feyninc/tacha huggingface dataset:
## Table

|  | 2019 | 2018 | 2017 |
|---|---|---|---|
| Federal statutory income tax rate | 21.0 % | 24.5 %  | 35.0 % |
| Increase (decrease) resulting from:       |  |  |  |
| Foreign tax rate differences | (21.0) | (30.2) | (39.9) |
| Withholding tax on dividends  | (5.4) | 23.7 | — |
| Permanent differences  | (1.3) | 0.8 | 3.0 |
| Excess tax benefits related to share-based compensation  | (1.3) | (2.7) | (2.0) |
| Global intangible low-taxed income ("GILTI")  | 11.7 | — | — |
| Deemed repatriation tax  | 5.6 | 92.2 | — |
| Non-deductible compensation | 1.5 | 0.2 | 0.2 |
| Valuation allowances  | 1.5 | (30.6) | 12.2 |
| Rate changes  | — | 9.0 | — |
| Other, net  | 1.5 | 1.0 | (0.5) |
| Effective income tax rate | 13.8 %  | 87.9 %  | 8.0 % |



## Text

The following is a reconciliation of the federal statutory income tax rate to the effective income tax rates reflected in the Consolidated Statements of Comprehensive Income for fiscal 2019, 2018 and 2017:


The effective tax rate for fiscal 2019 was lower than the effective tax rate for fiscal 2018 primarily due to the impact of the U.S. Tax Cuts and Jobs Act (“Tax Reform”) that was recorded in fiscal 2018. During fiscal 2019, the Company reasserted that certain historical undistributed earnings of two foreign subsidiaries will be permanently reinvested which provided a $10.5 million benefit to the effective tax rate. The impact of the changes in the Company's assertion has been included in "Withholding tax on dividends" in the effective income tax reconciliation above. The reduction to the effective tax rate compared to fiscal 2018 was offset by an increase due to the GILTI provisions of Tax Reform in fiscal 2019. The GILTI impact in the table above includes the deduction allowed by the regulations as well as the foreign tax credits attributed to GILTI. The Company has elected to treat the income tax effects of GILTI as a period cost. The effective tax rate for fiscal 2018 was higher than the effective tax rate for fiscal 2017 primarily due to expenses related to Tax Reform.


During fiscal 2019, the Company recorded a $1.9 million increase to its valuation allowance due to continuing losses in certain jurisdictions within the AMER and EMEA segments, partially offset by an expiration of net operating losses that had a valuation allowance recorded.


During fiscal 2018, the Company recorded a $32.9 million reduction to its valuation allowance which includes $9.7 million related to the U.S. federal tax rate change as part of Tax Reform from 35% to 21%, $21.0 million of carryforward credits and net operating losses utilized against the deemed repatriation of undistributed foreign earnings and $3.6 million for the release of the U.S. valuation allowance due to the expected future U.S. taxable income related to the GILTI provisions of Tax Reform. These benefits were partially offset by a $1.4 million increase in foreign valuation allowances in the EMEA segment.


During fiscal 2017, the Company recorded a $14.9 million addition to its valuation allowance relating to continuing losses in certain jurisdictions within the AMER and EMEA segments.
## Table

|  |  | Years Ended |  |
|---|---|---|---|
|  |  | December 31, |  |
|  | 2019 | 2018 | 2017 |
|  |  | (In thousands, except share and per share data) |  |
| Numerator: |  |  |  |
| Net income (loss) attributable to common stockholders | $(16,490) | $19,813 | $17,929 |
| Denominator: |  |  |  |
| Weighted-average common shares, basic | 27,618,284 | 27,484,655 | 25,353,966 |
| Weighted-average common shares, diluted* | 27,618,284 | 28,416,512 | 26,269,727 |
| Net income (loss) per common share: |  |  |  |
| Basic: | $(0.60) | $0.72 | $0.71 |
| Diluted: | $(0.60) | $0.70 | $0.68 |



## Text

NET INCOME (LOSS) PER COMMON SHARE


Basic net income (loss) per common share is based upon the weighted-average number of common shares outstanding. Diluted net income (loss) per common share is based on the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding and computed as follows:


