hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
A.5 Net assets position
Our total assets at the end of fiscal 2019 were influenced by positive currency translation effects of € 4.0 billion (mainly goodwill), primarily involving the U. S. dollar.
The increase in other current financial assets was driven by higher loans receivable at SFS, which were mainly due to new business and reclassification of non-current loans receivable from other financial assets. While higher loans receivable and receivables from finance leases from new business at SFS contributed also to growth in other financial assets, a large extent of the overall increase resulted from increased fair values of derivative financial instruments.
Inventories increased in several industrial businesses, with the build-up most evident at SGRE, Mobility and Siemens Healthineers.
Assets classified as held for disposal increased mainly due to reclassification of two investments from investments accounted for using the equity method.
The increase in goodwill included the acquisition of Mendix.
Deferred tax assets increased mainly due to income tax effects related to remeasurement of defined benefits plans.
The increase in other assets was driven mainly by higher net defined benefit assets from actuarial gains.
Table:
 |  | Sep 30, | 
(in millions of €) | 2019 | 2018 | % Change
Cash and cash equivalents | 12,391 | 11,066 | 12 %
Trade and other receivables | 18,894 | 18,455 | 2 %
Other current financial assets | 10,669 | 9,427 | 13 %
Contract assets | 10,309 | 8,912 | 16 %
Inventories | 14,806 | 13,885 | 7 %
Current income tax assets | 1,103 | 1,010 | 9 %
Other current assets | 1,960 | 1,707 | 15 %
Assets classified as held for disposal | 238 | 94 | 154 %
Total current assets | 70,370 | 64,556 | 9 %
Goodwill | 30,160 | 28,344 | 6 %
Other intangible assets | 9,800 | 10,131 | (3) %
Property, plant and equipment | 12,183 | 11,381 | 7 %
Investments accounted for using the equity method | 2,244 | 2,579 | (13) %
Other financial assets | 19,843 | 17,774 | 12 %
Deferred tax assets | 3,174 | 2,341 | 36 %
Other assets | 2,475 | 1,810 | 37 %
Total non-current assets | 79,878 | 74,359 | 7 %
Total assets | 150,248 | 138,915 | 8 %


Question: What was the average inventories in 2019 and 2018?
Answer: 14345.5
Calculation: (14,806 + 13,885) / 2
movement in exit cost liabilities the movement in exit cost liabilities for pmi was as follows : ( in millions ) .

Table:
liability balance january 1 2014 | $ 308
charges net | 391
cash spent | -360 ( 360 )
currency/other | -69 ( 69 )
liability balance december 31 2014 | $ 270
charges net | 68
cash spent | -232 ( 232 )
currency/other | -52 ( 52 )
liability balance december 31 2015 | $ 54
cash payments related to exit costs at pmi were $ 232 million , $ 360 million and $ 21 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively .
future cash payments for exit costs incurred to date are expected to be approximately $ 54 million , and will be substantially paid by the end of 2017 .
the pre-tax asset impairment and exit costs shown above are primarily a result of the following : the netherlands on april 4 , 2014 , pmi announced the initiation by its affiliate , philip morris holland b.v .
( 201cpmh 201d ) , of consultations with employee representatives on a proposal to discontinue cigarette production at its factory located in bergen op zoom , the netherlands .
pmh reached an agreement with the trade unions and their members on a social plan and ceased cigarette production on september 1 , 2014 .
during 2014 , total pre-tax asset impairment and exit costs of $ 489 million were recorded for this program in the european union segment .
this amount includes employee separation costs of $ 343 million , asset impairment costs of $ 139 million and other separation costs of $ 7 million .
separation program charges pmi recorded other pre-tax separation program charges of $ 68 million , $ 41 million and $ 51 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively .
the 2015 other pre-tax separation program charges primarily related to severance costs for the organizational restructuring in the european union segment .
the 2014 other pre-tax separation program charges primarily related to severance costs for factory closures in australia and canada and the restructuring of the u.s .
leaf purchasing model .
the 2013 pre-tax separation program charges primarily related to the restructuring of global and regional functions based in switzerland and australia .
contract termination charges during 2013 , pmi recorded exit costs of $ 258 million related to the termination of distribution agreements in eastern europe , middle east & africa ( due to a new business model in egypt ) and asia .
asset impairment charges during 2014 , pmi recorded other pre-tax asset impairment charges of $ 5 million related to a factory closure in canada. .

