DEXTER-CQA/TAT-QA-corpus huggingface dataset:
Name|Leigh R Fox|Andrew R Kaiser|Christi H. Cornette|Thomas E. Simpson|Christopher J. Wilson|Joshua T. Duckworth|Suzanne E. Maratta
Age|47|51|64|47|54|41|37
Title|President and Chief Executive Officer|Chief Financial Officer|Chief Culture Officer|Chief Operating Officer|Vice President and General Counsel|Vice President of Treasury, Corporate Finance and Investor Relations|Vice President and Corporate Controller
LEIGH R. FOX, President and Chief Executive Officer since May 31, 2017; President and Chief Operating Officer of the Company from September 2016 to May 2017; Chief Financial Officer of the Company from October 2013 to September 2016; Chief Administrative Officer of the Company from July 2013 to October 2013; Senior Vice President of Finance and Operations from December 2012 to July 2013; Vice President of Finance at Cincinnati Bell Technology Solutions Inc. (CBTS) from October 2008 to December 2012.
JOSHUA T. DUCKWORTH, Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017; Vice President, Investor Relations and Controller of the Company from July 2013 to October 2017; Assistant Treasurer and Director of Investor Relations for Cincinnati Bell Inc. from August 2012 to July 2013; Assistant Controller for Cincinnati Bell Inc. from August 2010 to August 2012; Deloitte &amp;amp; Touche LLP's audit practice from October 2004 to August 2010.
||Cash (used in) provided by:|Operating activities|Investing activities|Financing activities|Net increase (decrease) in cash and cash equivalents
|2019||$(426)|(251)|5,798|$5,121
Years Ended December 31,|2018||$(2,694)|(6,876)|3,624|$(5,946)
|2017||$14,314|(5,142)|8,420|$17,592
The following unaudited pro-forma consolidated results of operations for the fiscal year ended March 31, 2019 and 2018 assume the closing of the Microsemi acquisition occurred as of April 1, 2017. The pro-forma adjustments are mainly comprised of acquired inventory fair value costs and amortization of purchased intangible assets. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2017 or of results that may occur in the future (in millions except per share data):
The Company recorded a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. As of December 31, 2019, the Company has a valuation allowance of $191.7 million against its U.S. deferred tax assets and a valuation allowance of $52.9 million against certain of its foreign deferred tax assets that the Company is not expected to realize. The Company will continue to assess the realizability of its deferred tax assets in each of the applicable jurisdictions going forward.
On June 7, 2019, the U.S. Court of Appeals for the Ninth Circuit in Altera Corp. v. Commissioner upheld U.S. Treasury Department regulations requiring that related parties in a cost-sharing arrangement share expenses related to stock-based compensation in proportion to the economic activity of the parties. The ruling reversed the prior decision of the U.S. Tax Court. On November 12, 2019, the Ninth Circuit Court of Appeals denied the plaintiff’s request for an en banc rehearing. Based on the appellate court’s ruling, the Company recorded a cumulative income tax expense of $5.3 million in the fourth quarter of 2019. The plaintiff filed a petition for a writ of certiorari in the U.S. Supreme Court on February 10, 2020, and the Company will continue to monitor developments in this matter.
||Deferred tax assets:|Net operating losses and credits|Fixed assets and intangible assets|Accruals and reserves|Stock-based compensation|Inventory|Other|Total deferred tax assets|Less: valuation allowance|Deferred tax assets, net of valuation allowance|Deferred tax liabilities:|Accruals and reserves|Other|Total deferred tax liabilities|Net deferred tax assets
December 31,|2019||$113,475|61,932|75,133|8,615|429|5,287|264,871|(244,581)|20,290||(15,525)|(914)|(16,439)|$3,851
|2018||$61,494|55,476|53,818|9,494|911|4,806|185,999|(181,122)|4,877||—|(560)|(560)|$4,317
||Products and licensing costs|Technology development costs|Total costs of revenues
Years ended December 31,|2019|$16,684,172|18,649,161|$35,333,333
|2018|$8,078,870|15,400,475|$23,479,345
|$ Difference |$8,605,302|3,248,686|$11,853,988
|% Difference|106.5%|21.1%|50.5%
Our Products and Licensing segment costs increased $8.6 million to $16.7 million for the year ended December 31, 2019 compared to $8.1 million for the year ended December 31, 2018. This increase primarily resulted from $3.9 million of cost of revenues from the legacy business of MOI and $4.4 million of cost of revenues from the legacy business of GP during the year ended December 31, 2019, as well as an increase in sales volume.
