hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Strategic Innovation-focused Investment of Capital
We target markets that have the potential for above-average growth and profit margins where domain expertise, innovation, technical competency and contracting dynamics can help to create meaningful barriers to entry. We will strategically reinvest our cash in key program captures, internal research and development (R&D), and acquisitions to target priority markets and help ensure market leading positions to drive long-term shareholder return.
We are committed to using innovation and technology to address our customers’ most pressing problems and demanding requirements. We have made meaningful and recognized contributions to technological advancements within our industries.
The cost of company-sponsored R&D activities included in our Consolidated Statements of Operations are as follows (in thousands):
Table:
 |  | Years Ended September 30, | 
 | 2019 | 2018 | 2017
Company-Sponsored Research and Development Expense: |  |  | 
Cubic Transportation Systems | $  10,948 | $  13,394 | $  26,308
Cubic Mission Solutions | 27,111 | 22,745 | 11,949
Cubic Global Defense | 10,573 | 16,259 | 14,395
Unallocated corporate expenses | 1,500 | — | —
Total company-sponsored research and development expense | $  50,132 | $  52,398 | $  52,652


Question: Which markets does the company target?
Answer: markets that have the potential for above-average growth and profit margins where domain expertise, innovation, technical competency and contracting dynamics can help to create meaningful barriers to entry.
The Company maintains liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases, and other information. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
The unrecognized tax benefits relate primarily to federal and state research and development credits and intercompany profit on the transfer of certain IP rights to one of the Company’s foreign subsidiaries as part of the Company’s tax reorganization completed in 2015. The Company’s policy is to account for interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2019, the Company accrued interest or penalties related to uncertain tax positions in the amount of $25,000. As of December 31, 2019, the total amount of unrecognized tax benefits that would affect the Company’s effective tax rate, if recognized, is $97,000.
Because the Company has net operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreign taxing authorities may examine the Company’s tax returns for all years from 2000 through the current period.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Balance at beginning of year | $4,611 | $4,672 | $6,232
Gross increases for tax positions of prior years | 394 | — | —
Gross decreases for federal tax rate change for tax positions of prior years | — | — | (1,670)
Gross increases for tax positions of current year | 34 | 45 | 110
Lapse of statute of limitations | (213) | (106) | —
Balance at end of year | $4,826 | 4,611 | 4,672


Question: How does the company account for interest and penalties related to uncertain tax positions?
Answer: as a component of income tax expense.
Vesting of Equity Awards During 2019
The following table provides details regarding the equity awards held by our named executives that vested during 2019. Restricted stock and restricted stock units were the only equity awards held by our named executives during 2019.
(1) Represents both time-vested and performance-based equity awards that vested during 2019. For details on the payout of our performance-based equity awards, please see “Compensation Discussion and Analysis—Our 2019 Compensation Program and Components of Pay—Grants of Long Term Incentive Compensation—Long Term Incentive Performance Updates” and “—Our Compensation Philosophy Objectives and Linkage to Corporate Strategy—Overview of Pay Elements and Linkage to Compensation Philosophy and Corporate Strategy.”
(2) Based on the closing trading price of the Common Shares on the applicable vesting date.
Table:
 | Stock Vested During 2019 | 
Name | Number of Shares Acquired on Vesting(1) | Value Realized on Vesting(2)
Mr. Storey | 1,063,929 | $13,479,617
Mr. Dev | 55,490 | 749,737
Mr. Goff | 114,167 | 1,338,934
Mr. Trezise | 71,576 | 812,600
Mr. Andrews | 16,678 | 221,859


