DEXTER-CQA/TAT-QA-corpus huggingface dataset:
Included in the unrecognized tax benefits at fiscal 2019 and 2018 is $38.2 million and $36.7 million, respectively, that if recognized, would result in a reduction of our effective tax rate. The amounts differ from the long-term liability recorded of $20.1 million and $16.8 million as of fiscal 2019 and 2018, respectively, due to accrued interest and penalties, as well as unrecognized tax benefits of French and Italian entities that are recorded against deferred tax asset balances without valuation allowance.
|(In thousands)|Balance, beginning of year|Additions for tax positions related to the current year|Additions for tax positions from prior years|Reductions for tax positions from prior years/statute of limitations expirations|Foreign exchange (gain) loss|Balance at the end of the period
|December 29, 2019|$103,884|2,517|1,624|(416)|(668)|$106,941
Fiscal Year|December 30, 2018|$105,959|2,404|451|(2,468)|(2,462)|$103,884
|December 31, 2017|$82,253|2,478|22,151|(1,460)|537|$105,959
||Deferred tax liabilities:  |Vessels and other property (1)|Prepaid expenditures|Operating lease right-of-use assets|Other-net|Total deferred tax liabilities|Deferred tax assets:|Loss carryforwards|Operating lease liability|Finance lease liability|Employee compensation and benefit plans|Financing and professional fees|Accrued expenses and other|Total deferred tax assets|Valuation allowance|Net deferred tax assets|Net deferred tax liabilities
December 31,|2019||$128,026|5,621|72,298|2|205,947||68,917|71,779|6,333|3,869|2,003|1,165|154,066|20,952|133,114|$72,833
|2018||$128,226|7,108|—|4|135,338||66,737|—|—|4,287|1,859|51|72,934|10,961|61,973|$73,365
Amortization of in-process revenue contracts for the year ended December 31, 2019 was $5.9 million (2018 – $14.5 million, 2017 – $27.2 million), which is included in revenues on the consolidated statements of loss. Amortization of in-process revenue contracts following 2019 is expected to be $5.9 million (2020), $5.9 million (2021) and $5.9 million (2022).
||Deferred revenues and gains (note 2)|Guarantee liabilities|Asset retirement obligation|Pension liabilities|In-process revenue contracts|Derivative liabilities (note 16)|Unrecognized tax benefits (note 22)|Office lease liability – long-term (note 1)|Other|
December 31, 2019|$|28,612|10,113|31,068|7,238|11,866|51,914|62,958|10,254|2,325|216,348
December 31, 2018|$|31,324|9,434|27,759|4,847|17,800|56,352|40,556|—|1,325|189,397
|Weighted average share price (pence)|Weighted average exercise price (pence)|Weighted average fair value (pence)|Expected volatility (%)|Option life (years):|– Performance Shares|– Options and SARs|Risk free rate (%)|Dividend yield (%)
2019|163.1|0.0|141.1|31.6–32.8||3.0|10.0|0.48-0.72|2.5–3.0
2018|112.9|0.0|95.1|30.6||3.0|10.0|0.88|3.0
||Research and development  |Sales and marketing  |General and administrative  |Acquisition and integration costs, net of bargain purchase gain  |Restructuring charges, net of reversals  |Amortization of intangibles  |Total operating expenses|Operating (loss) income  
|June 30,
2019|21.1%|28.7%|5.6%|0.3%|0.5%|0.6%|56.8%|(1.5)%
Year Ended |June 30,2018|18.7%|27.2%|5.2%|5.5%|0.8%|0.9%|58.3%|(3.9)%
|June 30,
2017|15.4%|26.8%|6.2%|2.2%|1.5%|1.4%|53.5%|1.0%
|Outstanding, January 1, 2018|Granted – 2018|Exercised – 2018|Expired – 2018|Outstanding, December 31, 2018|Granted – 2019|Exercised – 2019|Expired – 2019|Outstanding, December 31, 2019|Exercisable, December 31, 2019
Number of Options|1,368,772|401,099|(165,169)|(50,002)|1,554,700|410,134|(251,063)|(89,550)|1,624,221|1,143,637
Weighted average exercise price|$3.12|$9.27|$3.16|$5.48|$4.63|$12.28|$3.73|$12.55|$6.27|$4.39
Weighted average remaining contractual life (years)|||||3.0||||2.6|1.9
Aggregate intrinsic value $|||||||||$7,925,643|$7,197,053
The Company sponsors a stock-based incentive compensation plan known as the 2013 Equity Compensation Plan (the “Plan”), which was established by the Board of Directors of the Company in June 2013. A total of 500,000 shares were initially reserved for issuance under the Plan. The Plan was amended several times since then to eventually increase the authorized shares to 2,500,000 as of December 31, 2019. A total of 1,624,221 shares of common stock underlying options were outstanding at December 31, 2019. The Company had 236,614 remaining shares available to grant under the Plan at December 31, 2019.
