DEXTER-CQA/TAT-QA-corpus huggingface dataset:
Provision for income taxes decreased in fiscal 2019 relative to fiscal 2018 primarily due to the absence of the initial accounting charges related to the Tax Act that were recorded in fiscal 2018. To a lesser extent, provision for income taxes also decreased in fiscal 2019 due to the net favorable impacts of our final accounting for the Tax Act in fiscal 2019; the net favorable impacts of the Tax Act on our tax profile during fiscal 2019; the favorable impact of a tax benefit arising from an increase in a deferred tax asset associated with a partial realignment of our legal structure in fiscal 2019; and lower income before provision for income taxes in fiscal 2019. These decreases to our provision for income taxes in fiscal 2019 relative to fiscal 2018 were partially offset both by lower excess tax benefits related to stock-based compensation expense in fiscal 2019, and by less favorable changes in net unrecognized tax benefits due to settlements with tax authorities and other events in fiscal 2019 relative to fiscal 2018.
Grocery & Snacks operating profit for fiscal 2019 was $689.2 million, a decrease of $35.6 million, or 5%, compared to fiscal 2018. Gross profits were $55.8 million lower in fiscal 2019 than in fiscal 2018. The lower gross profit was driven by higher input costs, transportation inflation, and a reduction in profit associated with the divestiture of the Wesson ® oil business, partially offset by profit contribution of acquisitions and supply chain realized productivity. The acquisition of Angie's Artisan Treats, LLC contributed $12.6 million to Grocery & Snacks gross profit in fiscal 2019, through the one-year anniversary of the acquisition. Advertising and promotion expenses for fiscal 2019 decreased by $31.3 million compared to fiscal 2018. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $76.5 million in fiscal 2019 for the impairment of our Chef Boyardee® and Red Fork® brand assets and $4.0 million in fiscal 2018 for the impairment of our HK Anderson® , Red Fork® , and Salpica® brand assets. Grocery & Snacks also recognized a $33.1 million gain on the sale of our Wesson ® oil business in fiscal 2019. Operating profit of the Grocery & Snacks segment included $1.0 million and $11.4 million of expenses in fiscal 2019 and 2018, respectively, related to acquisitions and divestitures and charges of $4.6 million and $14.1 million in connection with our restructuring plans in fiscal 2019 and 2018, respectively. Grocery & Snacks operating profit for fiscal 2019 was $689.2 million, a decrease of $35.6 million, or 5%, compared to fiscal 2018. Gross profits were $55.8 million lower in fiscal 2019 than in fiscal 2018. The lower gross profit was driven by higher input costs, transportation inflation, and a reduction in profit associated with the divestiture of the Wesson ® oil business, partially offset by profit contribution of acquisitions and supply chain realized productivity. The acquisition of Angie's Artisan Treats, LLC contributed $12.6 million to Grocery & Snacks gross profit in fiscal 2019, through the one-year anniversary of the acquisition. Advertising and promotion expenses for fiscal 2019 decreased by $31.3 million compared to fiscal 2018. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $76.5 million in fiscal 2019 for the impairment of our Chef Boyardee® and Red Fork® brand assets and $4.0 million in fiscal 2018 for the impairment of our HK Anderson® , Red Fork® , and Salpica® brand assets. Grocery & Snacks also recognized a $33.1 million gain on the sale of our Wesson ® oil business in fiscal 2019. Operating profit of the Grocery & Snacks segment included $1.0 million and $11.4 million of expenses in fiscal 2019 and 2018, respectively, related to acquisitions and divestitures and charges of $4.6 million and $14.1 million in connection with our restructuring plans in fiscal 2019 and 2018, respectively.
