hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Net Debt to Adjusted EBITDA Ratio
(UNAUDITED)
($ in millions)
(1) 2017 Adjusted EBITDA shown pro forma, assuming the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017.
Table:
 | 2019 | 2018 | 2017(1)
Gross Debt | $35,039 | 36,352 | 38,053
Cash and cash equivalents | (1,690) | (488) | (551)
Net debt | $33,349 | 35,864 | 37,502
Adjusted EBITDA excluding integration and transformation costs and special items (1) | $9,070 | 9,040 | 8,686
Net Debt to Adjusted EBITDA Ratio | 3.7 | 4.0 | 4.3


Question: What is the change in gross debt in 2019 from 2018?
Answer: -1313
Calculation: $35,039-$36,352
Other Current Assets
The following table presents details of other current assets in our consolidated balance sheets:
Table:
 | As of December 31, | 
 | 2019 | 2018
 | (Dollars in millions) | 
Prepaid expenses | $274 | 307
Income tax receivable | 35 | 82
Materials, supplies and inventory | 105 | 120
Contract assets | 42 | 52
Contract acquisition costs | 178 | 167
Contract fulfillment costs | 115 | 82
Other | 59 | 108
Total other current assets | $808 | 918


Question: Which year has a larger amount of contract acquisition costs?
Answer: 2019
Calculation: 178>167
Provision for Income Taxes
The effective income tax rate is calculated by dividing the provision for income taxes by income before income taxes. The effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018.
The decrease in the effective income tax rate and the provision for income taxes was primarily due to the recognition of approximately $2.2 billion of a non-recurring tax benefit in connection with the disposition of preferred stock, representing a minority interest in a foreign affiliate in 2019 compared to the non-recurring deferred tax benefit of approximately $2.1 billion as a result of an internal reorganization of legal entities within the historical Wireless business, which was offset by a goodwill charge that is not deductible for tax purposes in 2018.
A reconciliation of the statutory federal income tax rate to the effective income tax rate for each period is included in Note 12 to the consolidated financial statements.
Table:
 |  |  | (dollars in millions) Increase/ (Decrease) | 
Years Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | 
Provision for income taxes | $2,945 | $ 3,584 | $ (639) | (17.8)%
Effective income tax rate | 13.0% | 18.3% |  | 


Question: What was the effective income tax rate for the period 2019?
Answer: 13.0%
Liquidity and Capital Resources
Our principal sources of liquidity are cash and cash equivalents, investments and accounts receivable. The following table shows net cash provided by operating activities, net cash used in investing activities, and net cash provided by (used in) financing activities for the years ended March 31, 2019, 2018 and 2017:
In November 2015, we raised net proceeds of $68.3 million in our initial public offering after deducting underwriting discounts and commissions and offering expenses paid by us. In the years ended March 31, 2019, 2018 and 2017, we incurred operating losses of $1.2 million, $7.0 million and $10.4 million, respectively. While we expect to generate an operating loss in the year ending March 31, 2020, we expect to continue to generate positive cash flows from operating activities.
In the year ending March 31, 2020, we plan to continue to invest in the development and expansion of our Mime | OS™ platform to improve on our existing solutions in order to provide more capabilities to our customers. Investments in capital expenditures in the year ended March 31, 2019 were $28.8 million of which $25.8 million related to the expansion of our grid architecture.
We expect fiscal year 2020 capital expenditures to increase significantly as we expect to incur one-time costs related to the build out and expansion of facilities in the U.K. and other locations and additional data center expansion primarily in the U.S.
As of March 31, 2019 and 2018, we had cash, cash equivalents and investments of $173.5 million and $137.2 million, respectively. Based on our current operating plan, we believe that our current cash and cash equivalents, investments and operating cash flows will be sufficient to fund our operations for at least the next twelve months. Our future capital requirements may vary materially from those planned and will depend on certain factors, such as our growth and our operating results.
If we require additional capital resources to grow our business or to acquire complementary technologies and businesses in the future, we may seek to sell additional equity or raise funds through debt financing or other sources. We may also seek to invest in or acquire complement ary businesses, applications or technologies, any of which could also require us to seek additional equity or debt financing.
We cannot provide assurance that additional financing will be available at all or on terms favorable to us. We had no material commitments for capital expenditures as of March 31, 2019 or 2018.
Table:
 |  | Year ended March 31,  | 
 | 2019 | 2018 | 2017
 |  | (in thousands) | 
Net cash provided by operating activities | $66,235 | $46,412 | $32,514
Net cash used in investing activities | (121,324) | (35,019) | (84,615)
Net cash provided by (used in) financing activities | 116,985 | 13,156 | (332)


