DEXTER-CQA/TAT-QA-corpus huggingface dataset:
||Statement of Operations Data (1):|Net revenues|Net income (2)|Basic net income per share|Diluted net income per share|Cash dividends declared per share|Operating cash flows|Balance Sheet Data:|Cash and investments (3)|Total assets|Long-term debt, net (4)|Long-term debt, gross|Net debt (5)
|2019||$6,489|1,503|1.96|1.95|0.37|$1,831||$5,863|19,845|2,675|2,700|—
|2018(6)||$7,500|1,848|2.43|2.40|0.34|$1,790||$4,380|17,890|2,671|2,700|—
For the Years Ended December 31,|2017||$7,017|273|0.36|0.36|0.30|$2,213||$4,775|18,668|4,390|4,440|—
|2016||$6,608|966|1.30|1.28|0.26|$2,155||$3,271|17,452|4,887|4,940|1,669
|2015||$4,664|892|1.21|1.19|0.23|$1,259||$1,840|15,246|4,074|4,119|2,279
The following table summarizes certain selected consolidated financial data, which should be read in conjunction with our consolidated financial statements and notes thereto in Item 8 and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included under Item 7 in this Annual Report on Form 10-K. The selected consolidated financial data presented below at and for each of the years in the five-year period ended December 31, 2019, is derived from our consolidated financial statements and include the operations of King commencing on February 23, 2016. All amounts set forth in the following tables are in millions, except per share data.
||Trade accounts receivable sold|Cash proceeds received(1)|Pre-tax losses on sale of receivables(2)|Deferred purchase price receivables as of August 31
|2019(3)|$4,057|$4,031|$26|$—
Fiscal Year Ended August 31,|2018|$8,386|$7,838|$15|$533
|2017|$8,878|$8,300|$9|$569
We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that either allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these purchase commitments with contract manufacturers and suppliers relate to arrangements to secure long-term pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed.
($ in millions)|For the year ended December 31:|Global Business Services external revenue|Consulting|Application Management|Global Process Services
|2018|$16,595*|$7,705|7,852|1,037*
|2017|$16,073*|$7,262|7,821|990*
|Yr.-to-Yr. Percent Change|3.2%|6.1%|0.4|4.8
|Yr.-to-Yr. Percent Change Adjusted for Currency|2.3%|5.1%|(0.5)|4.7
£m|Investment and development property|Joint ventures and other assets classified as held for sale|Investment in associates|Net external debt|Derivative financial instruments|Other assets and liabilities2|Net assets|Non-controlling interest3|IFRS net assets attributable to owners of intu properties plc|Other adjustments4|EPRA NAV|EPRA NAV per share (pence)
Notes|A|B|C|D|E|||||||F
2019|6,721.6|163.7|53.7|(4,498.4)|(286.9)|(307.7)|1,846.0|58.2|1,904.2|73.1|1,977.3|147p
2018|9,255.7|–|65.6|(4,867.2)|(284.0)|(342.0)|3,828.1|(16.4)|3,811.7|135.4|3,947.1|293p
Change|(2,534.1)|163.7|(11.9)|368.8|(2.9)|34.3|(1,982.1)|74.6|(1,907.5)|(62.3)|(1,969.8)|(146)p
Our total investment in joint ventures was £524.1 million at 31 December 2019 (which includes investments in joint ventures of £326.6 million and loans to joint ventures £197.5 million), a decrease of £299.8 million from 31 December 2018. The key driver in the year related to the share of loss of joint ventures of £158.9 million, which primarily included underlying earnings of £27.9 million and a property revaluation deficit of £182.9 million, a £200.7 million transfer of intu Puerto Venecia and intu Asturias to held for sale, partially offset by the residual interest in intu Derby of £93.9 million being classified as a joint venture.
