DEXTER-CQA/TAT-QA-corpus huggingface dataset:
On a fixed-price type contract, we agree to perform the contractual statement of work for a predetermined sales price. On a cost-plus type contract, we are paid our allowable incurred costs plus a profit which can be fixed or variable depending on the contract’s fee arrangement up to predetermined funding levels determined by the customer. On a time-and-material type contract, we are paid on the basis of direct labor hours expended at specified fixed-price hourly rates (that include wages, overhead, allowable general and administrative expenses and profit) and materials at cost. The table below presents total net sales disaggregated by contract type (in millions):
|||Transportation Solutions:|Automotive|Commercial transportation|Sensors|Total Transportation Solutions|Industrial Solutions:|Industrial equipment|Aerospace, defense, oil, and gas|Energy|Total Industrial Solutions|Communications Solutions:|Data and devices|Appliances|Total Communications Solutions|Total
|2019|||$ 5,686|1,221|914|7,821||1,949|1,306|699|3,954||993|680|1,673|$ 13,448
Fiscal|2018|(in millions)||$ 6,092|1,280|918|8,290||1,987|1,157|712|3,856||1,068|774|1,842|$ 13,988
|2017|||$  5,228|997|814|7,039||1,747|1,075|685|3,507||963|676|1,639|$ 12,185
IMFT: Since 2006, we have owned 51% of IMFT, a joint venture between us and Intel. IMFT is governed by a Board of Managers, for which the number of managers appointed by each member varies based on the members' respective ownership interests. IMFT manufactures semiconductor products exclusively for its members under a long-term supply agreement at prices approximating cost. In 2018, IMFT discontinued production of NAND and subsequent to that time manufactured 3D XPoint memory. In 2018, we announced that we and Intel will no longer jointly develop 3D XPoint technology beyond the second generation and we substantially completed this cost-sharing arrangement in the first quarter of 2020. IMFT sales to Intel were $731 million, $507 million, and $493 million for 2019, 2018, and 2017, respectively.
IMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Pursuant to the terms of the IMFT joint venture agreement, Intel provided debt financing of $1.01 billion to IMFT in 2018 and IMFT repaid $316 million to Intel in 2019. As of August 29, 2019, current debt included $693 million of IMFT Member Debt. Members pay their proportionate share of fixed costs associated with IMFT's capacity.  IMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Pursuant to the terms of the IMFT joint venture agreement, Intel provided debt financing of $1.01 billion to IMFT in 2018 and IMFT repaid $316 million to Intel in 2019. As of August 29, 2019, current debt included $693 million of IMFT Member Debt. Members pay their proportionate share of fixed costs associated with IMFT's capacity.
As of|Assets|Cash and equivalents|Receivables|Inventories|Other current assets|Total current assets|Property, plant, and equipment|Other noncurrent assets|Total assets|Liabilities|Accounts payable and accrued expenses|Current debt|Other current liabilities|Total current liabilities|Long-term debt|Other noncurrent liabilities|Total liabilities
2019||$130|128|124|9|391|2,235|38|$2,664||$118|696|37|851|53|5|$909
2018||$91|126|114|8|339|2,641|45|$3,025||$138|20|9|167|1,064|74|$1,305
||Trade accounts receivable, net, noncurrent (Note 2)|Equity method investments (Note 1)|Net deferred tax assets, noncurrent (Note 20)|Rent and other deposits|Value added tax receivables, net, noncurrent|Other|
December 31,|2019|$26,496|9,254|6,774|6,106|592|6,723|$55,945
|2018|$15,948|9,702|5,797|5,687|519|5,711|$43,364
