hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
6.1 Net debt
(1) 50% of outstanding preferred shares of $4,004 million in 2019 and 2018 are classified as debt consistent with the treatment by some credit rating agencies.
The increase of $1,891 million in total debt, comprised of debt due within one year and long-term debt, was due to: • an increase in our lease liabilities of $2,304 million as a result of the adoption of IFRS 16 on January 1, 2019 • the issuance by Bell Canada of Series M-49 and Series M-50 MTN debentures with total principal amounts of $600  million and $550 million in Canadian dollars, respectively, and Series US-2 Notes with a total principal amount of $600 million in U.S. dollars ($808 million in Canadian dollars) • an increase in our securitized trade receivables of $131 million
Partly offset by: • the early redemption of Series M-27 MTN debentures and Series M-37 debentures with total principal amounts of $1 billion and $400 million, respectively • a decrease in our notes payable (net of issuances) of $1,073 million • a net decrease of $29 million in our lease liabilities and other debt
The decrease in cash and cash equivalents of $280 million was due mainly to: • $2,819 million of dividends paid on BCE common shares • $1,216 million of debt repayments (net of issuances) • $142 million paid for the purchase on the open market of BCE common shares for the settlement of share-based payments • $60 million acquisition and other costs paid
Partly offset by: • $3,818 million of free cash flow • $240 million issuance of common shares from the exercise of stock options
Table:
 | 2019 | 2018 | $ CHANGE | % CHANGE
Debt due within one year | 3,881 | 4,645 | (764) | (16.4%)
Long-term debt | 22,415 | 19,760 | 2,655 | 13.4%
Preferred shares (1) | 2,002 | 2,002 | – | –
Cash and cash equivalents | (145) | (425) | 280 | 65.9%
Net debt | 28,153 | 25,982 | 2,171 | 8.4%


Question: What is the total debt comprised of?
Answer: debt due within one year and long-term debt
Global Financing Financial Position Key Metrics
(1) Includes deferred initial direct costs which are eliminated in
IBM’s consolidated results.
(2) Includes intercompany mark-up, priced on an arm’s-length basis, on products purchased from the company’s product divisions which is eliminated in IBM’s consolidated results.
(3) Entire amount eliminated for purposes of IBM’s consolidated results and therefore does not appear in the Consolidated Balance Sheet.
(4) These assets, along with all other financing assets in this table, are
leveraged at the value in the table using Global Financing debt.
At December 31, 2019, substantially all financing assets were IT-related assets, and approximately 62 percent of the total external portfolio was with investment-grade clients with no direct exposure to consumers, an increase of 7 points year to year. This investment-grade percentage is based on the credit ratings of the companies in the portfolio.
We have a long-standing practice of taking mitigation actions, in certain circumstances, to transfer credit risk to third parties, including credit insurance, financial guarantees, nonrecourse borrowings, transfers of receivables recorded as true sales in
accordance with accounting guidance or sales of equipment under operating lease. Adjusting for the mitigation actions, the investment-grade content would increase to 67 percent, a decrease of 3 points year to year.
Table:
($ in millions) |  | 
At December 31: | 2019 | 2018
Cash and cash equivalents | $ 1,697 | $ 1,833
Net investment in sales-type and direct financing leases (1) | 6,224 | 6,924
Equipment under operating leases— external clients (2) | 238 | 444
Client loans | 12,884 | 12,802
Total client financing assets | 19,346 | 20,170
Commercial financing receivables | 3,820 | 11,838
Intercompany financing receivables (3) (4) | 3,870 | 4,873
Total assets | $29,568 | $41,320
Debt | 24,727 | 31,227
Total equity | $ 2,749 | $ 3,470


Question: What is the percentage increase / (decrease) in Total client financing assets from 2018 to 2019? 
Answer: -4.09
Calculation: 19,346 / 20,170 - 1
item 1a . risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities . if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly . risks relating to our business fluctuations in the financial markets could result in investment losses . prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio . although financial markets have significantly improved since 2008 , they could deteriorate in the future . there could also be disruption in individual market sectors , such as occurred in the energy sector in recent years . such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings . our results could be adversely affected by catastrophic events . we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism . any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations . by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of reinsurance , were as follows: .

Table:
calendar year: | pre-tax catastrophe losses
( dollars in millions ) | 
2017 | $ 1472.6
2016 | 301.2
2015 | 53.8
2014 | 56.3
2013 | 194.0
our losses from future catastrophic events could exceed our projections .
we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool .
we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area .
these loss projections are approximations , reliant on a mix of quantitative and qualitative processes , and actual losses may exceed the projections by a material amount , resulting in a material adverse effect on our financial condition and results of operations. .