|||Research and development funding|Phase-out and start-up costs|Exchange gain (loss), net|Patent costs|Gain on sale of businesses and non-current assets|Other, net|Other income and expenses, net|As percentage of net revenues
Year Ended December 31,|2019|(In millions)|$132|(38)|—|(1)|7|3|$103|1.1%
Year Ended December 31,|2018|(In millions)|$52|(1)|4|(8)|8|(2)|$53|0.5%
Year Ended December 31,|2017|(In millions)|$65|(8)|4|(9)|4|(1)|$55|0.7%
|||Property, plant, and equipment, gross:|Land and improvements|Buildings and improvements|Machinery and equipment|Construction in process||Accumulated depreciation|Property, plant, and equipment, net
|2019|||$  152|1,393|7,298|637|9,480|(5,906)|$  3,574
Fiscal Year End|2018|(in millions)||$  171|1,379|7,124|724|9,398|(5,901)|$  3,497
||||Transportation Solutions|Industrial Solutions|Communications Solutions|Total segment assets(1)|Other current assets|Other non-current assets|Total assets
||2019||$ 4,781|2,100|849|7,730|1,398|10,566|$ 19,694
Segment Assets|Fiscal Year End|2018|(in millions)|$  4,707|2,049|959|7,715|1,981|10,690|$ 20,386
||2017||$ 4,084|1,909|951|6,944|2,141|10,318|$ 19,403
Adjusted EBITDA: CMS Adjusted EBITDA increased 31% to $34.4 million in 2019 compared to $26.2 million in 2018. The increase in CMS Adjusted EBITDA was primarily due to the same factors that drove the increase in operating income described above, excluding the changes in amortization expense and acquisition transaction costs as such items are excluded from Adjusted EBITDA. Adjusted EBITDA for CMS increased by $0.5 million in 2019 as a result of the adoption of the new revenue recognition standard. The increase in Adjusted EBITDA was partially offset by the increase in R&D expenditures described above.
Operating Income: CMS had operating income of $7.8 million in 2019 compared to an operating loss of $0.1 million in 2018. The improvement in operating results was primarily from higher sales from expeditionary satellite communications products and secure networks products. The improvements in operating profits was partially offset by operating losses incurred by businesses that CMS acquired during fiscal 2019 and 2018. Businesses acquired by CMS in fiscal years 2019 and 2018 incurred operating losses of $12.8 million in fiscal 2019 compared to $3.5 million in fiscal 2018. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.0 million incurred in fiscal years 2019 and 2018, respectively. In addition, the increase in operating profits was partially offset by an increase of $4.4 million in R&D expenditures from fiscal 2018 to fiscal 2019 related primarily to the development of secure communications and ISR-as-a-service technologies.
Sales: CMS sales increased 59% to $328.8 million in fiscal 2019 compared to $207.0 million in 2018. The increase in sales resulted from increased product deliveries in all of our CMS product lines, and particularly expeditionary satellite communications products and secure network products. Businesses acquired during fiscal years 2019 and 2018 whose operations are included in our CMS operating segment had sales of $8.9 million and $0.6 million for fiscal years 2019 and 2018, respectively.
|% Change ||Other income (expense):                |Interest income|Interest expense|Foreign exchange (expense) income and other, net  |Total other income (expense), net 
Year ended March 31,|2018|||$1,310|(598)|(3,439)|$(2,727)
|2017|(dollars in thousands)||$510|(268)|6,892|$7,134
Period-to-period change|Amount|||$800|(330)|(10,331)|$(9,861)
|% Change|||157%|123%|nm |nm
Other income (expense), net changed $9.9 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to a change of $10.4 million in foreign exchange expense which was primarily attributable to the re-measurement of short-term intercompany balances denominated in currencies other than the functional currency of our operating units. The increase in interest income is primarily due to interest on investments.
Consolidated|||Final dividend for the year ended 30 June 2018 of AU 14 cents (2017: AU 12 cents)|Interim dividend for the half year ended 31 December 2018 of AU 16 cents (2017: AU 13 cents)|
|2019|US$’000|13,327|14,801|28,128
|2018|US$’000|12,534|13,099|25,633
Refrigerated & Frozen net sales for fiscal 2019 were $2.80 billion, an increase of $51.0 million, or 2%, compared to fiscal 2018. Results for fiscal 2019 reflected a 1% increase in volume compared to fiscal 2018, excluding the impact of acquisitions. The increase in sales volumes was a result of innovation across multiple brands, which was partially offset by the effects of reduced merchandising spend and the impact of a recall during the fourth quarter. Price/mix was flat compared to fiscal 2018, as continued delivery of top-line accretive innovation in several brands was partially offset by brand building investments with retailers. The acquisition of the Sandwich Bros. of Wisconsin® business, which was completed in February 2018, contributed $25.7 million to Refrigerated & Frozen's net sales during fiscal 2019, through the one-year anniversary of the acquisition.
($ in millions)|Reporting Segment|Grocery & Snacks .|Refrigerated & Frozen|International|Foodservice|Pinnacle Foods|Total
|Fiscal 2019 Net Sales|$3,279.2|2,804.0|793.4|934.2|1,727.6|$9,538.4
|Fiscal 2018 Net Sales|$3,287.0|2,753.0|843.5|1,054.8|—|$7,938.3
|% Inc (Dec)|—%|2%|(6)%|(11)%|100%|20%
|||Deferred tax assets|Post-retirement and pension benefit costs|Net operating loss carryforwards|Other employee benefits|Other|Gross deferred tax assets|Less valuation allowance|Net deferred tax assets|Deferred tax liabilities|Property, plant and equipment, primarily due to depreciation differences|Goodwill and other intangible assets|Other|Gross deferred tax liabilities|Net deferred tax liability
As of December 31,|2019|(Dollars in millions)||$1,169|3,167|134|577|5,047|(1,319)|3,728||(3,489)|(3,019)|—|(6,508)|$(2,780)
|2018|||1,111|3,445|162|553|5,271|(1,331)|3,940||(3,011)|(3,303)|(23)|(6,337)|(2,397)
(in thousands of U.S. dollars)|Net loss|Adjustments to reconcile net loss to net cash provided by operating activities:|Depreciation and amortization|Amortization and write-off of deferred financing costs|Amortization of deferred drydock and special survey costs|Provision for losses on accounts receivable|Share based compensation|Gain on bond and debt extinguishment|Bargain gain upon obtaining control|Income tax benefit|Impairment losses|Gain on sale of assets|Loss/(equity) in affiliates, net of dividends received|Net income adjusted for non-cash items
Year Ended December 31, 2018|$(265,511)||102,839|7,880|13,828|575|4,556|(6,464)|(58,313)|(1,108)|200,657|(894)|84,317|$82,362
Year Ended December 31, 2017|$(164,787)||104,112|6,391|14,727|269|4,296|(185)|—|(3,192)|50,565|(1,064)|4,610|$15,742
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company’s investments are in money market funds, U.S. treasury bonds, commercial paper, certificates of deposit, asset-backed securities and corporate debt securities, which are classified as Level 2 within the fair value hierarchy, and were initially valued at the transaction price and subsequently valued at each reporting date utilizing market-observable data. The market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.
