DEXTER-CQA/TAT-QA-corpus huggingface dataset:
The Company recognized approximately $0.8 million of tax benefit and $1.5 million of tax expense for interest and penalties during the years ended December 31, 2018 and 2017, respectively. The Company had approximately $5.1 million, $5.1 million, and $5.9 million of accrued interest and penalties at December 31, 2019, 2018, and 2017, respectively. The Company recognizes interest and penalties accrued in relation to unrecognized tax benefits in tax expense.
|Balance at beginning of year|Acquired balances|Additions for tax benefits related to the current year|Additions for tax benefits of prior years|Reductions for tax benefits of prior years|Lapse of statute|Settlements|Change in rate due to U.S. Tax Reform|Balance at end of year
2019|$112.2|15.5|9.4|8.0|(0.2)|(8.2)|(6.7)|—|$130.0
2018|$114.8|—|7.4|2.8|(1.9)|(10.9)|—|—|$112.2
2017|$136.7|—|23.6|4.7|(1.6)|(16.3)|(4.9)|(27.4)|$114.8
$ million|Networks & Security|Lifecycle Service Assurance|Connected Devices|Corporate|Adjusted operating profit1|Exceptional items|Acquisition related costs|Acquired intangible asset amortisation|Share-based payment|Reported operating profit
2019|73.9|18.1|9.5|(8.6)|92.9|0.5|(0.1)|(1.2)|(3.5)|88.6
Adjusted operating margin 1, 2 %|23.1|16.3|13.1||18.4|||||
2018|56.4|17.4|10.5|(7.2)|77.1|(13.1)|–|(3.7)|(2.8)|57.5
Adjusted operating margin 1, 2 %|19.8|15.4|13.3||16.2|||||
|(In thousands)|Revenue|Gross profit|Gross margin %|Income from operations|Operating margin %
|2019|$161,216|$104,896|65.1%|$43,996|27.3%
|2018|$140,326|$100,708|71.8%|$43,641|31.1%
Year Ended December 31,|2017|$69,879|$43,817|62.7%|$23,816|34.1%
|2019 % Change from 2018|14.9%|4.2%||0.8%|
|2018 % Change from 2017|100.8%|129.8%||83.2%|
Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants.
|||Fair value at the beginning of the year|Fair value on acquisition/issuance|Unrealized gain (loss) included in earnings|Realized loss included in earnings|Settlements|Fair value at the end of the year
Year Ended December 31,|2019|$|12,026|—|26,900|(25,559)|(13,367)|—
|2018|$|30,749|2,330|(21,053)|—|—|12,026
||Outstanding, January 1|Granted|Exercised (1)|Forfeited|Outstanding, December 31|Exercisable, December 31
|NOTE|||27|||
2019|NUMBER OF OPTIONS|14,072,332|3,357,303|(4,459,559)|(144,535)|12,825,541|2,786,043
|WEIGHTED AVERAGE EXERCISE PRICE ($)|56|58|54|58|57|56
2018|NUMBER OF OPTIONS|10,490,249|3,888,693|(266,941)|(39,669)|14,072,332|4,399,588
|WEIGHTED AVERAGE EXERCISE PRICE ($)|55|56|42|58|56|52
Our effective income tax rates were 9.5%, (84.0)% and 9.3% for the years ended December 31, 2019, 2018 and 2017, respectively. Our effective tax rates were below the statutory rate primarily due to the tax windfall benefits from employee stockbased payment transactions, foreign derived intangible income deductions and research and development tax credits claimed, partially offset by the impact of non-deductible meal and entertainment expenses and state taxes.
||Beginning balance|Additions based on tax positions of the current year|Additions based on tax positions of prior year|Decreases based on tax positions of prior year|Additions resulting from acquisitions|Decreases due to lapse of applicable statute of limitations|Ending balance
|2019|$2,801|718|18|(253)|—|(219)|$3,065
Year Ended December 31,|2018|$1,973|857|147|—|—|(176)|$2,801
|2017|$681|718|373|—|277|(76)|$1,973
ISM segment revenue decreased$2.1 million in fiscal year 2019 when compared to fiscal year 2018. The year-over-year decrease was primarily due to a decline in deployment (i.e., installation) services revenue. Deployment services revenue had been largely dependent on one domestic customer that continues to buy our ISM remotes and support services but that, subsequent to a price increase, no longer places orders with us for deployment services. Secondarily, the ISM revenue decrease was also attributable to lower sales of our Optima network management software. Due to the project-based nature of our ISM business, it is difficult to make a determination on future trends.
