hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
the company further presents total net 201ceconomic 201d investment exposure , net of deferred compensation investments and hedged investments , to reflect another gauge for investors as the economic impact of investments held pursuant to deferred compensation arrangements is substantially offset by a change in compensation expense and the impact of hedged investments is substantially mitigated by total return swap hedges . carried interest capital allocations are excluded as there is no impact to blackrock 2019s stockholders 2019 equity until such amounts are realized as performance fees . finally , the company 2019s regulatory investment in federal reserve bank stock , which is not subject to market or interest rate risk , is excluded from the company 2019s net economic investment exposure . ( dollar amounts in millions ) december 31 , december 31 .

Table:
( dollar amounts in millions ) | december 31 2012 | december 31 2011
total investments gaap | $ 1750 | $ 1631
investments held by consolidated sponsored investmentfunds ( 1 ) | -524 ( 524 ) | -587 ( 587 )
net exposure to consolidated investment funds | 430 | 475
total investments as adjusted | 1656 | 1519
federal reserve bank stock ( 2 ) | -89 ( 89 ) | -328 ( 328 )
carried interest | -85 ( 85 ) | -21 ( 21 )
deferred compensation investments | -62 ( 62 ) | -65 ( 65 )
hedged investments | -209 ( 209 ) | -43 ( 43 )
total 201ceconomic 201d investment exposure | $ 1211 | $ 1062
total 201ceconomic 201d investment exposure .
.
.
$ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million , respectively , of blackrock 2019s total gaap investments were maintained in sponsored investment funds that were deemed to be controlled by blackrock in accordance with gaap , and , therefore , are consolidated even though blackrock may not economically own a majority of such funds .
( 2 ) the decrease of $ 239 million related to a lower holding requirement of federal reserve bank stock held by blackrock institutional trust company , n.a .
( 201cbtc 201d ) .
total investments , as adjusted , at december 31 , 2012 increased $ 137 million from december 31 , 2011 , resulting from $ 765 million of purchases/capital contributions , $ 185 million from positive market valuations and earnings from equity method investments , and $ 64 million from net additional carried interest capital allocations , partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments. .

Question: in 2012 , investments held by consolidated sponsored investment funds reduced the company's investment exposure by what percent?
Answer: 30.2%
Calculation: add(1211, 524), divide(524, #0)
Item 6. Selected Financial Data
The following table sets forth selected consolidated financial data for each of the fiscal years ended June 30, 2019, 2018, 2017, 2016 and 2015 derived from the Company’s audited financial statements (in thousands, except per share amounts). The consolidated financial data as of and for the years ended June 30, 2015 are derived from the audited financial statements which have not been adjusted for the adoption of Accounting Standards update 2014- 09, Revenue from Contracts with Customers (Topic 606). These tables should be reviewed in conjunction with the Consolidated Financial Statements in Item 8 and related Notes, as well as Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Historical results may not be indicative of future results.
(1) Operating income (loss) include the following operating expenses (in thousands):
(2)  The significant increase in net revenues during the year ended June 30, 2018 was primarily due to the acquisitions of the Campus Fabric and Data Center Businesses.
Table:
 |  | Year Ended June 30, |  |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
Consolidated Statements of Operations Data:                     |  |  |  |  | 
Net revenues | $995,789 | $983,142 (2) | $607,084 | $519,834 | $552,940
Operating income (loss) (1) | $(14,726) | $(38,210) | $6,040 | $(30,029) | $(62,994)
Net loss | $(25,853) | $(46,792) | $(1,744) | $(36,363) | $(71,643)
Net loss per share – basic | $(0.22) | $(0.41) | $(0.02) | $(0.35) | $(0.72)
Net loss per share – diluted | $(0.22) | $(0.41) | $(0.02) | $(0.35) | $(0.72)
Shares used in per share calculation – basic | 117,954 | 114,221 | 108,273 | 103,074 | 99,000
Shares used in per share calculation – diluted | 117,954 | 114,221 | 108,273 | 103,074 | 99,000


