DEXTER-CQA/TAT-QA-corpus huggingface dataset:
|(In millions)|Net sales(1)(2):|North America(3)|EMEA|South America|APAC|Total|Total long-lived assets(1)(2)(4):|North America|EMEA|South America|APAC|Total
|2019||$ 2,828.1|1,010.4|233.8|718.8|$ 4,791.1||$ 919.3|345.8|50.2|248.3|$ 1,563.6
Year Ended December 31,|2018||$ 2,734.9|1,038.5|229.5|729.8|$ 4,732.7||$ 740.5|270.5|52.8|211.8|$ 1,275.6
|2017||$ 2,591.5|983.4|231.8|654.9|$ 4,461.6||||||
|||Operating revenue|Operating expenses|Operating (loss) income|(Loss) income before income tax expense|Net (loss) income|Basic loss) earnings per common share|Diluted (loss) earnings per common share|Dividends declared per common share|Weighted average basic common shares outstanding|Weighted average diluted common shares outstanding
|2019(2)(3)(4)||$22,401|25,127|$(2,726)|$(4,766)|$(5,269)|$(4.92)|$(4.92)|$1.00|1,071,441|1,071,441
|2018(2)(3)(4)(5)||23,443|22,873|570|(1,563)|(1,733)|(1.63)|(1.63)|2.16|1,065,866|1,065,866
Years Ended December 31,(1)|2017(3)(4)(5)|(Dollars in millions, except per share amounts and shares in thousands)|17,656|15,647|2,009|540|1,389|2.21|2.21|2.16|627,808|628,693
|2016(3)(4)||17,470|15,137|2,333|1,020|626|1.16|1.16|2.16|539,549|540,679
|2015(4)||17,900|15,321|2,579|1,316|878|1.58|1.58|2.16|554,278|555,093
(3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Acquisition of Level 3” and Note 2—Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report.
|||Cost of revenues:|Cost of subscription solutions|Cost of merchant solutions|Total cost of revenues|Percentage of revenues:|Cost of subscription solutions|Cost of merchant solutions|
Three months ended December 31,|2019|(in thousands, except percentages)||$ 37,369|203,900|$ 241,269||7.4 %|40.4 %|47.8 %
|2018|||$ 26,706|131,413|$ 158,119||7.8 %|38.2 %|46.0 %
2019 vs. 2018|% Change|||39.9 %|55.2 %|52.6 %||||
Our product revenues increased $158.1 million, or 9%, in 2019 from 2018 primarily due to higher sales in Semiconductor Test of testers for 5G infrastructure and image sensors, higher sales in Storage Test of 3.5” hard disk drive testers, and higher demand in Industrial Automation, partially offset by a decrease in sales in Semiconductor Test automotive and analog test segments. Service revenues increased $36.1 million or 10%.
||Deferred tax assets|Stock based compensation|Net operating loss and tax credit carryforwards|Interest expense limitation|Pension obligation|Excess and obsolete inventory|Deferred revenue|Employee bonuses and commissions|Depreciation and amortization|Operating lease liabilities|Other|Deferred tax assets|Less: Valuation allowance|Net deferred tax assets|Deferred tax liabilities|Depreciation and amortization|Unremitted earnings|Operating lease right-of-use assets|Other|Deferred tax liabilities|Net deferred tax assets
Years Ended December 31,|2019||$1,757|86,879|7,620|13,473|3,217|3,305|2,537|29,015|23,451|9,685|180,939|(76,206)|104,733||41,549|4,740|22,774|2,966|72,029|$32,704
|2018||$1,337|38,622|—|3,302|2,161|6,903|1,874|29,525|—|9,961|93,685|(30,924)|62,761||17,723|3,529|—|1,267|22,519|$40,242
|($ millions except earnings per share)|Sales|Net Earnings|Basic Earnings per Share|Adjusted Operating Earnings(i)|Adjusted Earnings per Share(i)
Twelve months ended December 31,|2019|$3,941.5|$74.6|$0.60|$145.4|$0.68
|2018|$3,495.5|$101.3|$0.81|$215.6|$1.22
|% Change|12.8 %|(26.4)%|(25.9)%|(32.6)%|(44.3)%
1. THE BUSINESS
Maple Leaf Foods Inc. (“Maple Leaf Foods” or the "Company") is a producer of food products under leading brands including Maple
Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™
The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and
plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada.
The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).
