hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Provision for Income Taxes: Our effective income tax rates for each of the periods presented were the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. In fiscal 2018, the Tax Act was signed into law. The more significant provisions of the Tax Act as applicable to us are described above under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”. refer to Note 14 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a discussion regarding the differences between the effective income tax rates as presented for the periods below and the U.S. federal statutory income tax rates that were in effect during these periods. Future effective income tax rates could be adversely affected by an unfavorable shift of earnings weighted to jurisdictions with higher tax rates, by unfavorable changes in tax laws and regulations, by adverse rulings in tax related litigation, or by shortfalls in stock-based compensation realized by employees relative to stock-based compensation that was recorded for book purposes, among others.
Provision for income taxes decreased in fiscal 2019 relative to fiscal 2018 primarily due to the absence of the initial accounting charges related to the Tax Act that were recorded in fiscal 2018. To a lesser extent, provision for income taxes also decreased in fiscal 2019 due to the net favorable impacts of our final accounting for the Tax Act in fiscal 2019; the net favorable impacts of the Tax Act on our tax profile during fiscal 2019; the favorable impact of a tax benefit arising from an increase in a deferred tax asset associated with a partial realignment of our legal structure in fiscal 2019; and lower income before provision for income taxes in fiscal 2019. These decreases to our provision for income taxes in fiscal 2019 relative to fiscal 2018 were partially offset both by lower excess tax benefits related to stock-based compensation expense in fiscal 2019, and by less favorable changes in net unrecognized tax benefits due to settlements with tax authorities and other events in fiscal 2019 relative to fiscal 2018.
Table:
 |  |  | Year Ended May 31, | 
 |  |  | Percent Change | 
(Dollars in millions) | 2019 | Actual | Constant | 2018
Provision for income taxes | $1,185 | -87% | -86% | $8,837
Effective tax rate | 9.7% |  |  | 71.1%


Question: What are some reasons provided for possible adverse impact on effective income tax rates?
Answer: Future effective income tax rates could be adversely affected by an unfavorable shift of earnings weighted to jurisdictions with higher tax rates, by unfavorable changes in tax laws and regulations, by adverse rulings in tax related litigation, or by shortfalls in stock-based compensation realized by employees relative to stock-based compensation that was recorded for book purposes, among others.
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
Credit risk
Credit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss and arises from cash and cash equivalents, short-term investments, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including trade and other receivables, dividends receivable and other amounts due from related parties. The Group is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Group currently deals primarily with financial institutions and customers with high credit ratings.
For the year ended December 31, 2019, 70.0% of the Group’s revenue was earned from Shell (December 31, 2018 and December 31, 2017, 74.2% and 92.6%, respectively) and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Group’s counterparties. BG Group was acquired by Shell on February 15, 2016. This acquisition does not impact the contractual obligations under the existing charter party agreements. The Group did not experience significant credit losses on its accounts receivable portfolio during the three years ended December 31, 2019. The carrying amount of financial assets recorded in the consolidated financial statements represents the Group’s maximum exposure to credit risk. Management monitors exposure to credit risk, and they believe that there is no substantial credit risk arising from the Group’s counterparties.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.
Table:
 | As of December 31, | 
 | 2018 | 2019
Cash and cash equivalents | 342,594 | 263,747
Short-term investments | 25,000 | 4,500
Trade and other receivables | 20,244 | 24,900
Dividends receivable and other amounts due from related parties | 33,395 | 573
Derivative financial instruments | 15,188 | 4,001


Question: What are the components subjected to credit risk?
Answer: Cash and cash equivalents, Short-term investments, Trade and other receivables, Dividends receivable and other amounts due from related parties, Derivative financial instruments
Shares Reserved for Issuance
The following are shares reserved for issuance (in thousands):
Table:
 | June 30,
2019 | June 30,
2018
2013 Equity Incentive Plan shares available for grant | 8,462 | 9,957
Employee stock options and awards outstanding | 10,455 | 12,060
2014 Employee Stock Purchase Plan | 10,085 | 5,365
Total shares reserved for issuance | 29,002 | 27,382


Question: How many years did 2013 Equity Incentive Plan shares available for grant exceed $5,000 thousand?
Answer: 2
Calculation: 2019##2018
NOTE 3 - SHORT TERM INVESTMENTS
The Company's short term investments are classified as below with maturities of twelve months or less, unrealized gains and losses were immaterial for the periods presented:
Table:
 | December 31 | 
 | 2019 | 2018
 | (in thousands) | 
Government | $1,012 | $—
Asset Backed | 4,854 | 1,786
Industrial | 5,034 | 2,381
Financial | 6,879 | 7,136
 | $17,779 | $11,303