||Cash generated by operations (refer to note 18)|Capital additions|Working capital movement in respect of capital additions|Disposal of property, plant and equipment|Restructuring payments|Other|Operating free cash flow|Taxation|Dividends received from associates and investments|Dividends paid to non-controlling shareholders in subsidiaries|Interest received and paid|Free cash flow (pre-spectrum)|Licence and spectrum payments|Restructuring payments|Free cash flow
2019|€m|14,182|(7,227)|(89)|45|195|(35)|7,071|(1,040)|498|(584)|(502)|5,443|(837)|(195)|4,411
2018|€m|13,860|(7,321)|171|41|250|–|7,001|(1,010)|489|(310)|(753)|5,417|(1,123)|(250)|4,044
2017|€m|13,781|(7,675)|(822)|43|266|34|5,627|(761)|433|(413)|(830)|4,056|(474)|(266)|3,316
||Net profit/(loss) after tax|Add: finance costs|Less: interest income|Add/(less): income tax expense/(benefit)|Add: depreciation and amortisation|EBITDA|Less: gain on extinguishment of B1 lease|Less: gain on extinguishment of APDC leases|Less: distribution income|Add: APDC transaction costs|Add: landholder duty on acquisition of APDC properties|Add: Singapore and Japan costs|Underlying EBITDA
30 June 2019|$’000|(9,819)|54,897|(8,220)|(6,254)|48,442|79,046|(1,068)|(1,291)|(1,344)|5,459|3,498|823|85,123
30 June 2018|$’000|6,639|25,803|(5,778)|4,252|33,038|63,954|-|-|(3,191)|1,812|-|-|62,575
Change|%|(248%)|113%|42%|(247%)|47%|24%|||(58%)|201%|||36%
The fair values of our PSUs were also measured based upon their market values as of their respective grant dates, discounted for the present values of expected dividends. The vesting conditions and related terms of our PSUs were communicated to each participating employee as of their respective grant dates and included attainment metrics that were defined, fixed and based upon consistent U.S. GAAP metrics or internal metrics that are defined, fixed and consistently determined, and that require the employee to render service. Therefore, these awards met the performance-based award classification criteria as defined within ASC 718.
We estimated the fair values of our stock options that were solely subject to service-based vesting requirements using the Black-Scholes-Merton option-pricing model, which was developed for use in estimating the fair values of stock options. Option valuation models, including the Black-Scholes-Merton option-pricing model, require the input of assumptions, including stock price volatility. Changes in the input assumptions can affect the fair value estimates and ultimately how much we recognize as stock-based compensation expense. The fair values of our stock options were estimated at the grant dates or at the acquisition dates for options assumed in a business combination. The weighted-average input assumptions used and resulting fair values of our service-based stock options were as follows for fiscal 2019, 2018 and 2017.
||Expected life (in years)|risk-free interest rate|Volatility|Dividend yield|Weighted-average fair value per share
Year Ended May 31,|2019|4.6|2.7%|24%|1.7%|$10.77
|2018|4.7|2.0%|22%|1.5%|$9.34
|2017|4.8|1.0%|23%|1.5%|$8.18
($ in millions)|For the year ended December 31:|Cost|Selling, general and administrative|Research, development and engineering|Pre-tax stock-based compensation cost|Income tax benefits|Net stock-based compensation cost
|2019|$100|453|126|679|(155)|$524
|2018|$82|361|67|510|(116)|$393
|2017|$91|384|59|534|(131)|$403
||Fixed assets|Investments||Current assets|Debtors|Cash and cash equivalents||Creditors: amounts falling due within one year|Net current assets|Net assets|Capital and reserves|Called-up share capital|Own shares held|Capital redemption reserve|Retained earnings|Total equity
