hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
GAINS (LOSSES) ON EQUITY INVESTMENTS AND INTEREST AND OTHER, NET
GAINS (LOSSES) ON EQUITY INVESTMENTS, NET
Ongoing mark-to-market net gains and losses reported in 2019 and 2018 were primarily driven by ASML Holding N.V. (ASML) and Cloudera Inc. (Cloudera). During 2019 we sold our equity investment in ASML.
In 2019, we recognized $293 million in observable price adjustments primarily from one investment.
During 2018, we recognized an impairment charge of $290 million in our equity method investment in IMFT. During 2017, we recognized impairment charges in our investments of Cloudera for $278 million and Unisoc for $308 million.
Major drivers of sales of equity investments and other in 2019 were dividends of $632 million from McAfee and a gain of $107 million from our sale of our non-controlling interest in IMFT. In 2017, we recognized $3.4 billion in realized gains on sales of a portion of our interest in ASML.
INTEREST AND OTHER, NET
We recognized a higher net gain in interest and other in 2019 compared to 2018, primarily due to lower loss on debt conversions and larger divestiture gains in 2019 compared to 2018.
We recognized a net gain in interest and other in 2018 compared to a net loss in 2017, primarily due to lower losses on debt conversions, higher assets under construction resulting in more capitalized interest, and larger divestiture gains in 2018 compared to 2017.
Table:
Years Ended | Dec 28, | Dec 29, | Dec 30,
(In Millions) | 2019 | 2018 | 2017
Ongoing mark-to market adjustments on marketable equity securities | $277 | $(129) | $ —
Observable price adjustments on non-marketable equity securities | 293 | 202 | —
Impairment charges | (122) | (424) | (833)
Sale of equity investments and other | 1,091 | 226 | 3,484
Gains (losses) one equity investments, net | $1,539 | $(125) | $2,651
Interest and other, net | $484 | $126 | $(349)


Question: What were the main reasons for a net gain in interest and other in 2018 compared to a net loss in 2017?
Answer: A net gain in interest and other in 2018 compared to a net loss in 2017, primarily due to lower losses on debt conversions, higher assets under construction resulting in more capitalized interest, and larger divestiture gains in 2018 compared to 2017.
12. Restructuring
In fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the year ended March 31, 2019, the Company incurred total restructuring charges of $14,765. These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $2,632 of stock- based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan.
The activity in the Company’s restructuring accruals for the year ended March 31, 2019 is summarized as follows:
As of March 31, 2019, the outstanding restructuring accruals primarily relate to future severance and lease payments.
(In thousands, except per share data)
Table:
 | Lease abandonment charges | Severance & payroll related charges | Total
Balance at March 31, 2018 | $— | $— | $—
Restructuring charges | 1,034 | 14,606 | 15,640
Payments | (540) | (12,642) | (13,182)
Accrual reversals | — | (875) | (875)
Balance at March 31, 2019 | $494 | $1,089 | $1,583


Question: What is the net total restructuring charges and payments for Severance & payroll related charges and lease abandonment charges?
Answer: 2458
Calculation: 14,606-12,642+1,034-540
Foreign currency translation risk
Our reporting currency is the U.S. dollar. Fluctuations in foreign currencies impact the amount of total assets and liabilities that we report for our foreign subsidiaries upon the translation of these amounts into U.S. dollars. In particular, the amount of cash and cash equivalents that we report in U.S. dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on our Consolidated Balance Sheets).
The following table shows our cash and cash equivalents denominated in certain major foreign currencies as of June 30, 2019 (equivalent in U.S. dollar):
If overall foreign currency exchange rates in comparison to the U.S. dollar uniformly weakened by 10%, the amount of cash and cash equivalents we would report in equivalent U.S. dollars would decrease by approximately $32.9 million (June 30, 2018—$34.6 million), assuming we have not entered into any derivatives discussed above under "Foreign Currency Transaction Risk".
Table:
(In thousands) | U.S. Dollar Equivalent at June 30, 2019 | U.S. Dollar Equivalent at June 30, 2018
Euro | $120,417 | $120,346
British Pound | 33,703 | 31,211
Canadian Dollar | 12,635 | 24,590
Swiss Franc | 56,776 | 52,652
Other foreign currencies | 105,273 | 117,459
Total cash and cash equivalents denominated in foreign currencies | 328,804 | 346,258
U.S. dollar | 612,205 | 336,684
Total cash and cash equivalents | $941,009 | $682,942