1. THE BUSINESS Maple Leaf Foods Inc. (“Maple Leaf Foods” or the "Company") is a producer of food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™ The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada. The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).
Net earnings for 2019 were $74.6 million ($0.60 per basic share) compared to $101.3 million ($0.81 per basic share) last year. Strong commercial performance and favourable resolution of income tax audits were more than offset by strategic investments in plant protein to drive top line growth and heightened volatility in hog prices. Net earnings were negatively impacted by $12.1 million due to non-cash fair value changes in biological assets and derivative contracts, which are excluded in the calculation of Adjusted Operating Earnings below.
On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s common stock share repurchase program and increase the authorized amount by $25.1 million increasing the authorization to repurchase shares up to a total of $50.0 million. As of December 31, 2019, a total of $50.0 million remained available for future share repurchases. We repurchased 1.7 million shares for $95.1 million and 0.4 million shares for $30.0 million in fiscal 2018 and 2017, respectively. There were no shares repurchased in fiscal 2019. CASH FLOWS
||Net cash provided by (used in) operating activities from continuing operations|Net cash provided by (used in) operating activities from discontinued operations|Net cash provided by (used in) operating activities|Net cash provided by (used in) investing activities from continuing operations|Net cash provided by (used in) financing activities from continuing operations|EFFECT OF CURRENCY TRANSLATION ON CASH|INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS|CASH AND CASH EQUIVALENTS, beginning of period|CASH AND CASH EQUIVALENTS, end of period|Less cash and cash equivalents from discontinued operations|CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period
Years Ended December 31,|2019|$47,899|493|48,392|(393,847)|338,840|(1,496)|(8,111)|354,552|346,441|—|$346,441
|2018|$151,427|(156)|151,271|(113,592)|(97,134)|(1,030)|(60,485)|415,037|354,552|5,251|$349,301
Vessel|Nordic Freedom|Nordic Moon|Nordic Apollo|Nordic Cosmos|Nordic Grace|Nordic Mistral|Nordic Passat|Nordic Vega|Nordic Breeze|Nordic Zenith|Nordic Sprinter|Nordic Skier|Nordic Light|Nordic Cross|Nordic Luna|Nordic Castor|Nordic Sirius|Nordic Pollux|Nordic Star|Nordic Space|Nordic Tellus|Nordic Aquarius|Nordic Cygnus
Built in|2005|2002|2003|2003|2002|2002|2002|2010|2011|2011|2005|2005|2010|2010|2004|2004|2000|2003|2016|2017|2018|2018|2018
Deadweight Tons|159,331|160,305|159,998|159,999|149,921|164,236|164,274|163,940|158,597|158,645|159,089|159,089|158,475|158,475|150,037|150,249|150,183|150,103|159,000|159,000|157,000|157,000|157,000
Delivered to NAT in|2005|2006|2006|2006|2009|2009|2010|2010|2011|2011|2014|2014|2015|2015|2016|2016|2016|2016|2016|2017|2018|2018|2018
($ and shares in millions except per share amounts)|For the year ended December 31:|Revenue|Gross profit margin|Total expense and other (income)|Income from continuing operations before income taxes|Provision for income taxes from continuing operations|Income from continuing operations|Income from continuing operations margin|Net income|Earnings per share from continuing operations—assuming dilution|Weighted-average shares outstanding—assuming dilution|Assets++|Liabilities++|Equity++
|2019|$ 77,147|47.3%|$ 26,322|$ 10,166|$    731|$  9,435|12.2%|$  9,431|$  10.57|892.8|$152,186|$131,202|$ 20,985
|2018|$ 79,591|46.4%|$ 25,594|$ 11,342|2,619+|8,723+|11.0%|8,728+|9.51+|916.3|$123,382|$106,452|$ 16,929
|Yr.-to-Yr. Percent/Margin Change**|(3.1)%*|0.9 pts.|2.8%|(10.4)%|(72.1)%|8.2%|1.3 pts.|8.1%|11.1%|(2.6)%|23.3%|23.2%|24.0%
|(In millions)|Net periodic benefit (income) cost:|U.S. and international net periodic benefit cost included in cost of sales(1)|U.S. and international net periodic benefit cost included in selling, general and administrative expenses|U.S. and international net periodic benefit (income) included in other (income) expense|Total benefit (income) cost
|2019||$ 1.1|2.8|(4.4)|(0.5 )
Year Ended December 31,|2018||$ 0.8|3.5|(8.4)|(4.1 )
|2017||$ 1.4|5.6|(6.0)|$ 1.0
For the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866 shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options' effect would have been anti-dilutive. For the years ended December 31, 2019, 2018 and 2017, there were 338,748 shares, 420,524 shares and 463,800 shares, respectively, issued from the exercise of stock options.