At January 3, 2020, the Company had state net operating losses of $77 million and state tax credits of $7 million. Both will begin to expire in fiscal 2020; however, the Company expects to utilize $24 million and $7 million of these state net operating losses and state tax credits, respectively. The Company also had foreign net operating losses of $44 million, which do not expire. The Company expects to utilize $9 million of these foreign net operating losses.
||Operating lease liabilities|Accrued vacation and bonuses|Reserves|Deferred compensation|Credits and net operating losses carryovers|Vesting stock awards|Accumulated other comprehensive loss|Deferred rent and tenant allowances|Investments|Deferred gain|Other|Total deferred tax assets|Valuation allowance|Deferred tax assets, net of valuation allowance|Purchased intangible assets|Operating lease right-of-use assets|Deferred revenue|Employee benefit contributions|Accumulated other comprehensive income|Partnership interest|Other|Total deferred tax liabilities|Net deferred tax liabilities
January 3, 2020|(in millions)|$115|54|46|26|25|18|12|4|2|—|9|311|(20)|291|$(339)|(103)|(17)|(6)|—|—|(10)|(475)|$(184)
December 28, 2018||$—|48|57|25|31|20|—|18|18|20|13|250|(28)|222|$(326)|—|(40)|(4)|(6)|(2)|(14)|(392)|$(170)
||Net cash from operating activities as reported under IFRS|Acquisition and disposal costs|Net capital expenditure excluding acquired intangibles from acquisitions|Tax paid|Repayments of principal under lease liabilities|Adjusted cash from operations
2019|£m|227.4|2.5|(59.0)|78.4|(11.2)|238.1
2018|£m|212.6|0.2|(31.5)|61.6|–|242.9
||||Cash and cash equivalents|Short-term investments|Derivative assets|Working capital|Total assets|Deferred revenue|Derivative liabilities|Exchangeable senior notes, net|Total liabilities|Share capital|Total equity
|2019|||$1,268,441|445,046|215,233|(287,597)|2,977,258|468,820|855,079|853,576|2,411,791|24,199|565,467
|2018|(U.S. $ in thousands)|*As Adjusted|$1,410,339|323,134|99,995|1,377,145|2,421,828|342,871|207,970|819,637|1,514,508|23,531|907,320
As of June 30,|2017||*As Adjusted|$244,420|305,499|3,252|296,984|1,282,117|245,195|—|—|379,424|22,726|902,693
|2016|||$259,709|483,405|—|542,038|990,973|181,068|—|—|259,310|21,620|731,663
|2015|||$187,094|30,251|—|50,477|397,161|136,565|—|—|207,107|18,461|190,054
|Balance as of December 31, 2019|Gross proceeds|Unamortized debt discounts and deferred financing offering costs|Net carrying amount|Balance as of December 31, 2018|Gross proceeds|Unamortized debt discounts and deferred financing offering costs|Net carrying amount
Related party||$10,000|(1,136)|$8,864||$10,000|(1,622)|$8,378
Others||$97,000|(12,352)|$84,648||$97,000|(17,567)|$79,433
Total||$107,000|(13,488)|$93,512||$107,000|(19,189)|$87,811
Name|Brian C. Faith|Suping (Sue) Cheung|Rajiv Jain|Timothy Saxe|Michael R. Farese|Andrew J. Pease|Arturo Krueger|Daniel A. Rabinovitsj|Christine Russell|Gary H. Tauss
Age|45|56|59|64|73|69|80|55|69|65
Position|President and Chief Executive Officer; Director|Chief Financial Officer and Vice President, Finance|Vice President, Worldwide Operations|Senior Vice President Engineering and Chief Technology  Officer|Chairman of the Board|Director|Director|Director|Director|Director
Brian C. Faith joined QuickLogic in June 1996. Mr. Faith has served as our President and Chief Executive Officer since June 2016 after having served as Vice President of Worldwide Marketing and Vice President of Worldwide Sales & Marketing between 2008 and 2016. Mr. Faith during the last 21 years has held a variety of managerial and executive leadership positions in engineering, product line management, marketing and sales. Mr. Faith has also served as the board member of the Global Semiconductor Alliance (GSA), the Chairman of the Marketing Committee for the CE-ATA Organization. He holds a B.S. degree in Computer Engineering from Santa Clara University and was an Adjunct Lecturer at Santa Clara University for Programmable Logic courses.
