 $ 646 $ 71,159 90 % HPP 5,294 77 1,837 7,902 10 % Total $ 72,522 $ 4,056 $ 2,483 $ 79,061 100 % % of Total 92% 5% 3% 100 % 2018 TS $ 52,034 $ 9,059 $ 1,344 $ 62,437 86 % HPP 8,424 1,266 789 10,479 14 % Total $ 60,458 $ 10,325 $2,133, $ 72,916 100 % % of Total 83 % 14% 3% 100 % Substantially all Americas amounts are United States. Long-lived assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,270 $ 844 Europe 3 3 Totals $ 1,273. $ 847 Deferred tax assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,946 $ 1,895 Europe _ _ Totals $ 1,946 $ 1,895 The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018. For the years ended September 30, 2019 September 30, 2018 % of % of Amount Revenues Amount Revenues (Amounts in millions) Customer A $ 3.8 5% $ 7.5 10 % Customer B $ 10.2 13% $ 1.1 3% In addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as of September 30, 2019. 74
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data/downloaded_datasets/tatdqa/test/7c1a0fac586f2de1336256cc0bf74e68.pdf
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What is the difference in revenue earned from customer A and customer B in 2019?
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Table of Contents The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2019 Americas Europe Asia Total Total (Amounts in thousands) TS $ 67,228 $ 3,285 $ 646 $ 71,159 90 % HPP 5,294 77 1,837 7,902 10 % Total $ 72,522 $ 4,056 $ 2,483 $ 79,061 100 % % of Total 92% 5% 3% 100 % 2018 TS $ 52,034 $ 9,059 $ 1,344 $ 62,437 86 % HPP 8,424 1,266 789 10,479 14 % Total $ 60,458 $ 10,325 $2,133, $ 72,916 100 % % of Total 83 % 14% 3% 100 % Substantially all Americas amounts are United States. Long-lived assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,270 $ 844 Europe 3 3 Totals $ 1,273. $ 847 Deferred tax assets by geographic location at years ended September 30, 2019 and 2018 were as follows: September 30, September 30, 2019 2018 (Amounts in thousands) North America $ 1,946 $ 1,895 Europe _ _ Totals $ 1,946 $ 1,895 The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018. For the years ended September 30, 2019 September 30, 2018 % of % of Amount Revenues Amount Revenues (Amounts in millions) Customer A $ 3.8 5% $ 7.5 10 % Customer B $ 10.2 13% $ 1.1 3% In addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as of September 30, 2019. 74
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data/downloaded_datasets/tatdqa/test/d014d1498874d83a9cadf694184173d5.pdf
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What is the increase in franchise rental revenues in 2019?
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Same-store sales at company-operated restaurants increased1.7% in 2019 compared with 2018 primarily due to menu price increases and favorable product mix, partially offset by a decline in transactions. The following table summarizes the increases (decreases) in company-operated same-store sales: 2019 vs. 2018 Transactions (1.4)% Average check (1) 3.1% Change in same-store sales 1.7% (1) Includes price increases of approximately 2.5% in 2019. Food and packaging costs as a percentage of company restaurant sales increased to29.0% in 2019 from 28.8% a year ago due primarily to changes in product mix and higher costs for ingredients, partially offset by menu price increases. Commodity costs increased by approximately 2% compared to a year ago, due to increases across the majority of our ingredient costs. Payroll and employee benefit costs as a percentage of company restaurant sales increased to29.7% in 2019 compared with 28.8% a year ago due primarily to higher average wages resulting from wage inflation and a highly competitive labor market, and a change in the mix of restaurants due to refranchising. Occupancy and other costs decreased $21.2 million in 2019 compared to the prior year primarily driven by a decrease in the average number of restaurants impacting occupancy and other costs by approximately $23.0 million. As a percentage of company restaurant sales, occupancy and other costs decreased to 15.0% from 16.0% a year ago due primarily to refranchising and a decrease in maintenance and repair expenses, partially offset by higher costs for insurance, information technology, and delivery fees at the restaurants we continue to operate. Franchise Operations The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands): 2019 2018 Franchise rental revenues $ 272,815 $ 259,047 Royalties 163,047 155,939 Franchise fees and other 6,764 6,646 Franchise royalties and other 169,811 162,585 Franchise contributions for advertising and other services 170,674 _ Total franchise revenues $ 613,300 421,632 Franchise occupancy expenses (excluding depreciation and amortization) $ 166,584 $ 158,319 Franchise support and other costs 12,110 11,593 Franchise advertising and other services expenses 178,093 Total franchise costs $ 356,787 169,912 Franchise costs as a % of total franchise revenues 58.2% 40.3% Average number of franchise restaurants 2,081 2,028 % increase 2.6% Franchised restaurant sales $ 3,167,920 $ 3,018,067 Franchise restaurant AUV $ 1,523 $ 1,488 Increase in franchise-operated same-store sales 1.3% 0.1% Royalties as a percentage of total franchise restaurant sales 5.1% 5.2% Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019. 31
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data/downloaded_datasets/tatdqa/test/d014d1498874d83a9cadf694184173d5.pdf
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How much additional rental revenue was contributed by the refranchising strategy in 2019?
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Same-store sales at company-operated restaurants increased1.7% in 2019 compared with 2018 primarily due to menu price increases and favorable product mix, partially offset by a decline in transactions. The following table summarizes the increases (decreases) in company-operated same-store sales: 2019 vs. 2018 Transactions (1.4)% Average check (1) 3.1% Change in same-store sales 1.7% (1) Includes price increases of approximately 2.5% in 2019. Food and packaging costs as a percentage of company restaurant sales increased to29.0% in 2019 from 28.8% a year ago due primarily to changes in product mix and higher costs for ingredients, partially offset by menu price increases. Commodity costs increased by approximately 2% compared to a year ago, due to increases across the majority of our ingredient costs. Payroll and employee benefit costs as a percentage of company restaurant sales increased to29.7% in 2019 compared with 28.8% a year ago due primarily to higher average wages resulting from wage inflation and a highly competitive labor market, and a change in the mix of restaurants due to refranchising. Occupancy and other costs decreased $21.2 million in 2019 compared to the prior year primarily driven by a decrease in the average number of restaurants impacting occupancy and other costs by approximately $23.0 million. As a percentage of company restaurant sales, occupancy and other costs decreased to 15.0% from 16.0% a year ago due primarily to refranchising and a decrease in maintenance and repair expenses, partially offset by higher costs for insurance, information technology, and delivery fees at the restaurants we continue to operate. Franchise Operations The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands): 2019 2018 Franchise rental revenues $ 272,815 $ 259,047 Royalties 163,047 155,939 Franchise fees and other 6,764 6,646 Franchise royalties and other 169,811 162,585 Franchise contributions for advertising and other services 170,674 _ Total franchise revenues $ 613,300 421,632 Franchise occupancy expenses (excluding depreciation and amortization) $ 166,584 $ 158,319 Franchise support and other costs 12,110 11,593 Franchise advertising and other services expenses 178,093 Total franchise costs $ 356,787 169,912 Franchise costs as a % of total franchise revenues 58.2% 40.3% Average number of franchise restaurants 2,081 2,028 % increase 2.6% Franchised restaurant sales $ 3,167,920 $ 3,018,067 Franchise restaurant AUV $ 1,523 $ 1,488 Increase in franchise-operated same-store sales 1.3% 0.1% Royalties as a percentage of total franchise restaurant sales 5.1% 5.2% Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019. 31
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data/downloaded_datasets/tatdqa/test/d014d1498874d83a9cadf694184173d5.pdf
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What is the amount of royalties in 2019?