Question: How many named executives who hold equity awards and vested during 2019 are there?
Answer: 5
Calculation: Mr. Storey##Mr. Dev##Mr. Goff##Mr. Trezise##Mr. Andrews
8 Auditor’s remuneration
1 Relates to the interim report review of the Group, and interim reviews of certain subsidiary undertakings.
2 2019 other non-audit assurance services relate primarily to reporting accountants’ work associated with the potential equity raise not completed.
The reporting accountants’ work surrounding the potential equity raise not completed includes a working capital report that requires the accountant to have detailed knowledge of the Group. If a firm other than the audit firm were to undertake this work, they would require a significant amount of additional time to become familiar with the Group. Deloitte was therefore chosen to undertake this work as it was considered to be sensible and more efficient both in terms of time and costs.
2018 other non-audit assurance services included £40,000 related to reporting accountants’ work associated with a year end significant change report and £190,000 related to reporting accountants’ work in connection with the Group’s Q3 profit estimate which was required at the time due to Takeover Code rules.
The work surrounding a significant change report and a profit estimate requires the accountant to have detailed knowledge of the Group. If a firm other than the audit firm were to undertake this work, they would require a significant amount of additional time to become familiar with the Group. PwC was therefore chosen to undertake this work as it was considered to be sensible and more efficient both in terms of time and costs.
As for all 2019 and 2018 non-audit work, consideration was given as to whether Deloitte’s (2019) and PwC’s (2018) independence could be affected by undertaking this work. It was concluded by the Audit Committee that this would not be the case.
Fees payable by the Group’s joint ventures in respect of 2019 were £156,000 (Group’s share), all of which relates to audit and audit-related services (2018: £121,000, all of which related to audit and audit-related services).
Table:
 | 2019 | 2018
 | £000 | £000
Fees payable to the Company’s auditor and its associates for: |  | 
The audit of the Company’s annual financial statements | 559 | 382
The audit of the Company’s subsidiaries | 533 | 441
Fees related to the audit of the Company and its subsidiaries | 1,092 | 823
Audit-related assurance services1 | 64 | 51
Total fees for audit and audit-related services | 1,156 | 874
Other non-audit assurance services2 | 534 | 230
Total fees | 1,690 | 1,104


Question: What is the total fees in 2019?
Answer: 1,690
5. Creditors
Accounting policies
Capital market and bank borrowings
Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception) and are subsequently measured at amortised cost using the effective interest rate method, except where they are identified as a hedged item in a designated hedge relationship. Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing
Notes: 1 Amounts owed to subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand.
Included in amounts falling due after more than one year are other loans of €31,157 million which are due in more than five years from 1 April 2019 and are payable otherwise than by instalments. Interest payable on these loans ranges from 0.375% to 7.875%.
Details of bond and other debt issuances are set out in note 20 “Borrowing and capital resources” in the consolidated financial statements
Table:
 | 2019 | 2018
 | €m | €m
Amounts falling due within one year: |  | 
Bank loans and other loans | 4,835 | 8,367
Amounts owed to subsidiaries1 | 232,896 | 220,625
Derivative financial instruments | 463 | 229
Taxation payable | – | 9
Other creditors | 945 | 120
Accruals and deferred income | 66 | 46
 | 239,205 | 229,396
Amounts falling due after more than one year: |  | 
Deferred tax | 17 | –
Other loans | 46,208 | 32,199
Derivative financial instruments | 1,924 | 2,133
 | 48,149 | 34,332


Question: What financial items does amounts falling due within one year consist of?
Answer: Bank loans and other loans, Amounts owed to subsidiaries, Derivative financial instruments, Taxation payable, Other creditors, Accruals and deferred income
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
22. Share-Based Compensation (Continued)
Movement in RCUs and PCUs
The summary of RCUs and PCUs is presented below:
The total expense recognized in respect of share-based compensation for the year ended December 31, 2019 was $5,107 (December 31, 2018: $5,216 and December 31, 2017: $4,565). The total accrued cash distribution as of December 31, 2019 is $1,176 (December 31, 2018: $1,265).
Table:
 | Number of awards | Weighted average contractual life | Aggregate fair value
RCUs |  |  | 
Outstanding as of January 1, 2018 | 67,475 | 1.38 | 1,429
Granted during the year | 24,608 | — | 576
Vested during the year | (16,999) | — | (410)
Outstanding as of December 31, 2018 | 75,084 | 1.25 | 1,595
Granted during the year | 26,308 | — | 605
Vested during the year | (24,925) | — | (410)
Outstanding as of December 31, 2019 | 76,467 | 1.26 | 1,790
PCUs |  |  | 
Outstanding as of January 1, 2018 | 67,475 | 1.38 | 1,429
Granted during the year | 24,608 | — | 576
Vested during the year | (16,999) | — | (410)
Outstanding as of December 31, 2018 | 75,084 | 1.25 | 1,595
Granted during the year | 26,308 | — | 605
Vested during the year | (24,925) | — | (410)
Outstanding as of December 31, 2019 | 76,467 | 1.26 | 1,790


