DEXTER-CQA/TAT-QA-corpus huggingface dataset:
||Outstanding at January 1, 2017|Granted|Vested|Forfeited|Outstanding at December 31, 2017|Granted|Vested|Forfeited|Outstanding at December 31, 2018|Granted|Vested|Forfeited|Outstanding at December 31, 2019
Time-Based RSUs|Number of Shares|366|81|(175)|(14)|258|133|(136)|(15)|240|52|(103)|(9)|180
|Weighted- Average Grant Date Fair Value Per Share|$51.35|$94.25|$48.35|$61.8|$66.3|$114.36|$60.23|$82.2|$95.38|$142.32|$81.53|$117.31|$115.45
PSUs and MPSUs|Number of Shares|2,284|585(1)|(597)|(6)|2,266|630(1)|(717)|(5)|2,174|512(1)|(656)|(43)|1,987
|Weighted- Average Grant Date Fair Value Per Share|$43.24|$62.72|$41.94|$49.82|$48.59|$85.06|$41.08|$63.16|$61.61|$99.88|$53.72|$42.72|$74.50
MSUs|Number of Shares|1,620|-|-|-|1,620|600|-|(1)|2,219|-|(324)|(9)|1,886
|Weighted- Average Grant Date Fair Value Per Share|$23.57|$-|$-|$-|$23.57|$68.48|$-|$68.48|$35.69|$-|$23.57|$68.48|$37.63
Total|Number of Shares|4,270|666|(772)|(20)|4,144|1,363|(853)|(21)|4,633|564|(1,083)|(61)|4,053
|Weighted- Average Grant Date Fair Value Per Share|$36.47|$66.56|$43.39|$58.46|$39.91|$80.62|$44.13|$76.92|$50.94|$103.68|$47.34|$57.01|$59.16
The intrinsic value related to vested RSUs was $138.3 million, $90.0 million and $74.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the total intrinsic value of all outstanding RSUs was $679.5 million, based on the closing stock price of $178.02. As of December 31, 2019, unamortized compensation expense related to all outstanding RSUs was $100.1 million with a weighted-average remaining recognition period of approximately three years.
The effective income tax rate was 18.9% and (141.8)% during the years ended December 31, 2019 and December 31, 2018, respectively. The decrease in 2019 compared to statutory tax rate of 21% was primarily due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options.
||Federal statutory tax rate|State taxes|Non deductible expenses|Tax credits|Expired tax credit|Deferred tax adjustment|Stock based compensation|Valuation allowance|Contingent purchase revaluation|Other|
Year ended December 31,|2019|21.0%|(4.5)|(0.3)|4.0|(1.3)|(4.8)|1.9|3.2|—|(0.3)|18.9%
|2018|21.0%|4.4|(0.6)|4.6|(3.9)|—|0.8|(167.0)|(1.0)|(0.1)|(141.8)%
Interest and other expense, net, positively changed by $30.5 million during fiscal 2019, as compared to fiscal 2018, primarily driven by curtailment gains on our pension plans, mark-to-market gains on certain of our privately-held strategic investments, realized gains on sales of strategic investments, offset by an increase in interest expense resulting from our term loan entered into on December 17, 2018 in aggregate principal amount of $500 million and mark-to-market losses on marketable securities.