Question: what is the change in liability balance during 2015?
Answer: -216
Calculation: subtract(54, 270)
Research and Development
Research and development expenses in 2019 decreased by $4.6 million, or 21%, as compared to 2018. The decrease was primarily due to a reduction in the number of full-time research and development personnel, resulting in a decrease of $3.1 million in compensation expense and $0.6 million in allocated facilities and information technology costs as compared to 2018. We did not incur restructuring costs in 2019, as compared to 2018 when $0.1 million was incurred as part of the 2018 Restructuring Plan (refer to Note 4 of the accompanying consolidated financial statements). Finally, the decrease was further driven by lower professional fees of $0.6 million, as we reduced the number of research and development contractors as compared to 2018.
Table:
 | Years Ended December 31, |  | Change | 
 | 2019 | 2018 | $ | %
 |  | (dollars in thousands) |  | 
Research and development | $17,845 | $22,450 | $(4,605) | (21)%
Percent of revenues, net | 36% | 38% |  | 


Question: What is the value of the change in research and development expenses as a percentage of the company's 2018 expenses?
Answer: 20.51
Calculation: 4,605/22,450
The following table presents information related to our credit agreements (dollars in thousands):
(1) Excludes the amortization of deferred loan fees and includes the commitment fee.
In January 2018, the Company repaid $175.0 million of long-term debt outstanding under its 2015 Credit Agreement, primarily using funds repatriated from its foreign subsidiaries.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Average daily utilization | $87,800 | $106,189 | $268,775
Interest expense (1) | $3,465 | $3,817 | $6,668
Weighted average interest rate (1) | 3.9% | 3.6% | 2.5%


Question: What was the interest expense in 2019?
Answer: $3,465
GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)
Note 3. Fair Value of Assets and Liabilities
The following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. Refer to Note 4, Note 7, Note 8, and Note 9 for additional information on these assets and liabilities.
(1) Disclosed, but not carried, at fair value.
(2) Measured at fair value on a nonrecurring basis.
(3) Measured and carried at fair value on a recurring basis.
Table:
 |  | December 31, 2019 |  | December 31, 2018 | 
 | Level | Carrying Value | Fair Value | Carrying Value | Fair Value
Assets: |  |  |  |  | 
Cash and cash equivalents(1) | 1 | $195,760 | $195,760 | $303,390 | $303,390
Loan receivables held for sale, net(2) | 2 | 51,926 | 55,958 | 2,876 | 3,552
Servicing assets(3) | 3 | 30,459 | 30,459 | — | —
Liabilities: |  |  |  |  | 
Finance charge reversal liability(3) | 3 | $206,035 | $206,035 | $138,589 | $138,589
Term loan(1) | 2 | 384,497 | 392,201 | 386,822 | 386,234
Interest rate swap(3) | 2 | 2,763 | 2,763 | — | —
Servicing liabilities(3) | 3 | 3,796 | 3,796 | 3,016 | 3,016


Question: How was net Loan receivables held for sale measured by the company?
Answer: at fair value on a nonrecurring basis.
Restricted Stock Awards
We present below a summary of changes in unvested units of restricted stock during 2019:
The Company recorded equity-based compensation expense related to restricted stock and RSUs (collectively “restricted stock awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur.
awards”) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted
stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8
million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48,
$51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5
million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to
recognize forfeitures of equity-based payments as they occur.
Included in RSU grants for the year ended December 31, 2019 are 282,327 units that have performance-based vesting criteria. The
performance criteria are tied to our financial performance. As of December 31, 2019, the associated equity-based compensation
expense has been recognized for the portion of the award attributable to the 2019 performance criteria.
Table:
 | Number of Units | Grant Date Fair Value
Outstanding at January 1, 2019    | 997,173 | $52.22
Granted    | 945,159 | 49.48
Vested    | (386,060) | 51.79
Forfeited    | (59,579) | 50.56
Outstanding at December 31, 2019    | 1,496,693 | $50.67