Suping (Sue) Cheung (Ph.D.) joined QuickLogic in May 2007. Dr. Cheung has served as our Chief Financial Officer, Vice President of Finance, Chief Accounting Officer, and Principal Accounting Officer since May 2015, Corporate Controller from 2007 to 2018. Prior to joining QuickLogic, Dr. Cheung was a Senior Manager of SEC Reporting, Technical Accounting and International Consolidation at Dell SonicWALL from 2006 to 2007 and was the Senior Accounting Manager at VeriFone System, Inc. from 2005 to 2006. Prior to 2005, Dr. Cheung held various senior accounting and financial management roles in both publicly traded and privately held companies. Dr. Cheung began her career with PricewaterhouseCoopers (PWC) where she served as an auditor and as a tax consultant. Dr. Cheung holds a Ph.D. in Business Administration and a Masters in Accounting from the Florida International University in Miami. She is a Certified Public Accountant.
Rajiv Jain joined QuickLogic in August 1992. Mr. Jain has served as our Vice President of Worldwide Operations since April 2014. Prior to this role, Mr. Jain served as QuickLogic’s Senior Director of Operations and Development Engineering from 2011 to 2014, Senior Director of System Solutions and Process Technology from 2009 to 2011, Director of Process Technology from 1997 to 2009, and Senior Process Technologist from 1992 to 1997. Prior to joining QuickLogic, Mr. Jain was a Senior Yield Engineer at National Semiconductor from 1991 to 1992, where he focused on BiCMOS product yield improvements, and at Monolithic Memories from 1985 to 1988, where he focused on BiPolar product yield and engineering wafer sort improvements. Mr. Jain holds a Master’s degree in Chemical Engineering from the University of California, Berkeley and a B.S. degree in Chemical Engineering from the University of Illinois, Champaign/Urbana.
Total other income for the year ended December 31, 2019 was $6.6 million compared to $0.5 million of other expense for the year ended December 31,
2018. Interest income increased due to interest earned on investing our public offering cash proceeds. Interest expense decreased due to having no outstanding borrowings during the year ended December 31, 2019. We discuss borrowings under “Liquidity and Capital Resources” below. Other (income) expense, net was $0.9 million other income in the year ended December 31, 2019 compared to $0.6 million of other income in the year ended December 31, 2018, primarily due to our earnout liabilities. We estimate the fair value of earnout liabilities related to business combinations quarterly. During the year ended December 31, 2019, the adjustments to fair value decreased the carrying value of the earnout liability for our acquisition of Indix, resulting in other income of $1.7 million, partially offset by an increase in the carrying value of the earnout liabilities for our acquisitions of Compli and Portway, which resulted in other expense of $0.6 million. The fair value of the Indix acquisition earnout liability decreased at December 31, 2019, from the fair value at acquisition in February 2019, due primarily to the last three earnout milestones, which are nonfinancial, being more difficult to complete within the required timeframe than initially assessed. During the year ended December 31, 2018, the adjustments to fair value decreased the carrying value of the earnout liabilities for prior acquisitions, resulting in other income of $0.4 million.