Question: What are the principal sources of liquidity?
Answer: cash and cash equivalents, investments and accounts receivable.
The failed-sale-leaseback accounting treatment had the following effects on our consolidated results of operations for the years ended December 31, 2018 and 2017:
After factoring in the costs to sell the data centers and colocation business, excluding the impact from the failed-sale-leaseback accounting treatment, the sale resulted in a $20 million gain as a result of the aggregate value of the proceeds we received exceeding the carrying value of the assets sold and liabilities assumed. Based on the fair market values of the failed-sale-leaseback assets, the failed-sale-leaseback accounting treatment resulted in a loss of $102 million as a result of the requirement to treat a certain amount of the pre-tax cash proceeds from the sale of the assets as though it were the result of a financing obligation. The combined net loss of $82 million was included in selling, general and administrative expenses in our consolidated statement of operations for the year ended December 31, 2017.
Effective November 3, 2016, which is the date we entered into the agreement to sell a portion of our data centers and colocation business, we ceased recording depreciation of the property, plant and equipment to be sold and amortization of the business’s intangible assets in accordance with applicable accounting rules. Otherwise, we estimate that we would have recorded additional depreciation and amortization expense of $67 million from January 1, 2017 through May 1, 2017.
Upon adopting ASU 2016-02, accounting for the failed sale leaseback is no longer applicable based on our facts and circumstances, and the real estate assets and corresponding financing obligation were derecognized from our consolidated financial statements. Please see “Leases” (ASU 2016-02) in Note 1— Background and Summary of Significant Accounting Policies for additional information on the impact the new lease standard will have on the accounting for the failed-sale-leaseback.
Table:
 | Positive (Negative) Impact to Net Income | 
 | December 31, | 
 | 2018 | 2017
 | (Dollars in millions) | 
Increase in revenue | $74 | 49
Decrease in cost of sales | 22 | 15
Increase in loss on sale of business included in selling, general and administrative expense | — | (102)
Increase in depreciation expense (one-time) | — | (44)
Increase in depreciation expense (ongoing) | (69) | (47)
Increase in interest expense | (55) | (39)
Decrease in income tax expense | 7 | 65
Decrease in net income | $(21) | (103)


Question: The table contains the consolidated results of operations for which years?
Answer: 2018, 2017
The Company evaluates these assumptions on a periodic basis taking into consideration current market conditions and historical market data. The discount rate is used to calculate expected future cash flows at a present value on the measurement date, which is December 31. This rate represents the market rate for high-quality fixed income investments. A lower discount rate would increase the present value of benefit obligations. Other assumptions include demographic factors such as retirement, mortality and turnover.
The following table provides information about the net periodic benefit cost and other accumulated comprehensive income for the Pension Plans (in thousands):
In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). These amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component outside of a subtotal of income from operations. If a separate line item is not used, the line items used in the income statement to present other components of net benefit cost must be disclosed. These amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. These amendments were applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Service cost | $405 | $448 | $443
Interest cost | 254 | 196 | 194
Recognized actuarial (gains) | (86) | (58) | (43)
Net periodic benefit cost | 573 | 586 | 594
Unrealized net actuarial (gains), net of tax | (2,324) | (2,256) | (1,574)
Total amount recognized in net periodic benefit cost and accumulated other comprehensive income (loss) | $(1,751) | $(1,670) | $(980)


Question: What was the change in interest cost in 2019 from 2018?
Answer: 58
Calculation: 254-196
Stock repurchases
(1) On March 15, 2019, the Company announced that the Board of Directors extended the expiration date of the current stock repurchase program to June 30, 2020 and increased the amount of common stock the Company is authorized to repurchase by $60 million.
Table:
 | 2019 |  | 2018 |  | 2017 | 
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount
January 1, |  | $6,620 |  | $34,892 |  | $39,385
Authorizations (1) |  | $60,000 |  | $27,003 |  | $ -
Repurchases | (333) | $(21,136) | (1,001) | $(55,275) | (99) | $(4,493)
December 31, |  | $45,484 |  | $6,620 |  | $34,892