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Same-store sales at company-operated restaurants increased1.7% in 2019 compared with 2018 primarily due to menu price increases and favorable product mix, partially offset by a decline in transactions. The following table summarizes the increases (decreases) in company-operated same-store sales: 2019 vs. 2018 Transactions (1.4)% Average check (1) 3.1% Change in same-store sales 1.7% (1) Includes price increases of approximately 2.5% in 2019. Food and packaging costs as a percentage of company restaurant sales increased to29.0% in 2019 from 28.8% a year ago due primarily to changes in product mix and higher costs for ingredients, partially offset by menu price increases. Commodity costs increased by approximately 2% compared to a year ago, due to increases across the majority of our ingredient costs. Payroll and employee benefit costs as a percentage of company restaurant sales increased to29.7% in 2019 compared with 28.8% a year ago due primarily to higher average wages resulting from wage inflation and a highly competitive labor market, and a change in the mix of restaurants due to refranchising. Occupancy and other costs decreased $21.2 million in 2019 compared to the prior year primarily driven by a decrease in the average number of restaurants impacting occupancy and other costs by approximately $23.0 million. As a percentage of company restaurant sales, occupancy and other costs decreased to 15.0% from 16.0% a year ago due primarily to refranchising and a decrease in maintenance and repair expenses, partially offset by higher costs for insurance, information technology, and delivery fees at the restaurants we continue to operate. Franchise Operations The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands): 2019 2018 Franchise rental revenues $ 272,815 $ 259,047 Royalties 163,047 155,939 Franchise fees and other 6,764 6,646 Franchise royalties and other 169,811 162,585 Franchise contributions for advertising and other services 170,674 _ Total franchise revenues $ 613,300 421,632 Franchise occupancy expenses (excluding depreciation and amortization) $ 166,584 $ 158,319 Franchise support and other costs 12,110 11,593 Franchise advertising and other services expenses 178,093 Total franchise costs $ 356,787 169,912 Franchise costs as a % of total franchise revenues 58.2% 40.3% Average number of franchise restaurants 2,081 2,028 % increase 2.6% Franchised restaurant sales $ 3,167,920 $ 3,018,067 Franchise restaurant AUV $ 1,523 $ 1,488 Increase in franchise-operated same-store sales 1.3% 0.1% Royalties as a percentage of total franchise restaurant sales 5.1% 5.2% Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019. 31
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data/downloaded_datasets/tatdqa/test/d014d1498874d83a9cadf694184173d5.pdf
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What is the difference in the total franchise revenues between 2018 and 2019?
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Same-store sales at company-operated restaurants increased1.7% in 2019 compared with 2018 primarily due to menu price increases and favorable product mix, partially offset by a decline in transactions. The following table summarizes the increases (decreases) in company-operated same-store sales: 2019 vs. 2018 Transactions (1.4)% Average check (1) 3.1% Change in same-store sales 1.7% (1) Includes price increases of approximately 2.5% in 2019. Food and packaging costs as a percentage of company restaurant sales increased to29.0% in 2019 from 28.8% a year ago due primarily to changes in product mix and higher costs for ingredients, partially offset by menu price increases. Commodity costs increased by approximately 2% compared to a year ago, due to increases across the majority of our ingredient costs. Payroll and employee benefit costs as a percentage of company restaurant sales increased to29.7% in 2019 compared with 28.8% a year ago due primarily to higher average wages resulting from wage inflation and a highly competitive labor market, and a change in the mix of restaurants due to refranchising. Occupancy and other costs decreased $21.2 million in 2019 compared to the prior year primarily driven by a decrease in the average number of restaurants impacting occupancy and other costs by approximately $23.0 million. As a percentage of company restaurant sales, occupancy and other costs decreased to 15.0% from 16.0% a year ago due primarily to refranchising and a decrease in maintenance and repair expenses, partially offset by higher costs for insurance, information technology, and delivery fees at the restaurants we continue to operate. Franchise Operations The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands): 2019 2018 Franchise rental revenues $ 272,815 $ 259,047 Royalties 163,047 155,939 Franchise fees and other 6,764 6,646 Franchise royalties and other 169,811 162,585 Franchise contributions for advertising and other services 170,674 _ Total franchise revenues $ 613,300 421,632 Franchise occupancy expenses (excluding depreciation and amortization) $ 166,584 $ 158,319 Franchise support and other costs 12,110 11,593 Franchise advertising and other services expenses 178,093 Total franchise costs $ 356,787 169,912 Franchise costs as a % of total franchise revenues 58.2% 40.3% Average number of franchise restaurants 2,081 2,028 % increase 2.6% Franchised restaurant sales $ 3,167,920 $ 3,018,067 Franchise restaurant AUV $ 1,523 $ 1,488 Increase in franchise-operated same-store sales 1.3% 0.1% Royalties as a percentage of total franchise restaurant sales 5.1% 5.2% Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019. 31
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data/downloaded_datasets/tatdqa/test/d014d1498874d83a9cadf694184173d5.pdf
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What is the average in total franchise costs for 2018 and 2019?
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Same-store sales at company-operated restaurants increased1.7% in 2019 compared with 2018 primarily due to menu price increases and favorable product mix, partially offset by a decline in transactions. The following table summarizes the increases (decreases) in company-operated same-store sales: 2019 vs. 2018 Transactions (1.4)% Average check (1) 3.1% Change in same-store sales 1.7% (1) Includes price increases of approximately 2.5% in 2019. Food and packaging costs as a percentage of company restaurant sales increased to29.0% in 2019 from 28.8% a year ago due primarily to changes in product mix and higher costs for ingredients, partially offset by menu price increases. Commodity costs increased by approximately 2% compared to a year ago, due to increases across the majority of our ingredient costs. Payroll and employee benefit costs as a percentage of company restaurant sales increased to29.7% in 2019 compared with 28.8% a year ago due primarily to higher average wages resulting from wage inflation and a highly competitive labor market, and a change in the mix of restaurants due to refranchising. Occupancy and other costs decreased $21.2 million in 2019 compared to the prior year primarily driven by a decrease in the average number of restaurants impacting occupancy and other costs by approximately $23.0 million. As a percentage of company restaurant sales, occupancy and other costs decreased to 15.0% from 16.0% a year ago due primarily to refranchising and a decrease in maintenance and repair expenses, partially offset by higher costs for insurance, information technology, and delivery fees at the restaurants we continue to operate. Franchise Operations The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands): 2019 2018 Franchise rental revenues $ 272,815 $ 259,047 Royalties 163,047 155,939 Franchise fees and other 6,764 6,646 Franchise royalties and other 169,811 162,585 Franchise contributions for advertising and other services 170,674 _ Total franchise revenues $ 613,300 421,632 Franchise occupancy expenses (excluding depreciation and amortization) $ 166,584 $ 158,319 Franchise support and other costs 12,110 11,593 Franchise advertising and other services expenses 178,093 Total franchise costs $ 356,787 169,912 Franchise costs as a % of total franchise revenues 58.2% 40.3% Average number of franchise restaurants 2,081 2,028 % increase 2.6% Franchised restaurant sales $ 3,167,920 $ 3,018,067 Franchise restaurant AUV $ 1,523 $ 1,488 Increase in franchise-operated same-store sales 1.3% 0.1% Royalties as a percentage of total franchise restaurant sales 5.1% 5.2% Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019. 31
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data/downloaded_datasets/tatdqa/test/d014d1498874d83a9cadf694184173d5.pdf
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What is the percentage constitution of franchise rental revenues among the total franchise revenues in 2019?