Question: At June 30, 2019, what is the Euro U.S. dollar equivalent expressed as a percentage of Total cash and cash equivalents denominated in foreign currencies?
Answer: 36.62
Calculation: 120,417/328,804
Note 3. Revenue from Contracts with Customers
Contract Assets
Our contract assets consist of capitalized commission costs and upfront payments made to customers. The current portion of capitalized commission costs and upfront payments made to customers are included in other current assets within our consolidated balance sheets. The non-current portion of capitalized commission costs and upfront payments made to customers are reflected in other assets within our consolidated balance sheets. Our amortization of contract assets during the years ended December 31, 2019 and 2018 were $2.4 million and $2.0 million, respectively. There were no amortized commission costs during the year ended December 31, 2017.
We review the capitalized costs for impairment at least annually. Impairment exists if the carrying amount of the asset recognized from contract costs exceeds the remaining amount of consideration we expect to receive in exchange for providing the goods and services to which such asset relates, less the costs that relate directly to providing those good and services and that have not been recognized as an expense. We did not record an impairment loss on our contract assets during the years ended December 31, 2019, 2018 and 2017.
The changes in our contract assets are as follows (in thousands):
Table:
 | Year Ended December 31, | 
 | 2019 | 2018
Beginning of period balance | $2,881 | $—
Commission costs and upfront payments to a customer capitalized in period | 4,141 | 4,864
Amortization of contract assets | (2,444) | (1,983)
End of period balance | $4,578 | $2,881


Question: What was the change between the beginning of period balance and end of period balance in 2019?
Answer: 1697
Calculation: 4,578-2,881
The table below summarizes our cash flows from continuing operations activities for each of the last two fiscal years (in thousands):
Operating Activities. Operating cash flows increased $64.4 million in 2019 compared with 2018 primarily due to favorable changes in working capital of  $37.0 million, primarily due to lower income tax payments of$41.3 million, and higher net income adjusted for non-cash items of $27.3 million
Pension and Postretirement Contributions — Our policy is to fund our pension plans at or above the minimum required by law. As of January 1, 2019, the date of our last actuarial funding valuation for our qualified pension plan, there was no minimum contribution funding requirement. In 2019 and 2018, we contributed $6.2 million and $5.5 million, respectively, to our pension and postretirement plans. We do not anticipate making any contributions to our qualified defined benefit pension plan in fiscal 2020. For additional information, refer to Note 12, Retirement Plans, of the notes to the consolidated financial statements.
Table:
 | 2019 | 2018
Total cash provided by (used in) continuing operations: |  | 
Operating activities | $168,405 | $104,055
Investing activities | (13,819) | 65,661
Financing activities | (5,730) | (445,529)
Net increase (decrease) in cash from continuing operations | $148,856 | $(275,813)


Question: What is the difference in cash flows for investing activities between 2018 and 2019?
Answer: 79480
Calculation: $65,661 + $13,819
Return on invested capital
Return on invested capital (ROIC) is a measure of the return generated on capital invested by the Group. The measure provides a guide rail for longterm value creation and encourages compounding reinvestment within the business and discipline around acquisitions with low returns and long payback. ROIC is calculated as underlying operating profit after tax divided by the annual average of: goodwill, intangible assets, property, plant and equipment, net assets held for sale, inventories, trade and other current receivables, and trade payables and other current liabilities.
(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.
(b) See reconciliation of operating profit to underlying operating profit on page 30.
(c) Tax on underlying operating profit is calculated as underlying operating profit before tax multiplied by underlying effective tax rate of 25.5% (2018: 25.7%) which is shown on page 30.
Table:
 | € million 2019 | € million 2018
 |  | (Restated)(a)
Underlying operating profit before tax(b) | 9,947 | 9,463
Tax on underlying operating profit(c) | (2,536) | (2,432)
Operating profit after tax | 7,411 | 7,031
Goodwill | 18,067 | 17,341
Intangible assets | 12,962 | 12,152
Property, plant and equipment | 12,062 | 12,088
Net assets held for sale | 81 | 108
Inventories | 4,164 | 4,301
Trade and other current receivables | 6,695 | 6,482
Trade payables and other current liabilities | (14,768) | (14,457)
Period-end invested capital | 39,263 | 38,015
Average invested capital for the period | 38,639 | 38,749
Return on average invested capital | 19.2% | 18.1%


