feyninc/tacha huggingface dataset:
## Table

|  | Trek | Electrostatic Product Line | LumaSense | Total |
|---|---|---|---|---|
| Accounts and other receivable, net | $ 2,818 | $  77 | $  7,167 | $ 10,062 |
| Inventories | 3,941 | 292 | 9,372 | 13,605 |
| Property and equipment | 594 | 50 | 1,353 | 1,997 |
| Goodwill | — | 1,220 | 36,258 | 37,478 |
| Intangible assets | 788 | 1,400 | 43,240 | 45,428 |
| Deferred income tax assets | 606 | — | 6,331 | 6,937 |
| Other assets | 854 | — | 6,004 | 6,858 |
| Total assets acquired | 9,601 | 3,039 | 109,725 | 122,365 |
| Accounts payable | 747 | 39 | 5,734 | 6,520 |
| Deferred income tax liabilities | — | — | 11,699 | 11,699 |
| Other liabilities | 2,782 | — | 7,608 | 10,390 |
| Total liabilities assumed | 3,529 | 39 | 25,041 | 28,609 |
| Total fair value of net assets acquired | $ 6,072 | $  3,000 | $  84,684 | $ 93,756 |



## Text

ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)


The final fair values of the assets acquired and liabilities assumed from our acquisitions in 2018 are as follows:
## Table

| Year Ended June 30, | 2019 | 2018 | 2017 |
|---|---|---|---|
| Federal statutory rate | 21.0% | 28.1% | 35.0% |
| Effect of: |  |  |  |
| Foreign earnings taxed at lower rates | (4.1)% | (7.8)% | (11.6)% |
| Impact of the enactment of the TCJA | 0.4% | 37.7% | 0% |
| Phone business losses | 0% | 0% | (5.7)% |
| Impact of intangible property transfers | (5.9)% | 0% | 0% |
| Foreign-derived intangible income deduction | (1.4)% | 0% | 0% |
| Research and development credit | (1.1)% | (1.3)% | (0.9)% |
| Excess tax benefits relating to stock-based compensation | (2.2)% | (2.5)% | (2.1)% |
| Interest, net | 1.0% | 1.2% | 1.4% |
| Other reconciling items, net | 2.5% | (0.8)% | (1.3)% |
| Effective rate | 10.2% | 54.6% | 14.8% |



## Text

Effective Tax Rate


The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows:


The decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland, Singapore, and Puerto Rico. The increase from the federal statutory rate in fiscal year 2018 is primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, offset in part by earnings taxed at lower rates in foreign jurisdictions. The decrease from the federal statutory rate in fiscal year 2017 is primarily due to earnings taxed at lower rates in foreign jurisdictions. Our foreign regional operating centers in Ireland, Singapore and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 82%, 87%, and 76% of our foreign income before tax in fiscal years 2019, 2018, and 2017, respectively. Other reconciling items, net consists primarily of tax credits, GILTI, and U.S. state income taxes. In fiscal years 2019, 2018, and 2017, there were no individually significant other reconciling items.


The decrease in our effective tax rate for fiscal year 2019 compared to fiscal year 2018 was primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, and a $2.6 billion net income tax benefit in the fourth quarter of fiscal year 2019 related to intangible property transfers. The increase in our effective tax rate for fiscal year 2018 compared to fiscal year 2017 was primarily due to the net charge related to the enactment of the TCJA and the realization of tax benefits attributable to previous Phone business losses in fiscal year 2017.
## Table