Revenue by segment|(in thousands)|IBW|ISM|CNS|Consolidated revenue
|2019|$12,474|17,263|13,833|$43,570
Fiscal Year Ended March 31, |2018|$23,265|19,350|15,962|$58,577
Increase (Decrease)|2019 vs. 2018|$(10,791)|(2,087)|(2,129)|$(15,007)
On a geographical basis, 75 % of revenue was generated in the Europe, C. I. S., Africa, Middle East region, 18 % in the Asia, Australia region and 7 % in the Americas region. Exports from Germany accounted for 62 % of overall revenue. In fiscal 2019, orders for Siemens AG amounted to € 21.6 billion. Within Siemens AG, the development of revenue depends strongly on the completion of contracts, primarily in connection with large orders.
|(in millions of €)|Revenue|Cost of Sales|Gross profit|as percentage of revenue|Research and development expenses|Selling and general administrative expenses|Other operating income (expenses), net|Financial income, net thereof Income from investments, net 3,754 (prior year 5,381)|Income from business activity|Income taxes|Net income|Profit carried forward|Allocation to other retained earnings|Unappropriated net income
|2019|22,104|(15,825)|6,279|28 %|(2,362)|(3,979)|9,469|3,188|12,596|(1,377)|11,219|170|(6,005)|5,384
Fiscal year|2018|28,185|(21,074)|7,111|25 %|(2,788)|(3,767)|1|4,643|5,199|(653)|4,547|134|(1,451)|3,230
|% Change|(22) %|25 %|(12) %||15 %|(6) %|n / a|(31) %|142 %|(111) %|147 %|27 %|> (200) %|67 %
(Dollars in Millions)|Net Sales|Gross Profit|Loss from Operations
April 27, 2019|$1.1|$(2.8)|$(8.6)
April 28, 2018|$0.3|$(3.5)|$(11.4)
Net Change ($)|$0.8|$0.7|$2.8
Net Change (%)|266.7 %|20.0 %|24.6 %
|||Operating revenue|International and Global Accounts|Enterprise|Small and Medium Business|Wholesale|Consumer|Total segment revenue|Operations and Other(1)|Total operating revenue
|2019|||$3,596|6,133|2,956|4,074|5,642|$22,401|—|$22,401
Year Ended December 31,|2018|(Dollars in millions)||3,653|6,133|3,144|4,397|6,116|23,443|—|23,443
|2017|||1,382|4,186|2,418|3,026|6,451|17,463|193|17,656
|April 1 - April 30, 2019|May 1 - May 31, 2019|June 1 - June 30, 2019|Total
Total Number of Shares Purchased (1)|—|250,000|—|250,000
Average Price of Share|$—|$134.35|$—|$134.35
Total Number of Shares Purchased as Part of Publicly Announced Plans (1)|—|250,000|—|250,000
Maximum Number of Shares that May Yet Be Purchased Under the Plans (2)|3,732,713|3,482,713|3,482,713|3,482,713
|(in thousands, except per share data)|Income Statement Data (3):|Revenues|Income from operations (4)(5)|Net income (4)(5)(6)|Net Income Per Common Share: (3)(4)(5)(6)|Basic|Diluted|Weighted Average Common Shares:|Basic|Diluted|Balance Sheet Data: (3)(4)(6)(7)|Total assets|Long-term debt|Shareholders' equity
|2019 (1)||$1,614,762|89,800|64,081||$1.54|$1.53||41,649|41,802||$1,415,500|73,000|874,475
|2018 (2)||$1,625,687|63,202|48,926||$1.16|$1.16||42,090|42,246||$1,171,967|102,000|826,609
Years Ended December 31,|2017||$1,586,008|87,042|32,216||$0.77|$0.76||41,822|42,141||$1,327,092|275,000|796,479
|2016||$1,460,037|92,373|62,390||$1.49|$1.48||41,847|42,239||$1,236,403|267,000|724,522
|2015||$1,286,340|94,358|68,597||$1.64|$1.62||41,899|42,447||$947,772|70,000|678,680
(3) The amounts reflect the results of Symphony, WhistleOut, the Telecommunications Asset acquisition, Clearlink and Qelp since the associated acquisition dates of November 1, 2018, July 9, 2018, May 31, 2017, April 1, 2016 and July 2, 2015, respectively, as well as the related merger and integration costs incurred as part of each acquisition. See Note 4, Acquisitions, of the accompanying “Notes to Consolidated Financial Statements” for further information regarding the Symphony, WhistleOut and Telecommunications Asset acquisitions.