Question: What was the net loss in 2019?
Answer: (25,853)
table of contents the following performance graph is not 201csoliciting material , 201d is not deemed filed with the sec , and is not to be incorporated by reference into any of valero 2019s filings under the securities act of 1933 or the securities exchange act of 1934 , as amended , respectively . this performance graph and the related textual information are based on historical data and are not indicative of future performance . the following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the s&p 500 composite index and an index of peer companies ( that we selected ) for the five-year period commencing december 31 , 2008 and ending december 31 , 2013 . our peer group comprises the following 11 companies : alon usa energy , inc. ; bp plc ; cvr energy , inc. ; delek us holdings , inc . ( dk ) ; hollyfrontier corporation ; marathon petroleum corporation ; pbf energy inc . ( pbf ) ; phillips 66 ; royal dutch shell plc ; tesoro corporation ; and western refining , inc . our peer group previously included hess corporation , but it has exited the refining business , and was replaced in our peer group by dk and pbf who are also engaged in refining operations . comparison of 5 year cumulative total return1 among valero energy corporation , the s&p 500 index , old peer group , and new peer group .

Table:
 | 12/2008 | 12/2009 | 12/2010 | 12/2011 | 12/2012 | 12/2013
valero common stock | $ 100.00 | $ 79.77 | $ 111.31 | $ 102.57 | $ 170.45 | $ 281.24
s&p 500 | 100.00 | 126.46 | 145.51 | 148.59 | 172.37 | 228.19
old peer group | 100.00 | 126.98 | 122.17 | 127.90 | 138.09 | 170.45
new peer group | 100.00 | 127.95 | 120.42 | 129.69 | 136.92 | 166.57
____________ 1 assumes that an investment in valero common stock and each index was $ 100 on december 31 , 2008 .
201ccumulative total return 201d is based on share price appreciation plus reinvestment of dividends from december 31 , 2008 through december 31 , 2013. .

Question: what was the percentage growth of the valero common stock from 2009 to 2011
Answer: 39.54%
Calculation: subtract(111.31, 79.77), divide(#0, 79.77)
The total compensation of the Executive Board members for each of the years 2019, 2018, and 2017 was as follows:
Executive Board Compensation
1) Portion of total executive compensation allocated to the respective year
Table:
€ thousands | 2019 | 2018 | 2017
Short-term employee benefits | 17,378 | 18,652 | 16,634
Share-based payment1) | 32,393 | 23,646 | 25,723
Subtotal1) | 49,771 | 42,298 | 42,357
Post-employment benefits | 2,825 | 1,106 | 1,312
Thereof defined-benefit | 2,056 | 250 | 423
Thereof defined-contribution | 769 | 856 | 889
Total1) | 52,596 | 43,404 | 43,669


Question: In which years was the total compensation for Executive Board Members calculated?
Answer: 2019, 2018, 2017
The components of the provision for income taxes attributable to continuing operations are as follows (in thousands):
On a consolidated basis, the Company has incurred operating losses and has recorded a full valuation allowance against its US, UK, New Zealand, Hong Kong, and Brazil deferred tax assets for all periods to date and, accordingly, has not recorded a provision (benefit) for income taxes for any of the periods presented other than a provision (benefit) for certain foreign and state income taxes. Certain foreign subsidiaries and branches of the Company provide intercompany services and are compensated on a cost-plus basis, and therefore, have incurred liabilities for foreign income taxes in their respective jurisdictions.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Current income tax provision: |  |  | 
Federal | $— | $— | $—
State | 225 | 204 | 114
Foreign | 2,467 | 2,514 | 1,580
Total current income tax provision | 2,692 | 2,718 | 1,694
Deferred income tax benefit: |  |  | 
Federal | $— | — | $—
State | — | — | —
Foreign | (2) | (123) | 52
Total deferred income tax benefit | (2) | (123) | 52
Total income tax provision | $2,690 | $2,595 | $1,746