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Same-store sales at company-operated restaurants increased1.7% in 2019 compared with 2018 primarily due to menu price increases and favorable product mix, partially offset by a decline in transactions. The following table summarizes the increases (decreases) in company-operated same-store sales: 2019 vs. 2018 Transactions (1.4)% Average check (1) 3.1% Change in same-store sales 1.7% (1) Includes price increases of approximately 2.5% in 2019. Food and packaging costs as a percentage of company restaurant sales increased to29.0% in 2019 from 28.8% a year ago due primarily to changes in product mix and higher costs for ingredients, partially offset by menu price increases. Commodity costs increased by approximately 2% compared to a year ago, due to increases across the majority of our ingredient costs. Payroll and employee benefit costs as a percentage of company restaurant sales increased to29.7% in 2019 compared with 28.8% a year ago due primarily to higher average wages resulting from wage inflation and a highly competitive labor market, and a change in the mix of restaurants due to refranchising. Occupancy and other costs decreased $21.2 million in 2019 compared to the prior year primarily driven by a decrease in the average number of restaurants impacting occupancy and other costs by approximately $23.0 million. As a percentage of company restaurant sales, occupancy and other costs decreased to 15.0% from 16.0% a year ago due primarily to refranchising and a decrease in maintenance and repair expenses, partially offset by higher costs for insurance, information technology, and delivery fees at the restaurants we continue to operate. Franchise Operations The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands): 2019 2018 Franchise rental revenues $ 272,815 $ 259,047 Royalties 163,047 155,939 Franchise fees and other 6,764 6,646 Franchise royalties and other 169,811 162,585 Franchise contributions for advertising and other services 170,674 _ Total franchise revenues $ 613,300 421,632 Franchise occupancy expenses (excluding depreciation and amortization) $ 166,584 $ 158,319 Franchise support and other costs 12,110 11,593 Franchise advertising and other services expenses 178,093 Total franchise costs $ 356,787 169,912 Franchise costs as a % of total franchise revenues 58.2% 40.3% Average number of franchise restaurants 2,081 2,028 % increase 2.6% Franchised restaurant sales $ 3,167,920 $ 3,018,067 Franchise restaurant AUV $ 1,523 $ 1,488 Increase in franchise-operated same-store sales 1.3% 0.1% Royalties as a percentage of total franchise restaurant sales 5.1% 5.2% Franchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019. 31
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data/downloaded_datasets/tatdqa/test/bf597f45d92a8c21e7536c0a00c8f445.pdf
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What is the cost of living indexation rate applicable to?
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Notes to consolidated Financial statements SIGNIFICANT ASSUMPTIONS We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Post-employment benefit obligations Discount rate 3.1% 3.8% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.2 23.1 (1) Cost of living indexation rate is only applicable to DB pension plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Net post-employment benefit plans cost Discount rate 4.0% 3.7% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.1 23.2 (1) Cost of living indexation rate is only applicable to DB pension plans. The weighted average duration of the post-employment benefit obligation is 14 years. We assumed the following trend rates in healthcare costs: * an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years * an annual increase in the cost of covered dental benefits of 4% * an annual increase in the cost of covered hospital benefits of 3.7% *an annual increase in the cost of other covered healthcare benefits of 4% SENSITIVITY ANALYSIS Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs. EFFECT ON POST-EMPLOYMENT BENEFITS — INCREASE/(DECREASE) 1% INCREASE 1% DECREASE Total service and interest cost 4 (3) Post-employment benefit obligations. 110 (95) The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans. IMPACT ON NET POST-EMPLOYMENT BENEFIT PLANS COST FOR 2019 — INCREASE/(DECREASE) IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2019 — INCREASE/(DECREASE) CHANGE IN INCREASE IN DECREASE IN INCREASE IN DECREASE IN ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION Discount rate 0.5% (75) 69 (1,728) 1,944 Life expectancy at age 65 1 year 38 (39) 945 (972) POST-EMPLOYMENT BENEFIT PLAN ASSETS The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner to maintain the security of benefits. The following table shows the target allocations for 2019 and the allocation of our post-employment benefit plan assets at December 31, 2019 and 2018. WEIGHTED AVERAGE TARGET ALLOCATION TOTAL PLAN ASSETS FAIR VALUE ASSET CATEGORY 2019 | DECEMBER 31,2019 DECEMBER 31, 2018 Equity securities 0%-40% 22% 20% Debt securities 60%-100% 62% 64% Alternative investments 0%-50% 16% 16% Total 100% 100% BCE Inc. 2019 Annual Report
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data/downloaded_datasets/tatdqa/test/bf597f45d92a8c21e7536c0a00c8f445.pdf
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What is the weighted average duration of the post-employment benefit obligation?
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Notes to consolidated Financial statements SIGNIFICANT ASSUMPTIONS We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Post-employment benefit obligations Discount rate 3.1% 3.8% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.2 23.1 (1) Cost of living indexation rate is only applicable to DB pension plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Net post-employment benefit plans cost Discount rate 4.0% 3.7% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.1 23.2 (1) Cost of living indexation rate is only applicable to DB pension plans. The weighted average duration of the post-employment benefit obligation is 14 years. We assumed the following trend rates in healthcare costs: * an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years * an annual increase in the cost of covered dental benefits of 4% * an annual increase in the cost of covered hospital benefits of 3.7% *an annual increase in the cost of other covered healthcare benefits of 4% SENSITIVITY ANALYSIS Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs. EFFECT ON POST-EMPLOYMENT BENEFITS — INCREASE/(DECREASE) 1% INCREASE 1% DECREASE Total service and interest cost 4 (3) Post-employment benefit obligations. 110 (95) The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans. IMPACT ON NET POST-EMPLOYMENT BENEFIT PLANS COST FOR 2019 — INCREASE/(DECREASE) IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2019 — INCREASE/(DECREASE) CHANGE IN INCREASE IN DECREASE IN INCREASE IN DECREASE IN ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION Discount rate 0.5% (75) 69 (1,728) 1,944 Life expectancy at age 65 1 year 38 (39) 945 (972) POST-EMPLOYMENT BENEFIT PLAN ASSETS The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner to maintain the security of benefits. The following table shows the target allocations for 2019 and the allocation of our post-employment benefit plan assets at December 31, 2019 and 2018. WEIGHTED AVERAGE TARGET ALLOCATION TOTAL PLAN ASSETS FAIR VALUE ASSET CATEGORY 2019 | DECEMBER 31,2019 DECEMBER 31, 2018 Equity securities 0%-40% 22% 20% Debt securities 60%-100% 62% 64% Alternative investments 0%-50% 16% 16% Total 100% 100% BCE Inc. 2019 Annual Report
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data/downloaded_datasets/tatdqa/test/bf597f45d92a8c21e7536c0a00c8f445.pdf
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Within which areas is an annual increase in healthcare costs assumed?
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Notes to consolidated Financial statements SIGNIFICANT ASSUMPTIONS We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Post-employment benefit obligations Discount rate 3.1% 3.8% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.2 23.1 (1) Cost of living indexation rate is only applicable to DB pension plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Net post-employment benefit plans cost Discount rate 4.0% 3.7% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.1 23.2 (1) Cost of living indexation rate is only applicable to DB pension plans. The weighted average duration of the post-employment benefit obligation is 14 years. We assumed the following trend rates in healthcare costs: * an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years * an annual increase in the cost of covered dental benefits of 4% * an annual increase in the cost of covered hospital benefits of 3.7% *an annual increase in the cost of other covered healthcare benefits of 4% SENSITIVITY ANALYSIS Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs. EFFECT ON POST-EMPLOYMENT BENEFITS — INCREASE/(DECREASE) 1% INCREASE 1% DECREASE Total service and interest cost 4 (3) Post-employment benefit obligations. 110 (95) The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans. IMPACT ON NET POST-EMPLOYMENT BENEFIT PLANS COST FOR 2019 — INCREASE/(DECREASE) IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2019 — INCREASE/(DECREASE) CHANGE IN INCREASE IN DECREASE IN INCREASE IN DECREASE IN ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION Discount rate 0.5% (75) 69 (1,728) 1,944 Life expectancy at age 65 1 year 38 (39) 945 (972) POST-EMPLOYMENT BENEFIT PLAN ASSETS The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner to maintain the security of benefits. The following table shows the target allocations for 2019 and the allocation of our post-employment benefit plan assets at December 31, 2019 and 2018. WEIGHTED AVERAGE TARGET ALLOCATION TOTAL PLAN ASSETS FAIR VALUE ASSET CATEGORY 2019 | DECEMBER 31,2019 DECEMBER 31, 2018 Equity securities 0%-40% 22% 20% Debt securities 60%-100% 62% 64% Alternative investments 0%-50% 16% 16% Total 100% 100% BCE Inc. 2019 Annual Report
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data/downloaded_datasets/tatdqa/test/bf597f45d92a8c21e7536c0a00c8f445.pdf
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Based on the post-employment benefit obligations, which year recorded a longer life expectancy at age 65?