||Cash flows provided by operating activities|Cash flows used in investing activities|Cash flows provided by (used in) financing activities|Net (decrease) increase in cash and cash equivalents
Year ended December 31,|2019|$378.3|(551.0)|167.8|$(4.9)
|2018|$435.5|(144.1)|(287.3)|$4.1
|2017|$351.1|(84.7)|(384.1)|$(117.7)
Variance|2019 v. 2018|$(57.2)|(406.9)|455.1|$(9.0)
|2018 v. 2017|$84.4|(59.4)|96.8|$121.8
The $57.2 million decrease in cash provided by operating activities in 2019 compared to 2018 is primarily related to the timing and amount of cash receipts for Trade receivables, net, higher payments primarily related to income taxes and incentive bonus, and the timing of payments for Trade accounts payable and other accrued liabilities. The $84.4 million increase in cash provided by operating activities in 2018 compared to 2017 was primarily related to increased earnings excluding the prior year effect of the Tax Reform Act and the timing and amount of cash receipts for Trade receivables, net.
Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of 3 to 5 years from the grant date and expire 10 years after the grant date. The Company recorded $32.0, $23.2, and $18.3 of compensation expense relating to outstanding options during 2019, 2018 and 2017, respectively, as a component of general and administrative expenses at Corporate.
|Weighted-average fair value ($)|Risk-free interest rate (%)|Average expected option life (years)|Expected volatility (%)|Expected dividend yield (%)
2019|68.05|2.37|5.42|19.22|0.58
2018|57.75|2.65|5.32|18.05|0.59
2017|40.87|2.03|5.26|18.74|0.67
For fiscal 2018, the effective tax rate was different than the statutory rate due primarily to the impact of the Tax Act reform. The Company recorded a benefit of approximately $3.3 million resulting from the effect of a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences. At March 31, 2018, we had $198.7 million of a federal net operating loss carryforward that expires, if unused, in fiscal years 2031 to 2038.
€ million|Cash flow from operating activities of continuing operations|Cash flow from operating activities of discontinued operations|Cash flow from operating activities|Cash flow from investing activities of continuing operations|Cash flow from investing activities of discontinued operations|Cash flow from investing activities|Cash flow before financing activities of continuing operations|Cash flow before financing activities of discontinued operations|Cash flow before financing activities|Cash flow from financing activities of continuing operations|Cash flow from financing activities of discontinued operations|Cash flow from financing activities|Total cash flows|Currency effects on cash and cash equivalents|Total change in cash and cash equivalents
2017/18|766|139|905|−292|−89|−381|474|50|524|−587|−74|−661|−137|−30|−167
2018/19|796|157|953|46|−136|−90|842|21|863|−1,122|−109|−1,231|−368|17|−351
Deferred acquisition and fulfillment costs are amortized based on the transfer of services on a straight-line basis over the average customer life of 30 months for consumer customers and 12 to 60 months for business customers and amortized fulfillment costs are included in cost of services and products and amortized acquisition costs are included in selling, general and administrative expenses in our consolidated statements of operations. The amount of these deferred costs that are anticipated to be amortized in the next twelve months are included in other current assets on our consolidated balance sheets. The amount of deferred costs expected to be amortized beyond the next twelve months is included in other non-current assets on our consolidated balance sheets. Deferred acquisition and fulfillment costs are assessed for impairment on an annual basis.