Question: what are the total pre-tax catastrophe losses for the company in the last three years?\\n
Answer: 1827.6
Calculation: add(1472.6, 301.2), add(#0, 53.8)
Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows:
At December 31, 2019, undistributed earnings of our foreign subsidiaries indefinitely invested outside the U.S. amounted to approximately $3.8 billion. The majority of Verizon’s cash flow is generated from domestic operations and we are not dependent on foreign cash or earnings to meet our funding requirements, nor do we intend to repatriate these undistributed foreign earnings to fund U.S. operations.
Furthermore, a portion of these undistributed earnings represents amounts that legally must be kept in reserve in accordance with certain foreign jurisdictional requirements and are unavailable for distribution or repatriation. As a result, we have not provided U.S. deferred taxes on these undistributed earnings because we intend that they will remain indefinitely reinvested outside of the U.S. and therefore unavailable for use in funding U.S. operations. Determination of the amount of unrecognized deferred taxes related to these undistributed earnings is not practicable.
At December 31, 2019, we had net after-tax loss and credit carry forwards for income tax purposes of approximately $3.0 billion that primarily relate to state and foreign taxes. Of these net after-tax loss and credit carry forwards, approximately $2.0 billion will expire between 2020 and 2039 and approximately $1.0 billion may be carried forward indefinitely.
During 2019, the valuation allowance decreased approximately $481 million. The balance of the valuation allowance at December 31, 2019 and the 2019 activity is primarily related to state and foreign taxes.
Table:
 |  | (dollars in millions)
At December 31, | 2019 | 2018
Deferred Tax Assets |  | 
Employee benefits | $ 5,048 | $ 5,403
Tax loss and credit carry forwards | 3,012 | 3,576
Other – assets | 5,595 | 1,650
 | 13,655 | 10,629
Valuation allowances | (2,260) | (2,741)
Deferred tax assets | 11,395 | 7,888
Deferred Tax Liabilities |  | 
Spectrum and other intangible amortization | 22,388 | 21,976
Depreciation | 16,884 | 15,662
Other—liabilities | 6,742 | 3,976
Deferred tax liabilities | 46,014 | 41,614
Net deferred tax liability | $ 34,619 | $ 33,726


Question: What was the average other assets for 2018 and 2019?
Answer: 3622.5
Calculation: (5,595 + 1,650) / 2
UK OPERATING COSTS
UK operating costs decreased 1.2%. Store closures more than offset the cost of new space and channel shift. Cost savings across the business outweighed inflation related increases.
Store staffing costs reduced, as savings from store management restructuring, closures and other efficiencies more than offset pay inflation. Other store costs reduced driven by lower depreciation, due to our closure programme and as a number of assets have reached the end of their useful life, which more than offset rent and rates inflation in the year.
The growth in distribution and warehousing costs was largely driven by inflation and the costs of channel shift, as well as costs associated with the closure of an equipment warehouse, with some offset achieved from improved efficiencies at Castle Donington.
The increase in marketing costs reflected investments in our Food brand and the planned increase in costs in the second half of the year due to the timing of campaigns.
Central costs reduced as lower incentive costs year-on-year, the benefits of technology transformation programmes and other cost efficiencies more than offset system investment write offs and expenditure on the Fuse programme.
Table:
 | 52 weeks ended |  | 
 | 30 Mar 2019 | 31 Mar 2018 | Change
 | £m | £m | %
Store staffing | 1,044.7 | 1,070.6 | -2.4
Other store costs | 950.4 | 992.1 | -4.2
Distribution & warehousing | 564.6 | 538.0 | 4.9
Marketing | 155.1 | 151.6 | 2.3
Central costs | 694.8 | 698.0 | -0.5
Total | 3,409.6 | 3,450.3 | -1.2


Question: Which year had a higher operating costs of store staffing?
Answer: 2018
Calculation: 1,070.6> 1,044.7
17. Income Taxes
Income before income taxes for the Company’s domestic and foreign operations was as follows:
Table:
 |  | Years Ended June 30, | 
($ in millions) | 2019 | 2018 | 2017
Domestic | $204.2 | $140.3 | $56.0
Foreign | 11.8 | 19.9 | 14.2
Income before income taxes | $216.0 | $160.2 | $70.2


