hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
10 Taxation (continued)
The tax expense for 2019 is higher and the tax credit for 2018 is lower than the standard rate of corporation tax in the UK. The differences are explained below:
1 The unprovided deferred tax predominantly relates to revenue losses, property fair values and derivative fair values.
Factors that may affect future current and total tax charges
Management uses judgement in assessing compliance with REIT legislation
The Group believes it continued to operate as a UK REIT throughout the year, under which any profits and gains from the UK property investment business are exempt from corporation tax, provided certain conditions continue to be met. The Group believes that these UK REIT conditions have been fulfilled throughout the year.
In view of the announced short-term reduction of dividends there will be an underpayment of the minimum PID, and therefore under REIT legislation, the Group will incur UK corporation tax payable at 19 per cent while remaining a REIT.
The ongoing current tax expense in the year of £16.0 million includes £15.7 million relating to corporation tax on the estimated current period underpayment of the minimum PID. This amount has been included within the Group’s measure of underlying earnings as it relates to a tax expense on current year UK rental income.
The UK exceptional current tax expense in the year of £6.4 million represents in full the corporation tax arising in the current year in respect of the prior year underpayment of the minimum PID. This one-off tax expense in respect of prior year profits has been classified as exceptional (see accounting policy in note 2) based on its incidence, and so is excluded from the Group’s measure of underlying earnings.
Table:
£m | 2019 | 2018
Loss before tax, joint ventures and associates | (1,856.8) | (1,139.6)
Loss before tax multiplied by the standard rate of tax in the UK of 19% (2018: 19%) | (352.8) | (216.6)
Exempt property rental profits and revaluations | 307.0 | 214.9
 | (45.8) | (1.7)
Tax on shortfall of minimum PID | 22.1 | –
Additions and disposals of property and investments | 7.1 | 0.3
Non-deductible and other items | 3.4 | 3.4
Overseas taxation | (3.4) | (0.4)
Unprovided deferred tax1 | 22.4 | (7.3)
Total tax expense/(credit) | 5.8 | (5.7)


Question: What does the UK exceptional current tax expense in the year of  £6.4 million represent?
Answer: the corporation tax arising in the current year in respect of the prior year underpayment of the minimum PID
Deferred income taxes reflect the net tax effects of temporary differences between the amounts of assets and liabilities for accounting purposes and the amounts used for income tax purposes. The components of the net deferred tax assets (liabilities) are as follows (amounts in millions):
As of December 31, 2019, we had gross tax credit carryforwards of $191 million for state purposes. The tax credit carryforwards are included in Deferred tax assets net of unrealized tax benefits that would apply upon the realization of uncertain tax positions. In addition, we had foreign NOL carryforwards of $32 million at December 31, 2019, attributed mainly to losses in France which can be carried forward indefinitely.
We evaluate deferred tax assets each period for recoverability. We record a valuation allowance for assets that do not meet the threshold of “more likely than not” to be realized in the future. To make that determination, we evaluate the likelihood of realization based on the weight of all positive and negative evidence available. As a result of the Closing Agreement, we received in 2018, we determined at that time that our remaining California research and development credit carryforwards (“CA R&D Credit”) no longer met the threshold of more likely than not to be realized in the future. As such, consistent with our position at December 31, 2018, we have established a full valuation allowance against our CA R&D Credit. For the year ended December 31, 2019, the valuation allowance related to our CA R&D Credit is $71 million. We will reassess this determination quarterly and record a tax benefit if and when future evidence allows for a partial or full release of this valuation allowance.
As of December 31, 2017, we no longer consider the available cash balances related to undistributed earnings held outside of the U.S. by our foreign subsidiaries to be indefinitely reinvested.
Table:
, | As of December 31, | 
 | 2019 | 2018
Deferred tax assets: |  | 
Allowance for sales returns and price protection | $19 | $25
Accrued expenses | 28 | 26
Deferred revenue | 119 | 136
Tax attributes carryforwards | 93 | 81
Share-based compensation | 54 | 69
Intangibles | 1,289 | 43
U.S. deferred taxes on foreign earnings | — | 318
Capitalized software development expenses | 67 | —
Other | 109 | 28
Deferred tax assets | 1,778 | 726
Valuation allowance | (181) | (61)
Deferred tax assets, net of valuation allowance | 1,597 | 665
Deferred tax liabilities: |  | 
Intangibles | (142) | (140)
Capitalized software development expenses | — | (57)
U.S. deferred taxes on foreign earnings | (594) | —
Other | (73) | (26)
Deferred tax liabilities | (809) | (223)
Net deferred tax assets | $788 | $442