|Note||3|||4|5||6||||9|10|||
2019|£m||1,216.0|1,216.0||415.9|–|415.9|(411.4)|4.5|1,220.5||9.3|(16.5)|0.7|1,227.0|1,220.5
2018|£m||1,212.9|1,212.9||440.7|0.2|440.9|(288.4)|152.5|1,365.4||9.5|(16.9)|0.5|1,372.3|1,365.4
(In Millions)|Data Center Group|Internet of Things Group|Mobileye|Programmable Solutions Group|Client Computing Group|All other|Total|(In Millions)|Data Center Group|Internet of Things Group|Mobileye|Programmable Solutions Group|Client Computing Group|All other|Total
Dec 29, 2018|$5,424|1,579|10,290|2,579|4,403|238|$24,513|Dec 30, 2017|$5,421|1,126|10,278|2,490|4,356|718|$24,389
Acquisitions|$1,758|—|—|67|—|—|$1,825|Acquisitions|$3|16|7|89|47|—|$162
Transfers|$—|—|—|—|—|—|$—|Transfers|$—|480|—|—|—|(480)|$—
Other|$—|—|—|8|(70)|—|$(62)|Other|$—|(43)|5|—|—|—|$(38)
Dec 28, 2019|$7,155|1,579|10,290|2,681|4,333|238|$26,276|Dec 29, 2018|$5,424|1,579|10,290|2,579|4,403|238|$24,513
|(in millions, except per share amounts)||Total revenues|Operating income|Net income (1)|Earnings per share—diluted (1)|Diluted weighted average common shares outstanding|Cash dividends declared per common share||Working capital (2)|Total assets (2)|Notes payable and other borrowings (3)
|2019|Consolidated Statements of Operations Data:|$39,506|$13,535|$11,083|$2.97|3,732|$0.81|Consolidated Balance Sheets Data:|$27,756|$108,709|$56,167
|2018 (4)||$39,383|$13,264|$3,587|$0.85|4,238|$0.76||$57,035|$137,851|$60,619
|2017 (4)||$37,792|$12,913|$9,452|$2.24|4,217|$0.64||$50,995|$136,003|$57,909
As of and for the Year Ended May 31,|2016 (4)||$37,047|$12,604|$8,901|$2.07|4,305|$0.60||$47,105|$112,180|$43,855
|2015 (4)||$38,226|$13,871|$9,938|$2.21|4,503|$0.51||$47,314|$110,903|$41,958
(2) Working capital and total assets decreased in fiscal 2019 primarily due to $36.1 billion of cash used for repurchases of our common stock during fiscal 2019 and also due to dividend payments, partially offset by the favorable impacts to our net current assets resulting from our fiscal 2019 net income. Working capital and total assets sequentially increased in nearly all of the fiscal 2015 to 2018 periods presented primarily due to the favorable impacts to our net current assets resulting from our net income generated during the periods presented and the issuances of long-term senior notes of $10.0 billion in fiscal 2018, and $14.0 billion in fiscal 2017. These working capital and total assets increases were partially offset by cash used for acquisitions, repurchases of our common stock and dividend payments in the fiscal 2015 to 2018 periods presented. In addition, our total assets were also affected in all periods presented by the repayments of notes payable and other borrowings as discussed further below.
(3) Our notes payable and other borrowings, which represented the summation of our notes payable and other borrowings, current, and notes payable and other borrowings, non-current, as reported per our consolidated balance sheets as of the dates listed in the table above, decreased during fiscal 2019 primarily due to repayments of certain short-term borrowings and senior notes. Notes payable and other borrowings increased between fiscal 2015 and 2018 primarily due to the fiscal 2018 issuance of long-term senior notes of $10.0 billion and short-term borrowings of $2.5 billion, the fiscal 2017 issuance of long-term senior notes of $14.0 billion and short-term borrowings of $3.8 billion, and the fiscal 2016 short-term borrowings of $3.8 billion. See Note 7 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for additional information regarding our notes payable and other borrowings.