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Notes to consolidated Financial statements SIGNIFICANT ASSUMPTIONS We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Post-employment benefit obligations Discount rate 3.1% 3.8% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.2 23.1 (1) Cost of living indexation rate is only applicable to DB pension plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Net post-employment benefit plans cost Discount rate 4.0% 3.7% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.1 23.2 (1) Cost of living indexation rate is only applicable to DB pension plans. The weighted average duration of the post-employment benefit obligation is 14 years. We assumed the following trend rates in healthcare costs: * an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years * an annual increase in the cost of covered dental benefits of 4% * an annual increase in the cost of covered hospital benefits of 3.7% *an annual increase in the cost of other covered healthcare benefits of 4% SENSITIVITY ANALYSIS Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs. EFFECT ON POST-EMPLOYMENT BENEFITS — INCREASE/(DECREASE) 1% INCREASE 1% DECREASE Total service and interest cost 4 (3) Post-employment benefit obligations. 110 (95) The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans. IMPACT ON NET POST-EMPLOYMENT BENEFIT PLANS COST FOR 2019 — INCREASE/(DECREASE) IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2019 — INCREASE/(DECREASE) CHANGE IN INCREASE IN DECREASE IN INCREASE IN DECREASE IN ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION Discount rate 0.5% (75) 69 (1,728) 1,944 Life expectancy at age 65 1 year 38 (39) 945 (972) POST-EMPLOYMENT BENEFIT PLAN ASSETS The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner to maintain the security of benefits. The following table shows the target allocations for 2019 and the allocation of our post-employment benefit plan assets at December 31, 2019 and 2018. WEIGHTED AVERAGE TARGET ALLOCATION TOTAL PLAN ASSETS FAIR VALUE ASSET CATEGORY 2019 | DECEMBER 31,2019 DECEMBER 31, 2018 Equity securities 0%-40% 22% 20% Debt securities 60%-100% 62% 64% Alternative investments 0%-50% 16% 16% Total 100% 100% BCE Inc. 2019 Annual Report
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data/downloaded_datasets/tatdqa/test/bf597f45d92a8c21e7536c0a00c8f445.pdf
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What is the percentage change in the Cost of living indexation rate for post-employment benefit obligations?
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Notes to consolidated Financial statements SIGNIFICANT ASSUMPTIONS We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Post-employment benefit obligations Discount rate 3.1% 3.8% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.2 23.1 (1) Cost of living indexation rate is only applicable to DB pension plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Net post-employment benefit plans cost Discount rate 4.0% 3.7% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.1 23.2 (1) Cost of living indexation rate is only applicable to DB pension plans. The weighted average duration of the post-employment benefit obligation is 14 years. We assumed the following trend rates in healthcare costs: * an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years * an annual increase in the cost of covered dental benefits of 4% * an annual increase in the cost of covered hospital benefits of 3.7% *an annual increase in the cost of other covered healthcare benefits of 4% SENSITIVITY ANALYSIS Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs. EFFECT ON POST-EMPLOYMENT BENEFITS — INCREASE/(DECREASE) 1% INCREASE 1% DECREASE Total service and interest cost 4 (3) Post-employment benefit obligations. 110 (95) The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans. IMPACT ON NET POST-EMPLOYMENT BENEFIT PLANS COST FOR 2019 — INCREASE/(DECREASE) IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2019 — INCREASE/(DECREASE) CHANGE IN INCREASE IN DECREASE IN INCREASE IN DECREASE IN ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION Discount rate 0.5% (75) 69 (1,728) 1,944 Life expectancy at age 65 1 year 38 (39) 945 (972) POST-EMPLOYMENT BENEFIT PLAN ASSETS The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner to maintain the security of benefits. The following table shows the target allocations for 2019 and the allocation of our post-employment benefit plan assets at December 31, 2019 and 2018. WEIGHTED AVERAGE TARGET ALLOCATION TOTAL PLAN ASSETS FAIR VALUE ASSET CATEGORY 2019 | DECEMBER 31,2019 DECEMBER 31, 2018 Equity securities 0%-40% 22% 20% Debt securities 60%-100% 62% 64% Alternative investments 0%-50% 16% 16% Total 100% 100% BCE Inc. 2019 Annual Report
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data/downloaded_datasets/tatdqa/test/bf597f45d92a8c21e7536c0a00c8f445.pdf
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For post-employment benefit obligations, what is the percentage change in the life expectancy at age 65 in 2019?
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Notes to consolidated Financial statements SIGNIFICANT ASSUMPTIONS We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Post-employment benefit obligations Discount rate 3.1% 3.8% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.2 23.1 (1) Cost of living indexation rate is only applicable to DB pension plans. FOR THE YEAR ENDED DECEMBER 31 DB PENSION PLANS AND OPEB PLANS 2019 2018 Net post-employment benefit plans cost Discount rate 4.0% 3.7% Rate of compensation increase 2.25% 2.25% Cost of living indexation rate!" 1.6% 1.6% Life expectancy at age 65 (years) 23.1 23.2 (1) Cost of living indexation rate is only applicable to DB pension plans. The weighted average duration of the post-employment benefit obligation is 14 years. We assumed the following trend rates in healthcare costs: * an annual increase in the cost of medication of 6.5% for 2019 decreasing to 4.0% over 20 years * an annual increase in the cost of covered dental benefits of 4% * an annual increase in the cost of covered hospital benefits of 3.7% *an annual increase in the cost of other covered healthcare benefits of 4% SENSITIVITY ANALYSIS Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs. EFFECT ON POST-EMPLOYMENT BENEFITS — INCREASE/(DECREASE) 1% INCREASE 1% DECREASE Total service and interest cost 4 (3) Post-employment benefit obligations. 110 (95) The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans. IMPACT ON NET POST-EMPLOYMENT BENEFIT PLANS COST FOR 2019 — INCREASE/(DECREASE) IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2019 — INCREASE/(DECREASE) CHANGE IN INCREASE IN DECREASE IN INCREASE IN DECREASE IN ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION Discount rate 0.5% (75) 69 (1,728) 1,944 Life expectancy at age 65 1 year 38 (39) 945 (972) POST-EMPLOYMENT BENEFIT PLAN ASSETS The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner to maintain the security of benefits. The following table shows the target allocations for 2019 and the allocation of our post-employment benefit plan assets at December 31, 2019 and 2018. WEIGHTED AVERAGE TARGET ALLOCATION TOTAL PLAN ASSETS FAIR VALUE ASSET CATEGORY 2019 | DECEMBER 31,2019 DECEMBER 31, 2018 Equity securities 0%-40% 22% 20% Debt securities 60%-100% 62% 64% Alternative investments 0%-50% 16% 16% Total 100% 100% BCE Inc. 2019 Annual Report
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data/downloaded_datasets/tatdqa/test/dd72572fa20be30bb762c6d9646ca39d.pdf
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What was the Acquisition of Commercialization Rights related to?
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 20. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,: 2019 2018 2017 Supplemental cash flow information: Cash paid for interest $ 750.2 $ 789.7 §$ 712.1 Cash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) 147.5 163.9 136.5 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (21.0) 8.3 34.0 Purchases of property and equipment under finance leases, perpetual easements and capital leases 81.3 57.8 54.8 Fair value of debt assumed through acquisitions 329.8 = aa Acquisition of Commercialization Rights (1) _— 24.8 —_— Conversion of third-party debt to equity Soa = 48.2 Debt financed acquisition of communication sites _— 54.2 —_— (1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018. 21. BUSINESS SEGMENTS The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations. During the fourth quarter of 2019, as a result of recent acquisitions, including the Eaton Towers Acquisition, and changes to its organizational structure, the Company reviewed and changed its reportable segments to divide its EMEA property segment into two segments: Africa property and Europe property. Prior to this revision, the Company operated in five business segments: (i) U.S. property, (ii) Asia property (iii) EMEA property, (iv) Latin America property and (v) services. The change is consistent with how the chief operating decision maker reviews financial performance and operating and business management strategies for each of the six segments. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments. As of December 31, 2019, the Company’s property operations consisted of the following: * U.S.: property operations in the United States; * Asia: property operations in India; + Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; * Europe: property operations in France and Germany; and * Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru. The Company’s services segment offers tower-related services in the United States, including AZP and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, for periods through September 30, 2018, the Latin America property segment gross margin and segment operating profit also included Interest income (expense), TV F-53
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data/downloaded_datasets/tatdqa/test/dd72572fa20be30bb762c6d9646ca39d.pdf
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What was the Debt financed acquisition of communication sites in 2018?