||Beginning of fiscal year|Additions from business combinations|Additions for tax positions of the current year|Additions for tax positions of prior years|Reductions for tax positions of prior years|Lapse in statute of limitations|Settlements|End of fiscal year
|2019|$8,680|—|2,027|519|(633)|(9)|(2,923)|$7,661
Fiscal Years Ended March 31,|2018|$7,390|1,270|1,078|—|(1,058)|—|—|$8,680
|2017|$7,103|—|762|—|(64)|(411)|—|$7,390
|||Net revenue(1)|Cost of revenue(2)|Operating income|Income tax expense|Net income
Fiscal Year Ended|August 31, 2019|As reported|$25,282,320|$23,368,919|$701,356|$161,230|$289,474
||Balance without the adoption of ASU 2014-09|$24,864,754|$23,057,603|$595,105|$164,054|$180,399
|(In Millions)|Operating lease obligations 1|Capital purchase obligations 2|Other purchase obligations and commitments 3|Tax obligations 4|Long-term debt obligations 5|Other long-term liabilities 6|Total 7
|Total|$595|10,918|2,757|4,442|41,328|1,692|$61,732
|Less Than 1 Year|$178|9,300|1,636|10|4,706|898|$16,728
Payments Due by Period|1–3 Years|$232|1,595|947|746|8,510|640|$12,670
|3–5 Years|$128|14|147|1,853|3,508|40|$5,690
|More Than 5 Years|$57|9|27|1,833|24,604|114|$26,644
|Stock-based compensation expense - Property|Stock-based compensation expense - Services|Stock-based compensation expense - SG&A|Total stock-based compensation expense|Stock-based compensation expense capitalized as property and equipment
2019|$1.8|1.0|108.6|$111.4|$1.6
2018|$2.4|0.9|134.2|$137.5|$2.0
2017|$2.1|0.8|105.6|$108.5|$1.6
We are required to evaluate the realizability of our deferred tax assets in both our U.S. and non-U.S. jurisdictions on an ongoing basis to determine whether there is a need for a valuation allowance with respect to such deferred tax assets. From the fourth quarter of fiscal 2009 to the third quarter of fiscal 2018, we maintained a 100% valuation allowance against most of our U.S. deferred tax assets because there was insufficient positive evidence to overcome the existing negative evidence such that it was not more likely than not that the U.S. deferred tax assets were realizable.
||Tax credits|Inventory reserve|Other reserves and accruals|Non-statutory stock options|Depreciation and amortization|Net operating loss carryforwards|Gross deferred tax assets|Valuation allowance|Total deferred tax assets|Acquired intangibles and fixed assets|Unrealized investment gains|Tax on undistributed earnings|Total deferred tax liabilities|Net deferred tax assets
As of|December 28, 2019|$44,696|12,350|5,852|2,982|27,758|21,410|115,048|(36,604)|78,444|(13,997)|(106)|(75)|(14,178)|$64,266
|December 29, 2018|$39,586|10,850|5,398|2,722|1,979|61,275|121,810|(34,037)|87,773|(12,667)|(107)|(53)|(12,827)|$74,946
2. The Group’s GHG inventory includes carbon dioxide, methane and nitrous oxide. GHG emissions data for the year ended 31 December 2019 is presented in carbon dioxide equivalent and is calculated based on the “2017 Baseline Emission Factors for Regional Power Grids in China for CDM and CCER Projects” issued by the Ministry of Ecology and Environment of China, and the “2006 IPCC Guidelines for National Greenhouse Gas Inventories” issued by the Intergovernmental Panel on Climate Change (IPCC).
Indicators||Total GHG emissions (Scopes 1 and 2) (tonnes)|Direct GHG emissions (Scope 1) (tonnes)|Including: Diesel (tonnes)|Indirect GHG emissions (Scope 2) (tonnes)|Including: Purchased electricity (tonnes)|Hazardous waste (tonnes)|Non-hazardous waste (tonnes)
For the year ended 31 December|2019|743,287.01|316.35|316.35|742,970.66|742,970.66|8.00|1,811.27
|2018|612,521.16|36.76|36.76|612,484.40|612,484.40|–|1,350.76
|Year ended 31 March|Recognised in the income statement before specific items|Service cost (including administration expenses & PPF levy:|defined benefit plans|defined contribution plans|Past service credit a|Subtotal|Recognised in the income statement as specific items (note 10)|Costs to close BT Pension Scheme and provide transition paymentsb for affected employees|Cost to equalise benefits between men and women due to guaranteed minimum pension (GMP) c|Net interest expense on pensions deficit included in specific items|Subtotal|Total recognised in the income statement
2019|£m|||135|476|–|611||23|26|139|188|799
2018|£m|||376|265|(17)|624||–|–|218|218|842
2017|£m|||281|240|–|521||–|–|209|209|730
€ million|Effective portion of gains/losses from cash flow hedges|Equity and debt instruments1|Currency translation differences from translating the financial statements of foreign operations|Remeasurement of defined benefit pension plans|Income tax on components of other comprehensive income|Other reserves retained from earnings|
30/9/2018|0|9|−738|−410|91|−2,401 2|−3,449
30/9/2019|2|−3|−602|−500|106|−2,782|−3,778
Restricted Stock Grants—During 2019 and 2018, the Company granted 0.321 and 0.410 shares, respectively, of restricted stock to certain employee and director participants under its share-based compensation plans. Restricted stock grants generally vest over a period of 1 to 4 years. The Company recorded $72.5, $109.7 and $63.0 of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2019, 2018 and 2017, respectively. In 2018, this expense included $29.4 associated with accelerated vesting due to the passing of our former executive chairman. A summary of the Company’s nonvested shares activity for 2019 and 2018 is as follows:
At December 31, 2019, there was $77.9 of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company’s share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. Unrecognized compensation expense related to nonvested shares of restricted stock grants is recorded as a reduction to additional paid-in capital in stockholder’s equity at December 31, 2019.