||Distributed earnings|Undistributed earnings|Net income|Class A common stock:|Basic net income available to common stockholders|Basic weighted average common shares outstanding|Basic earnings per share|Diluted net income available to common stockholders|Effect of potential exercise of stock options|Diluted weighted average common shares outstanding|Diluted earnings per share|Class B common stock:|Basic net income available to common stockholders|Basic weighted average common shares outstanding|Basic earnings per share|Diluted net income available to common stockholders|Diluted weighted average common shares outstanding|Diluted earnings per share|For the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866
|2019|$43,207|70,683|$113,890||$76,294|26,763|$2.85|$76,555|279|27,042|$2.83||$37,596|13,188|$2.85|$37,335|13,188|$2.83|
Year Ended December 31,|2018|$39,627|42,470|$82,097||$54,715|26,354|$2.08|$54,937|324|26,678|$2.06||$27,382|13,189|$2.08|$27,160|13,189|$2.06|
|2017|$32,709|81,432|$114,141||$75,413|25,685|$2.94|$75,698|288|25,973|$2.91||$38,728|13,190|$2.94|$38,443|13,190|$2.91|
||Net foreign exchange losses/(gains)1|Depreciation of property, plant and equipment (note 11):|Owned assets|Leased assets|Amortisation of intangible assets (note 10)|Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4)|Staff costs (note 23)|Amounts related to inventory included in cost of sales|Operating lease rentals payable|Loss on disposal of property, plant and equipment and intangible assets|Own costs capitalised attributable to the construction or acquisition of property, plant and equipment|Net gain on formation of VodafoneZiggo (note 26)2
2019|€m|1||5,795|59|3,941|3,525|5,267|5,886|3,826|33|(844)|–
2018|€m|(65)||5,963|47|4,399|–|5,295|6,045|3,788|36|(829)|–
2017|€m|133||6,253|12|4,821|–|5,519|6,464|3,976|22|(800)|(1,275)
||Gross Accounts Receivable - Trade|Less|Allowances for doubtful accounts|Stock rotation and ship from stock and debit|Sales returns and discounts|Total allowances|Accounts Receivable - Trade, net
Fiscal Year Ended March 31,|2018|$300,016||1,893|15,989|6,875|24,757|$275,259
|2019|$273,053||1,276|14,140|646|16,062|$256,991
Three months ended August 31,|(in thousands of dollars, except percentages)|Revenue|Operating expenses|Management fees – Cogeco Inc.|Adjusted EBITDA|Adjusted EBITDA margin
2019 (1)|$|583,673|302,833|5,230|275,610|47.2%
2018 (2)|$|566,184|297,977|4,796|263,411|46.5%
Change|%|3.1|1.6|9.0|4.6|
Change in constant currency|%|2.7|1.1|9.0|4.3|
Foreign exchange impact|$|2,427|1,441|-|986|
|||Net cash provided by operating activities|Net cash used in investing activities|Net cash used in financing activities
|December 28, 2019||$121,048|(66,352)|$(6,578)
Fiscal Year Ended|December 29, 2018|(Dollars in thousands)|$68,700|(21,295)|$(39,329)
|December 30, 2017||$86,323|(59,425)|$(39,470)
Net cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.