* For the twelve months ended December 31, 2018, the diluted earnings per common share included the weighted average effect of 215,196 unvested Restricted Stock Units and 716,661 stock options that are potentially dilutive to earnings per share since the exercise price of such securities was less than the average market price during the period. For the twelve months ended December 31, 2017, the diluted earnings per common share included 438,712 unvested Restricted Stock Units and the weighted average effect of 477,048 stock options that are potentially dilutive to earnings per share since the exercise price of such securities was less than the average market price during the period.
## Table

| Name | Fiscal Year | Maximum Possible Value of MSUs Using Grant Date Fair Value | Maximum Possible Value of PSUs Using Grant Date Fair Value |
|---|---|---|---|
| Oleg Khaykin | 2019 | 4,067,526 | — |
|  | 2018 | 2,457,750 | 909,900 |
|  | 2017 | 659,618 | — |
| Amar Maletira | 2019 | 1,379,350 | — |
|  | 2018 | 1,015,870 | 454,950 |
|  | 2017 | 574,500 | — |
| Paul McNab | 2019 | 591,150 | — |
|  | 2018 | 442,395 | — |
|  | 2017 | 373,425 | — |
| Luke Scrivanich | 2019 | 591,150 | — |
|  | 2018 | 442,395 | — |
|  | 2017 | 393,600 | — |
| Gary Staley | 2019 | 591,150 | — |
|  | 2018 | 943,527 | — |
|  | 2017 | 303,948 | — |



## Text

The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.


(2) Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown in this column represent the grant date fair values of stock options issued pursuant to the Company’s 2003 Equity Incentive Plan and certain inducement grants, computed in accordance with FASB ASC Topic 718. The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.


(3) All non-equity incentive plan compensation was paid pursuant to the Variable Pay Plan.


(4) The amounts in the “All Other Compensation” column for fiscal 2019 include: $4,000 401(k) matching contribution by the Company for each NEOs other than Mr. McNab.


(5) The Compensation Committee awarded Mr. Maletira a one-time discretionary bonus in the amount of $180,000 in connection with his work on the AvComm and Wireless acquisition. Please see “Discretionary Bonuses” under the Compensation Discussion and Analysis on page 36 of this proxy statement.


(6) Mr. Staley was awarded a $60,000 sign-on bonus when he joined the Company in February 2017.


The amounts in the salary, bonus, and non-equity incentive plan compensation columns of the Summary Compensation Table reflect actual amounts paid for the relevant years, while the amounts in the stock awards column reflect accounting values. The tables entitled “Outstanding Equity Awards at Fiscal Year-End Table” and “Option Exercises and Stock Vested Table” provide further information on the named executive officers’ potential realizable value and actual value realized with respect to their equity awards. The Summary Compensation Table should be read in conjunction with the Compensation Discussion and Analysis and the subsequent tables and narrative descriptions.
## Table

|  | Secured loans excluding deposits | Unsecured loans | Deposits | Total Indebtedness |
|---|---|---|---|---|
|  | Note 1 | Note 2 | Note 3 |  |
| Indebtedness at the beginning of the financial year |  |  |  |  |
| i) Principal Amount | 44 | 181 | 3 | 228 |
| ii) Interest due but not paid | - | - | - | - |
| iii) Interest accrued but not due | - | - | - | - |
| Total (i+ii+iii) | 44 | 181 | 3 | 228 |
| Change in Indebtedness during the financial year |  |  |  |  |
| • Addition | - | - | 1 | 1 |
| • Reduction | (5) | (181) | - | (186) |
| Net change | (5) | (181) | 1 | (185) |
| Indebtedness  at the end  of the financial year |  |  |  |  |
| i) Principal amount | 39 | - | 4 | 43 |
| ii) Interest due but not paid | - | - | - | - |
| iii) Interest accrued but not due | - | - | - | - |
| Total (i+ii+iii) | 39 | - | 4 | 43 |



## Text

V. INDEBTEDNESS


Indebtedness of the Company including interest outstanding/accrued but not due for payment


Notes:


1. Secured loans excluding deposits of `39 crore as at March 31, 2019, represents obligations under finance lease including current portion of obligations.