Question: What was the percentage change in Foreign in 2019 from 2018?
Answer: -40.7
Calculation: (11.8-19.9)/19.9
Trading profit
The Group reported Trading profit of £128.5m in the year, growth of £5.5m, up +4.5% compared to 2017/18. Divisional contribution increased by £6.1m to £161.9m. The Grocery business recorded Divisional contribution growth of £8.3m to £138.3m while Sweet Treats Divisional contribution was £2.2m lower than the prior year at £23.6m. Group & corporate costs were £0.6m higher than the prior year.
In the first half of the year, Grocery Divisional contribution benefitted from previous changes in the promotional strategy of Ambrosia. The business reduced the depth of promotional deals it offered which resulted in lower volumes and revenue in the period but growth in Divisional contribution.
Additionally, Divisional contribution margins in the Grocery business grew 2.1 percentage points in the first half compared to the prior year. This is in line with margins two years ago, whereby margins in the prior year were impacted by a longer than expected process to recover input cost inflation seen across the Group’s categories.
Table:
£m | 2018/19 | 2017/18 | Change
Divisional contribution2 |  |  | 
Grocery | 138.3 | 130.0 | +6.3%
Sweet Treats | 23.6 | 25.8 | (8.4%)
Total | 161.9 | 155.8 | +3.9%
Group & corporate costs | (33.4) | (32.8) | (1.8%)
Trading profit | 128.5 | 123.0 | +4.5%


Question: What is the divisional contribution of grocery in 2018/19?
Answer: 138.3
9. Net interest income/interest expenses
The interest result can be broken down as follows:
Interest income and interest expenses from financial instruments are assigned to the measurement categories according to IFRS 9 on the basis of the underlying transactions.
The interest expenses included here (of the measurement categories in accordance with IFRS 9) primarily include interest expenses for issued bonds (including the Commercial Paper Programme) of €41 million (2017/18: €55 million) and for liabilities to banks of €19 million (2017/18: €12 million).
The decline in interest expenses was primarily the result of more favourable refinancing terms.
Table:
€ million | 2017/2018 | 2018/2019
Interest income | 27 | 29
thereof finance leases | (0) | (0)
thereof from post-employment benefits plans | (5) | (7)
thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): | (16) | (12)
Interest expenses | −163 | −148
thereof finance leases | (−51) | (−49)
thereof from post-employment benefits plans | (−16) | (−15)
thereof from financial instruments of the measurement categories according to IFRS9 (previous year: IAS39) | (−79) | (−69)
Interest result | −136 | −119


Question: What was the percentage change in interest income in 2018/2019 from 2017/2018?
Answer: 7.41
Calculation: (29-27)/27
Warranty Obligations
We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure.
We continuously monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified field failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances.
We provide for the estimated cost of product warranties at the time revenue is recognized. Warranty costs are reflected in the Consolidated Statement of Income as a Cost of revenues. A reconciliation of the changes in our warranty liability is as follows (in thousands):
Table:
 |  | Fiscal Year Ended | 
 | December 28,
2019 | December 29, 2018 | December 30, 2017
Balance at beginning of year | $2,102 | $ 3,662 | $2,972
Accruals | 3,881 | 3,181 | 8,115
Settlements | (4,041) | (4,741) | (7,425)
Balance at end of year | $1,942 | $2,102 | $3,662


Question: What was the Settlements in 2019, 2018 and 2017 respectively?
Answer: (4,041), (4,741), (7,425)
Overview of the Markets We Serve
The U.S. mortgage loan servicing market is comprised of first and second lien mortgage loans. Even through housing downturns, the mortgage loan servicing market generally remains stable, as the total number of first lien mortgage loans outstanding tends to stay relatively constant. The number of second lien mortgage loans outstanding can vary based on a number of factors including loan-to-value ratios, interest rates and lenders' desire to own such loans.
While delinquent mortgage loans typically represent a small portion of the overall mortgage loan servicing market, the mortgage loan default process is long and complex and involves multiple parties, a significant exchange of data and documentation and extensive regulatory requirements. Providers in the default process must be able to meet strict regulatory guidelines, which we believe are best met through the use of proven technology.
The U.S. mortgage loan origination market consists of both purchase and refinance mortgage loan originations. The mortgage loan origination process is complex and involves multiple parties, significant data exchange and significant regulatory oversight, which requires a comprehensive, scalable solution developed by a company with substantial industry experience. According to the Mortgage Bankers Association ("MBA"), the U.S. mortgage loan origination market for purchase and refinance mortgage loan originations is estimated as follows (in billions):
Note: Amounts may not recalculate due to rounding.
(1) The 2019, 2018 and 2017 U.S. mortgage loan origination market for purchase and refinance originations is estimated by the MBA Mortgage Finance Forecast as of February 18, 2020, February 11, 2019 and October 16, 2018, respectively.
Table:
 | 2019 | 2018 | 2017
Mortgage loan originations(1): |  |  | 
Purchase | $1,272.0 | $1,185.0 | $1,143.0
Refinance | 796.0 | 458.0 | 616.0
Total | $2,068.0 | $1,643.0 | $1,760.0