|Development test equipment|Computer software|Office equipment|Office fixtures and furniture|Leasehold improvements|Total|Accumulated depreciation and amortization|Total property and equipment
2019|$16,461|76,134|66,685|330,568|18,016|507,864|(321,339)|186,525
2018|$19,110|76,134|61,367|330,568|18,016|505,195|(257,906)|$247,289
|Deferred income tax assets:|Loss/credit carryforwards|Inventories |Accrued benefits|Other |Total gross deferred income tax assets |Less valuation allowances |Deferred income tax assets|Deferred income tax liabilities:    |Property, plant and equipment|Tax on unremitted earnings |Acceleration of revenue under Topic 606 |Deferred income tax liabilities | Net deferred income tax assets/(liabilities)
2019||$28,391|16,809|15,834|3,353|64,387|(29,170)|35,217||15,621|5,192|6,055|26,868|8,349
2018||$27,915|6,459|14,459|3,450|52,283|(28,369)|23,914||12,530|14,935|—|27,465|(3,551)
||Long-term taxes payable|Deferred compensation (see Note 13)|Deferred tax liabilities (see Note 16)|Deferred revenue|Asset retirement obligations liability (see Note 2)|Defined benefit plan liabilities (see Note 14)|Other long-term liabilities|Total other long-term liabilities
Fiscal year-end|2019|$37,385|39,715|27,785|8,012|4,934|45,862|2,188|$165,881
|2018|$36,336|40,895|26,339|5,091|4,529|37,528|1,238|$151,956
Group Profit or Loss|for the 53 weeks ended 30 June 2019|MARGINS – continuing operations|Gross profit (%)|Cost of doing business (%)|EBIT (%)|EARNINGS PER SHARE AND DIVIDENDS|Weighted average ordinary shares on issue (million)|Total Group basic EPS (cents) before significant items|Total Group basic EPS (cents) after significant items|Basic EPS (cents) – from continuing operations before significant items|Basic EPS (cents) – from continuing operations after significant items|Diluted EPS (cents) – from continuing operations before significant items|Diluted EPS (cents) – from continuing operations after significant items|Interim dividend per share (cents)|Final dividend per share (cents) 1|Special dividend per share (cents) 1|Total dividend per share (cents)
F19|53 WEEKS||29.1|24.6|4.5||1,305.7|142.8|206.2|134.2|114.3|133.4|113.6|45|57|–|102
F18|52 WEEKS||29.3|24.9|4.5||1,300.5|132.6|132.6|123.4|123.4|123.1|123.1|43|50|10|103
|CHANGE||(24) bps|(31) bps|7 bps||0.4%|7.7%|55.5%|8.8%|(7.4)%|8.4%|(7.7)%|4.7%|14.0%|n.m.|(1.0)%
CHANGE|NORMALISED||(23) bps|(30) bps|7 bps|||5.8%|53.7%|6.8%|(9.3)%|6.4%|(9.7)%||||
As of fiscal year end 2019, we had total unrecognized income tax benefits of $542 million. If recognized in future years, $397 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. As of fiscal year end 2018, we had total unrecognized income tax benefits of $566 million. If recognized in future years, $467 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. The following table summarizes the activity related to unrecognized income tax benefits:
|||Balance at beginning of fiscal year|Additions related to prior years tax positions|Reductions related to prior years tax positions|Additions related to current year tax positions|Settlements|Reductions due to lapse of applicable statute of limitations|Balance at end of fiscal year
|2019||$ 566|13|(101)|98|(2)|(32)|$ 542
Fiscal|2018|(in millions)|$  501|14|(11)|105|(7)|(36)|$  566
|2017||$ 490|40|(9)|70|(4)|(86)|$ 501
Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin.
In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Certain corporate-level activity is not allocated to our segments, including restructuring expenses.
(In millions)|Year Ended June 30,|Revenue|Productivity and Business Processes|Intelligent Cloud|More Personal Computing|Total|Operating Income (Loss)|Productivity and Business Processes|Intelligent Cloud|More Personal Computing|Corporate and Other|Total
|2019||$ 41,160|38,985|45,698|$  125,843||$ 16,219|13,920|12,820|0|$ 42,959
|2018||$ 35,865|32,219|42,276|$   110,360||$ 12,924|11,524|10,610|0|$ 35,058
|2017||$ 29,870|27,407|39,294|$   96,571||$ 11,389|9,127|8,815|(306)|$ 29,025
|Statements of Operations:|Revenue|Cost of revenue|Gross profit|Operating expenses:|Research and development|Selling, general and administrative|Loss from operations|Interest expense|Interest income and other expense, net|Loss before income taxes|(Benefit from) Provision for income taxes|Net loss|Net loss per share: (1)|Basic and diluted|Weighted average shares:|Basic and diluted
2019||$10,310|4,405|5,905||12,350|8,918|(15,363)|(350)|189|(15,524)|(80)|$(15,444)||$(2.02)||7,663
2018||$12,629|6,295|6,334||9,948|9,982|(13,596)|(108)|77|(13,627)|152|$(13,779)||$(2.16)||6,365
2017||$12,149|6,627|5,522||9,572|9,900|(13,950)|(115)|21|(14,044)|87|$(14,131)||$(2.56)||5,521
Eligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company.
|||Acquired technology|Software development costs|Acquired customer relationships|Purchased software|Other intangible assets|
December 31, 2018|Cost|$|15,556|24,963|495|6,973|591|48,578
|Accumulated amortization|$|7,875|9,226|346|4,503|556|22,506
|Net book value|$|7,681|15,737|149|2,470|35|26,072
Internal software development costs of $2,526 and $12,666 were capitalized during the years ended December 31, 2019 and 2018, respectively, and are classified within software development costs as an intangible asset. Amortization expense related to the capitalized internally developed software was $7,464 and $3,832 for the years ended December 31, 2019 and 2018, respectively, and is included in cost of revenues, sales and marketing and general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss.