|||Interest and investment expense, net|Gain (loss) on foreign currency|Gain (loss) on strategic investments|Other income|Interest and other expense, net
|2019||$(52.1)|5.1|12.5|16.8|$(17.7)
Fiscal year ended January 31,|2018|(in millions)|$(34.5)|(3.3)|(16.4)|6.0|$(48.2)
|2017||$(29.7)|(3.3)|0.3|8.5|$(24.2)
||Accrued product-related costs|Accrued income taxes|Accrued property and other taxes|Accrued professional fees|Contract liabilities|Dividends payable|Remediation reserves|Other accrued liabilities|Total accrued expenses and other liabilities
As of December 31,|2019|$4,464|7,903|1,574|1,599|2,877|1,299|11,444|5,218|$36,378
|2018|$4,377|6,914|1,976|3,350|1,981|1,310|11,274|6,165|$37,347
||Senior Notes(1)|Note payable to Dell(2)|Term Loan(3)|Future Lease Commitments(4)|Purchase obligations|Tax obligations(5)|Asset Retirement Obligations|Sub-Total|Uncertain tax positions(6)|Total
|Total|$4,552|283|1,500|1,202|255|545|13|8,350|479|$8,829
|Less than 1 year|$1,372|5|1,500|144|168|53|1|3,243||
Payments Due by Period|1-3 years|$1,686|278|—|268|87|104|5|2,428||
|3-5 years|$98|—|—|178|—|227|2|505||
|More than 5 years|$1,396|—|—|612|—|161|5|2,174||
||Numerator:     |Loss from continuing operations|Loss from discontinued operations|Net loss|Warrant liability gain|Net loss attributable to common stockholders|Denominator:     |Weighted average common shares outstanding-basic|Dilutive effect of warrants|Weighted average common shares outstanding-diluted|Common stock earnings per share-basic:     |Continuing operations|Discontinued operations|Net common stock earnings per share-basic|Common stock earnings per share-diluted:|Continuing operations|Discontinued operations|Net common stock earnings per share-diluted
|2019||$(383,798)|—|(383,798)|—|$(383,798)||65,686|—|65,686||$(5.84)|—|$(5.84)||$(5.84)|—|$(5.84)
Fiscal Years|2018||$(133,762)|(6,215)|(139,977)|(27,646)|$(167,623)||64,741|570|65,311||$(2.07)|(0.10)|$(2.16)||$(2.47)|(0.10)|$(2.57)
|2017||$(150,416)|(19,077)|(169,493)|—|$(169,493)||60,704|—|60,704||$(2.48)|(0.31)|$(2.79)||$(2.48)|(0.31)|$(2.79)
|(in millions, except percentages)|Enterprise Security|Consumer Cyber Safety|Total
|Total Remaining Performance Obligations|$2,059|549|$2,608
Percent Expected to be Recognized as Revenue|0-12 Months|65%|95%|71%
|13-24 Months|24%|4%|19%
|25-36 Months|10%|1%|8%
|Over 36 Months|2%|-%|1%
Purchase orders or contracts for the purchase of supplies and other goods and services are not included in the table above. We are not able to determine the aggregate amount of such purchase orders that represent contractual obligations, as purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current procurement or development needs and are fulfilled by our vendors within short time horizons. We do not have significant agreements for the purchase of supplies or other goods specifying minimum quantities or set prices that exceed our expected requirements for three months. In addition, we have certain software royalty commitments associated with the shipment and licensing of certain products.
||Notes|Term loan|Operating lease obligations|Purchase obligations|Deferred compensation obligations|Pension obligations|Asset retirement obligations|Total (1)
Total||$1,898.3|533.8|409.8|82.7|60.3|25.5|10.4|$3,020.8
Fiscal year 2020||$57.3|18.0|75.4|47.8|5.0|2.4|6.7|$212.6
Fiscal years 2021-2022|(in millions)|$541.7|515.8|115.3|17.0|9.2|4.6|1.1|$1,204.7
Fiscal years 2023-2024||$422.3|—|92.1|11.7|8.8|4.6|1.2|$540.7
Thereafter||$877.0|—|127.0|6.2|37.3|13.9|1.4|$1,062.8
Based on the above formula and Market-based PRSU Vesting Summary set forth in Figures 26 and 27, the Company’s stock price performance over the three-year performance period was equal to 89.93% and performance of the SOX index (based on market price) over the same three-year performance period was equal to 84.47%. Lam’s stock price outperformed the SOX index by 5.46%, which resulted in a performance payout of 110.93% to target number of Marketbased PRSUs granted to each NEO. Based on such results, the committee made the following payouts to each NEO for the 2016/2018 LTIP Award of Market-based PRSUs.