|  | Leased land and buildings | Leased plants and machinery | Leased fixtures, fittings, tools and equipment | Total right-of-use assets |
|---|---|---|---|---|
|  | £m | £m | £m | £m |
| Cost: |  |  |  |  |
| Transition adjustment at 1st January 2019 | 27.2 | 7.0 | 1.9 | 36.1 |
| Reclassification from long-term prepayments | 5.1 | – | – | 5.1 |
| Additions | 7.2 | 4.2 | 0.3 | 11.7 |
| Acquisitions | 0.8 | 0.3 | – | 1.1 |
| Disposals | (0.2) | (0.1) | – | (0.3) |
| Exchange adjustments | (1.5) | (0.4) | (0.1) | (2.0) |
| At 31st December 2019 | 38.6 | 11.0 | 2.1 | 51.7 |
| Depreciation: |  |  |  |  |
| Charged in the year | 7.0 | 3.7 | 0.6 | 11.3 |
| Disposals | (0.1) | – | – | (0.1) |
| Exchange adjustments | (0.2) | (0.1) | – | (0.3) |
| At 31st December 2019 | 6.7 | 3.6 | 0.6 | 10.9 |
| Net book value: |  |  |  |  |
| At 31st December 2019 | 31.9 | 7.4 | 1.5 | 40.8 |



## Text

14 Leases


Right-of-use assets


The vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations. The average lease term is 4.3 years.
## Table

|  |  | December 31, 2019 |  |  |
|---|---|---|---|---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Multi-Asset Fund | $ — | $4,825 | $ — | $ 4,825 |
| Diversified Growth Fund | — | 4,855 | — | 4,855 |
| Index-Linked Gilts | — | 1,934 | — | 1,934 |
| Corporate Bonds | — | 2,090 | — | 2,090 |
| Insurance Contracts | — | — | 1,045 | 1,045 |
| Cash | 154 | — | — | 154 |
| Total | $154 | $13,704 | $1,045 | $14,903 |
|  |  | December 31, 2018 |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| Multi-Asset Fund | $ — | $4,570 | $— | $4,570 |
| Diversified Growth Fund | — | 4,650 | — | 4,650 |
| Index-Linked Gilts | — | 2,044 | — | 2,044 |
| Corporate Bonds | — | 2,044 | — | 2,044 |
| Insurance Contracts | — | — | 72 | 72 |
| Cash | 53 | — | — | 53 |
| Total | $53 | $13,308 | $72 | $13,433 |



## Text

ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)


The fair value of the Company’s qualified pension plan assets by category for the years ended December 31, are as follows:


At December 31, 2019 our plan’s assets of $14.9 million were invested in five separate funds including a multiasset fund (32.4%), a diversified growth fund (32.6%), an index-linked gilt (13.0%), corporate bonds (14.0%), and insurance contracts (7%). The asset and growth funds aim to generate an ‘equity-like’ return over an economic cycle with significantly reduced volatility relative to equity markets and have scope to use a diverse range of asset classes, including equities, bonds, cash and alternatives, e.g. property, infrastructure, high yield bonds, floating rate debt, private, equity, hedge funds and currency. The bond fund and gilt fund are invested in index-linked gilts and corporate bonds. These investments are intended to provide a degree of protection against changes in the value of our plan’s liabilities related to changes in long-term expectations for interest rates and inflation expectations.
## Table

|  |  |  | Pro Forma (1) |
|---|---|---|---|
|  | 2019 | 2018 | 2017 |
| Net income (loss) | $(5,269) | (1,733) | 1,508 |
| Income tax expense | 503 | 170 | (770) |
| Total other expense, net | 2,040 | 2,133 | 2,147 |
| Depreciation and amortization expense | 4,829 | 5,120 | 5,125 |
| Share-based compensation expenses | 162 | 186 | 238 |
| Goodwill impairment | 6,506 | 2,726 | 0 |
| Adjusted EBITDA | 8,771 | 8,602 | 8,248 |
| Exclude: transaction related expenses | 0 | 0 | 192 |
| Exclude: integration and transformation costs(1) | 234 | 378 | 164 |
| Exclude: special items(1) | 65 | 60 | 82 |
| Adjusted EBITDA excluding integration and transformation costs and special items | $9,070 | 9,040 | 8,686 |
| Total revenue | $22,401 | 23,443 | 24,128 |
| Adjusted EBITDA Margin | 39.2% | 36.7% | 34.2% |
| Adjusted EBITDA Margin, excluding integration and transformation costs and special items | 40.5% | 38.6% | 36.0% |