Question: What was the number of awards of PCUs granted during the year in 2018?
Answer: 24,608
Services provided by the Company’s auditors
During the year, the Group (including overseas subsidiaries) obtained the following services from the operating company’s auditors:
Table:
 | 2019 | 2018
 | £m | £m
Fees payable for the audit of the Company and consolidated financial statements | 0.1 | 0.1
Fees payable for other services: |  | 
– the audit of the subsidiary undertakings pursuant to legislation | 0.2 | 0.1
Total | 0.3 | 0.2


Question: What do the fees payable for other services relate to?
Answer: the audit of the subsidiary undertakings pursuant to legislation
15. Revenue from Contracts with Customers
Impact of Adopting Topic 606
The Company adopted Topic 606 at the beginning of fiscal 2019 using the modified retrospective method. The new standard resulted in a change to the timing of revenue recognition for a significant portion of the Company's revenue, whereby revenue is recognized over time, as products are produced, as opposed to at a point in time based upon shipping terms. As a result of the adoption of Topic 606, the following adjustments were made to the opening balances of the Company's Consolidated Balance Sheets (in thousands):
The cumulative effect of applying the new guidance in Topic 606 resulted in the Company increasing its fiscal 2019 opening Retained earnings balance by$ 7.8 million due to certain customer contracts requiring revenue recognition over time. Contract assets in the amount of$ 76.4 million were recognized due to the recognition of revenue on an over time basis for some customers rather than at a specific point in time. Inventory declined $69.0 million primarily due to earlier recognition of costs related to the contracts for which revenue was recognized on an over time basis. The decline in other accrued liabilities is primarily due to the reclassification of deferred revenue to contract assets for prepayments associated with revenue recognized over time, partially offset by an increase in taxes payable associated with the increase in revenue recognized over time.
Table:
 | Balance at September 29, 2018  | Impacts due to adoption of Topic
606 | Balance at September 30, 2018
ASSETS |  |  | 
   Contract assets | $— | $76,417 | $76,417
   Inventories | 794,346 | (68,959) | 725,387
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  | 
   Other accrued liabilities | $68,163 | $(357) | $67,806
   Retained earnings | 1,062,246 | 7,815 | 1,070,061


Question: What was the percentage change in other accrued liabilities between before and after the impact of Topic 606?
Answer: -0.52
Calculation: (67,806-68,163)/68,163
table of contents the following performance graph is not 201csoliciting material , 201d is not deemed filed with the sec , and is not to be incorporated by reference into any of valero 2019s filings under the securities act of 1933 or the securities exchange act of 1934 , as amended , respectively . this performance graph and the related textual information are based on historical data and are not indicative of future performance . the following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the s&p 500 composite index and an index of peer companies ( that we selected ) for the five-year period commencing december 31 , 2008 and ending december 31 , 2013 . our peer group comprises the following 11 companies : alon usa energy , inc. ; bp plc ; cvr energy , inc. ; delek us holdings , inc . ( dk ) ; hollyfrontier corporation ; marathon petroleum corporation ; pbf energy inc . ( pbf ) ; phillips 66 ; royal dutch shell plc ; tesoro corporation ; and western refining , inc . our peer group previously included hess corporation , but it has exited the refining business , and was replaced in our peer group by dk and pbf who are also engaged in refining operations . comparison of 5 year cumulative total return1 among valero energy corporation , the s&p 500 index , old peer group , and new peer group .