Question: What is the outstanding number of shares at the end of 2019?
Answer: 1,496,693
Financials
1. EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, and excluding net foreign exchange gains (losses).
2. NPATA is a non-IFRS term, defined as net profit after tax, excluding tax-effected amortisation of acquired intangibles. This is used to determine EPSa as disclosed here and in the audited Remuneration Report.
3. Underlying EBITDA, underlying NPAT and underlying NPATA exclude separately disclosed items, which represent the transaction and other restructuring costs associated with the Sigma acquisition (2018: Enoro acquisition) and the exiting of a premises lease in the Americas. Further details of the separately disclosed items are outlined in Note 4 to the Financial Report.
Operating revenue for FY19 was $231.3 million, $0.5 million up on FY18. With Sigma contributing $5.0 million of revenue in June (the first month since acquisition), revenues for the remainder of Hansen excluding Sigma were $4.5 million lower. This decline was a result of lower non-recurring revenues, due primarily to both lower one-off licence fees and reduced project work following the large body of work completed in the first half of FY18 associated with implementing Power of Choice in Australia. Conversely, recurring revenues grew to represent 63% of total operating revenue.
Underlying EBITDA for the year was $55.8 million, 7.0% down on the $60.0 million in FY18. This resulted in an underlying EBITDA margin decline to 24.1% from 26.0% in FY18. Sigma only contributed a modest $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.
Table:
A$ Million | FY19 | FY18 | Variance %
Operating revenue | 231.3 | 230.8 | 0.2%
Underlying EBITDA 1, 3 | 55.8 | 60.0 | (7.0%)
Underlying NPAT 3 | 24.0 | 29.5 | (18.7%)
Underlying NPATA 2, 3 | 33.7 | 38.7 | (12.9%)
Basic EPS based on underlying NPATA (cents) 2 | 17.1 | 19.8 | (13.6%)


Question: What was the underlying EBITDA for 2019?
Answer: 55.8
Underlying effective tax rate
The underlying effective tax rate is calculated by dividing taxation excluding the tax impact of non-underlying items by profit before tax excluding the impact of non-underlying items and share of net profit/(loss) of joint ventures and associates. This measure reflects the underlying tax rate in relation to profit before tax excluding non-underlying items before tax and share of net profit/(loss) of joint ventures and associates.
Tax impact on non-underlying items within operating profit is the sum of the tax on each non-underlying item, based on the applicable country tax rates and tax treatment. This is shown in the table:
(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.
(b) Refer to note 3 for further details on these items.
(c) Excludes €3 million (2018: €32 million) gain on disposal of spreads business by the joint venture in Portugal which is included in the share of net profit/(loss) of joint ventures and associates line. Including the gain, total non-underlying items not in operating profit but within net profit before tax is €35 million (2018: €154 million). See note 3.
Table:
 | € million | € million
 | 2019 | 2018
 |  | (Restated)(a)
Taxation | 2,263 | 2,572
Tax impact of: |  | 
Non-underlying items within operating profit(b) | 309 | (259)
Non-underlying items not in operating profit  Taxation before tax impact of non-underlying | (196) | (29)
Taxation before tax impact of non-underlying | 2,376 | 2,284
Profit before taxation | 8,289 | 12,360
Non-underlying items within operating profit before tax(b) | 1,239 | (3,176)
Non-underlying items not in operating profit but within net profit before tax(c) | (32) | (122)
Share of net (profit)/loss of joint ventures and associates | (176) | (185)
Profit before tax excluding non-underlying items before tax and share of net profit/ (loss) of joint ventures and associates | 9,320 | 8,877
Underlying effective tax rate | 25.5% | 25.7%