2. Opening balance as at April 1, 2018, of unsecured loans represent bank overdraft of `181 crore.


3. Deposits represent amounts received from lessee for the premises given on sub-lease and from vendors for contracts to be executed.
## Table

|  |  |  | Year Ended December 31, |  |  |
|---|---|---|---|---|---|
|  | 2019 | 2018 | 2017 | 2016 | 2015 |
|  |  |  | (In thousands, except per share data) |  |  |
| Revenues | $111,412 | $111,322 | $106,524 | $114,263 | $123,961 |
| Income from operations | 9,464 | 8,238 | 4,545 | 10,186 | 3,820 |
| Income from continuing operations, net of taxes | 4,155 | 4,661 | 1,592 | 6,007 | 8,523 |
| Income from discontinued operations, net of taxes | — | — | 1,938 | 624 | 2,341 |
| Net income | $4,155 | $4,661 | $3,530 | $6,631 | $10,864 |
| Income per share—basic: |  |  |  |  |  |
| Continuing operations | $0.35 | $0.38 | $0.12 | $0.43 | $0.58 |
| Discontinued operations | — | — | 0.15 | 0.04 | 0.16 |
| Net income per share | $0.35 | $0.38 | $0.27 | $0.47 | $0.74 |
| Income per share—diluted: |  |  |  |  |  |
| Continuing operations | $0.35 | $0.37 | $0.12 | $0.43 | $0.58 |
| Discontinued operations | — | — | 0.15 | 0.04 | 0.16 |
| Net income per share | $0.35 | $0.37 | $0.27 | $0.47 | $0.74 |
| Shares used in per share calculation from continuing operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722 |
| Shares used in per share calculation from discontinued operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722 |
| Shares used in per share calculation from continuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722 |
| Shares used in per share calculation from discontinuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722 |



## Text

Item 6. Selected Consolidated Financial Data


The following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included elsewhere herein.


Consolidated Statement of Operations Data:
## Table

|  | Year ended 31 December |  |  |  |
|---|---|---|---|---|
|  | 2019 |  | 2018 |  |
|  |  | % of |  | % of |
|  |  | segment |  | segment |
|  | Amount | revenues | Amount | revenues |
|  |  |  | (Restated) | (Restated) |
|  | (RMB in millions, unless specified) |  |  |  |
| VAS | 94,086 | 47% | 73,961 | 42% |
| FinTech and Business Services | 73,831 | 73% | 54,598 | 75% |
| Online Advertising | 34,860 | 51% | 37,273 | 64% |
| Others | 6,979 | 92% | 4,742 | 98% |
| Total cost of revenues | 209,756 |  | 170,574 |  |



## Text

Cost of revenues. Cost of revenues increased by 23% year-on-year to RMB209.8 billion. The increase primarily reflected greater content costs, costs of FinTech services and channel costs. As a percentage of revenues, cost of revenues increased to 56% for the year ended 31 December 2019 from 55% for the year ended 31 December 2018. The following table sets forth our cost of revenues by line of business for the years ended 31 December 2019 and 2018:


Cost of revenues for VAS increased by 27% year-on-year to RMB94,086 million. The increase was mainly due to greater content costs for services and products such as live broadcast services, online games and video streaming subscriptions, as well as channel costs for smart phone games.


Cost of revenues for FinTech and Business Services increased by 35% year-on-year to RMB73,831 million. The increase primarily reflected greater costs of payment-related and cloud services due to the enhanced scale of our payment and cloud activities.


Cost of revenues for Online Advertising decreased by 6% year-on-year to RMB34,860 million. The decrease was mainly driven by lower content costs for our advertising-funded long form video service resulting from fewer content releases and improved cost efficiency, partly offset by other cost items.
## Table

|  | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value |
|---|---|---|---|---|
| Current assets: |  |  |  |  |
| Cash | $67,818 | $— | $— | $67,818 |
| Cash equivalents: |  |  |  |  |
| Money market funds | 126,075 | — | — | 126,075 |
| Corporate bonds | 1,000 | — | — | 1,000 |
| Agency bonds | 6,485 | 1 | — | 6,486 |
| Commercial paper | 9,609 | — | (1) | 9,608 |
| Certificates of deposit | 171 | — | — | 171 |
| US treasury securities | 4,749 | — | — | 4,749 |
| Total cash equivalents | 148,089 | 1 | (1) | 148,089 |
| Total cash and cash equivalents | 215,907 | 1 | (1) | 215,907 |
| Short-term investments: |  |  |  |  |
| Corporate bonds | 103,130 | 110 | (7) | 103,233 |
| Agency bonds | 3,966 | 2 | — | 3,968 |
| US treasury securities | 50,703 | 62 | (1) | 50,764 |
| Commercial paper | 23,827 | 1 | — | 23,828 |
| Certificates of deposit | 3,936 | 2 | (1) | 3,937 |
| Asset-backed securities | 15,837 | 12 | — | 15,849 |
| Total short-term investments | 201,399 | 189 | (9) | 201,579 |
| Long-term investments: |  |  |  |  |
| Corporate bonds | 19,407 | 12 | (4) | 19,415 |
| US treasury securities | 19,300 | 25 | — | 19,325 |
| Asset-backed securities | 11,693 | 10 | (1) | 11,702 |
| Strategic investments | 9,750 | — | — | 9,750 |
| Total long-term investments | $60,150 | $47 | $(5) | $60,192 |