Named Executive Officer (1)(2) (1)(2) (1)(2)|Timothy M.Archer|Douglas R.Bettinger|Richard A.Gottscho|Patrick J. Lord|Vahid Vahedi|Seshasayee(Sesha) Varadarajan
Target Award Opportunity ($)|4,000,000|2,750,000|3,250,000|1,100,000|1,100,000|1,100,000
Market-based PRSUs award (#)|28,935|19,892|23,509|7,957|7,957|7,957
Stock Options Award (#)|34,722|23,871|28,209|—|—|—
Service-based RSUs Award (#)|17,361|11,935|14,105|7,957|7,957|7,957
(in thousands of $)|Management and administrative services revenue (i)|Ship management fees revenue (ii)|Interest income on short-term loan (iii)|Charterhire expenses (iv)|Share options expense recharge (v)|Interest expense on deposits payable (vi)|Total
2019|9,645|4,460|(109)|—|—|—|13,996
2018|9,809|5,200|—|—|—|(4,779)|10,230
2017|7,762|5,903|—|(17,423)|228|(4,622)|(8,152)
(i) Management and administrative services revenue - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice.
Expense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million. We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during that period. We have accounted for $nil, $nil and $2.2 million as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.
||Trade payables|Accruals|Other taxes and social security|Deferred income|Other payables|Accrued interest payable|Total
2019|£m|4.3|10.5|13.0|13.2|0.3|0.5|41.8
(Restated) 2018|£m|3.7|9.8|11.8|1.8|0.9|0.5|28.5
|(In millions)|Total segment operating income|Reconciling items:|Stock-based compensation expense|Amortization of intangible assets|Restructuring, transition and other costs|Acquisition-related costs|Other|Total consolidated operating income (loss) from continuing operations
|March 29, 2019|$1,414||352|443|241|3|(5)|$380
Year Ended|March 30, 2018|$1,584||610|453|410|60|2|$49
|March 31, 2017|$1,026||440|293|273|120|-|$(100)
||Construction in process|Machinery and equipment|Leasehold improvements|Furniture and fixtures|Capital lease assets|Computer equipment and software|           Total property and equipment|Less accumulated depreciation and amortization|Property and equipment — net
September 27, |2019|24,848|175,696|12,962|3,716|46,496|18,116|281,834|(149,187)|$132,647
September 28, |2018|49,661|174,638|14,984|2,306|19,380|17,317|278,286|(128,363)|$149,923
||Balance, beginning of the year|Tax positions related to current year:|Additions|Tax positions related to prior years:|Additions|Reductions|Settlements|Reductions resulting from a lapse of the statute of limitations|Foreign currency effects|Balance, end of the year
|January 31, 2020|$385||116||98|(7)|(28)|(83)|(2)|$479
For the Year Ended|February 1, 2019|$305||57||44|(1)|(4)|(8)|(8)|$385
|February 2, 2018|$265||63||2|(2)|(9)|(24)|10|$305
The Company repurchased a total of 40,933 shares of our common stock at an average price of $13.51 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2019. The Company repurchased a total of 41,989 shares of our common stock at an average price of $11.66 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2018.
|Unvested shares as of September 30, 2017|Granted|Vested|Forfeited|Unvested shares as of September 30, 2018|Granted|Vested|Forfeited|Unvested shares as of September 30, 2019
Number of shares|370,530|7,235|(113,930)|(15,222)|248,613|4,340|(110,683)|(11,830)|130,440
Weighted average grant date fair value|$15.24|14.17|16.45|15.41|14.65|14.40|16.31|14.47|13.25
Employee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase Plan (“ESPP”) allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP. Employee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase Plan (“ESPP”) allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP.
|($ in millions)|Net sales|Less: surcharge revenue|Net sales excluding surcharge revenue|Gross profit|Gross margin|Gross margin excluding surcharge revenue
Fiscal Year|2018|$2,157.7|365.4|$1,792.3|$382.3|17.7%|21.3%
|2017|$1,797.6|239.2|$1,558.4|$300.8|16.7%|19.3%
Gross profit in fiscal year 2018 increased to $382.3 million, or 17.7 percent of net sales from $300.8 million, or 16.7 percent of net sales for fiscal year 2017. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2018 was 21.3 percent compared to 19.3 percent in fiscal year 2017. The results reflect the impact of stronger demand and improved product mix coupled with operating cost improvements compared to fiscal year 2017.