Question: When did the company announce that the Board of Directors extended the expiration date of the current stock repurchase program?
Answer: March 15, 2019
GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Note 18. Quarterly Consolidated Results of Operations Data (Unaudited)
The following table sets forth our quarterly consolidated results of operations data for each of the eight quarters in the period ended December 31, 2019. GS Holdings is our predecessor for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of GS Holdings and its subsidiaries. The amounts during the period from May 24, 2018 through December 31, 2018 represent those of consolidated GreenSky, Inc. and its subsidiaries. Basic and diluted earnings per share of Class A common stock is applicable only for the period from May 24, 2018 through December 31, 2018, which is the period following the Reorganization Transactions and IPO. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 for further information on our organization and see Note 2 for further information on our earnings per share.
(1) Year-to-date results may not agree to the sum of individual quarterly results due to rounding.
Table:
 |  |  | Year Ended December 31, 2018 |  | 
 | First
Quarter | Second
Quarter | Third Quarter | Fourth
Quarter | Total
Total revenue | $85,326 | $105,704 | $113,912 | $109,731 | $414,673
Cost of revenue (exclusive of depreciation
and amortization) | 36,130 | 33,765 | 35,374 | 55,170 | 160,439
Total costs and expenses | 61,749 | 58,896 | 59,655 | 81,583 | 261,883
Operating profit | 23,577 | 46,808 | 54,257 | 28,148 | 152,790
Total other income (expense), net | (4,973) | (4,398) | (5,170) | (4,735) | (19,276)
Income before income tax expense (benefit) | 18,604 | 42,410 | 49,087 | 23,413 | 133,514
Net income | 18,604 | 40,816 | 45,712 | 22,848 | 127,980
Less: Net income attributable to
noncontrolling interests | 18,604 | 35,266 | 33,711 | 16,143 | 103,724
Net income attributable to GreenSky, Inc. | N/A | 5,550 | 12,001 | 6,705 | 24,256
Earnings per share of Class A common stock: |  |  |  |  | 
Basic | N/A | $0.10 | $0.21 | $0.12 | $0.43
Diluted(1) | N/A | $0.09 | $0.20 | $0.11 | $0.41


Question: What was the net total other income (expense)?
Answer: (19,276)
Assumptions used
The last triennial actuarial valuation of the Scheme was performed by an independent professional actuary at 30 April 2018 using the projected unit method of valuation. For the purposes of IAS 19 (revised) the actuarial valuation as at 30 April 2018 has been updated on an approximate basis to 31 March 2019. There have been no changes in the valuation methodology adopted for this year’s disclosures compared to the prior year’s disclosures.
The principal financial assumptions used to calculate the liabilities under IAS 19 (revised) are as follows:
The financial assumptions reflect the nature and term of the Scheme’s liabilities.
Table:
 | 2019 | 2018
 | % | %
Discount rate for scheme liabilities | 2.45 | 2.60
CPI inflation | 2.35 | 2.25
RPI inflation | 3.45 | 3.35
Pension increases |  | 
Pre 1988 GMP | – | –
Post 1988 GMP | 2.10 | 2.10
Pre 2004 non GMP | 5.00 | 5.00
Post 2004 | 3.35 | 3.25


Question: What is the assumed Discount rate for scheme liabilities in 2019?
Answer: 2.45
Cash Flows
The following table summarizes our cash flows for the periods indicated:
Operating Activities
Our primary source of cash from operating activities has been cash collections from our customers. We expect cash inflows from operating activities to be primarily affected by increases in total bookings. Our primary uses of cash from operating activities have been for domain registration costs paid to registries, software licensing fees related to third-party email and productivity solutions, personnel costs, discretionary marketing and advertising costs, technology and development costs and interest payments. We expect cash outflows from operating activities to be affected by the timing of payments we make to registries and increases in personnel and other operating costs as we continue to grow our business and increase our international presence.
Net cash provided by operating activities increased $163.6 million from $559.8 million in 2018 to $723.4 million in 2019, primarily driven by our bookings growth as well as increased interest income.
Investing Activities
Our investing activities primarily consist of strategic acquisitions and purchases of property and equipment to support the overall growth of our business and our increased international presence. We expect our investing cash flows to be affected by the timing of payments we make for capital expenditures and the strategic acquisition or other growth opportunities we decide to pursue.
Net cash used in investing activities decreased $119.5 million from $254.8 million in 2018 to $135.3 million in 2019, primarily due to a $106.9 million decrease in business acquisitions.
Financing Activities
Our financing activities primarily consist of long-term debt borrowings, the repayment of principal on long-term debt, stock option exercises and share repurchases.
Net cash from financing activities decreased $503.9 million from $47.0 million provided in 2018 to $456.9 million used in 2019, primarily resulting from $458.6 million of share repurchases in 2019, a $44.4 million increase in acquisition contingent consideration payments and $13.2 million of financing-related costs paid in 2019.
Table:
 | Year Ended December 31, |  | 
 | 2019 | 2018 | 2017
Net cash provided by operating activities | $723.4 | $559.8 | $475.6
Net cash used in investing activities | (135.3) | (254.8) | (1,570.1)
Net cash provided by (used in) financing activities | (456.9) | 47.0 | 1,107.5
Effect of exchange rate changes on cash and cash equivalents | (0.8) | (2.3) | 3.6
Net increase in cash and cash equivalents | $130.4 | $349.7 | $16.6