Table:
 | 12/2008 | 12/2009 | 12/2010 | 12/2011 | 12/2012 | 12/2013
valero common stock | $ 100.00 | $ 79.77 | $ 111.31 | $ 102.57 | $ 170.45 | $ 281.24
s&p 500 | 100.00 | 126.46 | 145.51 | 148.59 | 172.37 | 228.19
old peer group | 100.00 | 126.98 | 122.17 | 127.90 | 138.09 | 170.45
new peer group | 100.00 | 127.95 | 120.42 | 129.69 | 136.92 | 166.57
____________ 1 assumes that an investment in valero common stock and each index was $ 100 on december 31 , 2008 .
201ccumulative total return 201d is based on share price appreciation plus reinvestment of dividends from december 31 , 2008 through december 31 , 2013. .

Question: what is the total return in valero common stock from 2008-2013?
Answer: 181.24
Calculation: subtract(281.24, const_100)
Stock-based compensation expense is recognized in the Company’s consolidated statements of operations and includes compensation expense for the stock-based compensation awards granted or modified subsequent to January 1, 2006, based on the grant date fair value estimated in accordance with the provisions of the amended authoritative guidance. The impact on the Company’s results of operations of recording stock-based compensation expense for fiscal years 2019, 2018, and 2017 was as follows (in thousands):
No stock-based compensation was capitalized or included in inventories at the end of 2019, 2018 and 2017.
Table:
 |  | Fiscal Years | 
 | 2019 | 2018 | 2017
Cost of revenue | $78 | $129 | $121
Research and development | 2,242 | 760 | 614
Selling, general and administrative | 824 | 1,012 | 706
Total costs and expenses | $3,144 | $1,901 | $1,441


Question: What are the respective values of the stock-based compensation for the cost of revenue in 2018 and 2019?
Answer: $129, $78
17 Inventories
The write-down of inventories recognised as an expense during the year in respect of continuing operations was £0.7m (2018: £3.5m). This comprises a cost of £5.1m (2018: £4.8m) to write-down inventory to net realisable value reduced by £4.4m (2018: £1.3m) for reversal of previous write-down reassessed as a result of customer demand.
The value of inventories expected to be recovered after more than 12 months is £13.4m (2018: £11.2m).
There is no material difference between the Statement of Financial Position value of inventories and their replacement cost. None of the inventory has been pledged as security.
Table:
 | 2019 | 2018
 | £m | £m
Raw materials, consumables and components | 72.2 | 53.0
Work in progress | 25.5 | 25.7
Finished goods and goods for resale | 88.2 | 81.9
Total inventories | 185.9 | 160.6


Question: What is the value of inventories expected to be recovered after more than 12 months in 2019?
Answer: £13.4m
Capitalized software development costs consisted of the following (in thousands):
The Company capitalized software development costs of $8.8 million, $8.8 million and $6.2 million during the years ended December 31, 2019, 2018 and 2017, respectively.
Amortized expense for capitalized software development costs was $7.0 million, $5.9 million and $5.0 million during the years ended December 31, 2019, 2018 and 2017, respectively. Amortization of capitalized software development costs is classified within cost of revenue in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2019, the Company retired $4.6 million of fully amortized capitalized software development costs.
Table:
 |  |  | As of December 31, 2019 | 
 | Gross carrying amount | Amortization period | Accumulated amortization | Net carrying amount
Capitalized software development costs | $ 49,909 | 3 years | $ (35,622) | $ 14,287
Total capitalized software development costs | $ 49,909 |  | $ (35,622) | $ 14,287
 |  |  | As of December 31, 2018 | 
 | Gross carrying amount | Amortization period | Accumulated amortization | Net carrying amount
Capitalized software development costs | $ 45,677 | 3 years | $ (32,784) | $ 12,893
Total capitalized software development costs | $ 45,677 |  | $ (32,784) | $ 12,893