Question: By whom was the U.S. mortgage loan origination market for purchase and refinance originations estimated by?
Answer: MBA Mortgage Finance Forecast
SHARE-BASED PAYMENTS (continued)
(a) Share option schemes (continued) (iii) Fair value of option
The directors of the Company have used the Binomial Model to determine the fair value of the options as at the respective grant dates, which is to be expensed over the relevant vesting period. The weighted average fair value of options granted during the year ended 31 December 2019 was HKD123.82 per share (equivalent to approximately RMB106.09 per share) (2018: HKD127.43 per share (equivalent to approximately RMB103.46 per share)).
Other than the exercise price mentioned above, significant judgment on parameters, such as risk free rate, dividend yield and expected volatility, are required to be made by the directors in applying the Binomial Model, which are summarised as below.
Note: The expected volatility, measured as the standard deviation of expected share price returns, is determined based on the average daily trading price volatility of the shares of the Company.
Table:
 | 2019 | 2018
Weighted average share price at the grant date | HKD373.33 | HKD405.00
Risk free rate | 1.08%~2.07% | 1.77%~2.27%
Dividend yield | 0.23% | 0.24%~0.25%
Expected volatility (Note) | 30.00% | 30.00%


Question: How much did the Weighted average share price at the grant date change by between 2018 and 2019?
Answer: -31.67
Calculation: 373.33-405.00
Supported by a recovery in commodity-related markets, orders and revenue showed broad-based growth year-over-year with strongest increases in the mechanical drives business. Overall, Portfolio Companies businesses made good progress in achieving their targets. Adjusted EBITA improved in all fully consolidated units and turned positive in total, mainly driven by the large drives applications business.
The result from equity investments in total also improved slightly, though it was negative in both periods under review. Severance charges decreased to € 14 million, from € 86 million in fiscal 2018. Portfolio Companies’ order backlog was € 5 billion at the end of the fiscal year, of which € 3 billion are expected to be converted into revenue in fiscal 2020. Regarding Portfolio Companies’ at-equity investments, volatile results are expected in coming quarters.
Markets for Portfolio Companies are generally impacted by rising uncertainties regarding geopolitical and economic developments, which weaken investment sentiment. Although the broad range of businesses are operating in diverse markets, overall, moderate growth is expected in the coming years for the main markets served by the Portfolio Companies.
Beginning with fiscal 2020, the equity investments Ethos Energy Group Limited and Voith Hydro Holding GmbH & Co. KG, the subsea business, and the majority of the process solutions business will be transferred to the Operating Company Gas and Power. If this organizational structure had already existed in fiscal 2019, Portfolio Companies would have posted orders of € 4.746 billion, revenue of € 4.558 billion and Adjusted EBITA of €(115) million.
Mitsubishi-Hitachi Metals Machinery (MHMM) and Siemens AG reached an agreement in September 2019, that MHMM will acquire Siemens’ stake in Primetals Technologies. Closing of the transaction is subject to customary conditions and is expected by the beginning of calendar 2020.
Table:
 |  | Fiscal year |  | % Change
(in millions of €) | 2019 | 2018 | Actual | Comp.
Orders | 5,806 | 5,569 | 4 % | 3 %
Revenue | 5,526 | 4,930 | 12 % | 11 %
Adjusted EBITA | (71) | (305) | 77 % | 
Adjusted EBITA margin | (1.3) % | (6.2) % |  | 


Question: What was the reason for the increase in the Adjusted EBITDA?
Answer: Adjusted EBITA improved in all fully consolidated units and turned positive in total, mainly driven by the large drives applications business.
11 Dividends
The proposed dividend is subject to approval in 2020. It is therefore not included as a liability in these Financial Statements. No scrip alternative to the cash dividend is being offered in respect of the proposed final dividend for the year ended 31st December 2019.
Table:
 | 2019 | 2018
 | £m | £m
Amounts paid in the year: |  | 
Final dividend for the year ended 31st December 2018 of 71.0p (2017: 62.0p) per share | 52.3 | 45.7
Interim dividend for the year ended 31st December 2019 of 32.0p (2018: 29.0p) per share | 23.6 | 21.3
Total dividends paid | 75.9 | 67.0
Amounts arising in respect of the year: |  | 
Interim dividend for the year ended 31st December 2019 of 32.0p (2018: 29.0p) per share | 23.6 | 21.3
Proposed final dividend for the year ended 31st December 2019 of 78.0p (2018: 71.0p) per share | 57.5 | 52.3
Total dividends arising | 81.1 | 73.6


Question: What was the change in the amount of total dividends paid in 2019 from 2018?
Answer: 8.9
Calculation: 75.9-67.0