December 31, 2019||Assets:|Money market funds|U.S. treasury bonds|Commercial paper|Certificates of deposit|Asset-backed securities|Corporate debt securities|Total
|Quoted Prices in Active Markets (Level 1)||$—|—|—|—|—|—|$—
|Significant Other Observable Inputs (Level 2)||$2,010|116,835|44,300|24,539|73,499|181,079|442,262
|Significant Unobservable Inputs (Level 3)||$—|—|—|—|—|—|—
|Total Fair Value||$2,010|116,835|44,300|24,539|73,499|181,079|442,262
In addition to the table above, the Company remeasures amounts related to certain equity compensation that are carried at fair value on a recurring basis in the Consolidated Financial Statements or for which a fair value measurement was required. Refer to Note 21, “Stockholders’ Deficit,” of the Notes to Consolidated Financial Statements for share-based compensation in the Notes to Consolidated Financial Statements. Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, net property and equipment, goodwill, intangible assets and asset retirement obligations.
|(In millions)|Term Loan A Facility due July 2022|Term Loan A Facility due July 2023(1)|6.50% Senior Notes due December 2020|4.875% Senior Notes due December 2022|5.25% Senior Notes due April 2023|4.50% Senior Notes due September 2023(1)|5.125% Senior Notes due December 2024|5.50% Senior Notes due September 2025|4.00% Senior Notes due December 2027|6.875% Senior Notes due July 2033|Other foreign borrowings(1)|Other domestic borrowings|Total debt(2)
December 31, 2019|Carrying Amount|$ 474.6|223.8|—|421.9|422.0|445.6|421.9|397.4|420.4|445.7|12.1|89.0|$ 3,774.4
|Fair Value|$ 474.6|223.8|—|450.1|454.1|509.5|458.9|441.2|431.5|528.8|12.4|89.0|$ 4,073.9
December 31, 2018|Carrying Amount|$ —|222.2|424.0|421.1|421.2|454.9|421.3|397.1|—|445.5|98.5|168.4|$ 3,474.2
|Fair Value|$ —|222.2|440.1|421.2|424.5|489.9|419.8|394.8|—|453.4|99.2|170.0|$ 3,535.1
||Outstanding at 1 April|Options granted in the year|Dividend shares awarded|Options forfeited in the year|Options exercised in the year|Outstanding at 31 March|Exercisable at 31 March
2019|Number|3,104,563|452,695|9,749|(105,213)|(483,316)|2.978,478|721,269
2018|Number|2,682,738|1,188,149|–|(766,324)|–|3,104,563|–
The entire amount reflected in the table above at April 30, 2019, if recognized, would reduce our effective tax rate. As of April 30, 2019, and 2018, the Company had $64,000 and $10,000, respectively, accrued for the payment of interest and penalties. For the fiscal years ended April 30, 2019 and 2018, the Company recognized interest and penalties of $54,000 and $3,000, respectively. Although it is difficult to predict or estimate the change in the Company’s unrecognized tax benefits over the next twelve months, the Company believes that it is reasonably possible that decreases in unrecognized tax benefits of up to $40,000 may be recognized during the next twelve months.
|Balance at the beginning of the fiscal year|Additions based on positions taken in the current year|Additions based on positions taken in prior years|Decreases based on positions taken in prior years|Lapse in statute of limitations|Balance at the end of the fiscal year
2019|$1,264|-|142|(119 )|(29 )|$1,258
2018|$1,626|-|-|(304)|(58)|$1,264
||Deferred tax assets:|Net operating loss carry forwards|Sales allowances and inventory reserves|Medical and employee benefits|Depreciation and differences in basis|Accrued restructuring|Anti-trust fines and settlements|Tax credits|Stock-based compensation|Other(1)|Total deferred tax assets before valuation allowance|Less valuation allowance|Total deferred tax assets|Deferred tax liabilities:|Unremitted earnings of subsidiaries|Amortization of intangibles and debt discounts|Non-amortized intangibles|Total deferred tax liabilities|Net deferred tax assets (liabilities)
March 31,|2019||$78,986|10,967|35,298|5,318|469|910|3,394|5,589|1,342|142,273|(58,658)|83,615||(21,850)|(11,996)|(1,551)|(35,397)|$48,218
|2018||$115,064|9,675|38,572|6,241|2,551|16,575|4,208|1,765|2,812|197,463|(171,401)|26,062||(11,678)|(14,054)|(1,551)|(27,283)|$(1,221)
At December 31, 2019, the Company had federal, state and foreign tax net operating loss carryforwards of approximately $269.3 million, $86.4 million and $11.7 million, respectively. The federal, state and foreign tax loss carryforwards will begin to expire in2 020, 2020 and 2026 respectively, unless previously utilized. At December 31, 2019, the Company had federal, state and foreign tax credit carryforwards of approximately $41.8 million, $86.3 million and $5.7 million, respectively. The federal and foreign tax credit carryforwards will begin to expire in 2023 and 2024 respectively, unless previously utilized. The state tax credit carryforwards do not expire. The Company also has foreign incentive deductions of approximately $24.5 million that do not expire.