Refrigerated & Frozen operating profit for fiscal 2019 was $502.2 million, an increase of $22.8 million, or 5%, compared to fiscal 2018. Gross profits were $19.6 million lower in fiscal 2019 than in fiscal 2018, driven by increased input costs and transportation inflation, partially offset by supply chain realized productivity. Advertising and promotion expenses for fiscal 2019 decreased by $24.6 million compared to fiscal 2018. Operating profit of the Refrigerated & Frozen segment included a gain of $23.1 million in fiscal 2019 related to the sale of our Italian-based frozen pasta business, Gelit.
($ in millions)|Reporting Segment|Grocery & Snacks|Refrigerated & Frozen|International|Foodservice|Pinnacle Foods
|Fiscal 2019 Operating Profit|$689.2|502.2|94.5|117.7|238.2
|Fiscal 2018 Operating Profit|$724.8|479.4|86.5|121.8|—
|% Inc (Dec)|(5)%|5%|9%|(3)%|100%
International operating profit for fiscal 2019 was $94.5 million, an increase of $8.0 million, or 9%, compared to fiscal 2018. Gross profits were flat in fiscal 2019 compared to fiscal 2018. Included in the International segment fiscal 2019 operating profit was a gain of $13.2 million related to the sale of our Del Monte® processed fruit and vegetable business in Canada, charges of $13.1 million for the impairment of our Aylmer® and Sundrop ® brand assets, and charges of $2.9 million related to divestitures. In addition, operating profit was impacted by charges of $1.9 million and $1.5 million in connection with our restructuring plans, in fiscal 2019 and 2018, respectively.
|Cash and cash equivalents|Equity securities:|U.S. equity securities|International equity securities|Fixed income securities:|Government bonds|Corporate bonds|Mortgage-backed bonds|Real estate funds|Net receivables for unsettled transactions|Fair value measurement of pension plan assets in the fair value hierarchy|Investments measured at net asset value|Total pension plan assets
Level 1|$0.7||56.3|87.8||—|—|—|0.4|5.6|$150.8||
Level 2|$77.7||91.8|0.4||748.3|2,255.5|31.1|—|—|$3,204.8||
Level 3|$—||—|—||—|—|—|—|—|$—||
Total|$78.4||148.1|88.2||748.3|2,255.5|31.1|0.4|5.6|$3,355.6|245.9|$3,601.5
Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates.
The Group’s policy is to recognise transfers into and out of fair value hierarchy levels at the end of the reporting period. There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. During the year ended 30 June 2019 the Group transferred $2.1m from level 3 to level 2 following the reclassification of assets from freehold investment properties to assets held for sale, and $5.7m from level 2 to level 3 following the reclassification of assets from assets held for sale to freehold investment properties, as detailed in note 10.2.
||At 30 June 2019|Assets held for sale|Leasehold investment properties|Freehold investment properties||At 30 June 2018|Assets held for sale|Leasehold investment properties|Freehold investment properties
|Notes||10.2|10.4|10.4|||10.2|10.4|10.4
Level 1|$'000||-|-|-|-||-|-|-
Level 2|$'000||1,107|-|-|1,107||5,713|-|
Level 3|$'000||-|215,279|1,874,698|2,089,977||-|207,664|1,377,924
Total|$'000||1,107|215,279|1,874,698|2,091,084||5,713|207,664|1,377,924
Pension and Postretirement Contributions — Our policy is to fund our pension plans at or above the minimum required by law. As of January 1, 2019, the date of our last actuarial funding valuation for our qualified pension plan, there was no minimum contribution funding requirement. In 2019 and 2018, we contributed $6.2 million and $5.5 million, respectively, to our pension and postretirement plans. We do not anticipate making any contributions to our qualified defined benefit pension plan in fiscal 2020. For additional information, refer to Note 12, Retirement Plans, of the notes to the consolidated financial statements.