## Text

Adjusted EBITDA Non-GAAP Reconciliation


(UNAUDITED)


($ in millions)


(1) Refer to Non-GAAP Integration and Transformation Costs and Special Items table for details of the integration and transformation costs and special items included above.
## Table

|  | Restructuring |  | Non-Restructuring |  |
|---|---|---|---|---|
|  | Employee Separation Costs | Exit Costs | Exit Costs | Total |
| Balance at March 31, 2017 | $5.4 | $34.8 | $— | $40.2 |
| Charges | 1.2 | 0.7 | 20.0 | 21.9 |
| Payments | (5.9) | (9.2) | (0.9) | (16.0) |
| Non-cash - Other | (0.2) | 1.0 | — | 0.8 |
| Changes in foreign exchange rates | 0.3 | — | — | 0.3 |
| Balance at March 31, 2018 | 0.8 | 27.3 | 19.1 | 47.2 |
| Additions due to Microsemi acquisition | 10.4 | 9.0 | — | 19.4 |
| Charges | 48.9 | (4.7) | — | 44.2 |
| Payments | (47.1) | (13.1) | (4.1) | (64.3) |
| Non-cash - Other | — | 0.7 | 0.7 | 1.4 |
| Changes in foreign exchange rates | (0.1) | — | — | (0.1) |
| Balance at March 31, 2019 | $12.9 | $19.2 | $15.7 | $47.8 |
| Current |  |  |  | $26.9 |
| Non-current |  |  |  | 20.9 |
| Total |  |  |  | $47.8 |



## Text

The following is a roll forward of accrued restructuring charges for fiscal 2019 and fiscal 2018 (in millions):


The liability for restructuring and other exit costs of $47.8 million is included in accrued liabilities and other long-term liabilities, on the Company's consolidated balance sheets as of March 31, 2019.
## Table

|  | Preliminary: December 31, 2018 | Measurement Period Adjustments | Adjusted: December 31, 2019 |
|---|---|---|---|
| Accounts and other receivable, net | $  7,167 | $ - | $  7,167 |
| Inventories | 9,372 | - | 9,372 |
| Property and equipment | 1,353 | - | 1,353 |
| Goodwill | 48,032 | (11,774) | 36,258 |
| Intangible assets | 26,000 | 17,240 | 43,240 |
| Deferred income tax assets | 8,116 | (1,785) | 6,331 |
| Other assets | 5,126 | 878 | 6,004 |
| Total assets acquired | 105,166 | 4,559 | 109,725 |
| Accounts payable | 5,734 | - | 5,734 |
| Deferred income tax liabilities | 7,984 | 3,715 | 11,699 |
| Other liabilities | 6,764 | 844 | 7,608 |
| Total liabilities assumed | 20,482 | 4,559 | 25,041 |
| Total fair value of net assets acquired | $  84,684 | $  - | $  84,684 |



## Text

ADVANCED ENERGY INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued)
(in thousands, except per share amounts)


In 2019, Advanced Energy finalized the assessment of fair value for the assets acquired and liabilities assumed related to the LumaSense acquisition. The following table summarizes the fair values of the assets acquired and liabilities assumed from the LumaSense acquisition, including measurement period adjustments.


During 2019, we adjusted the estimated values of the assets acquired and liabilities assumed based upon the final valuation report. These adjustments included additional liabilities, changes to deferred taxes and changes in the allocation of excess purchase price between goodwill and intangibles.
## Table

|  |  |  | Payment Due by Period |  |  |
|---|---|---|---|---|---|
| Contractual obligations | Total | Year 1 | Years 2 - 3 | Years 4 - 5 | More than 5 years |
| Debt obligations (1) | $305,927 | $28,430 | $59,509 | $55,708 | $162,280 |
| Interest obligations (1) | 28,200 | 6,326 | 11,039 | 8,928 | 1,907 |
| Operating lease obligations | 48,311 | 10,898 | 14,302 | 9,402 | 13,709 |
| Pension and other post-retirement benefits (2) | 94,178 | 6,758 | 15,184 | 18,024 | 54,212 |
| Employee separation liability | 7,640 | 594 | 674 | 674 | 5,698 |
| Restructuring liability | 2,181 | 1,869 | 312 | — | — |
| Purchase commitments | 31,468 | 31,468 | — | — | — |
| Capital lease obligations | 2,049 | 993 | 888 | 168 | — |
| Anti-trust fines and settlements (3) | 34,880 | 21,712 | 10,203 | 2,965 | — |
| Total | $554,834 | $109,048 | $112,111 | $95,869 | $237,806 |