Question: What are the respective values of the company's asset-backed short term investments in 2018 and 2019 respectively?
Answer: 1,786, 4,854
As stock-based compensation expense recognized in the consolidated statements of operations is based on awards ultimately expected to vest, expense for grants beginning upon adoption on October 1, 2005 has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rates for the years ended September 30, 2019 and 2018 were based on actual forfeitures.
No cash was used to settle equity instruments granted under share-base payment arrangements in any of the years in the two-year period ended September 30, 2019.
The following tables provide summary data of stock option award activity:
Table:
 | Number of shares | Weighted average exercise price | Weighted average remaining contractual term | Aggregate Intrinsic Value (in thousands)
Outstanding at September 30, 2017 | 9,376 | 4.49 | - | -
Granted | - | - | - | -
Expired | (1,250) | 6.82 | - | -
Forfeited | - | - | - | -
Exercised | (4,626) | 4.67 | - | -
Outstanding at September 30, 2018 | 3,500 | $3.42 | - | -
Granted | - | - | - | -
Expired | (500) | $2.99 | - | -
Forfeited | - | - | - | -
Exercised | (1,000) | 2.99 | - | -
Outstanding at September 30, 2019 | 2,000 | $3.75 | .98 years | $19
Exercisable at September 30, 2019 | 2,000 | $3.75 | .98 years | $19
Vested and expected to vest at September 30, 2019 | 2,000 | $3.75 | .98 years | $19


Question: What is the total number of expired shares in 2017 and 2018?
Answer: 1750
Calculation: 1,250 + 500
Consolidated Statements of Comprehensive Income (Loss)
(Amounts in thousands)
(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.
(2) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.
See accompanying notes to consolidated financial statements.
Table:
 |  | Fiscal Years Ended March 31, | 
 | 2019 | 2018 | 2017
Net income (1) | $206,587 | $254,127 | $47,157
Other comprehensive income (loss), net of tax: |  |  | 
Foreign currency translation gains (losses) (2) | (24,065) | 35,271 | (15,284)
Defined benefit pension plans | (927) | 167 | 163
Defined benefit post-retirement plan adjustments | (86) | (255) | 20
Equity interest in investee’s other comprehensive income (loss) | (11) | 5,584 | 1,440
Foreign exchange contracts | (588) | (1,753) | 3,274
Excluded component of fair value hedges | (2,249) | — | —
Other comprehensive income (loss) (2) | (27,926) | 39,014 | (10,387)
Total comprehensive income (1) | $178,661 | $293,141 | $36,770


Question: What was the net income in 2017?
Answer: 47,157
Cost of Revenues
Cost of Subscription Solutions
Cost of subscription solutions increased $27.2 million, or 26.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher third-party infrastructure and hosting costs. The increase was also due to an increase in costs necessary to support a greater number of merchants using our platform, resulting in an increase in: credit card fees for processing merchant billings, employee-related costs, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, costs of subscription solutions decreased from 9.4% in 2018 to 8.1% in 2019 due to a decrease in third-party infrastructure and hosting costs and employee-related costs as a percentage of revenue in 2019.
Cost of subscription solutions increased $39.7 million, or 64.8%, for the year ended December 31, 2018 compared to the same period in 2017. The increase was primarily due to higher third-party infrastructure and hosting costs as well as higher employee-related costs.
Cost of Merchant Solutions
Cost of merchant solutions increased $208.4 million, or 55.4%, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to the increase in GMV facilitated through Shopify Payments, which resulted in higher payment processing and interchange fees. The increase was also due to higher amortization, largely related to the technology resulting from the 6RS acquisition, higher product costs associated with expanding our product offerings and higher credit card fees for processing merchant billings. Cost of merchant solutions as a percentage of revenues increased from 35.0% in 2018 to 37.0% in 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.
Cost of merchant solutions increased $144.2 million, or 62.2%, for the year ended December 31, 2018 compared to the same period in 2017. The increase was primarily due to the increase in GMV facilitated through Shopify Payments, which resulted in payment processing fees, including interchange fees, increasing for the year ended December 31, 2018 as compared to the same period in 2017.
Table:
 | Years ended December 31 |  |  | 2019 vs 2018 | 2018 vs 2017
 | 2019 | 2018 | 2017 | % | %
 | (in thousands, except percentages) |  |  |  | 
Cost of revenues: |  |  |  |  | 
Cost of subscription solutions | $ 128,155 | $ 100,990 | $ 61,267 | 26.9 % | 64.8 %
Cost of merchant solutions | 584,375 | 375,972 | 231,784 | 55.4 % | 62.2 %
Total cost of revenues | $ 712,530 | $ 476,962 | $ 293,051 | 49.4 % | 62.8 %
Percentage of revenues: |  |  |  |  | 
Cost of subscription solutions | 8.1 % | 9.4 % | 9.1 % |  | 
Cost of merchant solutions | 37.0 % | 35.0 % | 34.4 % |  | 
 | 45.1 % | 44.4 % | 43.5 % |  | 


