hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
The information provided below includes one pension plan which is part of discontinued operations. As such, all related liabilities and expenses are reported in discontinued operations in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented.
The components of net periodic pension benefit cost recognized in our Consolidated Statements of Operations for the periods presented are as follows:
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Service cost | $272 | $841 | $  —
Interest cost | 1,211 | 802 | 809
Expected return on plan assets | (615) | (665) | (597)
Amortization of actuarial gains and losses | 411 | 478 | 503
Net periodic pension cost | $1,279 | $1,456 | $715


Question: What was interest cost in 2018?
Answer: 802
Stock option and stock appreciation right (SAR) activity under the Company's stock incentive plans in the three years ended March 31, 2019 is set forth below:
The total intrinsic value of options and SARs exercised during the years ended March 31, 2019, 2018 and 2017 was $8.3 million, $7.4 million and $9.6 million, respectively. This intrinsic value represents the difference between the fair market value of the Company's common stock on the date of exercise and the exercise price of each equity award.
The aggregate intrinsic value of options and SARs outstanding at March 31, 2019 was $14.9 million. The aggregate intrinsic value of options and SARS exercisable at March 31, 2019 was $14.8 million. The aggregate intrinsic values were calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019.
As of March 31, 2019 and March 31, 2018, the number of option and SAR shares exercisable was 278,591 and 224,022, respectively, and the weighted average exercise price per share was $30.03 and $29.96, respectively.
There were no stock options granted in the years ended March 31, 2019, 2018 and 2017
Table:
 | Number of Shares | Weighted Average Exercise Price per Share
Outstanding at March 31, 2016 | 913,508 | $33.00
Exercised | (437,906) | 34.34
Forfeited or expired | (42,485) | 34.26
Outstanding at March 31, 2017 | 433,117 | 31.51
Exercised | (131,666) | 31.75
Forfeited or expired | (17,111) | 34.73
Outstanding at March 31, 2018 | 284,340 | 31.21
Assumed upon acquisition | 141,751 | 25.86
Exercised | (140,118) | 27.67
Forfeited or expired | (4,091) | 39.62
Outstanding at March 31, 2019 | 281,882 | $30.16


Question: What was the number of option and SAR shares exercisable in 2019?
Answer: 278,591
Note 7 – Inventory
As of December 31, 2019 and 2018, inventory was comprised of the following:
Inventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on estimated reserve percentages, which consider historical usage, known trends, inventory age and market conditions. As of December 31, 2019 and 2018, our inventory reserve was $34.1 million and $30.0 million, respectively.
Table:
(In thousands) | 2019 | 2018
Raw materials | $36,987 | $45,333
Work in process | 1,085 | 1,638
Finished goods | 60,233 | 52,877
Total Inventory, net | $98,305 | $99,848


Question: What was the work in process inventory in 2019?
Answer: 1,085
NOTE 9 – FINANCIAL ITEMS
¹⁾ Interest for financial assets and liabilities not at fair value through profit and loss.
Table:
USDm | 2019 | 2018 | 2017
Financial income |  |  | 
Interest income from cash and cash equivalents, including restricted cash ¹⁾ | 2.5 | 2.7 | 1.6
Exchange rate adjustments, including gain from forward exchange rate contracts | 0.3 | 0.6 | 2.7
Total | 2.8 | 3.3 | 4.3
Financial expenses |  |  | 
Interest expenses on mortgage and bank debt ¹⁾ | 39.3 | 35.7 | 33.3
Exchange rate adjustments, including loss from forward exchange rate contracts | 0.2 | 0.1 | 3.2
Commitment fee | 1.9 | 2.6 | 2.4
Other financial expenses | 0.5 | 0.9 | 1.7
Total | 41.9 | 39.3 | 40.6
Total financial items | -39.1 | -36.0 | -36.3


Question: In which year was the amount of financial income the smallest?
Answer: 2019
Calculation: 2.8<3.3<4.3
ADJUSTED EBITDA
(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.
Fiscal 2019 adjusted EBITDA increased by 10.0% (8.5% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the MetroCast and FiberLight acquisitions; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.
For further details on the Corporation’s adjusted EBITDA, please refer to the "Segmented operating and financial results" section.
Table:
Years ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)
(in thousands of dollars, except percentages) | $ | $ | % | % | $
Canadian broadband services | 688,681 | 681,020 | 1.1 | 1.3 | (1,102)
American broadband services | 465,645 | 369,200 | 26.1 | 21.5 | 16,911
Inter-segment eliminations and other | (46,386) | (43,402) | 6.9 | 6.8 | (12)
 | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797