||||Other (income) expense, net|Interest income|Interest expense|Other (income) expense, net|Total other (income) expense, net
||As reported (ASC 606)|||$(6,037)|289|(865)|$(6,613)
For the Year Ended December 31,|2019|Impacts from Adoption|(dollars in thousands)||$ -|-|-|$ -
||Without Adoption (ASC 605)|||$(6,037)|289|(865)|$(6,613)
|2018|As Reported (ASC 605)|||$(1,553)|2,608|(583)|$472
|$ Change|As Reported|||$(4,484)|(2,319)|(282)|$(7,085)
||Without Adoption|||$(4,484)|(2,319)|(282)|$(7,085)
|||Cash|Corporate bonds|U.S. Treasury and government debt securities|Certificates of deposit|Total cash, cash equivalents and short-term investments|Other items:|Mutual funds (1)|Mutual funds (2)|Foreign currency exchange contracts assets (1)|Foreign currency exchange contracts liabilities (3)
||Total|$ 2,216|1,353|213|117|$ 3,899||$ 6|$ 29|$ 4|(1 )
April 26, 2019|Fair Value Measurements at Reporting Date Using|Level 1|$  2,216|—|131|—|$ 2,347||$  6|$  29|$  —|$  —
||Level 2|$  —|1,353|82|117|$ 1,552||$  —|$  —|$ 4|(1 )
|($ in millions)|Net cash provided from operating activities|Purchases of property, plant, equipment and software|Acquisition of businesses, net of cash acquired|Proceeds from divestiture of business|Proceeds from disposals of property, plant and equipment and assets held for sale|Proceeds from note receivable from sale of equity method investment|Proceeds from insurance recovery|Dividends paid|Free cash flow
|2019|$232.4|(180.3)|(79.0)|—|0.4|—|11.4|(38.6)|$(53.7)
Fiscal Year|2018|$209.2|(135.0)|(13.3)|—|1.9|6.3|—|(34.4)|$34.7
|2017|$130.3|(98.5)|(35.3)|12.0|2.5|6.3|—|(34.1)|$(16.8)
Management believes that the free cash flow measure provides useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses. It is management’s current intention to use excess cash to fund investments in capital equipment, acquisition opportunities and consistent dividend payments. Free cash flow is not a U.S. GAAP financial measure and should not be considered in isolation of, or as a substitute for, cash flows calculated in accordance with U.S. GAAP.
10. Specific items continued||Year ended 31 March|Revenue|Italian business investigation|Retrospective regulatory matters||Operating costs|EE acquisition warranty claims|Restructuring charges|EE integration costs|Property rationalisation costs|Pension equalisation costs|Retrospective regulatory matters|Italian business investigation|Out of period irrecoverable VAT|Profit (loss) on disposal of businesses||Operating loss|Net finance expense|Interest expense on retirement benefit obligation|Interest on out of period irrecoverable VAT||Net specific items charge before tax|Taxation|Tax credit on specific items above|Tax credit on re-measurement of deferred tax||Net specific items charge after tax
|2019|£m||–|31|31||–|386|–|36|26|(4)|(55)|–|5|394|425||139|–|139|564||(112)|–|(112)|452
|2018|£m||–|23|23||225|241|46|28|–|26|22|–|(1)|587|610||218|–|218|828||(87)|–|(87)|741
|2017|£m||22|(2)|20||–|–|215|–|–|481|238|30|(16)|948|968||209|1|210|1,178||(154)|(63)|(217)|961
EE integration costs EE integration costs incurred in prior years (2017/18: £46m, 2016/17: £215m) relate to EE related restructuring and leaver costs. In 2016/17, this also included a £62m amortisation charge relating to the write-off of IT assets as we integrated the EE and BT IT infrastructure. In the current year remaining EE integration activities have been combined into the wider restructuring programme.