Question: How is the tax impact on non underlying items within operating profit calculated?
Answer: sum of the tax on each non-underlying item, based on the applicable country tax rates and tax treatment
Contract Assets and Liabilities
Contract assets represent the Company’s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears, generally within one month of the services being rendered.
At the inception of a contract, the Company generally expects the period between when it transfers its services to its customers and when the customer pays for such services will be one year or less.
Contract liabilities relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer.
The table below sets forth the Company’s contract assets and contract liabilities from contracts with customers.
The increase in the contract assets balance during the period was primarily due to $203 million of revenue recognized that was not billed, in accordance with the terms of the contracts, as of December 31, 2019, offset by $193 million of contract assets included in the December 31, 2018 balance that were invoiced to Nielsen’s clients and therefore transferred to trade receivables.
The decrease in the contract liability balance during the period was primarily due to $326 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period, offset by $337 million of revenue recognized during the period that had been included in the December 31, 2018 contract liability balance.
Table:
(IN MILLIONS) | Year Ended December 31, | 
 | 2019 | 2018
Contract assets | $218 | $210
Contract liabilities | $346 | $359


Question: What is the change in the contract assets from 2018 to 2019?
Answer: 8
Calculation: 218-210
Plan Assets  The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows:
Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.
Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.
Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.
Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates.
As of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.
Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
Table:
 | Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | $0.7 | $77.7 | $— | $78.4
Equity securities: |  |  |  | 
U.S. equity securities | 56.3 | 91.8 | — | 148.1
International equity securities | 87.8 | 0.4 | — | 88.2
Fixed income securities: |  |  |  | 
Government bonds | — | 748.3 | — | 748.3
Corporate bonds | — | 2,255.5 | — | 2,255.5
Mortgage-backed bonds | — | 31.1 | — | 31.1
Real estate funds | 0.4 | — | — | 0.4
Net receivables for unsettled transactions | 5.6 | — | — | 5.6
Fair value measurement of pension plan assets in the fair value hierarchy | $150.8 | $3,204.8 | $— | $3,355.6
Investments measured at net asset value |  |  |  | 245.9
Total pension plan assets |  |  |  | $3,601.5


Question: How much was the total pension plan assets (in millions) as of May 26, 2019?
Answer: $3,601.5
Item 6. Selected Financial Data
You should read the following selected consolidated financial data in conjunction with Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.
The consolidated statements of income data for each of the years ended December 31, 2019, 2018, and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. The consolidated statements of income data for the years ended December 31, 2016 and 2015 and the consolidated balance sheets data as of December 31, 2017, 2016, and 2015 are derived from our audited consolidated financial statements, except as otherwise noted, that are not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of our results in any future period.
(1) Total costs and expenses include 4,840 million, 4,150 million, 3,720 million, 3,220 million, and 2,970 million of share-based compensation for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively.
Table:
 |  |  | Year Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (in millions, except per share data) |  | 
Consolidated Statements of Income Data: |  |  |  |  | 
Revenue | $70,697 | $55,838 | $40,653 | $27,638 | $17,928
Total costs and expenses(1) | $46,711 | $30,925 | $20,450 | $15,211 | $11,703
Income from operations | $23,986 | $24,913 | $20,203 | $12,427 | $6,225
Income before provision for income taxes | $24,812 | $25,361 | $20,594 | $12,518 | $6,194
Net income | $18,485 | $22,112 | $15,934 | $10,217 | $3,688
Net income attributable to Class A and Class B common stockholders | $18,485 | $22,111 | $15,920 | $10,188 | $3,669
Earnings per share attributable to Class A and Class B common stockholders: |  |  |  |  | 
Basic | $6.48 | $7.65 | $5.49 | $3.56 | $1.31
Diluted | $6.43 | $7.57 | $5.39 | $3.49 | $1.29


Question: What is the average revenue for 2018 and 2019?
Answer: 63267.5
Calculation: (70,697+ 55,838)/2