Bonds and debt securities includes €955 million (2018: €862 million) of highly liquid German and €941 million (2018: €nil) Japanese government securities; €1,115 million (2018: €1,112 million) of UK government bonds and €1,184 million (2018: 830 million) of other assets both paid as collateral on derivative financial instruments6. Managed investment funds include €5,513 million (2018: €3,087 million) in managed investment funds with liquidity of up to 90 days and €892 million (2018: €804 million) invested in a fund whose underlying securities are supply chain receivables from a diverse range of corporate organisations of which Vodafone is a minority constituent.
|||Net sales .|Gross profit|Operating (loss) income .|Net (loss) income|Net (loss) income per share:|Basic .|Diluted .|Cash dividends declared per common share.|Net cash provided by (used in) operating|activities|Net cash (used in) provided by investing|activities|Net cash provided by (used in) financing|activities||||Cash and cash equivalents .|Marketable securities .|Total assets .|Total long-term debt|Total liabilities|Total stockholders’ equity .
|2019||$3,063,117|549,212|(161,785)|(114,933)||$(1.09)|$(1.09)|$—||$174,201||(362,298)||74,943||2019||$1,352,741|811,506|7,515,689|471,697|2,418,922|5,096,767
|2018||$2,244,044|392,177|40,113|144,326||$1.38|$1.36|$—||$(326,809)||(682,714)||255,228||2018||$1,403,562|1,143,704|7,121,362|466,791|1,908,959|5,212,403
Years Ended December 31,|2017|(In thousands, except per share amounts)|$2,941,324|548,947|177,851|(165,615)||$(1.59)|$(1.59)|$—||$1,340,677||(626,802)||192,045|December 31,|2017|(In thousands)|$2,268,534|720,379|6,864,501|393,540|1,765,804|5,098,697
|2016||$2,904,563|638,418|(568,151)|(416,112)||$(4.05)|$(4.05)|$—||$206,753||144,520||(136,393)||2016||$1,347,155|607,991|6,824,368|188,388|1,606,019|5,218,349
|2015||$4,112,650|1,132,762|730,159|593,406||$5.88|$5.83|$—||$(325,209)||(156,177)||101,207||2015||$1,126,826|703,454|7,360,392|289,415|1,741,996|5,618,396
City|Boston|Panama City|Belfast|Phoenix|Philadelphia|
State|MA|FL|NI|AZ|PA|
Country|USA|USA|UK|USA|USA|
Sq ft|31,752|51,288|15,500|4,865|14,183|117,588
Type|Lease|Lease|Lease|Lease|Lease|
Business Nature/Use|Administrative, sales, client support, R&D, engineering, professional services|Administrative, sales, client support, R&D, engineering, professional services|R&D, engineering, administrative|Data Centre|Administrative, sales, client support, R&D, engineering, professional services|
||Debt(1)|Interest on debt (2)|Data processing and maintenance commitments|Operating lease payments|Other(3)|Total
|Total|$1,554.8|171.5|103.4|27.5|3.9|$1,861.1
|2020|$80.0|54.7|44.5|12.6|1.2|$193.0
Payments due by period|2021-2022|$184.1|102.0|46.5|11.5|2.4|$346.5
|2023-2024|$1,290.7|14.8|12.4|3.4|0.3|$1,321.6
|||Consolidated Balance Sheets Data:|Working capital(2)|Total assets|Current installments of notes payable and long-term debt|Notes payable and long-term debt, less current installments|Total Jabil Inc. stockholders’ equity|Common stock shares outstanding
|2019|||$(187,020)|$12,970,475|$375,181|$2,121,284|$1,887,443|153,520
|2018|||$319,050|$12,045,641|$25,197|$2,493,502|$1,950,257|164,588
August 31,|2017|(in thousands)||$(243,910)|$11,095,995|$444,255|$1,606,017|$2,353,514|177,728
|2016|||$280,325|$10,322,677|$44,689|$2,046,655|$2,438,171|186,998
|2015|||$191,168|$9,591,600|$321,964|$1,308,663|$2,314,856|192,068
Period||June 1, 2019 — June 30, 2019|July 1, 2019 — July 31, 2019|August 1, 2019 — August 31, 2019|Total (4)
Total Number of Shares Purchased||801,659|462,629|850,036|2,114,324
Average Price Paid per Share (1)||$183.18|$194.65|$193.23|$189.73
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)||785,600|442,846|819,861|2,048,307
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)|(in millions of U.S. dollars)|$3,924|$3,832|$3,674|
(3) As of August 31, 2019, our aggregate available authorization for share purchases and redemptions was $3,674 million, which management has the discretion to use for either our publicly announced open-market share purchase program or our other share purchase programs. Since August 2001 and as of August 31, 2019, the Board of Directors of Accenture plc has authorized an aggregate of $35.1 billion for share purchases and redemptions by Accenture plc and Accenture Canada Holdings Inc
We recognize interest accrued on any unrecognized tax benefits as a component of income tax expense. Penalties are recognized as a component of general and administrative expenses. We recognized interest and penalty expense of less than $0.1 million for the years ended March 31, 2019, 2018 and 2017. As of March 31, 2019 and 2018, we had approximately $0.5 million and $0.8 million of interest and penalties accrued.