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 20. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,: 2019 2018 2017 Supplemental cash flow information: Cash paid for interest $ 750.2 $ 789.7 §$ 712.1 Cash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) 147.5 163.9 136.5 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (21.0) 8.3 34.0 Purchases of property and equipment under finance leases, perpetual easements and capital leases 81.3 57.8 54.8 Fair value of debt assumed through acquisitions 329.8 = aa Acquisition of Commercialization Rights (1) _— 24.8 —_— Conversion of third-party debt to equity Soa = 48.2 Debt financed acquisition of communication sites _— 54.2 —_— (1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018. 21. BUSINESS SEGMENTS The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations. During the fourth quarter of 2019, as a result of recent acquisitions, including the Eaton Towers Acquisition, and changes to its organizational structure, the Company reviewed and changed its reportable segments to divide its EMEA property segment into two segments: Africa property and Europe property. Prior to this revision, the Company operated in five business segments: (i) U.S. property, (ii) Asia property (iii) EMEA property, (iv) Latin America property and (v) services. The change is consistent with how the chief operating decision maker reviews financial performance and operating and business management strategies for each of the six segments. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments. As of December 31, 2019, the Company’s property operations consisted of the following: * U.S.: property operations in the United States; * Asia: property operations in India; + Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; * Europe: property operations in France and Germany; and * Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru. The Company’s services segment offers tower-related services in the United States, including AZP and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, for periods through September 30, 2018, the Latin America property segment gross margin and segment operating profit also included Interest income (expense), TV F-53
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data/downloaded_datasets/tatdqa/test/dd72572fa20be30bb762c6d9646ca39d.pdf
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What was the Cash paid for interest in 2017?
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 20. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,: 2019 2018 2017 Supplemental cash flow information: Cash paid for interest $ 750.2 $ 789.7 §$ 712.1 Cash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) 147.5 163.9 136.5 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (21.0) 8.3 34.0 Purchases of property and equipment under finance leases, perpetual easements and capital leases 81.3 57.8 54.8 Fair value of debt assumed through acquisitions 329.8 = aa Acquisition of Commercialization Rights (1) _— 24.8 —_— Conversion of third-party debt to equity Soa = 48.2 Debt financed acquisition of communication sites _— 54.2 —_— (1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018. 21. BUSINESS SEGMENTS The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations. During the fourth quarter of 2019, as a result of recent acquisitions, including the Eaton Towers Acquisition, and changes to its organizational structure, the Company reviewed and changed its reportable segments to divide its EMEA property segment into two segments: Africa property and Europe property. Prior to this revision, the Company operated in five business segments: (i) U.S. property, (ii) Asia property (iii) EMEA property, (iv) Latin America property and (v) services. The change is consistent with how the chief operating decision maker reviews financial performance and operating and business management strategies for each of the six segments. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments. As of December 31, 2019, the Company’s property operations consisted of the following: * U.S.: property operations in the United States; * Asia: property operations in India; + Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; * Europe: property operations in France and Germany; and * Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru. The Company’s services segment offers tower-related services in the United States, including AZP and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, for periods through September 30, 2018, the Latin America property segment gross margin and segment operating profit also included Interest income (expense), TV F-53
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data/downloaded_datasets/tatdqa/test/dd72572fa20be30bb762c6d9646ca39d.pdf
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What was the change in Cash paid for interest between 2018 and 2019?
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 20. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,: 2019 2018 2017 Supplemental cash flow information: Cash paid for interest $ 750.2 $ 789.7 §$ 712.1 Cash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) 147.5 163.9 136.5 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (21.0) 8.3 34.0 Purchases of property and equipment under finance leases, perpetual easements and capital leases 81.3 57.8 54.8 Fair value of debt assumed through acquisitions 329.8 = aa Acquisition of Commercialization Rights (1) _— 24.8 —_— Conversion of third-party debt to equity Soa = 48.2 Debt financed acquisition of communication sites _— 54.2 —_— (1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018. 21. BUSINESS SEGMENTS The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations. During the fourth quarter of 2019, as a result of recent acquisitions, including the Eaton Towers Acquisition, and changes to its organizational structure, the Company reviewed and changed its reportable segments to divide its EMEA property segment into two segments: Africa property and Europe property. Prior to this revision, the Company operated in five business segments: (i) U.S. property, (ii) Asia property (iii) EMEA property, (iv) Latin America property and (v) services. The change is consistent with how the chief operating decision maker reviews financial performance and operating and business management strategies for each of the six segments. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments. As of December 31, 2019, the Company’s property operations consisted of the following: * U.S.: property operations in the United States; * Asia: property operations in India; + Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; * Europe: property operations in France and Germany; and * Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru. The Company’s services segment offers tower-related services in the United States, including AZP and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, for periods through September 30, 2018, the Latin America property segment gross margin and segment operating profit also included Interest income (expense), TV F-53
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data/downloaded_datasets/tatdqa/test/dd72572fa20be30bb762c6d9646ca39d.pdf
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How many years did the cash paid for income taxes exceed $150 million?
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 20. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,: 2019 2018 2017 Supplemental cash flow information: Cash paid for interest $ 750.2 $ 789.7 §$ 712.1 Cash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) 147.5 163.9 136.5 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (21.0) 8.3 34.0 Purchases of property and equipment under finance leases, perpetual easements and capital leases 81.3 57.8 54.8 Fair value of debt assumed through acquisitions 329.8 = aa Acquisition of Commercialization Rights (1) _— 24.8 —_— Conversion of third-party debt to equity Soa = 48.2 Debt financed acquisition of communication sites _— 54.2 —_— (1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018. 21. BUSINESS SEGMENTS The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations. During the fourth quarter of 2019, as a result of recent acquisitions, including the Eaton Towers Acquisition, and changes to its organizational structure, the Company reviewed and changed its reportable segments to divide its EMEA property segment into two segments: Africa property and Europe property. Prior to this revision, the Company operated in five business segments: (i) U.S. property, (ii) Asia property (iii) EMEA property, (iv) Latin America property and (v) services. The change is consistent with how the chief operating decision maker reviews financial performance and operating and business management strategies for each of the six segments. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments. As of December 31, 2019, the Company’s property operations consisted of the following: * U.S.: property operations in the United States; * Asia: property operations in India; + Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; * Europe: property operations in France and Germany; and * Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru. The Company’s services segment offers tower-related services in the United States, including AZP and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, for periods through September 30, 2018, the Latin America property segment gross margin and segment operating profit also included Interest income (expense), TV F-53
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data/downloaded_datasets/tatdqa/test/dd72572fa20be30bb762c6d9646ca39d.pdf
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What was the percentage change in Purchases of property and equipment under finance leases, perpetual easements and capital leases between 2018 and 2019?