|Nonvested at December 31, 2017|Granted|Vested|Forfeited|Nonvested at December 31, 2018|Granted|Vested|Forfeited|Nonvested at December 31, 2019
Number of shares|0.859|0.410|(0.492)|(0.038)|0.739|0.321|(0.290)|(0.061)|0.709
Weighted-average grant date fair value|$ 187.01|278.29|204.24|191.51|$ 225.93|318.75|209.05|225.23|$ 275.00
|Balance at January 1, 2018|Acquisitions and other|Balance at December 31, 2018|Acquisitions and other|Balance at December 31, 2019
BELL WIRELESS|3,032|16|3,048|–|3,048
BELL  WIRELINE|4,497|182|4,679|(6)|4,673
BELL  MEDIA|2,899|32|2,931|15|2,946
BCE|10,428|230|10,658|9|10,667
USDm|EBIT less Tax|Impairment reversal|EBIT less tax and impairment|Average invested capital¹⁾|Average impairment ²⁾|Average invested capital less average impairment|Adjusted RoIC
2019|205.1|-120.0|85.1|1,627.7|98.2|1,725.9|4.9%
2018|1.2|-|1.2|1,437.7|185.0|1,622.7|0.1%
2017|38.8|-|38.8|1,396.9|185.0|1,581.9|2.4%
We assess positive and negative evidence for each jurisdiction to determine whether it is more likely than not that existing deferred tax assets will be realized. As of August 29, 2019, and August 30, 2018, we had a valuation allowance of $277 million and $228 million, respectively, against our net deferred tax assets, primarily related to net operating loss carryforwards in Japan. Changes in 2019 in the valuation allowance were due to adjustments based on management's assessment of tax credits and net operating losses that are more likely than not to be realized.
As of|Deferred tax assets|Net operating loss and tax credit carryforwards|Accrued salaries, wages, and benefits|Property, plant, and equipment|Other|Gross deferred tax assets|Less valuation allowance|Deferred tax assets, net of valuation allowance|Deferred tax liabilities|Product and process technology|Property, plant, and equipment|Other|Deferred tax liabilities|Net deferred tax assets|Reported as|Deferred tax assets|Deferred tax liabilities (included in other noncurrent liabilities)|Net deferred tax assets
2019||$1,045|122|80|110|1,357|(277)|1,080||(138)|—|(109)|(247)|$833||$837|(4)|$833
2018||$1,417|163|—|115|1,695|(228)|1,467||(62)|(173)|(213)|(448)|$1,019||$1,022|(3)|$1,019
|||Selling, general and administrative expenses|Research and development expenses|Total operating expenses|As percentage of net revenues
Year Ended December 31,|2019|(In millions)|$(1,093)|(1,498)|$(2,591)|(27.1)%
Year Ended December 31,|2018|(In millions)|$(1,095)|(1,398)|$(2,493)|(25.8)%
Year Ended December 31,|2017|(In millions)|$(981)|(1,296)|$(2,277)|(27.3)%
Variation|2019 vs 2018||0.3%|(7.1)|(3.9)%|-130 bps
Variation|2018 vs 2017||(11.7)%|(7.9)|(9.5)%|+150 bps
|Balance at beginning of fiscal year |Gross increases for tax positions of prior years|Gross increases for tax positions of the current year|Gross decreases for tax positions of prior years |Balance at end of fiscal year
2019|$5,841|62|39|(3,672)|2,270
2018|$3,115|21|2,893|(188)|5,841
2017|$2,799|184|163|(31)|3,115
||CRTC tangible benefits obligation|CRTC deferral account obligation|Debt securities and other debt|Finance leases (1)
|CLASSIFICATION|Trade payables and other liabilities and other non-current liabilities|Trade payables and other liabilities and other non-current liabilities|Debt due within one year and long-term debt|Debt due within one year and long-term debt
|FAIR VALUE METHODOLOGY|Present value of estimated future cash flows discounted using observable market interest rates|Present value of estimated future cash flows discounted using observable market interest rates|Quoted market price of debt|Present value of future cash flows discounted using observable market interest rates