||Stock-based compensation|Research and development tax credit carryforwards|Foreign tax credit carryforwards|Accrued compensation and benefits|Other accruals not currently deductible for tax|Purchased technology and capitalized software|Fixed assets|Tax loss carryforwards|Deferred revenue|Other|Total deferred tax assets|Less: valuation allowance|Net deferred tax assets|Indefinite lived intangibles|Total deferred tax liabilities|Net deferred tax assets (liabilities)
January 31,|2019|$25.9|238.7|198.6|6.5|19.0|32.6|15.0|237.2|49.0|28.4|850.9|(797.8)|53.1|(67.6)|(67.6)|$(14.5)
|2018|$26.7|170.3|162.2|25.9|22.9|43.4|16.5|85.7|120.3|32.4|706.3|(634.2)|72.1|(57.0)|(57.0)|$15.1
($ in millions)|At December 31, 2019:|Financing receivables, gross|Unearned income|Recorded investment|Allowance for credit losses|Unguaranteed residual value|Guaranteed residual value|Total financing receivables, net|Current portion|Noncurrent portion
|Investment in Sales-Type and Direct Financing Leases|$6,077|(509)|$5,567|(72)|652|53|$6,199|$2,334|$3,865
|Commercial Financing Receivables|$3,836|(4)|$3,831|(11)|—|—|$3,820|$3,820|$      —
|Client Loan and Installment Payment Receivables/ (Loans)|$13,592|(570)|$13,022|(138)|—|—|$12,884|$ 8,037|$ 4,847
|Total|$23,504|(1,083)|$22,421|(221)|652|53|$22,904|$14,192|$ 8,712
Since export sales are primarily conducted in U.S. dollars, we had U.S. dollar-denominated accounts receivable of US$626 million as of December 31, 2019. As of the same date, we also had Japanese Yen-denominated accounts receivable of ¥14,266 million attributable to our Japanese operations and Renminbi-denominated accounts receivable of RMB¥710 million attributable to our China operations. We had U.S. dollar-, Japanese Yen- and Renminbi-denominated accounts payables of US$128 million, ¥7,193 million and RMB¥262 million, respectively, as of December 31, 2019.
|(In millions)|Net Sales|Food Care|As a % of Total Company net sales|Product Care|As a % of Total Company net sales|Total Company Net Sales|||(In millions)|Adjusted EBITDA from continuing operations|Food Care|Adjusted EBITDA Margin|Product Care|Adjusted EBITDA Margin|Corporate|Total Company Adjusted EBITDA from continuing operations|Adjusted EBITDA Margin
|2019||$ 2,880.5|60.1%|1,910.6|39.9%|$ 4,791.1|||2019||$ 629.3|21.8%|349.9|18.3%|(14.4)|$ 964.8|20.1%
Year Ended December 31,|2018||$ 2,908.1|61.4%|1,824.6|38.6%|$ 4,732.7||Year Ended December 31,|2018||$ 577.8|19.9%|318.6|17.5%|(6.9)|$ 889.5|18.8%
|2017||$ 2,815.2|63.1%|1,646.4|36.9%|$ 4,461.6|||2017||$ 538.1|19.1%|292.2|17.7%|3.0|$ 833.3|18.7%
|Allowance for doubtful accounts:|Fiscal 2019|Fiscal 2018|Fiscal 2017
Balance at Beginning of Year||$2.2|$2.1|$2.5
Additions Charged to Costs and Expenses||$—|$0.2|$0.2
Deductions (1)||$(0.2)|$(0.1)|$(0.6)
Balance at End of Year||$2.0|$2.2|$2.1
As part of our July 2017 private placement transaction with Mr. Schutte, we issued warrants to purchase 1,782,531 shares of our common stock. The warrants are immediately exercisable at a price of $0.528 per share and expire five years after issuance (See Note 8). We have assigned a relative fair value of $495 thousand to the warrants out of the total $4.0 million proceeds from the private placement transaction and have accounted for these warrants as equity.