Grant Date|2 Jul 2012|2 Jul 2013|2 Jul 2014|2 Jul 2015|22 Dec 2016|Total|Weighted average exercise price
Exercise Date|2 Jul 2015|2 Jul 2016|2 Jul 2017|2 Jul 2018|31 Aug 2019||
Expiry Date|2 Jul 2017|30 Sept 2018 1|2 Jul 2019|2 Jul 2020|22 Dec 2021||
Exercise Price $|0.92|0.92|1.30|2.67|3.59||
No. of Options at Beg. of Year|40,000|295,000|875,000|1,000,000|1,323,730|3,533,730|
Options Exercised or Lapsed|(40,000)|(220,000)|(405,000)|-|-|(665,000)|$1.15
No. of Options at End of Year|-|75,000|470,000|1,000,000|1,323,730|2,868,730|$2.82
||Current:|Federal|State|Foreign|Total current|Deferred:|Federal|State|Total deferred|Total income tax expense (benefit)
|2019||$39.5|9.7|0.9|50.1||(0.2)|(8.0)|(8.2)|$41.9
Year ended December 31,|2018||$35.0|9.4|0.8|45.2||(2.3)|(5.2)|(7.5)|$37.7
|2017||$10.4|5.3|0.9|16.6||(87.5)|9.1|(78.4)|$(61.8)
||Expected volatility|Risk-free interest rate|Expected term (years)|Dividend yield
|June 30, 2019|32.65%|2.52%|2.92|2.49%
YearEnded|June 24, 2018|34.07%|2.35%|2.92|1.05%
|June 25, 2017|27.48%|1.55%|2.92|1.50%
€ million|Non-current assets|Intangible assets|Tangible assets|Financial assets||Current assets|Receivables and other assets|Cash on hand, bank deposits and cheques||Deferred income|
30/9/2018||1,001|2|9.157|10.160||6,882|335|7,217|12|17,389
30/9/2019||939|3|9,005|9,947||8,218|44|8,262|12|18,221
As of the closing date, METRO had total assets of €18,221 million, which are predominantly comprised of financial assets in the amount of €9,005 million, receivables from affiliated companies at €8,214 million and the usufructuary rights to the METRO and MAKRO brands which were recognised as an intangible asset (€883 million). Cash on hand, bank deposits and cheques amounted to €44 million. The financial assets predominantly consist of shares held in affiliated companies in the amount of €8,964 million which are essentially comprised of shares in the holding for wholesale companies (€6,693 million), in real estate companies (€1,278 million), in service providers (€470 million) and in other companies (€523 million). The financial assets account for 49.4% of the total assets. Receivables from affiliated companies amount to €8,214 million. This corresponds to 45.1% of the total assets. This position contains €6,117 million in receivables from a group-internal transfer of shares in affiliated companies at their carrying values and predominantly reflects the short-term financing requirements of the group companies as of the closing date.