|||Assets|Prepaid expenses and other current assets (1)|Deferred income tax assets|Other assets (1)||Deferred revenue (2)|Other non-current liabilities (2)|Stockholders' equity:|Accumulated deficit
||As reported||$19,373|22,626|22,510|Liabilities and Stockholders' Equity|$24,264|38,476||$(2,227)
As of February 28, 2019|ASC 606|Adjustments||(1,473)|(532)|(3,319)||(1,945)|(5,353)||1,689
|Without ASC 606|Adoption||$17,900|22,094|19,191||22,319|33,123||(538)
Years Ended December 31,|Statutory federal income tax rate|State and local income tax rate, net of federal tax benefits|Preferred stock disposition|Affordable housing credit|Employee benefits including ESOP dividend|Impact of tax reform re-measurement|Internal restructure|Noncontrolling interests|Non-deductible goodwill|Other, net|Effective income tax rate
2019|21.0%|3.7|(9.9)|(0.4)|(0.3)|—|—|(0.5)|0.1|(0.7)|13.0%
2018|21.0%|3.7|—|(0.6)|(0.3)|—|(9.1)|(0.5)|4.7|(0.6)|18.3%
2017|35.0%|1.6|—|(0.6)|(0.5)|(81.6)|(0.6)|(0.6)|1.0|(2.0)|(48.3)%
The effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018. The decrease in the effective income tax rate and the provision for income taxes was primarily due to the recognition of approximately $2.2 billion of a non-recurring tax benefit in connection with the disposition of preferred stock, representing a minority interest in a foreign affiliate in 2019 compared to the non-recurring deferred tax benefit of approximately $2.1 billion,
||APAC|EMEA|Americas|JPKO|Total
Fiscal Year 2018|Net Sales|$479,987|277,898|259,105|183,191|$ 1,200,181
|% of Total|40.0%|23.1%|21.6%|15.3%|
Fiscal Year 2017|Net Sales|$288,764|237,437|224,056|7,081|$ 757,338
|% of Total|38.1%|31.4%|29.6%|0.9%|
||Sales|Gross profit|Operating expenses|Operating income from continuing operations|Other income (expense), net|Income from continuing operations before income taxes|Provision for income taxes|Income from continuing operations, net of income taxes
Year Ended December 31,|2019|$788,948|315,652|261,264|54,388|12,806|67,194|10,699|$ 56,495
|2018|$718,892|365,607|194,054|171,553|823|172,376|25,227|$ 147,149
$ million|Order intake1|Revenue|Gross profit|Gross margin (%)|Adjusted operating costs2|Adjusted operating profit2|Adjusted operating margin3 (%)|Reported operating profit|Effective tax rate4 (%)|Reported profit before tax|Adjusted basic earnings per share5 (cents)|Basic earnings per share (cents)|Free cash flow6|Closing cash|Final dividend per share7 (cents)
2019|532.0|503.6|368.6|73.2|275.7|92.9|18.4|88.6|13.0|89.6|13.40|12.79|100.1|183.2|3.45
2018|470.0|476.9|344.5|72.2|267.4|77.1|16.2|57.5|15.4|61.2|10.86|9.14|50.9|121.6|2.73
Change (%)|13.2|5.6|7.0|1.0|3.1|20.5|2.2|54.1|(2.4)|46.4|23.4|39.9|96.7|50.7|26.4
Income tax expense|||United Kingdom corporation tax expense/(credit):|Current year1|Adjustments in respect of prior years||Overseas current tax expense/(credit):|Current year|Adjustments in respect of prior years||Total current tax expense|Deferred tax on origination and reversal of temporary differences:|United Kingdom deferred tax|Overseas deferred tax|Total deferred tax expense/(credit)|Total income tax expense/(credit)
|2019|€m||21|(9)|12||1,098|(48)|1,050|1,062||(232)|666|434|1,496
|2018|€m||70|(5)|65||1,055|(102)|953|1,018||39|(1,936)|(1,897)|(879)
|2017|€m||27|(3)|24||961|(35)|926|950||(16)|3,830|3,814|4,764
In February 2016, we granted 547,000 PSUs with certain financial and operational targets. Actual performance,
as measured at the time and prior to the restatement of the 2016 financial statements, resulted in participants
achieving 80% of target. Given the PSUs did not contain explicit or implicit claw back rights, there was no change
to stock-based compensation expense for the impact of the previously disclosed restatement of the 2016 consolidated
financial statements. As of December 31, 2019, 253,203 shares had vested, 200,297 shares had been forfeited, and
the remaining 93,500 shares will vest (as to 80%) in annual tranches through February 2020 subject to continued
service vesting requirements
In December 2019, we granted 375,000 PSUs with certain market performance-based targets to be achieved
between December 2019 and December 2023. One-third of each tranche of these PSUs will become eligible to vest
on each of the three anniversaries of the date the performance-based target is achieved, subject to continued service
vesting requirements. The grant date fair values of each tranche of these PSUs were estimated to be $4.59, $4.06 and
$3.59 and determined using the Monte Carlo simulation model with the following assumptions: expected term of
4.0 years, expected volatility of 38.45%, risk-free interest rate of 1.7% and expected dividend yield of 0.0%. None
of these PSUs were vested as of December 31, 2019
In October 2018, we granted 464,888 PSUs with certain financial targets. These PSUs will become eligible to
vest at 75% upon the achievement of the performance targets by December 31, 2020, and are subject to service
condition vesting requirements. The remaining 25% of these PSUs will become eligible to vest on the first
anniversary of the initial vesting date. None of these PSUs were vested as of December 31, 2019.