## Text

5. INVESTMENTS


Investments in Marketable Securities


The Company’s investments in available-for-sale marketable securities are made pursuant to its investment policy, which has established guidelines relative to the diversification of the Company’s investments and their maturities, with the principal objective of capital preservation and maintaining liquidity sufficient to meet cash flow requirements.


The following is a summary of investments, including those that meet the definition of a cash equivalent, as of December 31, 2019 (in thousands):
## Table

|  |  |  |  | (dollars in millions, except per share amounts) |  |
|---|---|---|---|---|---|
|  | 2019 | 2018 | 2017 | 2016 | 2015 |
| Results of Operations |  |  |  |  |  |
| Operating revenues | $131,868 | $130,863 | $ 126,034 | $ 125,980 | $ 131,620 |
| Operating income | 30,378 | 22,278 | 27,425 | 29,249 | 30,615 |
| Net income attributable to Verizon | 19,265 | 15,528 | 30,101 | 13,127 | 17,879 |
| Per common share – basic | 4.66 | 3.76 | 7.37 | 3.22 | 4.38 |
| Per common share – diluted | 4.65 | 3.76 | 7.36 | 3.21 | 4.37 |
| Cash dividends declared per common share | 2.435 | 2.385 | 2.335 | 2.285 | 2.230 |
| Net income attributable to noncontrolling interests | 523 | 511 | 449 | 481 | 496 |
| Financial Position |  |  |  |  |  |
| Total assets | $ 291,727 | $ 264,829 | $ 257,143 | $ 244,180 | $ 244,175 |
| Debt maturing within one year | 10,777 | 7,190 | 3,453 | 2,645 | 6,489 |
| Long-term debt | 100,712 | 105,873 | 113,642 | 105,433 | 103,240 |
| Employee benefit obligations | 17,952 | 18,599 | 22,112 | 26,166 | 29,957 |
| Noncontrolling interests | 1,440 | 1,565 | 1,591 | 1,508 | 1,414 |
| Equity attributable to Verizon | 61,395 | 53,145 | 43,096 | 22,524 | 16,428 |



## Text

Selected Financial Data


• Significant events affecting our historical earnings trends in 2018 through 2019 are described in “Special Items” in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.


• 2017 data includes severance, pension and benefit charges, gain on spectrum license transactions, acquisition and integration related charges, product realignment charges, net gain on sale of divested businesses and early debt redemption costs. 2016 data includes severance, pension and benefit charges, gain on spectrum license transactions, net gain on sale of divested businesses and early debt redemption costs. 2015 data includes severance, pension and benefit credits and gain on spectrum license transactions.


• On January 1, 2019, we adopted several Accounting Standards Updates (ASUs) that were issued by the Financial Accounting Standards Board (FASB) using the modified retrospective basis. On January 1, 2018, we adopted several ASUs that were issued by the FASB. These standards were adopted on different bases, including: (1) prospective; (2) full retrospective; and (3) modified retrospective.


Based on the method of adoption, certain figures are not comparable, with full retrospective reflected in all periods. See Note 1 to the consolidated financial statements for additional information.
## Table

|  |  | Years Ended December 31, |  |
|---|---|---|---|
|  | 2019 | 2018 | 2017 |
| Reconciliation to consolidated net revenues: |  |  |  |
| Segment net revenues | $5,969 | $6,835 | $6,765 |
| Revenues from non-reportable segments (1) | 462 | 480 | 410 |
| Net effect from recognition (deferral) of deferred net revenues (2) | 101 | 238 | (139) |
| Elimination of intersegment revenues (3) | (43) | (53) | (19) |
| Consolidated net revenues | $6,489 | $7,500 | $7,017 |
| Reconciliation to consolidated income before income tax expense: |  |  |  |
| Segment operating income | $2,054 | $2,446 | $2,417 |
| Operating income (loss) from non-reportable segments (1) | 24 | 31 | (19) |
| Net effect from recognition (deferral) of deferred net revenues and related cost of revenues (2) | 52 | 100 | (71) |
| Share-based compensation expense | (166) | (209) | (178) |
| Amortization of intangible assets | (203) | (370) | (757) |
| Fees and other expenses related to the acquisition of King (4) | — | — | (15) |
| Restructuring costs (5) | (137) | (10) | (15) |
| Other non-cash charges (6) | — | — | (14) |
| Discrete tax-related items (7) | (17) | — | (39) |
| Consolidated operating income | 1,607 | 1,988 | 1,309 |
| Interest and other expense (income), net | (26) | 71 | 146 |
| Loss on extinguishment of debt | — | 40 | 12 |
| Consolidated income before income tax expense | $1,633 | $1,877 | $1,151 |