DECEMBER 31, 2019|CARRYING VALUE|29|82|18,653|-
|FAIR VALUE|29|85|20,905|-
DECEMBER 31, 2018|CARRYING VALUE|61|108|18,188|2,097
|FAIR VALUE|61|112|19,178|2,304
Years ended December 31,|2020 to 2024|2025 to 2029|2030 to 2034|2035 to 2039|Indefinite carryforward|Total
Federal|$—|141.6|7.0|3.6|22.8|$175.0
State|$222.3|285.7|41.4|159.5|—|$708.9
Foreign|$11.9|104.8|19.6|—|853.8|$990.1
|||Inventory purchase commitments|Indebtedness|Finance lease obligations |Pension exit liabilities |Long-term operating leases |Total 
|Total ||$53,413|$406,644|$4,597|$2,169|$197,359|$664,182
|Less than One Year||$53,413|$2,993|$880|$149|$25,662|$83,097
Payments Due by Period (1, 2)|1-3 Years|(In thousands)|$—|$244,151|$1,715|$329|$43,130|$289,325
|4-5 Years||$—|$159,500|$1,392|$375|$30,080|$191,347
|Thereafter||$—|$—|$610|$1,316|$98,487|$100,413
(1) Interest on our various outstanding debt instruments is included in the above table, except for our Term Loan and ABL, which have floating interest rates. At December 27, 2019, we had borrowings of $238.1 million under our Term Loan and zero under our ABL. During the fiscal year ended December 27, 2019, the weighted average interest rate on our Term Loan was approximately 5.8% and we incurred interest expense of approximately $13.9 million. During the fiscal year ended December 27, 2019, the weighted average interest rate on our ABL borrowings was approximately 3.7% and we incurred interest expense of approximately $1.6 million. See Note 9 “Debt Obligations” to our consolidated financial statements for further information on our debt instruments.
||Balance at the beginning of the period|Current period tax position increases|Decreases from settlements with tax authorities|Decreases due to lapse in applicable statute of limitations|Foreign currency translation increases (decreases)|Balance at the end of the period
|2019|$2,720|—|—|—|(9)|$2,711
Years Ended December 31,|2018|$1,342|2,950|(191)|(1,310)|(71)|$2,720
|2017|$8,531|—|(10,865)|(466)|4,142|$1,342
|Unrecognized tax benefits, beginning of the year|Increases related to prior year tax position|Decreases related to prior year tax positions|Increases related to current year tax positions|Unrecognized tax benefits, end of year
2019|$6,029|—|(48)|2,984|$8,965
2018|$3,004|1,050|—|1,975|6,029
2017|$2,460|—|(3)|547|3,004
(1) Restricted cash relating to the share repurchase forward swap refers to the collateral required by the bank with whom we entered into a total return equity swap. Collateral of 20% of the total purchase price is required and this is subsequently adjusted with reference to the Company's share price. In November 2019, we purchased 1.5 million shares underlying the total return equity swap that resulted in $54.7 million of restricted cash being released (see note 24).
(in thousands of $)|Restricted cash relating to the total return equity swap (1)|Restricted cash in relation to the Hilli (2)|Restricted cash and short-term deposits held by lessor VIEs (3)|Restricted cash relating to the $1.125 billion debt facility (4)|Collateral on the Margin Loan facility (5)|Restricted cash relating to office lease|Bank guarantee|Total restricted cash and short-term deposits|Less: Amounts included in current restricted cash and short-term deposits
2019|55,573|75,968|34,947|10,975|10,000|826|—|188,289|(111,545)
2018|82,863|174,597|176,428|17,657|33,413|777|691|486,426|(332,033)
Sales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar.
Operating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017.
Adjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.