On June 28, 2019 as part of the changes made to the loan agreements we had with Mr. Schutte, each having an original due date of January 2, 2020, we issued to him a warrant to purchase 10.0 million shares of our common stock exercisable at a price of $0.01 per share and expire five years after issuance. We obtained a valuation of fair value on the warrant and $1.145 million was allocated to the warrant and accounted for as equity. (see Note 7 and Note 8). The warrant was assigned and transferred by Mr. Schutte to AD Pharma on June 28, 2019.
In connection with the issuance of the $10.0 million secured promissory notes in December 2013, we issued common stock purchase warrants (“warrants”) exercisable for 60 thousand shares of our common stock having an exercise price of $2.52 per share (after giving effect to our one-for-five reverse stock split) with an expiration date in December 2020. These warrants contain a cashless exercise feature (See Note 7).
|||||Outstanding, Jan. 1|Issued|Exercised|Expired|Modification|Outstanding, Dec. 31
||||Number|1,842|10,000|-|-|-|11,842
|2019|WAvg|Exercise|Price|$0.59|0.01|-|-|-|0.10
December 31,||||Number|1,842|-|-|-|-|1,842
|2018|WAvg|Exercise|Price|$0.59|-|-|-|-|$0.59
Grocery & Snacks operating profit for fiscal 2018 was $724.8 million, an increase of $69.4 million, or 11%, compared to fiscal 2017. Gross profits were $21.9 million lower in fiscal 2018 than in fiscal 2017. The lower gross profit was driven by investments with retailers (i.e., trade spending reflected as a reduction of net sales), as well as higher input costs and transportation expenses, partially offset by supply chain realized productivity. The Frontera acquisition, Thanasi acquisition, and the acquisition of Angie's Artisan Treats, LLC, which occurred in September 2016, April 2017, and October 2017, respectively, contributed $47.4 million to Grocery & Snacks gross profit during fiscal 2018 through the one-year anniversaries of the acquisitions (if reached). Advertising and promotion expenses for fiscal 2018 decreased by $19.5 million compared to fiscal 2017. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $4.0 million in fiscal 2018 for the impairment of our HK Anderson® , Red Fork® , and Salpica® brand assets and $68.3 million in fiscal 2017 primarily for the impairment of our Chef Boyardee® brand asset. Grocery & Snacks also incurred $11.4 million of expenses in fiscal 2018 related to acquisitions and divestitures, charges of $31.4 million in fiscal 2017 related to the pending divestiture of the Wesson® oil business, and charges of $14.1 million and $23.6 million in connection with our restructuring plans in fiscal 2018 and 2017, respectively.
Refrigerated & Frozen operating profit for fiscal 2018 was $479.4 million, an increase of $33.6 million, or 8%, compared to fiscal 2017. Gross profits were $3.6 million lower in fiscal 2018 than in fiscal 2017, driven by continuing increases in input costs and transportation inflation as well as investments to drive distribution, enhanced shelf presence, and trial, partially offset by increased sales volumes and supply chain realized productivity. The acquisition of the Sandwich Bros. of Wisconsin® business contributed $4.6 million to gross profit in the segment during fiscal 2018. Advertising and promotion expenses for fiscal 2018 decreased by $23.4 million compared to fiscal 2017. Operating profit of the Refrigerated & Frozen segment was impacted by charges totaling approximately $7.7 million in fiscal 2017 related to a product recall, as well as charges of $0.1 million and $6.2 million in connection with our restructuring plans in fiscal 2018 and 2017, respectively.
($ in millions)|Reporting Segment|Grocery & Snacks|Refrigerated & Frozen|International|Foodservice|Commercial
|Fiscal 2018 Operating Profit|$724.8|479.4|86.5|121.8|-
|Fiscal 2017 Operating Profit|$655.4|445.8|(168.9)|105.1|202.6
|% Inc (Dec)|11%|8%|N/A|16%|(100)%
Costs incurred in the development of internal-use software and software applications, including external direct costs of materials and services and applicable compensation costs of employees devoted to specific software development, are capitalized as computer software costs. Costs incurred outside of the application development stage, or that are types of costs that do not meet the capitalization requirements, are expensed as incurred. Amounts capitalized are included in property, plant and equipment and are amortized on a straight-line basis over the estimated useful life of the software, which ranges from three to seven years. No amortization expense is recorded until the software is ready for its intended use.