Question: What was the increase in 2019 EBITDA?
Answer: 10.0%
Netsmart Discontinued Operation
On December 31, 2018, we sold all of the Class A Common Units of Netsmart held by the Company in exchange for $566.6 million in cash plus a final settlement as determined following the closing.
Prior to the sale, Netsmart comprised a separate reportable segment, which due to its significance to our historical consolidated financial statements and results of operations, is reported as a discontinued operation as a result of the sale. Refer to Note 4, “Business Combinations and Other Investments” for additional information about this transaction.
The following table summarizes Netsmart’s major income and expense line items as reported in the consolidated statements of operations for the years ended December 31, 2018 and 2017:
(1) Activity includes both Netsmart and intercompany transactions that would not have been eliminated if Netsmart’s results were not consolidated.
Table:
 | Year ended December 31, | 
(In thousands) | 2018 | 2017
Major income and expense line items related to Netsmart: |  | 
Revenue: |  | 
Software delivery, support and maintenance | $214,065 | $198,204
Client services | 131,166 | 110,430
Total revenue | 345,231 | 308,634
Cost of revenue: |  | 
Software delivery, support and maintenance | 60,100 | 51,079
Client services | 94,061 | 78,317
Amortization of software development and acquisition related assets | 34,357 | 29,876
Total cost of revenue | 188,518 | 159,272
Gross profit | 156,713 | 149,362
Selling, general and administrative expenses | 125,807 | 85,583
Research and development | 25,315 | 17,937
Amortization of intangible and acquisition-related assets | 24,029 | 16,409
Income from discontinued operations of Netsmart | (18,438) | 29,433
Interest expense | (59,541) | (49,939)
Other income | 101 | 925
Loss from discontinued operations of Netsmart before income taxes | (77,878) | (19,581)
Income tax benefit | 22,933 | 45,253
(Loss) income from discontinued operations, net of tax for Netsmart | $(54,945) | $25,672


Question: What is the change in the Client services revenue from 2017 to 2018?
Answer: 20736
Calculation: 131,166 - 110,430
NOTE 7 — PROPERTY AND EQUIPMENT
The components of property and equipment were as follows:
During fiscal years 2019, 2018, and 2017, depreciation expense was $9.7 billion, $7.7 billion, and $6.1 billion, respectively. We have committed $4.0 billion for the construction of new buildings, building improvements, and leasehold improvements as of June 30, 2019.
Table:
(In millions) |  | 
June 30, | 2019 | 2018
Land | $ 1,540 | $ 1,254
Buildings and improvements | 26,288 | 20,604
Leasehold improvements | 5,316 | 4,735
Computer equipment and software | 33,823 | 27,633
Furniture and equipment | 4,840 | 4,457
Total, at cost | 71,807 | 58,683
Accumulated depreciation | (35,330) | (29,223)
Total, net | $  36,477 | $  29,460


Question: How much has the company committed for the construction of new buildings, building improvements, and leasehold improvements?
Answer: $4.0 billion
EBITDA and EBITDA Margin
The following tables set forth EBITDA (in millions) and EBITDA Margin by segment for the periods presented:
Software Solutions
EBITDA was $567.2 million in 2018 compared to $516.5 million in 2017, an increase of $50.7 million, or 10%, with an EBITDA Margin of 59.0%, an increase of 190 basis points from the prior year. The increase was primarily driven by incremental margins on revenue growth.
Data and Analytics
EBITDA was $39.5 million in 2018 compared to $38.4 million in 2017, an increase of $1.1 million, or 3%, with an EBITDA Margin of 25.6%, an increase of 30 basis points from the prior year. The EBITDA Margin increase was primarily driven by incremental margins on revenue growth.
Table:
 | Year ended December 31, |  | Variance | 
 | 2018 | 2017 | $ | %
Software Solutions | $567.2 | $516.5 | $50.7 | 10%
Data and Analytics | 39.5 | 38.4 | 1.1 | 3%


