hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
B. Liquidity and Capital Resources
Our operations and strategic objectives require continuing capital investment, and our resources include cash on hand and cash provided by operations, as well as access to capital from bank borrowings and access to capital markets. Management believes that cash generated by or available to us should be sufficient to fund our capital and liquidity needs for at least the next 12 months.
Our future financial and operating performance, ability to service or refinance debt and ability to comply with covenants and restrictions contained in our debt agreements will be subject to future economic conditions, the financial health of our customers and suppliers and to financial, business and other factors, many of which are beyond our control. Furthermore, management believes that working capital is sufficient for our present requirements.
(*) including trade receivables classified as current asset based on operating cycle of two years.
The decrease in working capital as at March 31, 2019 as compared to March 31, 2018 was primarily the result of an increase in short-term borrowings amounting to $208.9 million as at March 31, 2019 from $152 million as at March 31, 2018 due to overdraft against restricted deposits and loan installments due within 12 months.
For additional information, please see Note 2(a) and Note 32 to our audited Consolidated Financial Statements appearing elsewhere in this annual report.
Table:
 |  | Year ended March 31, | 
 | 2019 | 2018 | 2017
 |  | (in thousands) | 
Current assets(*) | $351,597 | $339,562 | $362,477
Current liabilities | 318,672 | 239,327 | 316,101
Working capital | $32,925 | $100,235 | $46,376


Question: What years are included in the table?
Answer: 2019, 2018, 2017
Our net sales by offering category for APAC for 2019 and 2018, were as follows (dollars in thousands):
Net sales in APAC decreased 4% (increased 2% excluding the effects of fluctuating foreign currency rates), or $6.7 million, in 2019 compared to 2018. In APAC, increases in hardware and services net sales year over year were offset by a decrease in software net sales during 2019 compared to 2018. The changes were the result of the following:
• Continued expansion of hardware offerings in the APAC market resulted in higher net sales in this category.
• Continued trend toward higher sales of cloud solution offerings that are recorded on a net sales recognition basis in the services net sales category resulted in declines in the software net sales category.
• Higher volume of net sales of cloud solution offerings and software referral fees that are recorded on a net sales recognition basis positively impacted services net sales. Additionally, there were contributions from Insight delivered services from increased net sales of our digital innovation solutions offering.
Table:
 | APAC |  | 
Sales Mix | 2019 | 2018 | %Change
Hardware | $34,965 | $29,496 | 19%
Software | 92,988 | 107,363 | (13%)
Services | 52,288 | 50,055 | 4%
 | $180,241 | $186,914 | (4%)


Question: What is the average Sales Mix of Hardware for 2018 and 2019?
Answer: 32230.5
Calculation: (34,965+29,496) / 2
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: How have the markets for Portfolio Companies been impacted?
Answer: Markets for Portfolio Companies are generally impacted by rising uncertainties regarding geopolitical and economic developments, which weaken investment sentiment.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP:
(a) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.
(b) Represents additional operating costs incurred in connection with the start-up of our new manufacturing lines as part of the Freshpet Kitchens expansion project in 2016 that included adding two additional product lines.
(c) Represents the change of fair value for the outstanding common stock warrants. All outstanding warrants were converted to common stock in September 2017.
(d) Represents fees associated with secondary public offerings of our common stock
(e) Represents charges associated with our former Chief Executive Officer’s separation agreement as well as changes in estimates associated with leadership transition costs.
(f) Represents fees associated with two securities lawsuits
Table:
 | Twelve Months Ended December 31, |  |  |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 | (Dollars in thousands) |  |  |  | 
Net loss | $(1,383) | $(5,361) | $(4,262) | $(3,161) | $(3,711)
Depreciation and amortization | 15,921 | 14,068 | 12,692 | 9,887 | 7,574
Interest expense | 991 | 296 | 910 | 698 | 455
Income tax expense | 144 | 77 | 75 | 66 | 58
EBITDA | $15,673 | $9,080 | $9,414 | $7,490 | $4,376
Loss on disposal of equipment | 787 | 142 | 104 | 190 | 94
Non-cash share-based compensation | 7,834 | 6,808 | 4,438 | 4,193 | 3,924
Launch expense (a) | 4,563 | 3,540 | 3,066 | 2,813 | 2,626
Plant start-up expenses (b) | — | — | — | 1,628 | —
Warrant fair valuation (c) | — | — | 335 | 49 | (503)
Secondary offering expenses (d) | 302 | 362 | — | — | 593
Leadership transition expenses (e) | — | — | 63 | 1,291 | —
Litigation expense (f) | — | 348 | 145 | — | —
Adjusted EBITDA | $29,159 | $20,280 | $17,565 | $17,654 | $11,110
Adjusted EBITDA as a % of Net Sales | 11.9% | 10.5% | 11.5% | 13.6% | 9.8%