Question: What is the 2019 year ended cost of subscription solutions?
Answer: $ 128,155
6. Property, Plant and Equipment
Property, plant and equipment consisted of the following (in thousands):
Depreciation expense was $51.7 million, $51.1 million and $48.8 million in fiscal years 2019, 2018 and 2017, respectively.
The Company maintains insurance for both property damage and business interruption relating to catastrophic events, such as fires. Insurance recoveries received for property damage and business interruption in excess of the net book value of damaged assets, clean-up and demolition costs, and post-event costs are recognized as income in the period received or committed when all contingencies associated with the recoveries are resolved. Gains on insurance recoveries related to business interruption are recorded within “Cost of sales” and any gains or losses related to property damage are recorded within “Other income (expense).” Insurance recoveries related to business interruption are classified as operating cash flows and recoveries related to property damage are classified as investing cash flows in the statement of cash flows. Insurance claims incurred or finalized during the fiscal years ended 2019, 2018, and 2017 did not have a material affect on the Company's consolidated financial statements.
Table:
 | June 1, 2019 | June 2, 2018
Land and improvements | $93,046 | $90,757
Buildings and improvements | 370,451 | 360,030
Machinery and equipment | 496,166 | 478,997
Construction-in-progress | 52,551 | 9,307
 | 1,012,214 | 939,091
Less: accumulated depreciation | 555,920 | 513,707
 | $456,294 | $425,384


Question: What was the depreciation expense in 2019?
Answer: $51.7 million
the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s . dollar , would have on the fair value of our forward exchange contracts as of october 30 , 2010 and october 31 , 2009: .

Table:
 | october 30 2010 | october 31 2009
fair value of forward exchange contracts asset | $ 7256 | $ 8367
fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset | $ 22062 | $ 20132
fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability | $ -7396 ( 7396 ) | $ -6781 ( 6781 )
fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset .
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$ 22062 $ 20132 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability .
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$ ( 7396 ) $ ( 6781 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s .
dollar .
in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive .
our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .

Question: what is the growth rate in the fair value of forward exchange contracts asset from 2009 to 2010?
Answer: -13.3%
Calculation: subtract(7256, 8367), divide(#0, 8367)
Foreign Currency Analysis
We generate a significant amount of our revenue in the United States, Germany, Japan, the United Kingdom and Canada
The following table shows the impact of foreign exchange rate changes on our net revenue and total spend:
(1) Please refer to the Glossary of Terms for the definitions of our constant currency growth rates.
Changes in the value of the U.S. dollar may have a significant effect on net revenue, total spend, and income (loss) from operations in future periods. We use foreign currency contracts to reduce the exchange rate effect on a portion of the net revenue of certain anticipated transactions but do not attempt to completely mitigate the impact of fluctuations of such foreign currency against the U.S. dollar.
Table:
 | Fiscal Year Ended January 31, 2019 |  | 
 | Percent change compared to prior fiscal year (as reported) | Constant currency percent change compared to prior fiscal year (1) | Positive/negative/neutral impact from foreign exchange rate changes
Revenue | 25% | 24% | Positive
Total spend | 1% | 1% | Neutral