Question: What is the increase/ (decrease) in Net carrying amount: Capitalized software development costs from December 31, 2019 to December 31, 2018?
Answer: 1394
Calculation: 14,287-12,893
A reconciliation of income tax expense provided at the federal statutory rate (21% in fiscal year 2019, 28.27% in fiscal year 2018, and 35% in fiscal year 2017) to actual income tax expense is as follows:
In July 2015, the U.S. Tax Court issued an opinion favorable to Altera with respect to Altera’s litigation with the IRS. The litigation related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement with Altera’s foreign subsidiary. In its opinion, the U.S. Tax Court accepted Altera’s position of excluding stock-based compensation from its intercompany cost-sharing arrangement. In June 2019, the Ninth Circuit, through a three-judge panel, reversed the 2015 decision of the U.S. Tax Court. Altera has petitioned the Ninth Circuit for an en banc rehearing of a larger panel of eleven Ninth Circuit judges. The Company will continue to monitor and evaluate the potential impact of this litigation on its fiscal year 2020 Consolidated Financial Statements. The estimated potential impact is in the range of $75 million, which may result in a decrease in deferred tax assets and an increase in tax expense.
Effective from fiscal year 2014 through 2017, the Company had a tax ruling in Switzerland for one of its foreign subsidiaries. The impact of the tax ruling decreased taxes by approximately $6.3 million for fiscal year 2017. The benefit of the tax ruling on diluted earnings per share was approximately $0.03 in fiscal year 2017. Effective fiscal year 2018, the Company has withdrawn its reduced tax rate ruling in Switzerland for this subsidiary due to the ruling being no longer necessary as the subsidiary meets the requirements to achieve the reduced tax rate under Swiss tax law.
Earnings of the Company’s foreign subsidiaries included in consolidated retained earnings that are indefinitely reinvested in foreign operations aggregated to approximately $458.4 million at June 30, 2019. If these earnings were remitted to the United States, they would be subject to foreign withholding taxes of approximately $73.1 million at current statutory rates.
Table:
 |  | Year Ended | 
 | June 30, 2019 | June 24, 2018 | June 25, 2017
 |  | (in thousands) | 
Income tax expense computed at federal statutory rate | $513,780 | $891,011 | $634,086
State income taxes, net of federal tax benefit | (17,565) | (50,585) | (11,973)
Foreign income taxed at different rates | (260,344) | (939,808) | (352,860)
Settlements and reductions in uncertain tax positions | (31,291) | (33,367) | (144,519)
Tax credits | (71,779) | (69,301) | (37,713)
State valuation allowance, net of federal tax benefit | 26,742 | 57,302 | 12,070
Equity-based compensation | (7,566) | (35,875) | 13,187
Other permanent differences and miscellaneous items | 39,251 | 43,214 | 1,632
U.S. tax reform impacts | 63,913 | 908,517 | —
 | $255,141 | $771,108 | $113,910


Question: What is the percentage change in the Income tax expense computed at federal statutory rate from 2018 to 2019?
Answer: -42.34
Calculation: (513,780-891,011)/891,011
Uncertain Tax Positions
In accordance with authoritative guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
The following table reconciles the beginning and ending amount of unrecognized tax benefits for the fiscal years ended September 30, 2019, 2018,and 2017 (amounts shown in thousands):
Of the total unrecognized tax benefits at September 30, 2019, $1.6 million will impact the Company’s effective tax rate. The Company does not anticipate that there will be a substantial change in unrecognized tax benefits within the next twelve months.
The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of September 30, 2019, no accrued interest or penalties related to uncertain tax positions are recorded in the consolidated financial statements.
The Company is subject to income taxation in the U.S. at the federal and state levels. All tax years are subject to examination by U.S., California, and other state tax authorities due to the carryforward of unutilized net operating losses and tax credits. The Company is also subject to foreign income taxes in the countries in which it operates. The Company’s U.S. federal tax return for the year ended September 30, 2017 is currently under examination. To our knowledge, the Company is not currently under examination by any other taxing authorities.
Table:
 | 2019 | 2018 | 2017
Gross unrecognized tax benefits at the beginning of the year | $1,321 | $1,181 | $—
Additions from tax positions taken in the current year | 213 | 140 | 140
Additions from tax positions taken in prior years | 73 | — | 1,041
Reductions from tax positions taken in prior years | — | — | —
Tax settlements | — | — | —
Gross unrecognized tax benefits at end of the year | $1,607 | $1,321 | $1,181


Question: What is the average gross unrecognized tax benefit at the end of the year from 2017 to 2019?
Answer: 1369.67
Calculation: (1,607+1,321+1,181)/3