Question: What is the provision for State income tax in 2018?
Answer: 204
The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions):
During the years ended April 26, 2019 and April 27, 2018, we recognized $1,722 million and $1,806 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.
As of April 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,668 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.
Table:
 | Year Ended | 
 | April 26, 2019 | April 27, 2018
Balance at beginning of period | $  3,363 | $ 3,213
Additions | 2,763 | 2,566
Revenue recognized during the period | (2,458 ) | (2,416 )
Balance at end of period | $  3,668 | $ 3,363


Question: What was the change in the balance at beginning of period between 2018 and 2019?
Answer: 150
Calculation: 3,363-3,213
Note 15. Employee Benefit Plans
Defined Benefit Plans
The Company has defined benefit pension plans that cover certain French and German employees. Most of these defined pension plans, which were acquired in the Atmel and Microsemi acquisitions, are unfunded. Plan benefits are provided in accordance with local statutory requirements. Benefits are based on years of service and employee compensation levels. Pension liabilities and charges are based upon various assumptions, updated annually, including discount rates, future salary increases, employee turnover, and mortality rates. The Company’s French pension plan provides for termination benefits paid to covered French employees only at retirement, and consists of approximately one to five months of salary. The Company's German pension plan provides for defined benefit payouts for covered German employees following retirement.
The aggregate net pension expense relating to these two plans is as follows (in millions):
Interest costs and amortization of actuarial losses are recorded in the other (loss) income, net line item in the statements of income.
Table:
 |  | Year Ended March 31, | 
 | 2019 | 2018 | 2017
Service costs | $1.5 | $2.2 | $1.4
Interest costs | 1.1 | 1.0 | 1.0
Amortization of actuarial loss | 0.4 | 0.8 | —
Settlements | — | — | 0.5
Net pension period cost | $3.0 | $4.0 | $2.9


Question: What were plan benefits provided in accordance with?
Answer: local statutory requirements
2019 vs 2018
Cost of revenue decreased for the year ended December 31, 2019, compared to the prior year, primarily due to net revenue declining.
Gross margin decreased for the year ended December 31, 2019 compared to the prior year. Gross margin was negatively impacted by the imposition of Section 301 tariffs originally announced in late 2018 and cost inefficiencies experienced in our new manufacturing locations outside of China, an increase in channel promotional activities relative to revenue as well as foreign exchange headwinds due to the strengthening of the U.S. dollar.
2018 vs 2017
Cost of revenue decreased for the year ended December 31, 2018 primarily due to improved product margin performance, lower proportionate provisions for warranty expense, and lower air freight costs compared to the prior year.
Gross margin increased for the year ended December 31, 2018 compared to the prior year primarily due to improved product margin performance, lower proportionate provisions for sales returns and warranty expense, favorable foreign exchange rate movements and lower air freight costs compared to the prior year.
For fiscal 2020, we expect gross margins to improve from fiscal 2019 primarily as our U.S. bound inventory will primarily not be subject to Section 301 tariffs in fiscal 2020. Forecasting gross margin percentages is difficult, and there are a number of risks related to our ability to maintain or improve our current gross margin levels. Our cost of revenue as a percentage of net revenue can vary significantly based upon factors such as: uncertainties surrounding revenue levels, including future pricing and/or potential discounts as a result of the economy or in response to the strengthening of the U.S. dollar in our international markets, and related production level variances; import customs duties and imposed tariffs; competition; changes in technology; changes in product mix; variability of stockbased compensation costs; royalties to third parties; fluctuations in freight and repair costs; manufacturing and purchase price variances; changes in prices on commodity components; warranty costs; and the timing of sales, particularly to service provider customers. We expect that revenue derived from paid subscription service plans will increase in the future, which may have a positive impact on our gross margin. From time to time, however, we may experience fluctuations in our gross margin as a result of the factors discussed above.
Table:
 |  |  | Year Ended December 31 |  | 
 | 2019 | % Change | 2018 | % Change | 2017
 |  |  | (In thousands, except percentage data) |  | 
Cost of revenue | $704,535 | (1.8)% | $717,118 | (2.0)% | $731,453
Gross margin percentage | 29.5% |  | 32.3% |  | 29.6%