## Text

Commitments


At March 31, 2019, we had contractual obligations in the form of non-cancellable operating leases and debt, including interest payments (see Note 3, “Debt” and Note 15, “Commitments and Contingencies” to our consolidated financial statements), European social security, pension benefits, other post-retirement benefits, inventory purchase obligations, fixed asset purchase obligations, acquisition related obligations, and construction obligations as follows (amounts in thousands):


(1) Refer to Note 3, “Debt” for additional information. Repayment of the Customer Capacity Agreements assumes the customers purchase products in a quantity sufficient to require the maximum permitted debt repayment amount per quarter.


(2) Reflects expected benefit payments through fiscal year 2029.


(3) In addition to amounts reflected in the table, an additional $2.9 million has been recorded in the line item "Accrued expenses," for which the timing of payment has not been determined.
## Table

|  | Preliminary Allocation | Measurement Period | Final Allocation |
|---|---|---|---|
| (In millions) | As of October 2, 2017 | Adjustments | As of December 31, 2018 |
| Total consideration transferred | $ 106.6 | $ (0.4) | $ 106.2 |
| Assets: |  |  |  |
| Cash and cash equivalents | 13.3 | — | 13.3 |
| Trade receivables, net | 22.4 | — | 22.4 |
| Inventories, net | 10.0 | 0.1 | 10.1 |
| Prepaid expenses and other current assets | 8.4 | — | 8.4 |
| Property and equipment, net | 23.3 | — | 23.3 |
| Identifiable intangible assets, net | 41.4 | 0.7 | 42.1 |
| Goodwill | 39.3 | (1.5) | 37.8 |
| Total assets | $ 158.1 | $ (0.7) | $ 157.4 |
| Liabilities: |  |  |  |
| Short-term borrowings | 14.0 | — | 14.0 |
| Accounts payable | 6.9 | — | 6.9 |
| Other current liabilities | 15.1 | (0.1) | 15.0 |
| Long-term debt, less current portion | 3.8 | — | 3.8 |
| Non-current deferred taxes | 11.7 | (0.2) | 11.5 |
| Total liabilities | $ 51.5 | $ (0.3) | $ 51.2 |



## Text

Acquisition of Fagerdala


On October 2, 2017, the Company acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam based in Singapore, to join its Product Care division. We acquired 100% of Fagerdala shares for estimated consideration of S$144.7 million, or $106.2 million, net of cash acquired of $13.3 million, inclusive of purchase price adjustments which were finalized in the third quarter of 2018. We acquired Fagerdala to leverage its manufacturing footprint in Asia, experience in foam manufacturing and fabrication and commercial organization to expand our presence across multiple industries utilizing fulfillment to distribute goods.


The following table summarizes the consideration transferred to acquire Fagerdala and the final allocation of the purchase price among the assets acquired and liabilities assumed. price among the assets acquired and liabilities assumed.
## Table