Question: How many years did EBITDA for Software Solutions exceed $500 million?
Answer: 2
Calculation: 2018##2017
Operating assets and liabilities
5 Trade and other receivables
(a) Trade receivables
(i) Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 - 60 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
(ii) Fair values of trade and other receivables
Due to the short-term nature of the trade and other receivables, their carrying amount is considered to be the same as their fair value.
(iii) Impairment and risk exposure
Information about the Group's impairment policies, calculation of loss allowance and exposure to credit risk, foreign currency risk and interest rate risk can be found in note 15.
(b) Interest receivable
Interest receivable relates to interest accrued on term deposits. Credit risk of this is assessed in the same manner as cash and cash equivalents which is detailed in note 15.
Table:
 |  | 30 June 2019 | 30 June 2018
 | Note | $'000 | $'000
Trade receivables | 5(a) | 28,320 | 36,522
Loss allowance (see note 15(b)) |  | (741) | (1,254)
 |  | 27,579 | 35,268
Interest receivable | 5(b) | 54 | 27
GST receivable |  | 6,222 | 162
Other receivables |  | 1 | 1,629
Total |  | 33,856 | 37,086


Question: What was the percentage change in trade receivables between 2018 and 2019?
Answer: -22.46
Calculation: (28,320 - 36,522) / 36,522
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: How many items accounted for the difference between income taxes computed at the US federal statutory rate and the company's effective rate?
Answer: 9
Calculation: Foreign earnings taxed at lower rates##Impact of the enactment of the TCJA##Phone business losses##Impact of intangible property transfers##Foreign-derived intangible income deduction##Research and development credit##Excess tax benefits relating to stock-based compensation##Interest, net##Other reconciling items, net
Retirement-Related Plans
The following table provides the total pre-tax cost for all retirement-related plans. Total operating costs/(income) are included in the Consolidated Income Statement within the caption (e.g., Cost, SG&A, RD&E) relating to the job function of the plan participants.
Total pre-tax retirement-related plan cost decreased by $994 million compared to 2018, primarily driven by a decrease in recognized actuarial losses ($1,123 million), primarily due to the change in the amortization period in the U.S. Qualified Personal Pension Plan and higher expected return on plan assets ($143 million), partially offset by higher interest costs ($203 million).
As discussed in the “Operating (non-GAAP) Earnings” section, we characterize certain retirement-related costs as operating and others as non-operating. Utilizing this characterization, operating retirement-related costs in 2019 were $1,457 million, a decrease of $37 million compared to 2018. Non-operating costs of $615 million in 2019 decreased $957 million year to year, driven primarily by the same factors as above.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change
Retirement-related plans—cost |  |  | 
Service cost | $385 | $431 | (10.7)%
Multi-employer plans | 32 | 38 | (16.9)
Cost of defined contribution plans | 1,040 | 1,024 | 1.5
Total operating costs/ (income) | $1,457 | $1,494 | (2.5)%
Interest cost | $2,929 | $2,726 | 7.4%
Expected return on plan assets | (4,192) | (4,049) | 3.5
Recognized actuarial losses | 1,819 | 2,941 | (38.2)
Amortization of prior service costs/(credits) | (9) | (73) | (87.6)
Curtailments/settlements | 41 | 11 | 262.2
Other costs | 28 | 16 | 76.2
Total non-operating costs/(income) | $615 | $1,572 | (60.9)%
Total retirement-related plans—cost | $2,072 | $3,066 | (32.4)%