Question: What was the average EBITDA for 2018 and 2019?
Answer: 12376.5
Calculation: (15,673+9,080)/2
Accrued Warranty
The following table summarizes the activity related to the Company’s product warranty liability during the following periods (in thousands):
Table:
 | Year Ended | 
 | June 30,
2019 | June 30,
2018
Balance beginning of period | $12,807 | $10,584
Warranties assumed due to acquisitions   | — | 3,682
New warranties issued | 22,919 | 10,491
Warranty expenditures | (20,947) | (11,950)
Balance end of period  | $14,779 | $12,807


Question: What was the percentage change in New warranties issued between 2018 and 2019?
Answer: 118.46
Calculation: (22,919-10,491)/10,491
Item 14. Principal Accountant Fees and Services
The aggregate fees for professional services rendered by our independent registered public accounting firm, KPMG LLP, for Fiscal 2019 and Fiscal 2018 were:
(1) Audit fees were primarily for professional services rendered for (a) the annual audits of our consolidated financial statements and the accompanying attestation report regarding our ICFR contained in our Annual Report on Form 10- K, (b) the review of quarterly financial information included in our Quarterly Reports on Form 10-Q, (c) audit services related to mergers and acquisitions and offering documents, and (d) annual statutory audits where applicable.
(2) Audit-related fees were primarily for assurance and related services, such as the review of non-periodic filings with the SEC.
(3) Tax fees were for services related to tax compliance, including the preparation of tax returns, tax planning and tax advice.
(4) All other fees consist of fees for services other than the services reported in audit fees, audit-related fees, and tax fees.
OpenText's Audit Committee has established a policy of reviewing, in advance, and either approving or not approving, all audit, audit-related, tax and other non-audit services that our independent registered public accounting firm provides to us. This policy requires that all services received from our independent registered public accounting firm be approved in advance by the Audit Committee or a delegate of the Audit Committee. The Audit Committee has delegated the pre-approval responsibility to the Chair of the Audit Committee. All services that KPMG LLP provided to us in Fiscal 2019 and Fiscal 2018 have been preapproved by the Audit Committee.
The Audit Committee has determined that the provision of the services as set out above is compatible with the maintaining of KPMG LLP's independence in the conduct of its auditing functions.
Table:
 | Year ended June 30, | 
(In thousands) | 2019 | 2018
Audit fees (1) | $4,598 | $4,701
Audit-related fees (2) | — | —
Tax fees (3) | 108 | 116
All other fees (4) | 40 | 101
Total | $4,746 | $4,918


Question: What is the Tax fees for fiscal year 2019 expressed as a percentage of total fees?
Answer: 2.28
Calculation: 108/4,746
12 . brokerage receivables and brokerage payables citi has receivables and payables for financial instruments sold to and purchased from brokers , dealers and customers , which arise in the ordinary course of business . citi is exposed to risk of loss from the inability of brokers , dealers or customers to pay for purchases or to deliver the financial instruments sold , in which case citi would have to sell or purchase the financial instruments at prevailing market prices . credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker , dealer or customer in question . citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines . margin levels are monitored daily , and customers deposit additional collateral as required . where customers cannot meet collateral requirements , citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level . exposure to credit risk is impacted by market volatility , which may impair the ability of clients to satisfy their obligations to citi . credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards , futures and other transactions deemed to be credit sensitive . brokerage receivables and brokerage payables consisted of the following: .

Table:
in millions of dollars | december 31 , 2016 | december 31 , 2015
receivables from customers | $ 10374 | $ 10435
receivables from brokers dealers and clearing organizations | 18513 | 17248
total brokerage receivables ( 1 ) | $ 28887 | $ 27683
payables to customers | $ 37237 | $ 35653
payables to brokers dealers and clearing organizations | 19915 | 18069
total brokerage payables ( 1 ) | $ 57152 | $ 53722
payables to brokers , dealers , and clearing organizations 19915 18069 total brokerage payables ( 1 ) $ 57152 $ 53722 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities that are accounted for in accordance with the aicpa accounting guide for brokers and dealers in securities as codified in asc 940-320. .

Question: as of december 31 , 2015 what was the ratio of receivables from brokers dealers and clearing organizations to payables to brokers dealers and clearing organizations?
Answer: .95
Calculation: divide(17248, 18069)
entergy arkansas , inc . management's financial discussion and analysis results of operations net income 2004 compared to 2003 net income increased $ 16.2 million due to lower other operation and maintenance expenses , a lower effective income tax rate for 2004 compared to 2003 , and lower interest charges . the increase was partially offset by lower net revenue . 2003 compared to 2002 net income decreased $ 9.6 million due to lower net revenue , higher depreciation and amortization expenses , and a higher effective income tax rate for 2003 compared to 2002 . the decrease was substantially offset by lower other operation and maintenance expenses , higher other income , and lower interest charges . net revenue 2004 compared to 2003 net revenue , which is entergy arkansas' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits . following is an analysis of the change in net revenue comparing 2004 to 2003. .