|PSG|ASG|ISG|Gross profit for all segments|Unallocated manufacturing costs (2)|Total gross profit
2019|$976.0|794.8|275.4|$ 2,046.2|(72.6)|$ 1,973.6
As a % of Segment Revenue (1)|35.0 %|40.3 %|36.4 %||(1.3) %|35.8 %
2018|$ 1,110.1|878.3|317.1|$ 2,305.5|(66.8)|$ 2,238.7
As a % of Segment Revenue (1)|36.5 %|42.4 %|41.2 %||(1.1) %|38.1 %
|||Diluted net (loss) income per share|Stock-based compensation expense|Amortization of developed technologies|Amortization of purchased intangibles|CEO transition costs (2)|Acquisition related costs|Restructuring and other exit costs, net|(Gain) loss on strategic investments|Discrete tax provision items|Income tax effect of non-GAAP adjustments|Non-GAAP diluted income (loss) per share
|2019||$(0.37)|1.12|0.08|0.08|—|0.07|0.14|(0.05)|(0.14)|0.08|$1.01
Fiscal Year Ended January 31,|2018|(Unaudited)|$(2.58)|1.11|0.08|0.09|0.09|—|0.43|0.08|(0.09)|0.31|$(0.48)
|2017||$(2.61)|1.00|0.18|0.14|—|—|0.35|—|(0.01)|0.45|$(0.50)
Stock-based compensation expenses. We exclude stock-based compensation expenses from non-GAAP measures primarily because they are non-cash expenses and management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, we believe excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
Acquisition related costs. We exclude certain acquisition related costs, including due diligence costs, professional fees in connection with an acquisition, certain financing costs, and certain integration related expenses. These expenses are unpredictable, and dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired business, or our Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition related costs, may not be indicative of such future costs. We believe excluding acquisition related costs facilitates the comparison of our financial results to the Company's historical operating results and to other companies in our industry.
NEO|Gregory S. Clark|Nicholas R. Noviello|Amy L. Cappellanti-Wolf|Samir Kapuria|Scott C. Taylor
Total FY17 PRUs Vested at end of FY18|2,404,175|606,935|207,142|148,322|414,287
Total FY17 PRUs Vested at end of FY19|175,023|44,184|15,080|10,798|30,160
Total FY17 PRUs Earned and Vested (1)|2,579,198|651,119|222,222|159,120|444,447
|July 27, 2019|Operating leases|Purchase commitments with contract manufacturers and suppliers|Other purchase obligations|Senior notes|Transition tax payable|Other long-term liabilities .|Total by period|Other long-term liabilities (uncertainty in the timing of future payments)|Total
|Total|$1,179|4,967|1,490|20,500|8,343|1,214|$37,693|1,428|$39,121
|Less than 1 Year|$441|4,239|676|6,000|749|—|$12,105||
PAYMENTS DUE BY PERIOD|1 to 3 Years|$494|728|622|5,500|1,498|220|$9,062||
|3 to 5 Years|$190|—|98|2,250|2,113|136|$4,787||
|More than 5 Years|$54|—|94|6,750|3,983|858|$11,739||
|(In thousands)|Net cash used in operating activities|Net cash provided by (used in) investing activities|Net cash provided by financing activities
|December 29, 2019|$(270,413)|$21,366|$344,314
Fiscal Year Ended|December 30, 2018|$(543,389)|$274,900|$85,847
|December 31, 2017|$(267,412)|$(293,084)|$589,932
In December 2018 and May 2019, we entered into factoring arrangements with two separate third-party factor agencies related to our accounts receivable from customers in Europe. As a result of these factoring arrangements, title of certain accounts receivable balances was transferred to third-party vendors, and both arrangements were accounted for as a sale of financial assets given effective control over these financial assets has been surrendered. As a result, these financial assets have been excluded from our consolidated balance sheets. In connection with the factoring arrangements, we sold accounts receivable invoices amounting to $119.4 million and $26.3 million in fiscal 2019 and 2018, respectively. As of December 29, 2019 and December 30, 2018, total uncollected accounts receivable from end customers under both arrangements were $11.6 million and $21.0 million, respectively.