||Deferred tax assets:|Net operating loss carryforwards|Research and development credits|Accrued expenses and other|Lease obligation|Accrued compensation|Stock-based compensation||Less valuation allowance||Deferred tax liabilities:|Fixed assets|Leased right-of-use assets|Intangible assets|Net deferred tax assets
2019|(in thousands)||$65,477|80,404|7,768|2,047|1,441|3,460|160,597|(77,957)|82,640||(246)|(1,483)|(13,627)|$67,284
2018|||$64,887|75,032|7,965|—|2,504|2,550|152,938|(79,196)|73,742||(1,391)|—|(20,833)|51,518
||Amounts falling due within one year:|Amounts owed by subsidiaries1|Taxation recoverable|Other debtors|Derivative financial instruments||Amounts falling due after more than one year:|Derivative financial instruments|Deferred tax|
2019|€m||242,976|233|32|183|243,424||3,439|–|3,439
2018|€m||220,871|–|199|163|221,233||2,449|31|2,480
Number of shares (1,000)|Outstanding as of 1 January|Granted during the period|Exercised during the period|Expired during the period|Forfeited during the period|Outstanding as of 31 December|Exercisable as of 31 December
2019|2,719.1|1,001.1|-529.4|-785.3|-177.2|2,228.3|-
2018|2,611.2|907.3|-|-764.0|-35.4|2,719.1|255.3
2017|1,999.8|866.6|-|-233.9|-21.3|2,611.2|255.3
In 2018, the Board agreed to grant a total of 944,468 RSU’s to other management. The vesting period of the program is three years for key employees and three years for the Executive Director. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date for key employees and 12 months after the vesting date for the Executive Director. The fair value of the options granted in 2018 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2018 is 1.1 years (2017: 1.3 years).
|(In Millions, Except Percentages and Per Share Amounts)|Income Statement Data:|Net Sales|Income before Income Taxes|Income Tax Expense|Net Income|Per Common Share Data:|Basic Net Income|Diluted Net Income|Dividends|Book Value|Balance Sheet Data:|Total Debt|Retained Earnings|Fixed Assets, Net|Total Equity|Total Assets|Other Financial Data:|Return on Average Equity|Pre-tax Income as a Percentage of Sales|Net Income as a Percentage of Sales
|April 27, 2019 (1)||$1,000.3|103.6|12.0|91.6||2.45|2.43|0.44|18.43||292.6|545.2|191.9|689.7|1,231.7||13.9%|10.4%|9.2%
|April 28, 2018 (2)||$908.3|123.8|66.6|57.2||1.54|1.52|0.40|16.82||57.8|472.0|162.2|630.0|915.9||9.8%|13.6%|6.3%
Fiscal Year Ended|April 29, 2017 (3)||$816.5|115.9|23.0|92.9||2.49|2.48|0.36|14.53||27.0|427.0|90.6|541.1|704.0||18.6%|14.2%|11.4%
|April 30, 2016 (4)||$809.1|110.9|26.3|84.6||2.21|2.20|0.36|12.61||57.0|358.6|93.0|470.1|655.9||18.2%|13.7%|10.5%
|May 2, 2015 (5)||$881.1|120.8|19.8|101.1||2.61|2.58|0.36|11.82||5.0|356.5|93.3|459.0|605.8||23.5%|13.7%|11.5%
|||Deferred tax assets:|Accrued liabilities and reserves|Tax loss and credit carryforwards|Inventories|Intangible assets|Pension and postretirement benefits|Deferred revenue|Interest|Unrecognized income tax benefits|Basis difference in subsidiaries|Other|Gross deferred tax assets|Valuation allowance|Deferred tax assets, net of valuation allowance||Deferred tax liabilities:|Intangible assets|Property, plant, and equipment|Other|Total deferred tax liabilities|Net deferred tax assets
|2019|||$  245|6,041|43|964|248|4|134|7|—|8|7,694|(4,970)|2,724|||—|(57)|(47)|(104)|$ 2,620
Fiscal Year End|2018|(in millions)||$  255|3,237|58|—|179|5|30|8|946|13|4,731|(2,191)|2,540|||(552)|(13)|(38)|(603)|$  1,937