Question: What are the 3 types of activities that cash flow comprises of?
Answer: Operating, Investing, Financing
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
The Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, or if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $53.0 million.
A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:
During the years ended December 31, 2019, 2018 and 2017, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, which resulted in a decrease of $2.5 million, $9.3 million and $0.4 million, respectively, in the liability for uncertain tax benefits.
The Company recorded penalties and tax-related interest expense to the tax provision of $10.3 million, $8.0 million and $5.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. In addition, due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions during the years ended December 31, 2019, 2018 and 2017 by $2.7 million, $16.2 million and $0.6 million, respectively.
As of December 31, 2019 and 2018, the total amount of accrued income tax-related interest and penalties included in the consolidated balance sheets were $26.6 million and $19.1 million, respectively.
The Company has filed for prior taxable years, and for its taxable year ended December 31, 2019 will file, numerous consolidated and separate income tax returns, including U.S. federal and state tax returns and foreign tax returns. The Company is subject to examination in the U.S. and various state and foreign jurisdictions for certain tax years. As a result of the Company’s ability to carryforward federal, state and foreign NOLs, the applicable tax years generally remain open to examination several years after the applicable loss carryforwards have been used or have expired. The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. The Company believes that adequate provisions have been made for income taxes for all periods through December 31, 2019.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Balance at January 1 | $107.7 | $116.7 | $107.6
Additions based on tax positions related to the current year | 33.3 | 8.1 | 7.6
Additions and reductions for tax positions of prior years | 37.5 | 0.3 | —
Foreign currency | (1.6) | (8.1) | 1.9
Reduction as a result of the lapse of statute of limitations | (1.3) | (2.6) | (0.4)
Reduction as a result of effective settlements | — | (6.7) | —
Balance at December 31 | $175.6 | $107.7 | $116.7


Question: Which years did the company record penalties and tax-related interest expense?
Answer: 2019, 2018, 2017
Restricted Share Awards
Restricted share awards, which are generally in the form of restricted share units, are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. All restrictions on an award will lapse upon death or disability of the employee. If the employee satisfies retirement requirements, a portion of the award may vest, depending on the terms and conditions of the particular grant. Recipients of restricted share units have no voting rights, but do receive dividend equivalents. For grants that vest through passage of time, the fair value of the award at the time of the grant is amortized to expense over the period of vesting. The fair value of restricted share awards is determined based on the closing value of our shares on the grant date. Restricted share awards generally vest in increments over a period of four years as determined by the management development and compensation committee.
Restricted share award activity was as follows:
The weighted-average grant-date fair value of restricted share awards granted during fiscal 2019, 2018, and 2017 was $77.77, $93.45, and $67.72, respectively.
The total fair value of restricted share awards that vested during fiscal 2019, 2018, and 2017 was $48 million, $50 million, and $50 million, respectively.
As of fiscal year end 2019, there was $64 million of unrecognized compensation expense related to nonvested restricted share awards, which is expected to be recognized over a weighted-average period of 1.7 years.
Table:
 | Shares | Weighted-Average Grant-Date Fair Value
Nonvested at fiscal year end 2018 | 1,631,470 | $  75.39
Granted | 692,899 | 77.77
Vested | (689,040) | 70.31
Forfeited | (232,910) | 78.80
Nonvested at fiscal year end 2019 | 1,402,419 | $  78.36


Question: What was the weighted-average grant-date fair value of restricted share awards granted during fiscal 2019?
Answer: $77.77
Interest and Other
Interest income decreased by $1.9 million from 2018 to 2019 due primarily to lower cash and marketable securities balances in 2019. Interest expense decreased by $8.2 million from 2018 to 2019 due primarily to unrealized losses on equity marketable securities recognized in 2018. Other (income) expense, net increased by $28.1 million from 2018 to 2019 due primarily to a $15.0 million charge for the impairment of the investment in RealWear and an $11.5 million change in pension actuarial (gains) losses from a $3.3 million gain in 2018 to an $8.2 million loss in 2019.
Table:
 | 2019 | 2018 | 2018-2019 Change
 |  | (in millions) | 
Interest income | $(24.8) | $(26.7) | $1.9
Interest expense | 23.1 | 31.3 | (8.2)
Other (income) expense, net | 29.5 | 1.4 | 28.1


Question: In which year was interest expense larger?
Answer: 2018
Calculation: 31.3>23.1