|Beginning balance of unrecognized tax benefits|Additions for tax positions related to the prior year|Additions for tax positions related to the current year|Lapse of statutes of limitations|Ending balance of unrecognized tax benefits
December 29, 2019|$2,161|(46)|88|(86)|$2,117
December 30,2018|$2,107|(2)|125|(69)|$2,161
December 31, 2017|$2,014|16|77|—|$2,107
||Counterparty #1|Counterparty #2|Counterparty #3|Counterparty #4|Counterparty #5|Sum of five largest exposures|Sum of cash deposits and derivative financial instrument assets|Five largest exposures as a percentage of assets at risk
Credit Rating||AA-|AAA|A+|A|A|||
Authorised Limit|£m|125.0|150.0|100.0|100.0|75.0|||
Group Exposure 31 December 2019|£m|64.9|43.1|38.7|26.0|20.0|192.7|203.5|95%
Credit Rating||AA-|A+|A|AAA|AAA|||
Authorised Limit|£m|125.0|100.0|100.0|150.0|150.0|||
Group Exposure 31 December 2018|£m|111.9|44.1|27.2|22.3|12.3|217.8|244.2|89%
The Company’s effective tax rate differs from the U.S. federal statutory rate of 35% for the year ended December 31, 2017, primarily due to the benefit related to the wind down of our solar inverter business and earnings in foreign jurisdictions, which are subject to lower tax rates, offset by the impact of U.S. tax reform. The principal causes of the difference between the federal statutory rate and the effective income tax rate for each the years below are as follows:
||Income taxes per federal statutory rate|State income taxes, net of federal deduction|Transition tax - U.S. Tax Reform|Corporate tax rate changes - U.S. Tax Reform|Tax benefit associated with inverter business wind down|Stock based compensation|GILTI Tax|Tax effect of foreign operations|Uncertain tax position|Unremitted earnings|Tax credits|Change in valuation allowance|Withholding taxes|Other permanent items, net|Total provision for income taxes
|2019|$14,111|10|—|—|—|(97)|8,796|(13,086)|(4,487)|1,624|(6,280)|7,222|6,500|(3,614)|$10,699
Years Ended December 31,|2018|$36,199|2,372|1,174|(652)|—|(974)|13,064|(19,162)|(3,088)|2,564|(9,844)|(1,306)|1,371|3,509|$25,227
|2017|$69,348|1,794|61,690|11,177|(33,837)|(5,263)|—|(47,482)|4,948|—|(658)|841|—|(468)|$62,090
||||Numerator:|Net loss attributable to ordinary shareholders|Denominator:|Weighted-average ordinary shares outstanding—basic|Weighted-average ordinary shares outstanding—diluted|Net loss per share attributable to ordinary shareholders:|Basic net loss per share|Diluted net loss per share
Fiscal Year Ended June 30,|2019||||$(637,621)||238,611|238,611||$(2.67)|$(2.67)
|2018|(U.S. $ in thousands, except per share data)|*As Adjusted||$(113,432)||231,184|231,184||$(0.49)|$(0.49)
|2017||*As Adjusted||$(37,449)||222,224|222,224||$(0.17)|$(0.17)
Depreciation of property, plant and equipment for the years ended December 31, 2019, 2018, and 2017 was $70.8 million, $67.4 million, and $66.1 million, respectively. As of December 31, 2019 and 2018, the gross book value included in machinery and equipment for internally manufactured test systems being leased by customers was $5.4 million and $5.5 million, respectively. As of December 31, 2019 and 2018, the accumulated depreciation on these test systems was $5.1 million and $5.2 million, respectively.
||Land|Buildings|Machinery, equipment and software|Furniture and fixtures|Leasehold improvements|Construction in progress||Less: accumulated depreciation|
2019|(in thousands)|$16,561|107,282|834,970|29,157|59,378|2,537|1,049,885|729,669|$320,216
2018||$16,561|105,935|752,722|27,432|52,536|6,276|961,462|681,641|$279,821
Total expense and other (income) increased 2.8 percent in 2019 versus the prior year primarily driven by higher spending including Red Hat operational spending and investments in software and systems innovation, higher interest expense, non-operating acquisition-related activity associated with the Red Hat transaction and lower IP income, partially offset by lower non-operating retirement-related costs, divesture-related activity (gains on divestitures and lower spending) and the effects of currency. Total operating (non-GAAP) expense and other (income) increased 4.1 percent year to year, driven primarily by the factors above excluding the higher non-operating acquisition related activity and lower non-operating retirement-related costs described above.