(In millions)|Year Ended June 30,|Effective Portion|Gains recognized in other comprehensive income (loss), net of tax of $1, $11, and $4|Gains reclassified from accumulated other comprehensive income (loss) into revenue|Amount Excluded from Effectiveness Assessment and Ineffective Portion|Losses recognized in other income (expense), net
|2019||$  159|341||(64)
|2018||$  219|185||(255)
|2017||$  328|555||(389)
Net cash used in investing activities increased by $618.4 million, from $74.6 million during the year ended December 31, 2017 to $693.0 million during the year ended December 31, 2018. The increase is mainly attributable to an increase of $591.5 million in payments for the construction costs of newbuildings and other fixed assets and a net decrease in cash from short-term investments of $43.0 million in 2018 compared to 2017. The above movements were partially offset by $14.0 million in payments made for the investment in Gastrade made in 2017 and an increase of $2.1 million in cash from interest income.
Net cash provided by operating activities increased by $60.1 million, from $223.6 million during the year ended December 31, 2017 to $283.7 million during the year ended December 31, 2018. The increase was attributable to an increase in total revenues (revenues and net pool allocation) of $103.7 million, partially offset by a decrease of $23.5 million caused by movements in working capital accounts, an increase of $15.3 million in cash paid for interest including the interest paid for finance leases and a net decrease of $4.8 million from the remaining movements.
Interest expense decreased in the year ended December 31, 2018, versus the same period in 2017 primarily due to lower debt balances, a reduction in interest related to interest rate swaps, and a one-time charge related to a liability that was settled in 2017. Interest income increased due to higher interest rates. Other expense in the year ended December 31, 2018, was driven by foreign currency translation losses mainly due to the appreciation of the U.S. Dollar compared to the Chinese Renminbi and the Euro. Other income in the year ended December 31, 2017 was driven mainly by foreign currency translation gains due to the depreciation of the U.S. Dollar compared to the Chinese Renminbi and the Euro.
During fiscal 2019, we initiated a restructuring program associated with footprint consolidation and structural improvements impacting all segments. In connection with this program, during fiscal 2019, we recorded net restructuring charges of $254 million. We expect to complete all restructuring actions commenced during fiscal 2019 by the end of fiscal 2021 and to incur additional charges of approximately $35 million related primarily to employee severance and facility exit costs in the Transportation Solutions and Industrial Solutions segments.
30 June 2019||Expected loss rate|Gross carrying amount|Loss allowance provision|Net receivables
Current|$'000|1%|23,762|238|23,524
0 to 30 days past due|$'000|5%|2,068|103|1,965
31 to 60 days past due|$'000|7.5%|787|59|728
More than 60 days past due|$'000|20%|1,703|341|1,362
Total|$'000|-|28,320|741|27,579
||Indirect taxes receivable|Unbilled revenues|Trade receivables|Accrued interest|Other receivables|
December 31, 2019|$|36,821|31,629|9,660|5,754|6,665|90,529
December 31, 2018|$|3,774|12,653|11,191|5,109|8,620|41,347
January 1, 2018|$|832|7,616|7,073|2,015|4,403|21,939