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) 20. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,: 2019 2018 2017 Supplemental cash flow information: Cash paid for interest $ 750.2 $ 789.7 §$ 712.1 Cash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) 147.5 163.9 136.5 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (21.0) 8.3 34.0 Purchases of property and equipment under finance leases, perpetual easements and capital leases 81.3 57.8 54.8 Fair value of debt assumed through acquisitions 329.8 = aa Acquisition of Commercialization Rights (1) _— 24.8 —_— Conversion of third-party debt to equity Soa = 48.2 Debt financed acquisition of communication sites _— 54.2 —_— (1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018. 21. BUSINESS SEGMENTS The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations. During the fourth quarter of 2019, as a result of recent acquisitions, including the Eaton Towers Acquisition, and changes to its organizational structure, the Company reviewed and changed its reportable segments to divide its EMEA property segment into two segments: Africa property and Europe property. Prior to this revision, the Company operated in five business segments: (i) U.S. property, (ii) Asia property (iii) EMEA property, (iv) Latin America property and (v) services. The change is consistent with how the chief operating decision maker reviews financial performance and operating and business management strategies for each of the six segments. The change in reportable segments had no impact on the Company’s consolidated financial statements for any periods. Historical financial information included in this Annual Report on Form 10-K has been adjusted to reflect the change in reportable segments. As of December 31, 2019, the Company’s property operations consisted of the following: * U.S.: property operations in the United States; * Asia: property operations in India; + Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; * Europe: property operations in France and Germany; and * Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru. The Company’s services segment offers tower-related services in the United States, including AZP and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, for periods through September 30, 2018, the Latin America property segment gross margin and segment operating profit also included Interest income (expense), TV F-53
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data/downloaded_datasets/tatdqa/test/1291daaa275e574a7fd08db3068b388a.pdf
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When did Roper enter into a five-year $2.5 billion unsecured credit facility?
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utilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards {without regard to federal benefit of state]. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions. The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning balance $ 63.6 $ 52.2 $ 38.7 Additions for tax positions of prior periods 2.9 24 24.8 Additions for tax positions of the current period 42 6.9 42 Additions due to acquisitions 1.9 44 — Reductions for tax positions of prior periods (0.3) (0.4) (11.2) Reductions attributable to settlements with taxing authorities = aad (1.5) Reductions attributable to lapses of applicable statute of limitations (2.5) {1.9} (2.8) Ending balance $ 69.8 $ 63.6 $52.2 he total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and enalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions. he Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company's federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. he Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company's income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign he SEC released Staff Accounting Bulletin under ASC 740, income Taxes, is incomplete or the reporting period in which the Tax Act unable to determine a reasonable estimate, determined, within the measurement perio earnings, and the introduction of a modified territorial taxation system. o. 118 (“SAB 118”] on December 22, 2017 to provide guidance where the accounting for certain income tax effects of the Tax Act upon issuance of financial statements was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is no related provisional amounts would be recorded until a reasonable estimate can be . The measurement period extends until all necessary information has been obtained, repared, and analyzed, but no longer than uture foreign earnings that can be repatriate 2-months from the date of enactment of the Tax Act. he Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all d without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company's investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested. (8) LONG-TERM DEBT On September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, [the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated a s of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility. ROPER TECHNOLOGIES « 2019 ANNUAL REPORT 45
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data/downloaded_datasets/tatdqa/test/1291daaa275e574a7fd08db3068b388a.pdf
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What public offerings were completed on August 26, 2019?
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utilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards {without regard to federal benefit of state]. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions. The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning balance $ 63.6 $ 52.2 $ 38.7 Additions for tax positions of prior periods 2.9 24 24.8 Additions for tax positions of the current period 42 6.9 42 Additions due to acquisitions 1.9 44 — Reductions for tax positions of prior periods (0.3) (0.4) (11.2) Reductions attributable to settlements with taxing authorities = aad (1.5) Reductions attributable to lapses of applicable statute of limitations (2.5) {1.9} (2.8) Ending balance $ 69.8 $ 63.6 $52.2 he total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and enalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions. he Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company's federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. he Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company's income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign he SEC released Staff Accounting Bulletin under ASC 740, income Taxes, is incomplete or the reporting period in which the Tax Act unable to determine a reasonable estimate, determined, within the measurement perio earnings, and the introduction of a modified territorial taxation system. o. 118 (“SAB 118”] on December 22, 2017 to provide guidance where the accounting for certain income tax effects of the Tax Act upon issuance of financial statements was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is no related provisional amounts would be recorded until a reasonable estimate can be . The measurement period extends until all necessary information has been obtained, repared, and analyzed, but no longer than uture foreign earnings that can be repatriate 2-months from the date of enactment of the Tax Act. he Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all d without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company's investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested. (8) LONG-TERM DEBT On September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, [the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated a s of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility. ROPER TECHNOLOGIES « 2019 ANNUAL REPORT 45
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data/downloaded_datasets/tatdqa/test/1291daaa275e574a7fd08db3068b388a.pdf
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What are the Company’s senior notes?
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utilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards {without regard to federal benefit of state]. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions. The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning balance $ 63.6 $ 52.2 $ 38.7 Additions for tax positions of prior periods 2.9 24 24.8 Additions for tax positions of the current period 42 6.9 42 Additions due to acquisitions 1.9 44 — Reductions for tax positions of prior periods (0.3) (0.4) (11.2) Reductions attributable to settlements with taxing authorities = aad (1.5) Reductions attributable to lapses of applicable statute of limitations (2.5) {1.9} (2.8) Ending balance $ 69.8 $ 63.6 $52.2 he total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and enalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions. he Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company's federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. he Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company's income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign he SEC released Staff Accounting Bulletin under ASC 740, income Taxes, is incomplete or the reporting period in which the Tax Act unable to determine a reasonable estimate, determined, within the measurement perio earnings, and the introduction of a modified territorial taxation system. o. 118 (“SAB 118”] on December 22, 2017 to provide guidance where the accounting for certain income tax effects of the Tax Act upon issuance of financial statements was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is no related provisional amounts would be recorded until a reasonable estimate can be . The measurement period extends until all necessary information has been obtained, repared, and analyzed, but no longer than uture foreign earnings that can be repatriate 2-months from the date of enactment of the Tax Act. he Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all d without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company's investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested. (8) LONG-TERM DEBT On September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, [the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated a s of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility. ROPER TECHNOLOGIES « 2019 ANNUAL REPORT 45
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data/downloaded_datasets/tatdqa/test/1291daaa275e574a7fd08db3068b388a.pdf
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What is the percentage change in total long-term debt in 2019 compared to 2018?
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utilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards {without regard to federal benefit of state]. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions. The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning balance $ 63.6 $ 52.2 $ 38.7 Additions for tax positions of prior periods 2.9 24 24.8 Additions for tax positions of the current period 42 6.9 42 Additions due to acquisitions 1.9 44 — Reductions for tax positions of prior periods (0.3) (0.4) (11.2) Reductions attributable to settlements with taxing authorities = aad (1.5) Reductions attributable to lapses of applicable statute of limitations (2.5) {1.9} (2.8) Ending balance $ 69.8 $ 63.6 $52.2 he total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and enalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions. he Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company's federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. he Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company's income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign he SEC released Staff Accounting Bulletin under ASC 740, income Taxes, is incomplete or the reporting period in which the Tax Act unable to determine a reasonable estimate, determined, within the measurement perio earnings, and the introduction of a modified territorial taxation system. o. 118 (“SAB 118”] on December 22, 2017 to provide guidance where the accounting for certain income tax effects of the Tax Act upon issuance of financial statements was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is no related provisional amounts would be recorded until a reasonable estimate can be . The measurement period extends until all necessary information has been obtained, repared, and analyzed, but no longer than uture foreign earnings that can be repatriate 2-months from the date of enactment of the Tax Act. he Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all d without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company's investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested. (8) LONG-TERM DEBT On September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, [the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated a s of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility. ROPER TECHNOLOGIES « 2019 ANNUAL REPORT 45
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data/downloaded_datasets/tatdqa/test/1291daaa275e574a7fd08db3068b388a.pdf
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What is the ratio of senior notes due 2020 and 2021 to total debt in 2019?