Question: How is the underlying operating profit calculated?
Answer: underlying operating profit before tax multiplied by underlying effective tax rate
Net Pool Allocation: Net pool allocation decreased by $22.1 million, from a positive $17.8 million during the year ended December 31, 2018 to a negative $4.3 million during the year ended December 31, 2019. The decrease in net pool allocation was attributable to the movement in the adjustment of the net pool results generated by the GasLog vessels in accordance with the pool distribution formula for the total fleet of the pool, as well as GasLog’s vessels exiting the Cool Pool in June and July 2019. GasLog recognized gross revenues and gross voyage expenses and commissions of $45.3 million and $8.1 million, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2019 (December 31, 2018: $102.3 million and $10.2 million, respectively). GasLog’s total net pool performance is presented below:
Voyage Expenses and Commissions: Voyage expenses and commissions increased by 16.7%, or $3.4 million, from $20.4 million during the year ended December 31, 2018 to $23.8 million during the year ended December 31, 2019. The increase in voyage expenses and commissions is mainly attributable to an increase of $3.4 million in bunkers and voyage expenses consumed during certain unchartered and off-hire periods for the vessels trading in the spot market.
Table:
 | For the year ended | 
 | 2018 | 2019
Amounts in thousands of U.S. Dollars |  | 
Pool gross revenues (included in Revenues) | 102,253 | 45,253
Pool gross voyage expenses and commissions (included in Voyage expenses and commissions) | (10,154) | (8,086)
GasLog’s adjustment for net pool allocation (included in Net pool allocation) | 17,818 | (4,264)
GasLog’s total net pool performance | 109,917 | 32,903


Question: What is the percentage change in total net pool performance from 2018 to 2019?
Answer: -70.07
Calculation: (32,903 - 109,917)/109,917
Adjusted Return on Invested Capital (Adjusted RoIC): TORM defines Adjusted RoIC as earnings before interest and tax (EBIT) less tax and impairment losses and reversals, divided by the average invested capital less average impairment for the period. Invested capital is defined below.
The Adjusted RoIC expresses the returns generated on capital invested in the Group adjusted for impacts related to the impairment of the fleet. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. Adjusted RoIC is calculated as follows:
¹⁾ Average invested capital is calculated as the average of the opening and closing balance of invested capital.
²⁾ Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.
Table:
USDm | 2019 | 2018 | 2017
EBIT less Tax | 205.1 | 1.2 | 38.8
Impairment reversal | -120.0 | - | -
EBIT less tax and impairment | 85.1 | 1.2 | 38.8
Average invested capital¹⁾ | 1,627.7 | 1,437.7 | 1,396.9
Average impairment ²⁾ | 98.2 | 185.0 | 185.0
Average invested capital less average impairment | 1,725.9 | 1,622.7 | 1,581.9
Adjusted RoIC | 4.9% | 0.1% | 2.4%


Question: How is average impairment calculated?
Answer: as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.
The fair value of our foreign exchange forward contracts is presented on a gross basis in our Condensed Consolidated Balance Sheets. To mitigate losses in the event of nonperformance by counterparties, we have entered into master netting arrangements with our counterparties that allow us to settle payments on a net basis. The effect of netting on our derivative assets and liabilities was not material as of March 29, 2019 and March 30, 2018.
The notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows:
Table:
(In millions) | March 29, 2019 | March 30, 2018
Net investment hedges |  | 
Foreign exchange forward contracts sold | $116 | $—
Balance sheet contracts |  | 
Foreign exchange forward contracts purchased | $963 | $697
Foreign exchange forward contracts sold | $122 | $151