|Outstanding at March 31, 2016|Exercised|Forfeited or expired|Outstanding at March 31, 2017|Exercised|Forfeited or expired|Outstanding at March 31, 2018|Assumed upon acquisition|Exercised|Forfeited or expired|Outstanding at March 31, 2019
Number of Shares|913,508|(437,906)|(42,485)|433,117|(131,666)|(17,111)|284,340|141,751|(140,118)|(4,091)|281,882
Weighted Average Exercise Price per Share|$33.00|34.34|34.26|31.51|31.75|34.73|31.21|25.86|27.67|39.62|$30.16
|Assets|Cash and cash equivalents:|Money market mutual funds|Deposit accounts|Commercial Paper|Government agency bonds|Short-term investments:|Marketable equity securities|Corporate bonds and debt|Time deposits|Government agency bonds|Municipal bonds - taxable|Total assets measured at fair value
Quoted Prices in Active Markets for Identical Instruments (Level 1)|||$121.0|—|—|—||2.8|—|—|—|—|$123.8
Significant Other Observable Inputs (Level 2)|||$—|641.6|118.7|20.0||—|542.9|11.5|723.2|14.9|$2,072.8
Total Balance|||$121.0|641.6|118.7|20.0||2.8|542.9|11.5|723.2|14.9|$2,196.6
|Numerator:|Net income (loss)|Net income (loss) per share:|Basic|Diluted|Denominator:|Weighted average shares used in computing net income (loss) per share:|Basic|Weighted average effect of diluted stock options|Weighted average effect of diluted stock awards|Diluted
2019||$20,732||$0.25|$0.25|||81,447,998|229,035|1,004,181|82,681,214
2018||$(26,743)||$(0.34)|$(0.34)|||77,709,592|—|—|77,709,592
2017||$18,072||$0.24|$0.24|||73,994,577|544,520|789,246|75,328,343
|Short-term borrowings|Bonds|Commercial paper|Bank loans|Other short-term borrowings2||Long-term borrowings|Bonds|Bank loans|Other long-term borrowings3||Cash and cash equivalents|Other financial instruments|Derivative financial instruments included in trade and other receivables (note 14)|Derivative financial instruments included in trade and other payables (note 15)|Short-term investments (note 13)||Net debt
2019 €m||(53)|(873)|(1,220)|(2,124)|(4,270)||(44,439)|(1,780)|(2,466)|(48,685)|13,637||3,634|(2,444)|11,095|12,285|(27,033)
Restated1 2018 €m||(3,477)|(2,712)|(1,159)|(1,165)|(8,513)||(30,473)|(2,157)|(278)|(32,908)|4,674||2,629|(2,383)|6,870|7,116|(29,631)
|Deferred tax assets:    |Receivables and inventory|Accrued expenses|Self-insurance reserves|Net operating loss carryforwards |Stock compensation|Operating lease liabilities |Other |Total deferred tax assets |Deferred tax liabilities:    |Property & equipment |Intangible assets |Contingent earn-out liabilities |Prepaid expenses and other |Operating lease right-of-use assets |Total deferred tax liabilities |Valuation allowance |Total net deferred tax liability
December 27, 2019 ||$4,468|170|1,957|1,393|1,894|37,740|612|48,234||(5,218)|(15,192)|(1,526)|(1,379)|(34,895)|(58,210)|(907)|$(10,883)
December 28, 2018||$3,978|1,835|2,050|1,749|1,670|—|803|12,085||(3,446)|(13,197)|(3,179)|(1,052)|—|(20,874)|(812)|$(9,601)
Financial income and expenses|SEK million|Reported in prior years|Reported in prior years|Financial expenses|Total|SEK million|Restated|Financial income|Financial expenses|Net foreign exchange gains and losses|Total
|2018||–316 |–2,389 |–2,705 |2018||151|–2,032 |–824 |-2,705
|2017||–372 |–843 |–1,215 |2017||–50 |–1,570 |405|–1,215
In 2019, the Company also invested $24.0 million in Enterprise Fiber products, which includes fiber and IP-ased core network technology.  These investments position the Company to meet increased business and carrier demand within Greater Cincinnati and in contiguous markets in the Midwest region.  In Hawaii, expenditures are for high-bandwidth data transport products, such as metro-ethernet, including the Southeast Asia to United States ("SEA-US") cable.  We continue to evolve and optimize network assets to support the migration of legacy products to new technology, and as of December 31, 2019, the Company has:
UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual.