hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows:
The majority of the increase in our effective tax rate in 2019 compared to 2018 was driven by one-time benefits that occurred in 2018.
The majority of the decrease in our effective tax rate in 2018 compared to 2017 resulted from initial tax expense from Tax Reform and the tax impacts from the ISecG divestiture that we had in 2017, but not in 2018. The reduction of the U.S. statutory rate, combined with the net impact of the enactment or repeal of specific tax law provisions through Tax Reform, drove the remaining decrease in our effective tax rate in 2018.
We derive the effective tax rate benefit attributed to non-U.S. income taxed at different rates primarily from our operations in China, Hong Kong, Ireland, and Israel. The statutory tax rates in these jurisdictions range from 12.5% to 25.0%. In addition, we are subject to reduced tax rates in China and Israel as long as we conduct certain eligible activities and make certain capital investments. These conditional reduced tax rates expire at various dates through 2026 and we expect to apply for renewals upon expiration.
Table:
Years Ended | Dec 28, 2019 | Dec 29, 2018 | Dec 30, 2017
Statutory federal income tax rate | 21.0% | 21.0% | 35.0%
Increase (reduction) in rate resulting from: |  |  | 
Non-U.S. income taxed at different rates | (3.7) | (3.6) | (7.6)
Research and development tax credits | (2.3) | (2.7) | (2.3)
Domestic manufacturing deduction benefit | — | — | (1.3)
Foreign derived intangible income benefit | (3.2) | (3.7) | —
Tax Reform | — | (1.3) | 26.8
ISecG divestiture | — | — | 3.3
Other | 0.7 | (0.1) | (1.1)
Effective tax rate | 12.5% | 9.7% | 52.8%


Question: What is the effective tax rate in the year 2017, 2018, and 2019 respectively?
Answer: 52.8%, 9.7%, 12.5%
SG&A costs during fiscal 2018 were $222.0 million, an increase of $5.7 million compared to the $216.3 million of SG&A during fiscal 2017. The following table shows the components of SG&A costs for the twelve months ended October 31, 2018 and 2017.
Regarding the table above, the change in start-up expense in any particular period relates to the stage of the start-up process in which a facility under construction is in during the period. Non-construction related expenses, such as labor, training and office-related expenses for a facility under construction are recorded as start-up expense until the facility begins operations. As a facility moves closer to actual start-up, the expenses incurred for labor, training, etc. increase. As a result, amounts classified as start-up expenses will increase period over period until the facility begins production. Once production begins, the expenses from that point forward are recorded as costs of goods sold. The increase in legal expenses was primarily attributable to our ongoing defense of the litigation described in “Part II, Item 3. Legal Proceedings” of this Form 10-K. The increases in trainee expense and administrative salaries were primarily attributable to increases in personnel that coincide with the Company's growth plans. The decrease in bonus expense, payouts of which are based on profitability, was the result of profitability not reaching the required levels for payout of that incentive. The decrease in ESOP expense, payouts of which are based on profitability, was attributable to the difference in the level of profitability between fiscal 2018 and 2017. The increase in all other SG&A expenses was the result of a net increase in various other categories of SG&A costs.
Table:
Selling, General and Administrative Costs (in thousands) |  |  | 
Description | Twelve months ended October 31, 2018 | Twelve months ended October 31, 2017 | Increase/(Decrease) 
Start-up expense (Tyler, Texas complex)  | $13,394 | $403 | $ 12,991
Legal services expense  | 17,573 | 7,879 | 9,694
All other SG&A  | 68,863 | 61,847 | 7,016
Administrative salary expense | 42,288 | 36,193 | 6,095
Trainee expense  | 21,553 | 16,182 | 5,371
Charter aircraft expense | 2,167 | 900 | 1,267
Depreciation expense - machinery and equipment  | 5,801 | 4,555 | 1,246
Stock compensation expense  | 15,702 | 16,952 | (1,250)
Marketing expense | 32,624 | 34,272 | (1,648)
Start-up expense (St. Pauls, North Carolina complex)  | — | 4,022 | (4,022)
Bonus award program expense  | — | 15,098 | (15,098)
Employee Stock Ownership Plan ("ESOP") expense | 2,000 | 18,000 | (16,000)
Total SG&A  | $221,965 | $216,303 | $ 5,662


Question: What is the average Marketing expense for fiscal years 2018 and 2017?
Answer: 33448
Calculation: (32,624+ 34,272)/2
Note 35 Adoption of IFRS 16
Upon adoption of IFRS 16 on January 1, 2019, we recognized right-of-use assets of $2,257 million within property, plant and equipment, and lease liabilities of $2,304 million within debt, with an increase to our deficit of $19 million. These amounts were recognized in addition to assets under finance leases of $1,947 million and the corresponding finance lease liabilities of $2,097 million at December 31, 2018 under IAS 17. As a result, on January 1, 2019, our total right-of-use assets and lease liabilities amounted to $4,204 million and $4,401 million, respectively. The table below shows the impacts of adopting IFRS  16 on our January 1, 2019 consolidated statement of financial position.
BCE’s operating lease commitments at December 31, 2018 were $1,612 million. The difference between operating lease commitments at December 31, 2018 and lease liabilities of $2,304 million upon adoption of IFRS 16 at January 1, 2019, is due mainly to an increase of $1,122 million related to renewal options reasonably certain to be exercised, an increase of $112 million mainly related to non-monetary transactions and a decrease of ($542) million as a result of discounting applied to future lease payments, which was determined using a weighted average incremental borrowing rate of 3.49% at January 1, 2019.
Table:
 | DECEMBER 31, 2018 AS REPORTED | IFRS 16 IMPACTS | JANUARY 1, 2019 UPON ADOPTION OF IFRS 16
Prepaid expenses | 244 | (55) | 189
Other current assets | 329 | 9 | 338
Property, plant and equipment | 24,844 | 2,257 | 27,101
Other non-current assets | 847 | 17 | 864
Trade payables and other liabilities | 3,941 | (10) | 3,931
Debt due within one year | 4,645 | 293 | 4,938
Long-term debt | 19,760 | 2,011 | 21,771
Deferred tax liabilities | 3,163 | (7) | 3,156
Other non-current liabilities | 997 | (39) | 958
Deficit | (4,937) | (19) | (4,956)
Non-controlling interest | 326 | (1) | 325


Question: What is the percentage change in property, plant and equipment upon adoption of IFRS 16?
Answer: 9.08
Calculation: (27,101-24,844)/24,844
4. INVENTORIES
The components of inventories, net, are as follows (in thousands):
Table:
 | March 30, 2019 | March 31, 2018
Raw materials | $118,608 | $110,389
Work in process | 272,469 | 221,137
Finished goods | 120,716 | 140,766
Total inventories | $511,793 | $472,292


Question: What is the average value of the company's finished goods on March 31, 2018 and 2019?
Answer: 130741
Calculation: (140,766 + 120,716)/2
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 revenue for 2019 and 2018 respectively?
Answer: $70,697, $55,838
10.5. Intangible assets
Impairment testing of goodwill
Goodwill has been allocated to the listed group (NSR). Management have determined that the listed group, which is considered one operating segment (see note 4), is the appropriate CGU against which to allocate these intangible assets owing to the synergies arising from combining the portfolios of the Group.
The recoverable amount of the listed group has been determined based on the fair value less costs of disposal method using the fair value quoted on an active market. As at 1 July 2019, NSR had 773,343,956 stapled securities quoted on the Australian Securities Exchange at $1.745 per security providing a market capitalisation of $1,349.5m.
This amount is in excess of the carrying amount of the Group’s net assets at 30 June 2019 which includes the contract for future issue of equity recognised as contributed equity within the statement of financial position at this date (see note 13). Had the security price decreased by 2.5% the market capitalisation would still have been in excess of the carrying amount.
Table:
 |  | 2019 | 2018
 | Notes | $'000 | $'000
Goodwill |  |  | 
Opening and closing net book value |  | 43,954 | 43,954
Other intangible assets |  |  | 
Opening net book value |  | 2,051 | 1,582
Additions |  | 1,079 | 864
Amortisation | 6 | (584) | (395)
Closing net book value |  | 2,546 | 2,051
Total intangible assets |  | 46,500 | 46,005


Question: What would be the impact if security price decreased by 2.5%?
Answer: the market capitalisation would still have been in excess of the carrying amount.
Operating Expenses
Cost of Services Cost of services increased $549 million, or 3.6%, during 2019 compared to 2018, primarily due to increases in rent expense as a result of adding capacity to the networks to support demand as well as an increase due to the adoption of the new lease accounting standard in 2019, increases in costs related to the device protection package offered to our wireless retail postpaid customers, as well as regulatory fees.
These increases were partially offset by decreases in employee-related costs primarily due to the Voluntary Separation Program, as well as decreases in access costs and roaming.
Cost of Wireless Equipment Cost of wireless equipment decreased $544 million, or 2.9%, during 2019 compared to 2018, primarily as a result of declines in the number of wireless devices sold as a result of an elongation of the handset upgrade cycle. These decrease were partially offset by a shift to higher priced devices in the mix of wireless devices sold.
Selling, General and Administrative Expense Selling, general and administrative expense increased $938 million, or 6.0%, during 2019 compared to 2018, primarily due to increases in sales commission and bad debt expense, and an increase in advertising costs. The increase in sales commission expense during 2019 compared to 2018 was primarily due to a lower net deferral of commission costs as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach.
These increases were partially offset by decreases in employee-related costs primarily due to the Voluntary Separation Program.
Depreciation and Amortization Expense Depreciation and amortization expense decreased $599 million, or 5.0%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Consumer’s usage of those assets.
Table:
 |  |  | (dollars in millions) Increase/ (Decrease) | 
Years Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | 
Cost of services  | $15,884 | $15,335 | $ 549 | 3.6%
Cost of wireless equipment  | 18,219 | 18,763 | (544) | (2.9)
Selling, general and administrative expense  | 16,639 | 15,701 | 938 | 6.0
Depreciation and amortization expense  | 11,353 | 11,952 | (599) | (5.0)
Total Operating Expenses  | $ 62,095 | $ 61,751 | $ 344 | 0.6


Question: What is the change in Total Operating Expenses from 2018 to 2019?
Answer: 344
Calculation: 62,095-61,751
ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
NOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED)
The following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.
Table:
 |  | Quarter Ended |  | 
 | December 31, | September 30, | June 30, | March 31,
 | 2018 | 2018 | 2018 | 2018
Sales, net | $154,161 | $173,082 | $196,032 | $195,617
Gross Profit | $  75,188 | $  85,539 | $ 101,235 | $ 103,645
Restructuring Expense | $  3,836 | $  403 | $ — | $ —
Operating income | $  19,570 | $  39,862 | $ 56,018 | $ 56,103
Income from continuing operations, net of income taxes | $  19,222 | $  35,157 | $ 46,400 | $ 46,370
Loss (income) from discontinued operations, net of income taxes | $  188 | $  (371) | $ 5 | $ 140
Net Income | $19,410 | $34,786 | $46,405 | $46,510
Income from continuing operations attributable to noncontrolling interest | $  4 | $  7 | $ 44 | $ 31
Net income attributable to Advanced Energy Industries, Inc. | $  19,406 | $34,779 | $46,361 | $ 46,479
Earnings (Loss) Per Share: |  |  |  | 
Continuing Operations: |  |  |  | 
Basic earnings per share | $0.50 | $0.90 | $1.18 | $1.17
Diluted earnings per share | $0.50 | $0.90 | $1.17 | $1.16
Discontinued Operations: |  |  |  | 
Basic loss per share | $  — | $  (0.01) | $ — | $ —
Diluted loss per share | $  — | $  (0.01) | $ — | $ —
Net Income: |  |  |  | 
Basic earnings per share | $ 0.51 | $  0.89 | $ 1.18 | $1.17
Diluted earnings per share | $0.50 | $0.89 | $1.17 | $1.16


Question: What was the net income basic earnings per share in Quarter Ended  March?
Answer: $1.17
A reconciliation of the change in gross unrecognized tax benefits, excluding interest and penalties,
is as follows (in thousands):
As of September 28, 2019, the total amount of gross unrecognized tax benefits including gross interest and penalties was $63.9 million, of which $43.9 million, if recognized, would affect our effective tax rate. We reassessed the computation of the transition tax liability based upon the issuance of new guidance and the availability of additional substantiation in fiscal 2019. The adjustments resulted in a tax benefit of approximately $6.0 million, which was recorded in fiscal 2019. Our total gross unrecognized tax benefit, net of certain deferred tax assets is classified as a long-term taxes payable in the consolidated balance sheets. We include interest and penalties related to unrecognized tax benefits within the provision for income taxes. As of September 28, 2019, the total amount of gross interest and penalties accrued was $5.8 million and it is classified as long-term taxes payable in the consolidated balance sheets. As of September 29, 2018, we had accrued $4.4 million for the gross interest and penalties and it is classified as Other long-term liabilities in the consolidated balance sheets.
Table:
 |  | Fiscal year-end | 
 | 2019 | 2018 | 2017
Balance as of the beginning of the year | $65,882 | $47,566 | $20,442
Increase related to acquisitions | — | — | 25,151
Tax positions related to current year: |  |  | 
Additions | 605 | 19,033 | 1,326
Reductions | — | — | —
Tax positions related to prior year: |  |  | 
Additions | 448 | 117 | 4,951
Reductions | (6,071) | — | (65)
Lapses in statutes of limitations | (639) | (700) | (610)
Decrease in unrecognized tax benefits based on audit results | — | — | (5,217)
Foreign currency revaluation adjustment | (2,114) | (134) | 1,588
Balance as of end of year | $58,111 | $65,882 | $47,566