|  | Net Unrealized Gains (Losses) on Derivative Instruments | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension Components | Foreign Currency Translation Adjustments | Total |
|---|---|---|---|---|---|
| Balances, January 31, 2017 | $14.6 | $1.5 | $(33.8) | $(160.8) | $(178.5) |
| Other comprehensive (loss) income before reclassifications | (24.5) | (0.6) | 4.3 | 86.3 | 65.5 |
| Pre-tax losses (gains) reclassified from accumulated other comprehensive income | (9.9) | 0.3 | 0.9 | 0.1 | (8.6) |
| Tax effects | 3.2 | 0.1 | (0.7) | (4.8) | (2.2) |
| Net current period other comprehensive (loss) income | (31.2) | (0.2) | 4.5 | 81.6 | 54.7 |
| Balances, January 31, 2018 | (16.6) | 1.3 | (29.3) | (79.2) | (123.8) |
| Other comprehensive income (loss) before reclassifications | 20.6 | 0.7 | 14.7 | (58.3) | (22.3) |
| Pre-tax gains reclassified from accumulated other comprehensive income | 12.1 | 1.3 | 0.3 | — | 13.7 |
| Tax effects | (1.1) | — | (2.0) | 0.5 | (2.6) |
| Net current period other comprehensive income (loss) | 31.6 | 2.0 | 13.0 | (57.8) | (11.2) |
| Balances, January 31, 2019 | $15.0 | $3.3 | $(16.3) | $(137.0) | $(135.0) |



## Text

12. Accumulated Other Comprehensive Loss


Accumulated other comprehensive loss, net of taxes, consisted of the following:


Reclassifications related to gains and losses on available-for-sale debt securities are included in "Interest and other expense, net". Refer to Note 3, "Financial Instruments" for the amount and location of reclassifications related to derivative instruments. Reclassifications of the defined benefit pension components of net periodic benefit cost are included in "Interest and other expense, net". Refer to Note 15, "Retirement Benefit Plans."
## Table

|  | Balance as of |  | Adjustments from |  | Balance as of |
|---|---|---|---|---|---|
|  | March 31, 2018 | ASC 606 | ASU 2016-01 | ASU 2016-16 | April 1, 2018 |
| ASSETS |  |  |  |  |  |
| Accounts receivable, net | $563.7 | $340.1 | $— | $— | $903.8 |
| Inventories | $476.2 | $(5.1) | $— | $— | $471.1 |
| Other current assets | $119.8 | $17.2 | $— | $— | $137.0 |
| Long-term deferred tax assets | $100.2 | $(23.1) | $— | $1,579.4 | $1,656.5 |
| Other assets | $71.8 | $— | $— | $(24.1) | $47.7 |
| LIABILITIES |  |  |  |  |  |
| Accrued liabilities | $229.6 | $404.2 | $— | $— | $633.8 |
| Deferred income on shipments to distributors | $333.8 | $(333.8) | $— | $— | $— |
| Long-term deferred tax liability | $205.8 | $16.8 | $— | $(1.1) | $221.5 |
| Other long-term liabilities | $240.9 | $— | $— | $(1.7) | $239.2 |
| STOCKHOLDERS' EQUITY |  |  |  |  |  |
| Accumulated other comprehensive loss | $(17.6) | $— | $(1.7) | $— | $(19.3) |
| Retained earnings | $1,397.3 | $241.9 | $1.7 | $1,558.1 | $3,199.0 |



## Text

During the three months ended June 30, 2018, the Company adopted ASU 2016-18-Statement of Cash Flows: Restricted Cash. This standard requires that the statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard has been applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company's financial statements.


The following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):
## Table

|  |  | Year Ended December 31, |  |
|---|---|---|---|
| (In millions) | 2019 | 2018 | 2017 |
| Net sales(1)(2): |  |  |  |
| North America(3) | $ 2,828.1 | $ 2,734.9 | $ 2,591.5 |
| EMEA | 1,010.4 | 1,038.5 | 983.4 |
| South America | 233.8 | 229.5 | 231.8 |
| APAC | 718.8 | 729.8 | 654.9 |
| Total | $ 4,791.1 | $ 4,732.7 | $ 4,461.6 |
| Total long-lived assets(1)(2)(4): |  |  |  |
| North America | $ 919.3 | $ 740.5 |  |
| EMEA | 345.8 | 270.5 |  |
| South America | 50.2 | 52.8 |  |
| APAC | 248.3 | 211.8 |  |
| Total | $ 1,563.6 | $ 1,275.6 |  |



## Text

Geographic Information


(1) Amounts by geography have been reclassified from prior year disclosure to reflect adjustments to our regional operating model. As of January 1, 2019, our geographic regions are: North America, EMEA, South America and APAC. Our North American operations include Canada, the United States, Mexico and Central America. Mexico and Central America were previously included in Latin America. Refer to Note 2, "Summary of Significant Accounting Policies and Recently Issued Accounting Standards," of the Notes to Consolidated Financial Statements.