Three months ended August 31,|(in thousands of dollars, except percentages)|Canadian broadband services|American broadband services|Inter-segment eliminations and other|
2019 (1)|$|172,120|115,523|(12,033)|275,610
2018 (2)|$|166,181|109,937|(12,707)|263,411
Change|%|3.6|5.1|(5.3)|4.6
Change in constant currency (3)|%|3.6|4.1|(5.3)|4.3
Foreign exchange impact (3)|$|(73)|1,057|2|986
As of June 30, 2019, we have approximately $242.3 million of domestic non-capital loss carryforwards. In addition, we have $387.6 million of foreign non-capital loss carryforwards of which $53.8 million have no expiry date. The remainder of the domestic and foreign losses expires between 2020 and 2039. In addition, investment tax credits of $58.6 million will expire between 2020 and 2039.
||Expected statutory rate|Expected provision for income taxes|Effect of foreign tax rate differences|Change in valuation allowance|Amortization of deferred charges|Effect of permanent differences|Effect of changes in unrecognized tax benefits|Effect of withholding taxes|Difference in tax filings from provision|Effect of U.S. tax reform|Effect of tax credits for research and development|Effect of accrual for undistributed earnings|Effect of Base Erosion and Anti-Abuse Tax (BEAT)|Other Items|Impact of internal reorganization of subsidiaries|
|2019|26.5%|$116,752|(1,344)|(5,045)|—|(577)|31,992|2,097|(250)|—|(13,550)|(13,112)|16,030|5,473|16,471|154,937
Year Ended June 30,|2018|26.5%|$102,323|2,352|1,779|4,242|4,332|5,543|7,927|1,321|19,037|(3,875)|(1,154)|—|(1)|—|$143,826
|2017|26.5%|$66,131|8,647|520|6,298|3,673|14,427|3,845|(7,836)|—|(2,643)|5,613|—|1,075|(876,114)|$(776,364)
Basic earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding restricted stock-based awards, stock options, and shares issuable under the employee stock purchase plan using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:
Year Ended May 31,|(in millions, except per share data)|Net income|Weighted average common shares outstanding|Dilutive effect of employee stock plans|Dilutive weighted average common shares outstanding|Basic earnings per share|Diluted earnings per share|Shares subject to anti-dilutive restricted stock-based awards and stock options excluded from calculation (1)
|2019|$11,083|3,634|98|3,732|$3.05|$2.97|71
|2018|$3,587|4,121|117|4,238|$0.87|$0.85|64
|2017|$9,452|4,115|102|4,217|$2.30|$2.24|74
|Date of share purchase|February 2019|March 2019|April 2019|May 2019 (to date)|Total
Number of shares purchased|000s|14,529|305,099|290,570|116,228|726,426
Average price paid per share inclusive of transaction costs|Pence|135.17|140.56|142.20|140.11|141.04
Total number of shares purchased under publicly announced share buyback programme|000s|14,529|319,628|610,198|726,426|726,426
Maximum number of shares that may yet be purchased under the programme|000s|784,539|479,440|188,870|72,642|72,642
|($ in millions)|Deferred tax assets:|Pensions|Postretirement provisions|Net operating loss carryforwards|Derivatives and hedging activities|Other|Gross deferred tax assets|Valuation allowances|Total deferred tax assets|Deferred tax liabilities:|Depreciation|Intangible assets|Inventories|Derivatives and hedging activities|Other|Total deferred tax liabilities|Deferred tax liabilities, net
June 30,|2019||$86.9|35.7|28.8|4.1|32.1|187.6|(24.6)|163.0||(249.5)|(11.3)|(36.1)|(0.3)|(4.3)|(301.5)|$(138.5)
|2018||$66.8|33.7|26.5|—|29.4|156.4|(23.9)|132.5||(235.2)|(11.9)|(30.5)|(8.7)|(3.5)|(289.8)|$(157.3)