Question: What accounted for the change in gross margin from 2017 to 2018?
Answer: Due to improved product margin performance, lower proportionate provisions for sales returns and warranty expense, favorable foreign exchange rate movements and lower air freight costs compared to the prior year.
1. THE BUSINESS
Maple Leaf Foods Inc. (“Maple Leaf Foods” or the "Company") is a producer of food products under leading brands including Maple
Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™
The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and
plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada.
The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).
1. THE BUSINESS Maple Leaf Foods Inc. (“Maple Leaf Foods” or the "Company") is a producer of food products under leading brands including Maple Leaf®, Maple Leaf Prime®, Schneiders®, Mina®, Greenfield Natural Meat Co.®, Swift®, Lightlife®, and Field Roast Grain Meat Co.™ The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada. The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).
Sales for 2019 were $3,941.5 million compared to $3,495.5 million last year, an increase of 12.8%. Excluding acquisitions, sales increased 5.2%, driven by favourable pricing, mix and volume in meat protein and accelerated growth in plant protein of 23.6%.
Net earnings for 2019 were $74.6 million ($0.60 per basic share) compared to $101.3 million ($0.81 per basic share) last year. Strong commercial performance and favourable resolution of income tax audits were more than offset by strategic investments in plant protein to drive top line growth and heightened volatility in hog prices. Net earnings were negatively impacted by $12.1 million due to non-cash fair value changes in biological assets and derivative contracts, which are excluded in the calculation of Adjusted Operating Earnings below.
Adjusted Operating Earnings for 2019 were $145.4 million compared to $215.6 million last year, and Adjusted Earnings per Share for
2019 were $0.68 compared to $1.22 last year due to similar factors as noted above.
For further discussion on key metrics and a discussion of results by operating segment, refer to the section titled Operating Review
starting on page 3 of this document.
Table:
 | Twelve months ended December 31, |  | 
($ millions except earnings per share) | 2019 | 2018 | % Change
Sales | $3,941.5 | $3,495.5 | 12.8 %
Net Earnings | $74.6 | $101.3 | (26.4)%
Basic Earnings per Share | $0.60 | $0.81 | (25.9)%
Adjusted Operating Earnings(i) | $145.4 | $215.6 | (32.6)%
Adjusted Earnings per Share(i) | $0.68 | $1.22 | (44.3)%


Question: How many outstanding shares does the company has in 2019?
Answer: 124.33
Calculation: 74.6/0.6
Restricted Stock Units
The Company intends to settle all vested restricted stock unit payments held by United States-based participants in shares of the Company’s common stock and classifies these awards as equity awards in its Consolidated Balance Sheets. Awards held by participants who are based outside of the United States will be settled in cash and are classified within accrued and other current liabilities on the Consolidated Balance Sheets as of December 31, 2019 and 2018
The following table summarizes the activity related to the unvested restricted stock units during the years ended December 31, 2019 and 2018:
Unrecognized compensation expense related to unvested restricted stock units was $731 at December 31, 2019, which is expected to be recognized as expense over the weighted-average period of 0.7 years.
During the years ended December 31, 2019 and 2018, the Company issued 642,520 and 782,364 shares, respectively, of common stock to participants of the 2016 Plan based in the United States, after withholding approximately 261,335 and 472,965 shares, respectively, to satisfy tax withholding obligations. The Company made a cash payment of $181 and $1,495 to cover employee withholding taxes upon the settlement of these vested restricted stock units during the years ended December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, the Company also paid $0 and $300 to cash-settle 16 and 100,025 vested restricted stock units by agreement with the Chief Operating Officer in relation to certain grants made to him and to pay cash in lieu of fractional shares for vested units held by participants based in the United States.
Table:
 | Number of Units | Weighted-Average Grant-Date Fair Value
Unvested restricted stock units outstanding - December 31, 2017 | 3,106,024 | $3.43
Granted | 853,736 | 1.46
Vested | (1,583,399) | 3.18
Forfeited | (563,400) | 3.39
Unvested restricted stock units outstanding - December 31, 2018 | 1,812,961 | $2.74
Granted | 60,000 | $0.98
Vested | (904,096) | $2.67
Forfeited | (263,450) | $2.71
Unvested restricted stock units outstanding - December 31, 2019 | 705,415 | $2.68


Question: What is the average number of units granted in 2017 and 2018?
Answer: 456868
Calculation: (853,736 + 60,000)/2
The average duration of the defined benefit obligation at the end of the reporting period is 6.8 years (2018: 6.3 years) which relates wholly to active participants.
The plan invests entirely in pooled superannuation trust products where prices are quoted daily. The asset allocation of the plan has been set taking into account the membership profile, the liquidity requirements of the plan, and risk appetite of the Group.
The percentage invested in each asset class is as follows:
Table:
 | 2019 | 2018
 | % | %
Equity instruments | 53.9 | 58.5
Debt instruments | 18.6 | 22.5
Real estate | 10.8 | 3.5
Cash and cash equivalents | 3.7 | 3.0
Other | 13.0 | 12.5
Total | 100.0 | 100.0


Question: What is the difference in debt instruments between 2018 and 2019?
Answer: 3.9
Calculation: 22.5% - 18.6%
Disaggregation of revenue
To provide visibility into our transition from older products to our newer, higher growth products and clarity into the dynamics of our product revenue, we have historically grouped our products by “Strategic” and “Mature” solutions. Strategic solutions include Clustered ONTAP, branded E-Series, SolidFire, converged and hyper-converged infrastructure, ELAs and other optional add-on software products. Mature solutions include 7-mode ONTAP, add-on hardware and related operating system (OS) software and original equipment manufacturers (OEM) products. Both our Mature and Strategic product lines include a mix of disk, hybrid and all flash storage media. Additionally, we provide a variety of services including software maintenance, hardware maintenance and other services including professional services, global support solutions, and customer education and training.
The following table depicts the disaggregation of revenue by our products and services (in millions):
Revenues by geographic region are presented in Note 16 – Segment, Geographic, and Significant Customer Information
Table:
 |  | Year Ended | 
 | April 26, 2019 | April 27, 2018 | April 28, 2017
Product revenues | $ 3,755 | $  3,525 | $  3,060
Strategic | 2,709 | 2,468 | 2,000
Mature | 1,046 | 1,057 | 1,060
Software maintenance revenues | 946 | 902 | 905
Hardware maintenance and other services revenues | 1,445 | 1,492 | 1,526
Hardware maintenance support contracts | 1,182 | 1,214 | 1,258
Professional and other services | 263 | 278 | 268
Net revenues | $ 6,146 | $  5,919 | $  5,491


Question: What does both the company's Mature and Strategic product lines include?
Answer: a mix of disk, hybrid and all flash storage media.
Debt
At both December 31, 2019 and December 31, 2018, our total outstanding debt was $2.7 billion, bearing interest at a weighted average rate of 3.18%.
A summary of our outstanding debt as of December 31, 2019, is as follows (amounts in millions):
Table:
 |  | December 31, 2019 | 
 | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount
2021 Notes | $650 | $(2) | $648
2022 Notes | 400 | (2) | 398
2026 Notes | 850 | (7) | 843
2027 Notes | 400 | (5) | 395
2047 Notes | 400 | (9) | 391
Total debt | $2,700 | $(25) | $2,675


Question: What is the percentage change in the net carrying amount between the 2022 Notes and 2026 Notes?
Answer: 111.81
Calculation: (843-398)/398