Question: What was the percentage change in accrued expenses between 2018 and 2019?
Answer: 7.69
Calculation: (28-26)/26
Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Aggregate audit fees, audit-related fees, tax fees and the aggregate of all other fees billed to us by Ernst & Young LLP for the fiscal years ended June 30, 2019 and 2018 were as follows:
(1) Audit Fees consist of fees incurred for professional services rendered for the integrated audit of our annual consolidated financial statements, review of the quarterly consolidated financial statements and foreign statutory audits and services that are normally provided by Ernst & Young LLP in connection with statutory and regulatory filings or engagements. Audit fees also include accounting consultations, research related to the integrated audit and comfort letter services in relation to our exchangeable senior notes.
(2) Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements and are not reported under “Audit Fees.” This primarily consists of fees for service organization control audits and due diligence on acquisitions.
(3) Tax fees relate to assistance with tax compliance, tax planning and various tax advisory services.
(4) Other fees are any additional amounts for products and services provided by the principal accountants.
Our audit committee has adopted a pre-approval policy for the engagement of our independent accountant to perform certain audit and non-audit services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence of our auditors, the audit committee pre-approves annually all audit services, audit related services, tax services and other services as described above, that may be performed by our independent accountants. All of the audit and non-audit services provided by our principal accountants have been pre-approved by our Audit Committee.
Table:
 | 2019 | 2018
 | (U.S. $ in thousands) | 
Audit fees (1) | $2,980 | $3,469
Audit-related fees (2) | 648 | 447
Tax fees (3) | 220 | 238
Other fees (4) | 8 | 3
Total | $3,856 | $4,157


Question: What is the average tax fees for fiscal years 2018 and 2019?
Answer: 229
Calculation: (220+238)/2
1. THE BUSINESS
Maple Leaf Foods Inc. (“Maple Leaf Foods” or the "Company") is a producer of food products under leading brands including Maple
Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™
The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and
plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada.
The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).
1. THE BUSINESS Maple Leaf Foods Inc. (“Maple Leaf Foods” or the "Company") is a producer of food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™ The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada. The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).
Sales for 2019 were $3,941.5 million compared to $3,495.5 million last year, an increase of 12.8%. Excluding acquisitions, sales increased 5.2%, driven by favourable pricing, mix and volume in meat protein and accelerated growth in plant protein of 23.6%.
Net earnings for 2019 were $74.6 million ($0.60 per basic share) compared to $101.3 million ($0.81 per basic share) last year. Strong commercial performance and favourable resolution of income tax audits were more than offset by strategic investments in plant protein to drive top line growth and heightened volatility in hog prices. Net earnings were negatively impacted by $12.1 million due to non-cash fair value changes in biological assets and derivative contracts, which are excluded in the calculation of Adjusted Operating Earnings below.
Adjusted Operating Earnings for 2019 were $145.4 million compared to $215.6 million last year, and Adjusted Earnings per Share for
2019 were $0.68 compared to $1.22 last year due to similar factors as noted above.
For further discussion on key metrics and a discussion of results by operating segment, refer to the section titled Operating Review
starting on page 3 of this document.
Table:
 | Twelve months ended December 31, |  | 
($ millions except earnings per share) | 2019 | 2018 | % Change
Sales | $3,941.5 | $3,495.5 | 12.8 %
Net Earnings | $74.6 | $101.3 | (26.4)%
Basic Earnings per Share | $0.60 | $0.81 | (25.9)%
Adjusted Operating Earnings(i) | $145.4 | $215.6 | (32.6)%
Adjusted Earnings per Share(i) | $0.68 | $1.22 | (44.3)%


Question: Why did net earnings fall in 2019?
Answer: Strategic investments in plant protein to drive top line growth and heightened volatility in hog prices.
ANG's revenues are principally derived from sales of compressed natural gas. ANG recognizes revenue from the sale of natural gas fuel primarily at the time the fuel is dispensed.
In December 2019, the U.S. Congress passed an alternative fuel tax credit ("AFTC") which will continue to support the use of natural gas. The AFTC is retroactive beginning January 2018 and extends through 2020.
The legislation extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Net revenue after customer rebates for such credits recognized in 2019 was $10.6 million.
As a result of the Bipartisan Budget Act of 2018, signed into law on February 9, 2018, all AFTC revenue for vehicle fuel ANG sold in 2017 was collected in the second quarter of 2018. Net revenue after customer rebates for such credits recognized in 2018 was $2.6 million.
Disaggregation of Revenues The following table disaggregates ANG's revenue by type (in millions):
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Volume-related | $ 27.5 | $ 16.5
Maintenance services | 0.1 | 0.1
Total revenue from contracts with customers | 27.6 | 16.6
RNG incentives | 0.5 | 1.3
Alternative fuel tax credit | 10.6 | 2.6
Other revenue | 0.3 | 0.2
Total Energy segment revenue | $ 39.0 | $ 20.7