## Text

Notes to Consolidated Financial Statements (continued)


Reconciliations of total segment net revenues and total segment operating income to consolidated net revenues and consolidated income before income tax expense are presented in the table below (amounts in millions):


(1) Includes other income and expenses from operating segments managed outside the reportable segments, including our Distribution business. Also includes unallocated corporate income and expenses.


(2) Reflects the net effect from recognition (deferral) of deferred net revenues, along with related cost of revenues, on certain of our online-enabled products.


(3) Intersegment revenues reflect licensing and service fees charged between segments.


(4) Reflects fees and other expenses, such as legal, banking, and professional services fees, related to the acquisition of King and associated integration activities, including related debt financings.


(5) Reflects restructuring initiatives, which include severance and other restructuring-related costs.


(6) Reflects a non-cash accounting charge to reclassify certain cumulative translation gains (losses) into earnings due to the substantial liquidation of certain of our foreign entities.


(7) Reflects the impact of other unusual or unique tax-related items and activities.
## Table

|  |  |  |  |  | 2019 |
|---|---|---|---|---|---|
| £m | Within 1 year | 1–2 years | 2–5 years | Over 5 years | Total |
| Borrowings (including interest) | (249.5) | (1,091.3) | (2,600.9) | (1,716.1) | (5,657.8) |
| Finance lease obligations | (5.3) | (5.3) | (14.3) | (104.8) | (129.7) |
| Other financial liabilities | (15.4) | – | – | (1.2) | (16.6) |
| Net derivative payments | (34.3) | (28.8) | (78.4) | (222.9) | (364.4) |
|  | (304.5) | (1,125.4) | (2,693.6) | (2,045.0) | (6,168.5) |
|  |  |  |  |  |  |
|  |  |  |  |  | 2018 |
| £m | Within 1 year | 1–2 years | 2–5 years | Over 5 years | Total |
| Borrowings (including interest) | (237.8) | (245.2) | (3,259.1) | (2,408.0) | (6,150.1) |
| Finance lease obligations | (4.4) | (4.4) | (13.4) | (104.8) | (127.0) |
| Other financial liabilities | (6.1) | (1.2) | – | – | (7.3) |
| Net derivative payments | (37.2) | (33.5) | (74.0) | (248.2) | (392.9) |
|  | (285.5) | (284.3) | (3,346.5) | (2,761.0) | (6,677.3) |
|  |  |  |  |  |  |



## Text

Liquidity risk


Liquidity risk is managed to enable the Group to meet future payment obligations when financial liabilities fall due. Liquidity analysis is conducted to determine that sufficient headroom is available to meet the Group’s operational requirements and committed investments. The Group treasury policy aims to meet this objective by maintaining adequate cash, marketable securities and committed facilities. Undrawn borrowing facilities are detailed in note 23. The Group’s policy is to seek to optimise its exposure to liquidity risk by balancing its exposure to interest rate risk and to refinancing risk. In effect the Group seeks to borrow for as long as possible at the lowest acceptable cost.


Group policy is to maintain a weighted average debt maturity of over five years. At 31 December 2019, the maturity profile of Group debt showed an average maturity of five years (2018: six years). The Group regularly reviews the maturity profile of its borrowings and seeks to avoid concentration of maturities through the regular replacement of facilities and by arranging a selection of maturity dates. Refinancing risk may be reduced by doing so prior to the contracted maturity date. The change in valuation of an asset used as security for a debt facility may impact the Group’s ability to refinance that debt facility at the same quantum as currently outstanding.


The Group does not use supplier financing arrangements to manage liquidity risk.


The tables below set out the maturity analysis of the Group’s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve for the relevant currency. Where payment obligations are in foreign currencies, the spot exchange rate at the balance sheet date is used.