Through September 30, 2019 we have incurred costs of $138.9 million related to the purchase and development of our ERP system, including $3.1 million, $22.5 million, and $40.6 million of costs incurred during fiscal years 2019, 2018 and 2017, respectively. We have capitalized $1.6 million, $7.5 million, and $16.7 million of qualifying software development costs as internal-use software development in progress during fiscal years 2019, 2018, and 2017, respectively. We have recognized expense for $1.5 million, $15.0 million, and $23.9 million of these costs in fiscal years 2019, 2018, and 2017, respectively, for costs that did not qualify for capitalization. Amounts that were expensed in connection with the development of these systems are classified within selling, general and administrative expenses in the Consolidated Statements of Operations.
||Land and land improvements|Buildings and improvements|Machinery and other equipment|Software|Leasehold improvements|Construction and internal-use software development in progress|Accumulated depreciation and amortization|
|2019|$  7,348|48,191|107,297|108,526|17,064|16,814|(160,271)|$  144,969
September 30,|2018|$  13,132|57,959|81,727|84,631|11,991|12,888|(144,782)|$  117,546
||Depreciation of property, plant and equipment|Amortisation of intangible assets|Research and development expenditure|Operating lease rentals:|Property|Other|Pension scheme contributions|Impairment of trade receivables|Net foreign currency differences
Year-ended 31 March 2019|$M|11.8|16.9|(143.9)||14.0|1.6|8.9|0.6|(1.5)
Year-ended 31 March 2018 Restated See note 2|$M|11.6|25.2|(140.3)||12.5|1.6|8.4|0.6|6.9
The Group’s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-poli
The Group’s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-policyfy19. pdf and is aligned to its business strategy and operational needs. Oversight of taxation is within the remit of the Audit and Risk Committee. The Chief Financial Officer is responsible for tax strategy supported by a global team of tax professionals. Sophos strives for an open and transparent relationship with all revenue authorities and is vigilant in ensuring that the Group complies with current tax legislation. The Group proactively seeks to agree arm’s length pricing with tax authorities to mitigate tax risks of significant cross-border operations. The Group actively engages with policy makers, tax administrators, industry bodies and international institutions to provide informed input on proposed tax measures, so that it and they can understand how those proposals would affect the Group. However, a tax authority may seek adjustment to the filing position adopted by a Group company and it is accepted that interpretation of complex regulations may lead to additional tax being assessed. Uncertain tax positions are monitored regularly and a provision made in the accounts where appropriate.