Question: How much did the foreign exchange rate changes impact percent change in total spend?
Answer: 0
Calculation: 1%-1%
ADJUSTED NET DEBT AND DEBT LEVERAGE RATIO
We use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and make capital structure-related decisions. Adjusted net debt includes long-term debt, net debt derivative assets or liabilities, short-term borrowings, and cash and cash equivalents.
1 Includes current and long-term portion of long-term debt before deferred transaction costs and discounts. See “Reconciliation of adjusted net debt” in “Non-GAAP Measures and Related Performance Measures” for the calculation of this amount. 2 For purposes of calculating adjusted net debt and debt leverage ratio, we believe including debt derivatives valued without adjustment for credit risk is commonly used to evaluate debt leverage and for market valuation and transactional purposes.
3 See “Accounting Policies” for more information. 4 Adjusted net debt and adjusted EBITDA are non-GAAP measures and should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies. See “Non-GAAP Measures and Related Performance Measures” for information about these measures, including how we calculate themand the debt leverage ratio inwhich they are used.
As a result of our adoption of IFRS 16 effective January 1, 2019, we
have modified our definition of adjusted net debt such that it now includes the total of “current portion of lease liabilities” and “lease liabilities”. We believe adding total lease liabilities to adjusted net debt is appropriate as they reflect payments to which we are contractually committed and the related payments have been removed from our calculation of adjusted EBITDA due to the accounting change.
In addition, as at December 31, 2019, we held $1,831 million of
marketable securities in publicly traded companies (2018 – $1,051 million). Our adjusted net debt increased by $3,379 million from December 31, 2018 as a result of: • the inclusion of lease liabilities in the calculation, which had a balance of $1,725 million at year-end, as discussed above; and • a net increase in our outstanding long-term debt, in part due to the 600 MHz spectrum licences we acquired for $1,731 million this year; partially offset by • an increase in our net cash position.
See “Overview of Financial Position” for more information.
Table:
 | As at December 31 | As at January 1 | As at December 31
(In millions of dollars, except ratios) | 2019 | 2019 | 2018
Long-term debt 1 | 16,130 | 14,404 | 14,404
Net debt derivative assets valued without any adjustment for credit risk 2 | (1,414) | (1,448) | (1,448)
Short-term borrowings | 2,238 | 2,255 | 2,255
Lease liabilities 3 | 1,725 | 1,545 | –
Cash and cash equivalents | (494) | (405) | (405)
Adjusted net debt 4 | 18,185 | 16,351 | 14,806
Divided by: trailing 12-month adjusted EBITDA 4 | 6,212 | 6,157 | 5,983
Debt leverage ratio 4 | 2.9 | 2.7 | 2.5


Question: What is the increase/ (decrease) in Net debt derivative assets valued without any adjustment for credit risk from December 31, 2018 to December 31, 2019?
Answer: -34
Calculation: 1,414-1,448
FNF
We are party to certain agreements with FNF, including agreements that were entered into when we were related parties. As a result of the Distribution, FNF no longer has an ownership interest in us, but was still considered a related party until December 1, 2019 due to the combination of certain shared board members, members of senior management and various agreements. As of December 1, 2019, the Chairman of our Board of Directors no longer serves as one of our executive officers, and FNF is no longer considered a related party.
We have various agreements with FNF to provide software, data and analytics services, as well as corporate shared services and information technology. We are also a party to certain other agreements under which we incur other expenses or receive revenues from FNF.
A detail of the revenues and expenses, net from FNF is as follows (in millions):
(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.
We paid to FNF a guarantee fee of 1.0% of the outstanding principal of the Senior Notes (as defined in Note 12 — Long Term Debt) in exchange for the guarantee by FNF of the Senior Notes. For the year ended December 31, 2017, the guarantee fee was included in Interest expense, net on the Consolidated Statements of Earnings and Comprehensive Earnings. On April 26, 2017, the Senior Notes were redeemed, and we are no longer required to pay a guarantee fee.
Table:
 |  | Year ended December 31, | 
 | 2019 (1) | 2018 | 2017
Revenues | $59.5 | $57.6 | $56.8
Operating expenses | 12.5 | 12.1 | 12.3
Guarantee fee | — | — | 1.2


Question: What was the percentage change in operating expenses between 2018 and 2019?
Answer: 3.31
Calculation: (12.5-12.1)/12.1
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
As of December 31, 2019, the Company does not have material operating or financing leases that have not yet commenced.
Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows:
(1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
Table:
Fiscal Year | Operating Lease (1) | Finance Lease (1)
2020 | $904.3 | $8.0
2021 | 878.3 | 5.3
2022 | 845.5 | 4.3
2023 | 810.3 | 3.0
2024 | 766.4 | 2.1
Thereafter | 6,140.1 | 45.4
Total lease payments | 10,344.9 | 68.1
Less amounts representing interest | (3,340.0) | (37.4)
Total lease liability | 7,004.9 | 30.7
Less current portion of lease liability | 494.5 | 6.7
Non-current lease liability | $6,510.4 | $24.0


Question: What were operating and finance lease balances translated at?
Answer: the applicable period-end exchange rate, which may impact comparability between periods.