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utilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards {without regard to federal benefit of state]. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions. The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning balance $ 63.6 $ 52.2 $ 38.7 Additions for tax positions of prior periods 2.9 24 24.8 Additions for tax positions of the current period 42 6.9 42 Additions due to acquisitions 1.9 44 — Reductions for tax positions of prior periods (0.3) (0.4) (11.2) Reductions attributable to settlements with taxing authorities = aad (1.5) Reductions attributable to lapses of applicable statute of limitations (2.5) {1.9} (2.8) Ending balance $ 69.8 $ 63.6 $52.2 he total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and enalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions. he Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company's federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. he Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company's income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign he SEC released Staff Accounting Bulletin under ASC 740, income Taxes, is incomplete or the reporting period in which the Tax Act unable to determine a reasonable estimate, determined, within the measurement perio earnings, and the introduction of a modified territorial taxation system. o. 118 (“SAB 118”] on December 22, 2017 to provide guidance where the accounting for certain income tax effects of the Tax Act upon issuance of financial statements was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is no related provisional amounts would be recorded until a reasonable estimate can be . The measurement period extends until all necessary information has been obtained, repared, and analyzed, but no longer than uture foreign earnings that can be repatriate 2-months from the date of enactment of the Tax Act. he Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all d without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company's investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested. (8) LONG-TERM DEBT On September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, [the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated a s of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility. ROPER TECHNOLOGIES « 2019 ANNUAL REPORT 45
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data/downloaded_datasets/tatdqa/test/1291daaa275e574a7fd08db3068b388a.pdf
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What is the average total debt from 2018 to 2019?
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utilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards {without regard to federal benefit of state]. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. As of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions. The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning balance $ 63.6 $ 52.2 $ 38.7 Additions for tax positions of prior periods 2.9 24 24.8 Additions for tax positions of the current period 42 6.9 42 Additions due to acquisitions 1.9 44 — Reductions for tax positions of prior periods (0.3) (0.4) (11.2) Reductions attributable to settlements with taxing authorities = aad (1.5) Reductions attributable to lapses of applicable statute of limitations (2.5) {1.9} (2.8) Ending balance $ 69.8 $ 63.6 $52.2 he total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and enalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions. he Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company's federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. he Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company's income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign he SEC released Staff Accounting Bulletin under ASC 740, income Taxes, is incomplete or the reporting period in which the Tax Act unable to determine a reasonable estimate, determined, within the measurement perio earnings, and the introduction of a modified territorial taxation system. o. 118 (“SAB 118”] on December 22, 2017 to provide guidance where the accounting for certain income tax effects of the Tax Act upon issuance of financial statements was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is no related provisional amounts would be recorded until a reasonable estimate can be . The measurement period extends until all necessary information has been obtained, repared, and analyzed, but no longer than uture foreign earnings that can be repatriate 2-months from the date of enactment of the Tax Act. he Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all d without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company's investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested. (8) LONG-TERM DEBT On September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, [the “2016 Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated a s of July 27, 2012, as amended as of October 28, 2015 (the “2012 Facility”). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility. ROPER TECHNOLOGIES « 2019 ANNUAL REPORT 45
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data/downloaded_datasets/tatdqa/test/c1cc798b575a99c9d13a83e21df88ff9.pdf
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Which years does the table provide information for the changes in the components of accumulated other comprehensive income (AOCI)?
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Table of Contents Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Valuation allowance for deferred tax assets: Fiscal 2019 $ 204.5 $ 16.2 $ 175.8 $ (64.4) $ 332.1 Fiscal 2018 $ 210.1 $ 36.2 $ — $ (41.8) $ 204.5 Fiscal 2017 $ 161.8 $ 15.2 $ 37.6 $ (4.5) $ 210.1 Asummary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Balance at Charged to Beginning Costs and Balance at of Year Expenses Deductions? — End of Year Allowance for doubtful accounts: Fiscal 2019 $ 2.2 $ — $ (0.2) $ 2.0 Fiscal 2018 $ 2.1 $ 0.2 $ (0.1) $ 2.2 Fiscal 2017 $ 2.5 $ 0.2 $ (0.6) $ 2.1 © Deductions represent uncollectible accounts written off, net of recoveries. Accumulated Other Comprehensive Income The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018: Unrealized Holding Gains (Losses) Minimum Available-for- Pension Foreign sale Securities Liability Currency Total Balance at March 31, 2018 $ 19 $ (0.1) $ (9.4) $ (17.6) Impact of change in accounting principle (1.7) _— _— (1.7) Opening Balance as of April 1, 2018 0.2 (10.1) (9.4) (19.3) Other comprehensive loss before reclassifications (5.6) 2.9 (5.3) (8.0) Amounts reclassified from accumulated other comprehensive income (loss) 5.6 1.0 —_— 6.6 Net other comprehensive income (loss) — 3.9 (5.3) (1.4) Balance at March 31, 2019 $ 0.2 $ (6.2) $ (14.7) $ (20.7) F-56
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data/downloaded_datasets/tatdqa/test/c1cc798b575a99c9d13a83e21df88ff9.pdf
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What was the total Other comprehensive loss before reclassifications in 2017?
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Table of Contents Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Valuation allowance for deferred tax assets: Fiscal 2019 $ 204.5 $ 16.2 $ 175.8 $ (64.4) $ 332.1 Fiscal 2018 $ 210.1 $ 36.2 $ — $ (41.8) $ 204.5 Fiscal 2017 $ 161.8 $ 15.2 $ 37.6 $ (4.5) $ 210.1 Asummary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Balance at Charged to Beginning Costs and Balance at of Year Expenses Deductions? — End of Year Allowance for doubtful accounts: Fiscal 2019 $ 2.2 $ — $ (0.2) $ 2.0 Fiscal 2018 $ 2.1 $ 0.2 $ (0.1) $ 2.2 Fiscal 2017 $ 2.5 $ 0.2 $ (0.6) $ 2.1 © Deductions represent uncollectible accounts written off, net of recoveries. Accumulated Other Comprehensive Income The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018: Unrealized Holding Gains (Losses) Minimum Available-for- Pension Foreign sale Securities Liability Currency Total Balance at March 31, 2018 $ 19 $ (0.1) $ (9.4) $ (17.6) Impact of change in accounting principle (1.7) _— _— (1.7) Opening Balance as of April 1, 2018 0.2 (10.1) (9.4) (19.3) Other comprehensive loss before reclassifications (5.6) 2.9 (5.3) (8.0) Amounts reclassified from accumulated other comprehensive income (loss) 5.6 1.0 —_— 6.6 Net other comprehensive income (loss) — 3.9 (5.3) (1.4) Balance at March 31, 2019 $ 0.2 $ (6.2) $ (14.7) $ (20.7) F-56
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data/downloaded_datasets/tatdqa/test/c1cc798b575a99c9d13a83e21df88ff9.pdf
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What was the Minimum Pension Liability balance in 2018?
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Table of Contents Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Valuation allowance for deferred tax assets: Fiscal 2019 $ 204.5 $ 16.2 $ 175.8 $ (64.4) $ 332.1 Fiscal 2018 $ 210.1 $ 36.2 $ — $ (41.8) $ 204.5 Fiscal 2017 $ 161.8 $ 15.2 $ 37.6 $ (4.5) $ 210.1 Asummary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Balance at Charged to Beginning Costs and Balance at of Year Expenses Deductions? — End of Year Allowance for doubtful accounts: Fiscal 2019 $ 2.2 $ — $ (0.2) $ 2.0 Fiscal 2018 $ 2.1 $ 0.2 $ (0.1) $ 2.2 Fiscal 2017 $ 2.5 $ 0.2 $ (0.6) $ 2.1 © Deductions represent uncollectible accounts written off, net of recoveries. Accumulated Other Comprehensive Income The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018: Unrealized Holding Gains (Losses) Minimum Available-for- Pension Foreign sale Securities Liability Currency Total Balance at March 31, 2018 $ 19 $ (0.1) $ (9.4) $ (17.6) Impact of change in accounting principle (1.7) _— _— (1.7) Opening Balance as of April 1, 2018 0.2 (10.1) (9.4) (19.3) Other comprehensive loss before reclassifications (5.6) 2.9 (5.3) (8.0) Amounts reclassified from accumulated other comprehensive income (loss) 5.6 1.0 —_— 6.6 Net other comprehensive income (loss) — 3.9 (5.3) (1.4) Balance at March 31, 2019 $ 0.2 $ (6.2) $ (14.7) $ (20.7) F-56
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data/downloaded_datasets/tatdqa/test/c1cc798b575a99c9d13a83e21df88ff9.pdf
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What was the change in the balance of minimum pension liability between 2017 and 2018?