|Nonvested as of December 31, 2018|Granted|Released|Canceled|Nonvested as of December 31, 2019
Number of Shares (thousands)|5,974|3,288|(1,774)|(1,340)|6,148
|$6.51|$6.74|$6.60|$6.57|$6.59
Weighted-Average Remaining Vesting Term (years)|||||1.81
In April 2019, we granted 346,453 PSUs with certain financial targets. These PSUs will become eligible to vest at 75% on the second month following achievement of certain performance targets by December 31, 2021, with the remaining 25% of the PSUs to vest on the first anniversary of the initial vesting date, subject to continued service vesting requirements. None of these PSUs were vested as of December 31, 2019 In April 2019, we granted 346,453 PSUs with certain financial targets. These PSUs will become eligible to vest at 75% on the second month following achievement of certain performance targets by December 31, 2021, with the remaining 25% of the PSUs to vest on the first anniversary of the initial vesting date, subject to continued service vesting requirements. None of these PSUs were vested as of December 31, 2019
During the fourth quarter of fiscal year 2018, the Board of Directors approved a world-wide restructuring plan (“Fiscal 2018 Plan”) to support the Company's strategic priorities of completing the subscription transition, digitizing the Company, and re-imagining manufacturing, construction, and production. Through the restructuring, Autodesk seeks to reduce its investments in areas not aligned with its strategic priorities, including in areas related to research and development and go-to-market activities. At the same time, Autodesk plans to further invest in strategic priority areas related to digital infrastructure, customer success, and construction. By re-balancing resources to better align with the Company’s strategic priorities, Autodesk is positioning itself to meet its long-term goals. This world-wide restructuring plan included a reduction in force of approximately 11% of the Company’s workforce, or 1,027 employees, and the consolidation of certain leased facilities. By January 31, 2019, the personnel and facilities related actions included in this restructuring plan were substantially complete.