Question: What was the net revenue after customer rebates for credits recognized in 2019?
Answer: $10.6 million
16. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES
The majority of NAT and its subsidiaries’ transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company’s cash flows.
The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:
Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.
-  The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.
-  The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.
The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:
* The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.
Table:
All figures in USD ‘000  | Fair Value
Hierarchy
Level | 2019
Fair
Value | 2019
Carrying
Value | 2018
Fair
Value | 2018
Carrying
Value
Recurring:                |  |  |  |  | 
Cash and Cash Equivalents   | 1 | 48,847 | 48,847 | 49,327 | 49,327
Restricted Cash   | 1 | 12,791 | 12,791 | - | -
Credit Facility   | 2 | - | - | (313,400) | (313,400)
2019 Senior Secured Credit Facility*   | 2 | (291,798) | (291,798) | - | -
Investment Securities   | 1 | 825 | 825 | 4,197 | 4,197
Vessel financing 2018 Newbuildings*   | 2 | (119,867) | (119,867) | (127,140) | (127,140)


Question: What are the respective 2018 and 2019 fair value of the company's investment securities?
Answer: 4,197, 825
NOTE 7 - continued
Lease payments not recognized as a liability The Group has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant.
Administrative expenses The total outflow for leases, USD 2.9m, is presented as “Depreciation” of USD 2.5m and “Financial expenses” (interest) of USD 0.4m, in contrast to the recording of an operating lease charge of a materially equivalent figure within the line item “Administrative expenses” under IAS 17.
Financial expenses
Financial expenses for the reporting periods:
Table:
USDm | 2019 | 2018 | 2017
Interest expenses: | - | - | -
Financial expenses arising from lease liabilities regarding right-of-use assets | 2.4 | 2.3 | 1.8
Other financial expenses | 39.5 | 37.0 | 38.8
Total | 41.9 | 39.3 | 40.6


Question: What was the change in the total financial expenses in 2019 from 2018?
Answer: 2.6
Calculation: 41.9-39.3
4.6 Adjusted EBITDA
BCE
BCE’s adjusted EBITDA grew by 6.0% in 2019, compared to 2018, attributable to growth from all three of our segments. Higher revenues coupled with reduced operating expenses drove the year-over-year growth in adjusted EBITDA. This corresponded to an adjusted EBITDA margin of 42.2% in 2019, up 1.6 pts over last year, mainly driven by the favourable impact from the adoption of IFRS 16 in 2019, and greater service revenue flow-through, moderated by greater low-margin product sales in our total revenue base.
Table:
 | 2019 | 2018 | $ CHANGE | % CHANGE
Bell Wireless | 3,842 | 3,521 | 321 | 9.1%
Bell Wireline | 5,414 | 5,321 | 93 | 1.7%
Bell Media | 850 | 693 | 157 | 22.7%
Total BCE adjusted EBITDA | 10,106 | 9,535 | 571 | 6.0%


Question: What is the difference in the Adjusted EBITDA for Bell Wireless and Bell Wireline in 2018?
Answer: 1800
Calculation: 5,321-3,521
Liquidity, Going Concern and Capital Resources
See Note 1 of our Notes to Consolidated Financial Statements for a discussion of liquidity.
Cash used in operating activities of continuing operations is presented below (in thousands).
We used $13.5 million in operating cash during 2019, compared to $5.2 million of operating cash in 2018. We also funded $4.4 million of capital expenditures in 2019, compared to $3.3 million in the prior year. These capital expenditures relate primarily to our capacity expansion and debottlenecking at Golden Ridge, leasehold improvements at our Riverside facility, and our specialty ingredients’ equipment in our Dillon plant. Offsetting these uses of cash was $19.4 million of proceeds from issuances of common stock and a prefunded warrant, as well as $2.2 million of proceeds from option and warrant exercises.
As of December 31, 2019, our cash and cash equivalents balance was $8.4 million (see Note 1), compared to $7.0 million and $0.2 million of restricted cash as of December 31, 2018. As of December 31, 2019, management believes the Company has sufficient capital reserves and borrowing capacity to fund the operations of the business; however, we may seek external sources of funding for investment initiatives and/or general operations if we determine that is the best course of action.
Table:
 | Year Ended December 31 | 
 | 2019 | 2018
Cash flow from operating activities of continuing operations: |  | 
Loss from continuing operations | $ (13,735) | $ (8,101)
Adjustments to reconcile net loss to net cash used in operating activities: |  | 
Depreciation and amortization | 1,930 | 773
Stock and share-based compensation | 1,360 | 886
Settlement with Sellers of Golden Ridge | ( 849) | -
Provision for bad debts | 472 | -
Other | 13 | (14)
Changes in operating assets and liabilities: |  | 
Accounts receivable | (1,102) | 331
Inventories | 332 | (138)
Accounts payable and accrued expenses | (296) | 935
Commodities payable | (1,340) | 176
Other | (235) | (89)
Net cash used in operating activities of continuing operations | $(13,450) | $(5,241)