||Net cash provided by (used in):|Operating activities|Investing activities|Financing activities|Effect of exchange rate changes on cash and cash equivalents|Net increase (decrease) in cash and cash equivalents
Fiscal 2019|||$6,627|(1,756)|(3,767)|(39)|$1,065
Fiscal 2018|(in millions of U.S. dollars)||$6,027|(1,250)|(3,709)|(134)|$934
2019 to 2018 Change|||$600|(506)|(58)|95|$131
Also, as part of the share purchase agreement, the unvested restricted shares of certain employees of Meta Networks were exchanged into the right to receive $7,827 of deferred cash consideration and 72 shares of the Company’s common stock that were deferred with the fair value of $8,599. The deferred cash consideration was presented as restricted cash on the Company’s consolidated balance sheet as of December 31, 2019. The deferred cash consideration of $7,596 and the deferred stock $8,338 (see Note 11 “Equity Award Plans”) were allocated to post-combination expense and were not included in the purchase price. The deferred cash consideration and deferred shares are subject to forfeiture if employment terminates prior to the lapse of the restrictions, and their fair value is expensed as compensation and stock-based compensation expense over the three-year vesting period.
(1) In the second quarter of fiscal 2019, we completed the sale of the Service Provider Video Software Solutions (SPVSS) business. As a result, revenue from the SPVSS business will not recur in future periods. We recognized an immaterial gain from this transaction. Revenue for the years ended July 27, 2019 and July 28, 2018 include SPVSS revenue of $168 million and $903 million, respectively.
Years Ended|Revenue|Net income|Net income per share—basic|Net income per share—diluted|Shares used in per-share calculation—basic|Shares used in per-share calculation—diluted|Cash dividends declared per common share|Net cash provided by operating activities
July 27, 2019 (1)(2)|$51,904|$11,621|$2.63|$2.61|4,419|4,453|$1.36|$15,831
July 28, 2018 (1)(3)|$49,330|$110|$0.02|$0.02|4,837|4,881|$1.24|$13,666
July 29, 2017|$48,005|$9,609|$1.92|$1.90|5,010|5,049|$1.10|$13,876
July 30, 2016 (4)(5)|$49,247|$10,739|$2.13|$2.11|5,053|5,088|$0.94|$13,570
July 25, 2015 (4)|$49,161|$8,981|$1.76|$1.75|5,104|5,146|$0.80|$12,552
As lessee — We lease restaurants and other facilities, which generally have renewal clauses of 1 to 20 years exercisable at our option. In some instances, these leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurant and other facility leases also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. We also lease certain restaurant and office equipment. Minimum rental obligations are accounted for on a straight-line basis over the term of the initial lease, plus lease option terms for certain locations.
|Minimum rentals|Contingent rentals|Total rent expense|Less rental expense on subleased properties|Net rent expense
2019|$184,587|2,255|186,842|(170,651)|$16,191
2018|$184,106|2,221|186,327|(162,640)|$23,687
2017|$185,696|2,419|188,115|(145,728)|$42,387
€ millions|Unused tax losses|Not expiring|Expiring in the following year|Expiring after the following year|Total unused tax losses|Deductible temporary differences|Unused research and development and foreign tax credits|Not expiring|Expiring in the following year|Expiring after the following year|Total unused tax credits
2019||688|63|373|1,124|538||28|0|17|45
2018||575|7|476|1,058|509||54|0|18|72
2017||375|9|535|919|524||38|2|34|74
We use derivative instruments primarily to manage exposures to foreign currency exchange rate, interest rate, and equity price risks. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates, interest rates, and equity prices. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We do, however, seek to mitigate such risks by limiting our counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties.
|Derivatives designated as hedging instruments:|Foreign currency derivatives—cash flow hedges|Interest rate derivatives|Net investment hedging instruments|Derivatives not designated as hedging instruments:|Foreign currency derivatives|Total return swaps—deferred compensation|Total
July 27, 2019||$663|4,500|309||2,708|574|$8,754
July 28, 2018||$147|6,750|250||2,298|566|$10,011