|Fiscal 2018 Plan|Employee terminations costs|Facility terminations and other exit costs|Total|Current portion (2)|Total
Balances, January 31, 2018||$53.0|2.5|$55.5|$55.5|$55.5
Additions||$39.2|3.2|$42.4||
Payments||$(89.7)|(5.7)|$(95.4)||
Adjustments (1)||$(0.5)|0.1|$(0.4)||
Balances, January 31, 2019||$2.0|0.1|$2.1|$2.1|$2.1
|Current: Federal|Current: State||Deferred: Federal|Deferred: State||Income tax expense
2019|$1,139,927|428,501|1,568,428|34,466|6,106|40,572|$1,609,000
2018|$1,294,253|423,209|1,717,462|(470,166)|(83,296)|(553,462)|$1,164,000
USDm|Vessel values including newbuildings (broker values)|Total (value)|Borrowings|- Hereof debt regarding Land and buildings & Other plant and operating equipment|Committed CAPEX on newbuildings|Loans receivables|Cash and cash equivalents, including restricted cash|Total (loan)|Loan-to-value (LTV) ratio
2019|1,801.5|1,801.5|863.4|-8.7|51.2|-4.6|-72.5|828.8|46.0%
2018|1,675.1|1,675.1|754.7|-|258.0|-|-127.4|885.3|52.9%
2017|1,661.1|1,661.1|753.9|-|306.9|-|-134.2|926.6|55.8%
||Statutory federal income tax (benefit)|State income tax (benefit)|Domestic manufacturers deduction|Enacted rate change|Tax exempt interest income|Other, net|
|June 1, 2019|$14,694|2,164|—|—|(197)|(918)|$15,743
Fiscal year end|June 2, 2018|$34,105|3,200|(2,545)|(42,973)|(101)|(545)|$(8,859)
|June 3, 2017|$(39,950)|(3,193)|4,095|—|(206)|(613)|$(39,867)
The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 1, 2019, there were no uncertain tax positions that resulted in any adjustment to the Company’s provision for income taxes.
Years Ended December 31|Black-Scholes Assumptions|Dividend yield|Expected volatility|Risk-free interest rate|Expected life of the option term (in years)
|2019|4.5%|28.3%|2.5%|4.3
|2018|4.6%|28.7%|2.5%|4.4
|2017|4.1%|27.1%|2.0%|4.5
||Americas:|United States|The Philippines|Costa Rica|Canada|El Salvador|Other|Total Americas|EMEA:|Germany|Other|Total EMEA|Total Other|
|2019||$614,493|250,888|127,078|99,037|81,195|123,969|1,296,660||94,166|223,847|318,013|89|$1,614,762
Years Ended December 31,|2018||$668,580|231,966|127,963|102,353|81,156|118,620|1,330,638||91,703|203,251|294,954|95|$1,625,687
|2017||$644,870|241,211|132,542|112,367|75,800|118,853|1,325,643||81,634|178,649|260,283|82|$1,586,008
OPERATING REVENUES|Bell Wireless|Bell Wireline|Bell Media|Inter-segment eliminations|Total BCE operating revenues
Q4 2019|2,493|3,138|879|(194)|6,316
Q4 2018|2,407|3,137|850|(179)|6,215
$ CHANGE|86|1|29|(15)|101
% CHANGE|3.6%|–|3.4%|(8.4%)|1.6%
BCE capital expenditures of $1,153 million in Q4 2019 increased by $179 million over Q4 2018 and corresponded to a capital intensity ratio of 18.3% compared to 15.7% last year. The growth in capital investments was driven by increases across all three of our segments. Wireline capital spending was $96 million higher year over year, mainly due to the timing of our spending, driven by the roll-out of fixed WTTP to rural locations in Ontario and Québec. Capital spending at Bell Wireless was 7 MD&A Selected annual and quarterly information BCE Inc. 2019 Annual Report 87 up $78 million in Q4 2019 over Q4 2018, due to the timing of our spending compared to Q4 2018 as we continue to invest in wireless small cells to expand capacity to support subscriber growth, and increase speeds, coverage and signal quality, as well as to expand data fibre backhaul in preparation for 5G technology. Bell Media capital investments increased $5 million compared to Q4 2018 mainly related to continued investment in digital platforms.
Bell Wireless operating revenues increased by 3.6% in Q4 2019, compared to Q4 2018, driven by higher service and product revenues. Service revenues grew by 1.6% year over year due to continued growth in both our postpaid and prepaid subscriber base along with rate increases and a greater mix of customers subscribing to higher-value monthly plans including unlimited data plans. This was moderated by greater sales of premium handsets along with the impact of higher value monthly plans, and lower data overage driven by increased customer adoption of unlimited data plans. Product revenues grew by 7.4% year over year, driven by increased sales of premium handsets and the impact of higher-value monthly plans in our sales mix.