Question: What are the respective loss from continuing operations in 2018 and 2019?
Answer: 8,101, 13,735
Share-Based Payment Expense
The expense recognised for employee services received during the year is as follows:
The cash-settled expense comprises cash-based awards together with certain social security taxes. The carrying value of the liability as at 31 March 2019 was $1.6M (2018: $3.1M).
Table:
 | Year-ended 31 March 2019 | Year-ended 31 March 2018
 | $M | $M
Cash-settled transactions | 1.9 | 2.7
Equity-settled transactions | 35.0 | 39.6
Total share-based payment expense | 36.9 | 42.3


Question: What are the types of transactions factored in the calculation of the total share-based payment expense recognised for employee services received during the year?
Answer: Cash-settled transactions, Equity-settled transactions
NOTES PAYABLE (continued)
All of these notes payable issued by the Group were unsecured.
On 1 April 2019, the Company updated the Global Medium Term Note Programme (the “Programme”) to include, among other things, the Company’s recent corporate and financial information and increased the limit of aggregate principal amount of the notes under the Programme from USD10 billion to USD20 billion (or its equivalent in other currencies).
On 11 April 2019, the Company issued five tranches of senior notes under the Programme with an aggregate principal amount of USD6 billion as set out below.
During the year ended 31 December 2019, the notes payable with an aggregate principal amount of USD2,000 million issued in April 2014 reached their maturity and were repaid in full by the Group.
As at 31 December 2019, the fair value of the notes payable amounted to RMB98,668 million (31 December 2018: RMB62,820 million). The respective fair values are assessed based on the active market price of these notes on the reporting date or by making reference to similar instruments traded in the observable market.
Table:
 | Amount (USD’Million) | Interest Rate (per annum) | Due
2024 Notes | 1,250 | 3.280% | 2024
2024 Floating Rate Notes | 750 | 3-month USD LIBOR + 0.910% | 2024
2026 Notes | 500 | 3.575% | 2026
2029 Notes | 3,000 | 3.975% | 2029
2049 Notes | 500 | 4.525% | 2049
 | 6,000 |  | 


Question: How much is the 2024 Notes in USD?
Answer: 1,250
In the Communications Solutions segment, operating income decreased $79 million in fiscal 2019 as compared to fiscal 2018. The Communications Solutions segment’s operating income included the following:
Excluding these items, operating income decreased in fiscal 2019 due primarily to lower volume.
Table:
 |  | Fiscal
 | 2019 | 2018
 |  | (in millions)
Restructuring and other charges, net | $  48 | $  13
Other items | 1 | —
Total | $  49 | $  13


Question: What was the change in Total operating income in the Communications Solutions segment in 2019 from 2018?
Answer: 36
Calculation: 49-13
18.1 Fair Values
The fair values of the currency and interest rate swap contracts exclude accrued interest of S$16.3 million (31 March 2018: S$16.8 million). The accrued interest is separately disclosed in Note 16 and Note 27.
The fair values of the derivative financial instruments were as follows –
Table:
 | Group |  | Company | 
 | Fair values |  | Fair values | 
 | Assets | Liabilities | Assets | Liabilities
2019 | S$ Mil | S$ Mil | S$ Mil | S$ Mil
Fair value and cash flow hedges |  |  |  | 
Cross currency swaps | 414.6 | 95.5 | 1.0 | 60.2
Interest rate swaps | 11.1 | 59.8 | - | 8.9
Forward foreign exchange contracts | 12.9 | 1.5 | 3.3 | 1.0
Derivatives that do not qualify for hedge accounting |  |  |  | 
Cross currency swaps | - | - | 104.7 | 104.7
Interest rate swaps | - | 1.9 | 17.5 | 17.5
Forward foreign exchange contracts | 0.1 | - | 0.1 | -
 | 438.7 | 158.7 | 126.6 | 192.3
Disclosed as – |  |  |  | 
Current | 155.1 | 9.2 | 0.7 | 0.5
Non-current | 283.6 | 149.5 | 125.9 | 191.8
 | 438.7 | 158.7 | 126.6 | 192.3


Question: How many % of the company's derivative financial liabilities are being disclosed as non-current?
Answer: 99.74
Calculation: 191.8/192.3