Question: What was the change in Balance as of the beginning of the year in 2019 from 2018?
Answer: 18316
Calculation: 65,882-47,566
Contractual Obligations
The following table summarizes contractual obligations and commitments, as of April 27, 2019:
(1) Assumes the outstanding borrowings under the revolving credit facility will be repaid upon maturity of the credit agreement in September 2023.
(2) Amounts represent estimated contractual interest payments on outstanding debt. Interest rates in effect as of April 27, 2019 are used for floating-rate debt.
We enter into agreements with suppliers to assist us in meeting our customers' production needs. These agreements vary as to duration and quantity commitments. Historically, most have been short-term agreements, which do not provide for minimum purchases, or are requirements-based contracts.
Table:
 |  |  | Payments Due By Period |  | 
(Dollars in Millions) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years
Capital Leases | $1.7 | $0.6 | $0.9 | $0.2 | $—
Operating Leases | 34.2 | 7.8 | 10.5 | 7.5 | 8.4
Debt (1) | 295.5 | 15.7 | 28.8 | 247.7 | 3.3
Estimated Interest on Debt (2) | 46.8 | 11.7 | 20.7 | 14.2 | 0.2
Deferred Compensation | 8.5 | 1.2 | 3.2 | 1.6 | 2.5
Total | $386.7 | $37.0 | $64.1 | $271.2 | $14.4


Question: What was the capital leases due in 1 year and 1-3 years respectively?
Answer: $0.6, $0.9
Statement of financial position
Net assets have decreased to $157,164,000 at 30 June 2019 from $163,937,000 at 30 June 2018.
Current assets have decreased from 30 June 2018 by 18% to $75,460,000. This is driven by a reduction in cash assets, a result of continued investment in technology and further investment in iMoney. The current component of the trail commission asset is $25,626,000, which increased by 16% since 30 June 2018.
Non-current assets have increased from 30 June 2018 by 2% to $150,607,000 which is largely due to higher non-current trail commission asset partially offset by capital asset writeoffs and Home Loans Goodwill impairment. The non-current component of the trail commission asset is $88,452,000 which increased by 9% since 30 June 2018, mainly due to sales volume and partner mix.
Current liabilities decreased from 30 June 2018 to 30 June 2019 by 20% to $34,555,000 primarily due to payments to suppliers in addition to trade related payable balances post 30 June 2018.
Non-current liabilities have increased by 9% ending on $34,348,000. This relates to an increase in lease liabilities and deferred tax liabilities.
Table:
FINANCIAL PERFORMANCE SUMMARY | 2019  $’000 | 2018  $’000 RESTATED | CHANGE
Current assets | 75,460 | 91,457 | (18%)
Non-current assets | 150,607 | 147,234 | 2%
Total assets | 226,067 | 238,691 | (5%)
Current liabilities | 34,555 | 43,336 | (20%)
Non-current liabilities | 34,348 | 31,418 | 9%
Total liabilities | 68,903 | 74,754 | (8%)
Net assets | 157,164 | 163,937 | (4%)
Equity | 157,164 | 163,937 | (4%)


Question: What is the percentage change in current assets from 2018 to 2019?
Answer: 18%
1 Segment performance (continued)
(c) Other segment information
(i) Profit/(loss) before tax
Management assesses the performance of the operating segments based on a measure of EBITDA. Interest income and expenditure are not allocated to segments, as this type of activity is driven by the central treasury function, which manages the cash position of the Group. On adoption of AASB 16 from 1 July 2018, associated lease interest is allocated to the respective segments as a finance charge.
Table:
 | 30 June 2019 | 30 June 2018
 | $'000 | $'000
Total segment profit before tax | 62,583 | 61,449
Employee benefits expense (non-facility staff) | (23,036) | (20,752)
Interest revenue | 8,220 | 5,778
Distributions from investments | 1,344 | 3,191
Other income | 3,034 | 284
Finance costs | (45,612) | (25,452)
Head office depreciation | (2,079) | (1,909)
Overheads and other expenses | (20,527) | (11,698)
Profit/(loss) before tax | (16,073) | 10,891


Question: How do NextDC Management assess performance of the operating segments?
Answer: based on a measure of EBITDA.
ADJUSTED EBITDA
(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Fiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.
Table:
Three months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)
(in thousands of dollars, except percentages) | $ | $ | % | % | $
Canadian broadband services | 172,120 | 166,181 | 3.6 | 3.6 | (73)
American broadband services | 115,523 | 109,937 | 5.1 | 4.1 | 1,057
Inter-segment eliminations and other | (12,033) | (12,707) | (5.3) | (5.3) | 2
 | 275,610 | 263,411 | 4.6 | 4.3 | 986


Question: What was the exchange rate in 2018?
Answer: 1.3100 USD/CDN.