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Table of Contents Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Valuation allowance for deferred tax assets: Fiscal 2019 $ 204.5 $ 16.2 $ 175.8 $ (64.4) $ 332.1 Fiscal 2018 $ 210.1 $ 36.2 $ — $ (41.8) $ 204.5 Fiscal 2017 $ 161.8 $ 15.2 $ 37.6 $ (4.5) $ 210.1 Asummary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Balance at Charged to Beginning Costs and Balance at of Year Expenses Deductions? — End of Year Allowance for doubtful accounts: Fiscal 2019 $ 2.2 $ — $ (0.2) $ 2.0 Fiscal 2018 $ 2.1 $ 0.2 $ (0.1) $ 2.2 Fiscal 2017 $ 2.5 $ 0.2 $ (0.6) $ 2.1 © Deductions represent uncollectible accounts written off, net of recoveries. Accumulated Other Comprehensive Income The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018: Unrealized Holding Gains (Losses) Minimum Available-for- Pension Foreign sale Securities Liability Currency Total Balance at March 31, 2018 $ 19 $ (0.1) $ (9.4) $ (17.6) Impact of change in accounting principle (1.7) _— _— (1.7) Opening Balance as of April 1, 2018 0.2 (10.1) (9.4) (19.3) Other comprehensive loss before reclassifications (5.6) 2.9 (5.3) (8.0) Amounts reclassified from accumulated other comprehensive income (loss) 5.6 1.0 —_— 6.6 Net other comprehensive income (loss) — 3.9 (5.3) (1.4) Balance at March 31, 2019 $ 0.2 $ (6.2) $ (14.7) $ (20.7) F-56
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data/downloaded_datasets/tatdqa/test/c1cc798b575a99c9d13a83e21df88ff9.pdf
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How many years did the balance Unrealized Holding Gains Available-for-sale Securities exceed $1 million?
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Table of Contents Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Valuation allowance for deferred tax assets: Fiscal 2019 $ 204.5 $ 16.2 $ 175.8 $ (64.4) $ 332.1 Fiscal 2018 $ 210.1 $ 36.2 $ — $ (41.8) $ 204.5 Fiscal 2017 $ 161.8 $ 15.2 $ 37.6 $ (4.5) $ 210.1 Asummary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Balance at Charged to Beginning Costs and Balance at of Year Expenses Deductions? — End of Year Allowance for doubtful accounts: Fiscal 2019 $ 2.2 $ — $ (0.2) $ 2.0 Fiscal 2018 $ 2.1 $ 0.2 $ (0.1) $ 2.2 Fiscal 2017 $ 2.5 $ 0.2 $ (0.6) $ 2.1 © Deductions represent uncollectible accounts written off, net of recoveries. Accumulated Other Comprehensive Income The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018: Unrealized Holding Gains (Losses) Minimum Available-for- Pension Foreign sale Securities Liability Currency Total Balance at March 31, 2018 $ 19 $ (0.1) $ (9.4) $ (17.6) Impact of change in accounting principle (1.7) _— _— (1.7) Opening Balance as of April 1, 2018 0.2 (10.1) (9.4) (19.3) Other comprehensive loss before reclassifications (5.6) 2.9 (5.3) (8.0) Amounts reclassified from accumulated other comprehensive income (loss) 5.6 1.0 —_— 6.6 Net other comprehensive income (loss) — 3.9 (5.3) (1.4) Balance at March 31, 2019 $ 0.2 $ (6.2) $ (14.7) $ (20.7) F-56
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data/downloaded_datasets/tatdqa/test/c1cc798b575a99c9d13a83e21df88ff9.pdf
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What was the percentage change in the total balance between 2017 and 2018?
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Table of Contents Note 22. Supplemental Financial Information Cash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively. A summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Additions Balance at Charged to Charged to Beginning Costs and Other Balance at of Year Expenses Accounts Deductions End of Year Valuation allowance for deferred tax assets: Fiscal 2019 $ 204.5 $ 16.2 $ 175.8 $ (64.4) $ 332.1 Fiscal 2018 $ 210.1 $ 36.2 $ — $ (41.8) $ 204.5 Fiscal 2017 $ 161.8 $ 15.2 $ 37.6 $ (4.5) $ 210.1 Asummary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions): Additions Balance at Charged to Beginning Costs and Balance at of Year Expenses Deductions? — End of Year Allowance for doubtful accounts: Fiscal 2019 $ 2.2 $ — $ (0.2) $ 2.0 Fiscal 2018 $ 2.1 $ 0.2 $ (0.1) $ 2.2 Fiscal 2017 $ 2.5 $ 0.2 $ (0.6) $ 2.1 © Deductions represent uncollectible accounts written off, net of recoveries. Accumulated Other Comprehensive Income The following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018: Unrealized Holding Gains (Losses) Minimum Available-for- Pension Foreign sale Securities Liability Currency Total Balance at March 31, 2018 $ 19 $ (0.1) $ (9.4) $ (17.6) Impact of change in accounting principle (1.7) _— _— (1.7) Opening Balance as of April 1, 2018 0.2 (10.1) (9.4) (19.3) Other comprehensive loss before reclassifications (5.6) 2.9 (5.3) (8.0) Amounts reclassified from accumulated other comprehensive income (loss) 5.6 1.0 —_— 6.6 Net other comprehensive income (loss) — 3.9 (5.3) (1.4) Balance at March 31, 2019 $ 0.2 $ (6.2) $ (14.7) $ (20.7) F-56
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data/downloaded_datasets/tatdqa/test/6ba2031f27ef9758e452677e8396e806.pdf
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How much was the average total amortization of intangible assets in 2018 and 2019?
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Table of Contents Index to Financial Statements On a constant currency basis, total research and development expenses were flat in fiscal 2019, as lower employee related expenses including lower variable compensation were offset by an increase in stock-based compensation expenses . General and Administrative Expenses: General and administrative expenses primarily consist of personnel related expenditures for IT, finance, legal and human resources support functions; and professional services fees. Year Ended May 31, Percent Change {Dollars in millions) 2019 Actual Constant 2018 General and administrative (1) S 1,093 -1% 2% S$ 1,102 Stock-based compensation 172 -5% -5% 180 Total expenses S 1,265 -1% 1% S$ 1,282 % of Total Revenues 3% 3% (1) Excluding stock-based compensation Excluding the effects of currency rate fluctuations, total general and administrative expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to increased professional services fees. Amortization of Intangible Assets: Substantially all of our intangible assets were acquired through our business combinations. We amortize our intangible assets over, and monitor the appropriateness of, the estimated useful lives of these assets. We also periodically review these intangible assets for potential impairment based upon relevant facts and circumstances. Note 6 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report has additional information regarding our intangible assets and related amortization. Year Ended May 31, Percent Change (Dollars in millions) 2019 Actual Constant 2018 Developed technology $ 857 13% 14% $ 758 Cloud services and license support agreements and related relationships 712 -3% -3% 731 Other 120 -9% -9% 131 Total amortization of intangible assets 1,689 4% 4% 1,620 Amortization of intangible assets increased in fiscal 2019 compared to fiscal 2018 primarily due to additional amortization from intangible assets, which primarily included developed technology that we acquired in connection with our recent acquisitions, partially offset by a reduction in expenses associated with certain of our intangible assets that became fully amortized. Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel related costs and stock-based compensation for transitional and certain other employees, integration related professional services, and certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net. Stock-based compensation expenses included in acquisition related and other expenses resulted from unvested restricted stock-based awards and stock options assumed from acquisitions whereby vesting was accelerated generally upon termination of the employees pursuant to the original terms of those restricted stock-based awards and stock options. Year Ended May 31, Percent Change {Dollars in millions) 2019 Actual Constant 2018 Transitional and other employee related costs $s 49 3% 4% § 48 Stock-based compensation _ -100% -100% 1 Professional fees and other, net 16 373% 426% 3 Business combination adjustments, net (21) * * - Total acquisition related and other expenses $s 44 -15% -13% $ 52 * Not meaningful 51
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