||Profit / (loss) for the year before taxation|Loss for the year before taxation multiplied by the standard rate of corporation tax in the UK of 19% (2018: 19%)|Effects of:|Adjustments in respect of previous years|Change in tax rate during the year|Expenses not deductible for tax purposes|Losses not recognised|Higher tax rates on overseas earnings|Research and development and other tax credits|Impact of US tax reform on deferred tax|Other movements|Charge for taxation on profit / (loss) for the year
Year-ended 31 March 2019|$M|53.6|10.2||0.8|1.4|11.8|(0.9)|7.7|(1.9)|–|(2.4)|26.7
Year-ended 31 March 2018 Restated See note 2|$M|(41.0)|(7.7)||7.1|3.6|9.4|–|3.8|(0.6)|5.4|(1.1)|19.9
|(In thousands)|Total cost of revenue|Gross profit|Gross margin %
Year Ended December 31,|2019|$ 1,058,097|$ 713,580|40.3%
|2018|$ 1,025,419|$ 724,543|41.4%
|2017|$ 864,909|$ 632,799|42.3%
|2019 % Change from 2018|3.2%|(1.5%)|
|2018 % Change from 2017|18.6%|14.5%|
|||Assets:|Cash and cash equivalents|Accounts & long term receivable*|Liabilities:|Note payable|*Original maturity over one year
As of September 30, 2019|Carrying amount|||$18,099|7,087||1,001|
|Fair value|(Amounts in thousands)||$18,099|7,087||1,001|
As of September 30, 2018|Carrying amount|||$25,107|-||-|
|Fair value|||$25,107|-||-|
|Fair Value Level|||1|3||2|
|References|||Consolidated Balance SSheets|Note 3||Note 11|
|December 1 - December 31, 2018|January 1 - January 31, 2019|February 1 - February 28, 2019|Total
Total Number of Shares Purchased|75,000|524,577|116,042|715,619
Average Price Paid per Share (1)|$12.96|$14.00|$14.53|$13.97
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs|75,000|524,577|116,042|715,619
Approximate Dollar Value of Shares that may be Purchased Under the Plans or Programs (2)|$19,028,173|$11,685,543|$10,000,013|$10,000,013
The computation of the one-time transition tax on accumulated unrepatriated foreign earnings was recorded on a provisional basis in the amount of $883.0 million in the fiscal year ended June 24, 2018, as permitted under SAB 118. The Company recorded a subsequent provisional adjustment of $36.6 million, as a result of incorporating new information into the estimate, in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018. The Company finalized the computation of the transition tax liability during the December 2018 quarter. The final adjustment resulted in a tax benefit of $51.2 million, which was recorded in the Company’s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final balance of total transition tax is $868.4 million. The one-time transition tax is based on the Company’s total post-1986 earnings and profits (“E&P”) that was previously deferred from U.S. income taxes. The Company had previously accrued deferred taxes on a portion of this E&P. The Company has completed the calculation of total post-1986 E&P and related income tax pools for its foreign subsidiaries. The Company elected to pay the one-time transition tax over a period of eight years.
|Operating margin|financial net, tax and other|+ depreciation and amortization|+ depreciation of leased assets|± change in working capital|- capex|- leasing payment|-  restructuring costs1)|Free cash flow (before M&A)|- M&A
2018|4.4%|-3.8%|+3.9%|–|+3.7%|- 2.4%|-|-3.8%|2.0%|-0.6%
2019|5.0%|-2.5%|+2.9%|+1.1%|+1.0%|-2.8%|-1.3%|-0.4%|3.4%|-0.7%
Ambition|>12%|-4%|+3 to 4%|+1%|±0|-2%|-1%|-1%|>8%|~1 to -2%
||(In millions)|Balance Sheet Data:|Cash and cash equivalents (including restricted cash) (2)|Property and equipment, net|Total assets (3)|Long-term obligations, including current portion|Redeemable noncontrolling interests|Total American Tower Corporation equity
|2019|||$1,578.0|12,084.4|42,801.6|24,055.4|1,096.5|5,055.4
|2018|||$1,304.9|11,247.1|33,010.4|21,159.9|1,004.8|5,336.1
As of December 31,|2017|||$954.9|11,101.0|33,214.3|20,205.1|1,126.2|6,241.5
|2016|||$936.5|10,517.3|30,879.2|18,533.5|1,091.3|6,763.9
|2015|||$462.9|9,866.4|26,904.3|17,119.0|—|6,651.7
|($ in millions)|Unrealized gains on company owned life insurance contracts and investments held in rabbi trusts|Interest income|Foreign exchange|Pension earnings, interest and deferrals|Pension curtailment|Other|Total other income (expense), net
|2019|$0.8|0.1|(0.4)|(0.1)|—|0.2|$0.6
Years Ended June 30,|2018|$1.5|0.3|(0.7)|(2.1)|—|0.2|$(0.8)
|2017|$1.7|0.3|(0.4)|(23.8)|(0.5)|1.2|$(21.5)