($ in millions)|For the year ended December 31:|Total consolidated expense and other (income)|Non-operating adjustments|Amortization of acquired intangible assets|Acquisition-related charges|Non-operating retirement related (costs)/income|Operating (non-GAAP) expense and other (income)|Total consolidated expense-to-revenue ratio|Operating (non-GAAP) expense-to-revenue ratio
|2019|$26,322||(764)|(409)|(615)|$24,533|34.1%|31.8%
|2018|$25,594||(437)|(16)|(1,572)|$23,569|32.2%|29.6%
|Yr.-to-Yr. Percent/ Margin Change*|2.8%||74.8|NM|(60.9)|4.1%|2.0 pts.|2.2 pts.
||Gross unrecognized tax benefits —beginning balance|Increases (decrease) related to tax positions from prior years|Increases related to tax positions taken during current year|Decreases related to tax positions taken during the current year|Gross unrecognized tax benefits —ending balance
Years Ended December 31,|2019|$4,191|(280)|530|—|$4,441
|2018|$3,782|(266)|675|—|$4,191
|2017|$3,360|(151)|573|—|$3,782
As of December 31, 2019, 2018 and 2017, we had gross unrecognized tax benefits of $4.4 million, $4.2 million
and $3.8 million, respectively. Accrued interest expense related to unrecognized tax benefits is recognized as part of
our income tax provision in our consolidated statements of operations and is immaterial for the years ended
December 31, 2019 and 2018. Our policy for classifying interest and penalties associated with unrecognized income
tax benefits is to include such items in income tax expense.
||Borrowings, current portion|Borrowings, non-current portion|Lease liabilities, current portion|Lease liabilities, non-current portion|Total debt|Total equity|Total debt and equity|Gearing ratio
As of December 31,|2018|520,550|2,307,909|6,675|199,424|3,034,558|1,983,122|5,017,680|60.48%
|2019|255,422|2,891,973|9,363|195,567|3,352,325|1,649,853|5,002,178|67.01%
£m|Loss before tax, joint ventures and associates|Loss before tax multiplied by the standard rate of tax in the UK of 19% (2018: 19%)|Exempt property rental profits and revaluations||Tax on shortfall of minimum PID|Additions and disposals of property and investments|Non-deductible and other items|Overseas taxation|Unprovided deferred tax1|Total tax expense/(credit)
2019|(1,856.8)|(352.8)|307.0|(45.8)|22.1|7.1|3.4|(3.4)|22.4|5.8
2018|(1,139.6)|(216.6)|214.9|(1.7)|–|0.3|3.4|(0.4)|(7.3)|(5.7)
|For year ended December 31, 2019:  |Revenue from external customers|Segment gross profit|For year ended December 31, 2018:  |Revenue from external customers|Segment gross profit|For year ended December 31, 2017:  |Revenue from external customers  |Segment gross profit  
PSG||$2,788.3|976.0||$3,038.2|1,110.1||$2,819.3|959.8
ASG||$1,972.3|794.8||$2,071.2|878.3||$1,950.9|817.8
ISG||$757.3|275.4||$768.9|317.1||$772.9|302.6
Total||$5,517.9|2,046.2||$5,878.3|2,305.5||$5,543.1|2,080.2
July 27, 2019|Purchased intangible assets with finite lives:|Technology  .|Customer relationships .|Other|Total purchased intangible assets with finite lives|In-process research and development, with indefinite lives .|Total .
Gross||$3,270|840|41|4,151|336|$4,487
Accumulated Amortization||$(1,933)|(331)|(22)|(2,286)|—|$(2,286)
Net||$1,337|509|19|1,865|336|$2,201
|||||Movement:|Balance at start of period|Net provisions recognised/(reversed) (1)|Cash payments|Other|Balance at end of period|Current|Non‑current|
||SELF‑INSURED RISKS|2019|$M||596|177|(157)|(13)|603|173|430|603
|||2018|$M||593|161|(148)|(10)|596|177|419|596
RESTRUCTURING, ONEROUS|CONTRACTS, STORE EXIT COSTS,|AND OTHER|2019|$M||679|225|(162)|(5)|737|280|457|737
|||2018|$M||800|55|(178)|2|679|256|423|679
||Trade receivables|Loss allowance (see note 15(b))||Interest receivable|GST receivable|Other receivables|Total
|Note|5(a)|||5(b)|||
30 June 2019|$'000|28,320|(741)|27,579|54|6,222|1|33,856
30 June 2018|$'000|36,522|(1,254)|35,268|27|162|1,629|37,086
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 - 60 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.