Deferred tax assets reflect the tax effects of net operating losses (“NOLs”), tax credit carryovers, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The most significant item of our deferred tax assets is derived from our Federal NOLs. We have approximately $167.8 million gross Federal NOLs at December 31, 2019 (of which approximately $160.2 million was generated prior to January 1, 2018). Because we believe the ability for us to use these NOLs generated prior to January 1, 2018 to offset any future taxable income is severely limited as prescribed under Internal Revenue Code (“IRC”) Section 382, we had estimated and recorded an amount for the likely limitation to our deferred tax asset in the fourth quarter of 2017, thereby reducing the aggregate estimated benefit of the Federal NOLs available to us of approximately $1.0 million at December 31, 2017. We believe the gross Federal NOL benefit we generated prior to January 1, 2018 to offset taxable income is less than $150 thousand annually. As prescribed under Internal Revenue Code, any unused Federal NOL benefit from the annual limitation can be accumulated and carried forward to the subsequent year and will expire if not used in accordance with the NOL carried forward term of 20 years or 2037, if generated before 2018 and Federal NOLs generated after 2017 can be carried forward indefinitely. Future common stock transactions, such as the exercise of common stock purchase warrants or the conversion of debt into common stock, may cause another qualifying event under IRC 382 which may further limit our utilization of our NOLs.
The realization of deferred income tax assets is dependent upon future earnings, if any, and the timing and amount of which may be uncertain. A valuation allowance is required against deferred income tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax assets may not be realized. At both December 31, 2019 and 2018, all our remaining net deferred income tax assets were offset by a valuation allowance due to uncertainties with respect to future utilization of NOL carryforwards. If in the future it is determined that additional amounts of our deferred income tax assets would likely be realized, the valuation allowance would be reduced in the period in which such determination is made and an additional benefit from income taxes in such period would be recognized.
||Deferred tax assets:|Estimated future value of NOLs|- Federal|- State|Research and development tax credits|- Federal|- State|Share-based compensation|Other, net|Total deferred taxes|Valuation allowance|Net deferred tax assets
|2019|||$2,622|869||1,207|8|72|177|4,955|(4,955)|$-
December 31,|2018|||$2,174|862||1,184|-|71|151|4,442|(4,442)|$-
|(In millions of dollars, except interest rates) Effective date|2019 issuances|April 30, 2019|November 12, 2019|2018 issuances|February 8, 2018
|Principal/ Notional amount (US$)||1,250|1,000||750
US$|Maturity date||2049|2049||2048
|Coupon rate||4.350%|3.700%||4.300%
Hedging effect|Fixed hedged (Cdn$) interest rate 1||4.173%|3.996%||4.193%
|Equivalent (Cdn$)||1,676|1,308||938
Contractual Obligations in $’000s |Senior Secured Credit Facility (1)*|Interest Payments (2)|Financing of 2018 Newbuildings (3)|Interest Payments 2018 Newbuildings (4)|Operating Lease Liabilities (5)  |Total  
Total  |291,798|82,255|119,867|47,517|1,937|543,374
Less than 1 year  |18,749|21,690|7,630|7,674|500|56,243
1-3 years  |30,610|39,624|16,287|13,739|638|100,898
3-5 years  |242,439|20,941|17,849|11,526|587|293,342
More than 5 years|-|-|78,101|14,578|212|92,891
Year Ended January 3, 2020||(in millions)|Cost-reimbursement and fixed-price-incentive-fee|Firm-fixed-price|Time-and-materials and fixed-price-level-of-effort|Total
|Defense Solutions||$3,697|1,203|466|$5,366
|Civil||$1,997|1,075|564|$3,636
|Health||$234|1,296|444|$1,974
|Total||$5,928|3,574|1,474|$10,976
£m|Senior secured notes interest|Bank debt interest||Amortisation of debt issuance costs|Net regular interest5|Fair value movements on interest rate financial instruments|Write-off of financing costs and early redemption fees|Discount unwind|Other finance income|Other interest cost|Net finance cost
2018/19|31.7|5.1|36.8|3.7|40.5|–|11.3|3.0|(7.6)|–|47.2
2017/18|32.2|7.2|39.4|5.0|44.4|(0.4)|4.0|(0.4)|–|0.8|48.4
Change|0.5|2.1|2.6|1.3|3.9|(0.4)|(7.3)|(3.4)|7.6|0.8|1.2