Question: What is the Foreign exchange forward contracts sold as of March 29, 2019?
Answer: $116
12. Earnings per share How are earnings per share calculated?
Basic earnings per share is calculated by dividing the profit after tax attributable to equity shareholders by the weighted average number of shares in issue after deducting the own shares held by employee share ownership trusts and treasury shares.
In calculating the diluted earnings per share, share options outstanding and other potential shares have been taken into account where the impact of these is dilutive. Options over 36m shares (2017/18: 23m shares, 2016/17: 27m shares) were excluded from the calculation of the total diluted number of shares as the impact of these is antidilutive.
The earnings per share calculations are based on profit after tax attributable to equity shareholders of the parent company which excludes non-controlling interests. Profit after tax was £2,159m (2017/18: £2,032m, 2016/17: £1,908m) and profit after tax attributable to non-controlling interests was £3m (2017/18: £4m, 2016/17: £1m). Profit attributable to non-controlling interests is not presented separately in the financial statements as it is not material.
Table:
Year ended 31 March | 2019 | 2018 | 2017
Basic weighted average number of shares (millions) | 9,912 | 9,911 | 9,938
Dilutive shares from share options (millions) | 6 | 2 | 27
Dilutive shares from executive share awards (millions) | 57 | 48 | 29
Diluted weighted average number of shares (millions) | 9,975 | 9,961 | 9,994
Basic earnings per share | 21.8p | 20.5p | 19.2p
Diluted earnings per share | 21.6p | 20.4p | 19.1p


Question: What was the option amount which was excluded from the calculation of total diluted number of shares in 2019?
Answer: 36m shares
Changes in the amounts of unrecognized tax benefits were as follows:
We had gross unrecognized tax benefits of $20.6 million and $19.8 million as of December 31, 2019 and 2018, respectively. If the current gross unrecognized tax benefits were recognized, the result would be an increase in our income tax benefit of $20.7 million and $19.6 million, respectively. These amounts are net of accrued interest and penalties relating to unrecognized tax benefits of $0.4 million and $0.2 million, respectively.
We believe that it is reasonably possible that $0.2 million of our currently remaining unrecognized tax benefits may be recognized by the end of 2020, as a result of a lapse of the applicable statute of limitations.
Table:
 |  | Year Ended December 31, | 
(In thousands) | 2019 | 2018 | 2017
Beginning balance as of January 1 | $ 19,821 | $ 10,939 | $ 10,616
Increases for tax positions related to the current year | 1,240 | 8,977 | 640
Decreases for tax positions related to prior years | 0 | 0 | (146)
Increases for tax positions related to prior years | 95 | 367 | 153
Decreases relating to settlements with taxing authorities | 0 | 0 | 0
Increases acquired in business acquisitions | 0 | 540 | 0
Foreign currency translation | 3 | (5) | 10
Reductions due to lapsed statute of limitations | (555) | (997) | (334)
Ending balance as of December 31 | $ 20,604 | $ 19,821 | $ 10,939


Question: What is the change in Increases for tax positions related to prior years between 2019 and 2018?
Answer: -272
Calculation: 95-367
Net Pool Allocation: Net pool allocation increased by $10.5 million, from $7.3 million during the year ended December 31, 2017 to $17.8 million during the year ended December 31, 2018. The increase in net pool allocation was attributable to the movement in the adjustment of the net pool results earned by the GasLog vessels in accordance with the pool distribution formula. GasLog recognized gross revenues and gross voyage expenses and commissions of $102.3 million and $10.2 million, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2018 (December 31, 2017: $38.0 million and $9.1 million, respectively). The increase in GasLog’s total net pool performance was driven by higher spot rates and higher utilization achieved by all vessels trading in the Cool Pool. GasLog’s total net pool performance is presented below:
Voyage Expenses and Commissions: Voyage expenses and commissions increased by 32.5%, or $5.0 million, from $15.4 million during the year ended December 31, 2017 to $20.4 million during the year ended December 31, 2018. The increase in voyage expenses and commissions is mainly attributable to an increase of $3.6 million in bunkers consumed and voyage expenses during certain unchartered and off-hire periods, an increase of $0.3 million in voyage expenses of the vessels operating in the spot market and an increase of $1.1 million in brokers’ commissions.
Table:
 | For the year ended | 
 | 2017 | 2018
Amounts in thousands of U.S. Dollars |  | 
Pool gross revenues (included in Revenues) | 38,046 | 102,253
Pool gross voyage expenses and commissions (included in Voyage expenses and commissions) | (9,122) | (10,154)
GasLog’s adjustment for net pool allocation (included in Net pool allocation) | 7,254 | 17,818
GasLog’s total net pool performance | 36,178 | 109,917