Table:
 | ( in millions )
2003 net revenue | $ 998.7
deferred fuel cost revisions | -16.9 ( 16.9 )
other | -3.4 ( 3.4 )
2004 net revenue | $ 978.4
deferred fuel cost revisions includes the difference between the estimated deferred fuel expense and the actual calculation of recoverable fuel expense , which occurs on an annual basis .
deferred fuel cost revisions decreased net revenue due to a revised estimate of fuel costs filed for recovery at entergy arkansas in the march 2004 energy cost recovery rider , which reduced net revenue by $ 11.5 million .
the remainder of the variance is due to the 2002 energy cost recovery true-up , made in the first quarter of 2003 , which increased net revenue in 2003 .
gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to : 2022 an increase of $ 20.7 million in fuel cost recovery revenues due to an increase in the energy cost recovery rider effective april 2004 ( fuel cost recovery revenues are discussed in note 2 to the domestic utility companies and system energy financial statements ) ; 2022 an increase of $ 15.5 million in grand gulf revenues due to an increase in the grand gulf rider effective january 2004 ; 2022 an increase of $ 13.9 million in gross wholesale revenue primarily due to increased sales to affiliated systems ; 2022 an increase of $ 9.5 million due to volume/weather primarily resulting from increased usage during the unbilled sales period , partially offset by the effect of milder weather on billed sales in 2004. .

Question: what is the percent change in net revenue from 2003 to 2004?
Answer: 2.08%
Calculation: subtract(998.7, 978.4), divide(#0, 978.4)
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:
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%


Question: What was the average federal statutory rate over the 3 year period from 2017 to 2019? 
Answer: 28.03
Calculation: (21.0+28.1+35.0)/3
22. PENSIONS
Defined contribution scheme
We operate a defined contribution scheme. The pension cost for the period represents contributions payable by us to the scheme. The charge to net income for the years ended December 31, 2019, 2018 and 2017 was $2.4 million, $1.9 million and $1.7 million, respectively.
Defined benefit schemes
We have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers. We have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers.
We use December 31 as a measurement date for our pension plans.
The components of net periodic benefit costs are as follows:
The components of net periodic benefit costs are recognized in the income statement within administrative expenses and vessel operating expenses.
The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic pension benefit cost during the year ended December 31, 2019 is $0.8 million (2018: $1.4 million).
Table:
(in thousands of $) | 2019 | 2018 | 2017
Service cost | 162 | 250 | 313
Interest cost | 1,740 | 1,687 | 1,901
Expected return on plan assets | (375) | (926) | (843)
Recognized actuarial loss | 777 | 1,392 | 1,182
Net periodic benefit cost | 2,304 | 2,403 | 2,553


Question: What was the change in service cost from 2017 to 2018?
Answer: -63
Calculation: 250 - 313
Operating income increased to SEK 2.3 (1.1) billion. Operating income excluding restructur- ing charges improved to SEK 2.4 (1.4) billion due to a positive effect from reversal of a provision for impairment of trade receivables made in Q1 2019, of SEK 0.7 billion, and higher gross margin.
Operating margin was 6.3%, excluding restructuring charges and the positive effect from reversal of a provision for impairment of trade receivables of SEK 0.7 billion in Q1 2019.
Restructuring charges amounted to SEK 0.0 (–0.3) billion.
Emerging Business and Other
Segment Emerging Business and Other represented 3% (4%) of Group net sales in 2019.
The segment includes:
–– Emerging Business, including IoT, iconectiv
and New businesses
–– Media businesses, including Red Bee
Media and a 49% ownership of MediaKind.
Net sales
Reported sales decreased by –19% in 2019 due to the 51% divestment of MediaKind in February 2019. Sales adjusted for comparable units and currency increased by 14% driven by growth in the iconectiv business through a multi-year number portability contract in the US.
Gross margin
Gross margin declined mainly due to the 51% divestment of MediaKind. The decline was partly offset by lower restructuring charges.
Operating income (loss)
Operating income was impacted by costs of SEK –10.7 billion related to the resolution of the US SEC and DOJ investigations, a refund of earlier paid social security costs in Sweden of SEK 0.9 billion and by costs of SEK –0.3
billion related to the wind-down of the ST-Ericsson legal structure.
Operating income in Emerging Business, iconectiv and common costs improved, driven by profitable growth in iconectiv. Red Bee Media income improved supported by profit improvement activities. Media Solutions income improved driven by the 51% divestment of Media Kind, including a capital gain from the transaction.
Table:
SEK billion | Full year 2019 | Full year 2018
Segment operating income | -12.5 | -5.4
income of which Emerging Business, iconective, media businesses and common costs | -2.4 | -5.4
of which SEC and DOJ
settlement costs | –10.7 | –
of which costs for
ST-Ericsson wind-down | –0.3 | –
of which a refund of social security costs in Sweden | 0.9 | -


Question: What is the full year 2019 operating income?
Answer: -12.5