(2) No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2019, 2018 or 2017 or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2019 and 2018.


(3) Net sales to external customers within the U.S. were $2,501.6 million, $2,402.3 million and $2,280.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.


(4) Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, intangible assets and non-current assets held for sale.
## Table

| Vessel | Built in | Deadweight Tons | Delivered to NAT in |
|---|---|---|---|
| Nordic Freedom | 2005 | 159,331 | 2005 |
| Nordic Moon | 2002 | 160,305 | 2006 |
| Nordic Apollo | 2003 | 159,998 | 2006 |
| Nordic Cosmos | 2003 | 159,999 | 2006 |
| Nordic Grace | 2002 | 149,921 | 2009 |
| Nordic Mistral | 2002 | 164,236 | 2009 |
| Nordic Passat | 2002 | 164,274 | 2010 |
| Nordic Vega | 2010 | 163,940 | 2010 |
| Nordic Breeze | 2011 | 158,597 | 2011 |
| Nordic Zenith | 2011 | 158,645 | 2011 |
| Nordic Sprinter | 2005 | 159,089 | 2014 |
| Nordic Skier | 2005 | 159,089 | 2014 |
| Nordic Light | 2010 | 158,475 | 2015 |
| Nordic Cross | 2010 | 158,475 | 2015 |
| Nordic Luna | 2004 | 150,037 | 2016 |
| Nordic Castor | 2004 | 150,249 | 2016 |
| Nordic Sirius | 2000 | 150,183 | 2016 |
| Nordic Pollux | 2003 | 150,103 | 2016 |
| Nordic Star | 2016 | 159,000 | 2016 |
| Nordic Space | 2017 | 159,000 | 2017 |
| Nordic Tellus | 2018 | 157,000 | 2018 |
| Nordic Aquarius | 2018 | 157,000 | 2018 |
| Nordic Cygnus | 2018 | 157,000 | 2018 |



## Text

1. NATURE OF BUSINESS


Nordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.


The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market.


The Company’s Fleet


The Company’s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.
## Table

| ($ and shares in millions except per share amounts) |  |  |  |
|---|---|---|---|
| For the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent/Margin Change** |
| Revenue | $ 77,147 | $ 79,591 | (3.1)%* |
| Gross profit margin | 47.3% | 46.4% | 0.9 pts. |
| Total expense and other (income) | $ 26,322 | $ 25,594 | 2.8% |
| Income from continuing operations before income taxes | $ 10,166 | $ 11,342 | (10.4)% |
| Provision for income taxes from continuing operations | $    731 | 2,619+ | (72.1)% |
| Income from continuing operations | $  9,435 | 8,723+ | 8.2% |
| Income from continuing operations margin | 12.2% | 11.0% | 1.3 pts. |
| Net income | $  9,431 | 8,728+ | 8.1% |
| Earnings per share from continuing operations—assuming dilution | $  10.57 | 9.51+ | 11.1% |
| Weighted-average shares outstanding—assuming dilution | 892.8 | 916.3 | (2.6)% |
| Assets++ | $152,186 | $123,382 | 23.3% |
| Liabilities++ | $131,202 | $106,452 | 23.2% |
| Equity++ | $ 20,985 | $ 16,929 | 24.0% |



## Text

MANAGEMENT DISCUSSION SNAPSHOT


* (1.0) percent adjusted for currency; 0.2 percent excluding divested businesses and adjusted for currency.


** 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.


+ Includes charges of $2.0 billion or $2.23 of diluted earnings per share in 2018 associated with U.S. tax reform.


++At December 31