Question: What accounted for the increase in voyage expenses and commissions?
Answer: Mainly attributable to an increase of $3.6 million in bunkers consumed and voyage expenses during certain unchartered and off-hire periods, an increase of $0.3 million in voyage expenses of the vessels operating in the spot market and an increase of $1.1 million in brokers’ commissions.
5. Earnings per Common Share
The calculations of basic and diluted earnings per common share for the years ended June 30, 2019, 2018 and 2017 were as follows:
Table:
 |  | Years Ended June 30, | 
(in millions, except per share data) | 2019 | 2018 | 2017
Net income | $167.0 | $188.5 | $47.0
Less: earnings and dividends allocated to participating securities | (1.9) | (1.7) | (0.3)
Earnings available for common shareholders used in calculation of basic earnings per share | $165.1 | $186.8 | $46.7
Weighted average number of common shares outstanding, basic | 47.7 | 47.2 | 47.0
Basic earnings per common share | $3.46 | $3.96 | $0.99
Net income | $167.0 | $188.5 | $47.0
Less: earnings and dividends allocated to participating securities | (1.9) | (1.7) | (0.3)
Earnings available for common shareholders used in calculation of diluted earnings per share | $165.1 | $186.8 | $46.7
Weighted average number of common shares outstanding, basic | 47.7 | 47.2 | 47.0
Effect of shares issuable under share-based compensation plans | 0.4 | 0.4 | 0.1
Weighted average number of common shares outstanding, diluted | 48.1 | 47.6 | 47.1
Diluted earnings per common share | $3.43 | $3.92 | $0.99


Question: In which years is the diluted earnings per common share calculated?
Answer: 2019, 2018, 2017
Financial review
2019 was a challenging year for the retail property sector with the ongoing structural changes and low consumer confidence impacting some weaker retailers and leading to a higher level of CVAs and administrations. This impacted our revenue, net rental income and property valuations, with like-for-like net rental income down 9.1 per cent and the property revaluation deficit was £1,979.7 million.
Fixing the balance sheet is our top strategic priority and although the notes accompanying these financial statements indicate a material uncertainty in relation to intu’s ability to continue as a going concern we have options including alternative capital structures and further disposals to put us on a stronger financial footing.
1 A reconciliation from the IFRS consolidated income statement to the underlying earnings amounts presented above is provided in presentation of information on page 161.
2 Other underlying amounts includes net other income, share of underlying profit in associates and any underlying amounts attributable to non-controlling interests.
3 Other non-underlying amounts includes losses on disposal of subsidiaries, gains on sale of investment and development property, write-down on recognition of joint ventures and other assets classified as held for sale, impairment of goodwill, impairment of investment in associates, impairment of loan to associate, exceptional administration expenses, exceptional tax, and any non-underlying amounts attributable to non-controlling interests.
The IFRS loss for the year attributable to owners of intu properties plc increased by £818.7 million to £1,950.9 million, with the IFRS basic loss per share increasing by 60.8 pence. Underlying earnings decreased by £65.9 million to £127.2 million, with a corresponding reduction in underlying EPS of 4.9 pence. The key drivers of these variances are discussed below.
Table:
£m | Notes | 2019 | 2018 | Change
Net rental income | A | 401.6 | 450.5 | (48.9)
Administration expenses | B | (40.5) | (44.0) | 3.5
Net finance costs | C | (224.6) | (220.4) | (4.2)
Tax on underlying profit | D | (17.6) | (0.7) | (16.9)
Other underlying amounts2 |  | 8.3 | 7.7 | 0.6
Underlying earnings1 |  | 127.2 | 193.1 | (65.9)
Revaluation of investment and development property | E | (1,979.7) | (1,405.0) | (574.7)
Change in fair value of financial
instruments | F | (75.3) | 86.3 | (161.6)
Other finance charges – exceptional | G | (37.7) | (28.4) | (9.3)
Other non-underlying amounts3 |  | 14.6 | 21.8 | (7.2)
IFRS loss for the year attributable
to owners of intu properties plc1 |  | (1,950.9) | (1,132.2) | (818.7)
IFRS basic loss per share (pence) |  | (145.1)p | (84.3)p | (60.8)p
Underlying EPS (pence) |  | 9.5p | 14.4p | (4.9)p


Question: What is the net rental income in 2019?
Answer: 401.6