Question: What caused the Total pre-tax retirement-related plan cost to decrease?
Answer: driven by a decrease in recognized actuarial losses ($1,123 million), primarily due to the change in the amortization period in the U.S. Qualified Personal Pension
Stock Options
Stock options are granted with exercise prices equal to the fair market value of Leidos' common stock on the date of grant and for terms not greater than ten years. Stock options have a term of seven years and a vesting period of four years, except for stock options granted to the Company's outside directors, which have a vesting period of the earlier of one year from grant date or the next annual meeting of stockholders following grant date.
The fair value of the Company's stock option awards is estimated on the date of grant using the Black-Scholes- Merton option-pricing model. The fair value of the Company's stock option awards to employees are expensed on a straight-line basis over the vesting period of four years, except for stock options granted to the Company's outside directors, which is recognized over the vesting period of one year or less.
During fiscal 2017, the Company ceased the usage of peer group volatility, as an input into its blended approach to measure expected volatility, and increased the reliance on historical volatility. The revised blended approach includes the Company's weighted average historical and implied volatilities. The Company continued the use of this approach during fiscal 2018 and fiscal 2019.
The risk-free rate is derived using the yield curve of a zero-coupon U.S. Treasury bond with a maturity equal to the expected term of the stock option on the grant date. During fiscal 2017 and fiscal 2018, Leidos utilized the simplified method for the expected term, which represented an appropriate period of time that the options granted were expected to remain outstanding between the weighted-average vesting period and end of the respective contractual term.
Upon re-examining the Company's exercise history, the methodology used to calculate the expected term changed in fiscal 2019. Based on actual historical settlement data, the midpoint scenario is utilized with a one-year grant date filter assumption for outstanding options. The Company uses historical data to estimate forfeitures and was derived in the same manner as in the prior years presented.
The weighted average grant-date fair value and assumptions used to determine fair value of stock options granted for the periods presented were as follows:
Table:
 |  | Year Ended | 
 | January 3, 2020 | December 28, 2018 | December 29, 2017
Weighted average grant-date fair value | $11.89 | $13.85 | $11.53
Expected term (in years) | 4.4 | 4.7 | 4.7
Expected volatility | 24.3% | 26.6% | 29.7%
Risk-free interest rate | 2.4% | 2.6% | 1.9%
Dividend yield | 2.2% | 2.0% | 2.5%


Question: Which model is used to value company's stock option?
Answer: Black-Scholes- Merton option-pricing model
company stock performance the following graph shows a five-year comparison of cumulative total shareholder return , calculated on a dividend reinvested basis , for the company , the s&p 500 composite index , the s&p computer hardware index , and the dow jones u.s . technology index . the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 composite index , the s&p computer hardware index , and the dow jones u.s . technology index as of the market close on september 30 , 2007 . data points on the graph are annual . note that historic stock price performance is not necessarily indicative of future stock price performance . sep-11sep-10sep-09sep-08sep-07 sep-12 apple inc . s&p 500 s&p computer hardware dow jones us technology comparison of 5 year cumulative total return* among apple inc. , the s&p 500 index , the s&p computer hardware index , and the dow jones us technology index *$ 100 invested on 9/30/07 in stock or index , including reinvestment of dividends . fiscal year ending september 30 . copyright a9 2012 s&p , a division of the mcgraw-hill companies inc . all rights reserved . september 30 , september 30 , september 30 , september 30 , september 30 , september 30 .

Table:
 | september 30 2007 | september 30 2008 | september 30 2009 | september 30 2010 | september 30 2011 | september 30 2012
apple inc . | $ 100 | $ 74 | $ 121 | $ 185 | $ 248 | $ 437
s&p 500 | $ 100 | $ 78 | $ 73 | $ 80 | $ 81 | $ 105
s&p computer hardware | $ 100 | $ 84 | $ 99 | $ 118 | $ 134 | $ 214
dow jones us technology | $ 100 | $ 76 | $ 85 | $ 95 | $ 98 | $ 127
.

Question: what was the cumulative total return on the s&p 500 between september 30 2007 and september 30 2012?
Answer: 5
Calculation: subtract(105, const_100)
Fair Value Valuation Assumptions
Valuation of Stock Options
The fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees’ cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates.
The following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities:
Expected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors.
Volatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option’s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility.
Risk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option’s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (“forward rate”).
Dividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Table:
 |  | Employee and Director Options | 
 |  | For the Years Ended December 31, | 
 | 2019 | 2018 | 2017
Expected life (in years) | 7.85 | 7.64 | 7.01
Volatility | 30.00% | 32.37% | 35.00%
Risk free interest rate | 1.90% | 3.10% | 2.14%
Dividend yield | 0.76% | 0.61% | 0.50%
Weighted-average grant date fair value | $17.12 | $21.03 | $21.11
Stock price volatility range: |  |  | 
Low | 30.00% | 31.72% | 28.19%
High | 38.17% | 36.73% | 35.00%


Question: What was the percentage change in the weighted-average grant date fair value between 2018 and 2019?
Answer: -18.59
Calculation: ($17.12-$21.03)/$21.03