hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
17. Quarterly Financial Data (Unaudited)
The following is summarized quarterly financial data for fiscal 2019 and 2018 (in thousands, except per share amounts):
(1) The annual total amounts may not equal the sum of the quarterly amounts due to rounding. Earnings per share is computed independently for each quarter.
(2) The first quarter of fiscal 2019 results included $7.0 million of tax expense as a result of new regulations issued in November 2018 under Tax Reform. These regulations impacted the treatment of foreign taxes paid.
(3) The fourth quarter of fiscal 2019 results included restructuring costs of $1.7 million, $1.5 million net of taxes.
(4) The fourth quarter of fiscal 2019 results included the permanent reinvestment assertion of $10.5 million of certain historical undistributed earnings of two foreign subsidiaries.
(7) The first quarter of fiscal 2019 included $0.23 per share of tax expense as a result of U.S. Tax Reform. The fourth quarter of fiscal 2019 included $0.05 per share of expense related to restructuring costs and $0.35 per share tax benefit resulting from the permanent reinvestment assertion of certain historical undistributed earnings of two foreign subsidiaries.
Table:
2019 | First
Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total
Net sales  | $765,544 | $789,051 | $799,644 | $810,195 | $3,164,434
Gross profit  | 72,383 | 70,636 | 71,030 | 77,789 | 291,838
Net income (2,3,4)  | 22,226 | 24,758 | 24,801 | 36,831 | 108,616
Earnings per share (1):           |  |  |  |  | 
Basic  | $0.71 | $0.81 | $0.83 | $1.26 | $3.59
Diluted (7)  | $0.69 | $0.79 | $0.81 | $1.23 | $3.50


Question: How many quarters did net sales exceed $800,000 thousand?
Answer: 1
Calculation: Fourth Quarter
3.6 Provisions
Recognition, measurement and classification
Employee benefits – annual and long service leave
The Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on corporate bond rates with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.
The Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of the reporting date.
Annual and long service leave are classified as current where there is a current obligation to pay the employee shall they leave the Group.
Clawback provisions
Upfront fees received from certain insurance funds, broadband providers and mortgage brokers can be clawed back in the event of early termination of membership. They vary across the industries and are usually triggered where a referred member terminates their policy. Each relevant Product Provider has an individual agreement and the clawback period ranges between 0 and 24 months, depending on the agreement.
Key estimates - Employee benefits
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the reporting date using the discounted cash flow methodology. The risks specific to the provision are factored into the cash flows and as such a corporate bond rate relative to the expected life of the provision is used as a discount rate. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the time value of money and the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised as interest expense.
Key estimates - Clawback provisions
The Group provides for this liability based upon historic average rates of attrition and recognises revenue net of these clawback amounts.
Table:
 | CONSOLIDATED | 
 | 2019 $’000 | 2018 $’000
Current |  | 
Annual leave | 2,349 | 2,233
Long service leave | 830 | 781
Clawback | 2,715 | 2,463
Rebates | 241 | 224
 | 6,135 | 5,701
Non-Current |  | 
Long service leave | 418 | 343
 | 418 | 343


Question: What is the range of the clawback period?
Answer: between 0 and 24 months
the graph below shows a five-year comparison of the cumulative shareholder return on our common stock with the cumulative total return of the standard & poor 2019s ( s&p ) mid cap 400 index and the russell 1000 index , both of which are published indices . comparison of five-year cumulative total return from december 31 , 2011 to december 31 , 2016 assumes $ 100 invested with reinvestment of dividends period indexed returns .

Table:
company/index | baseperiod 12/31/11 | baseperiod 12/31/12 | baseperiod 12/31/13 | baseperiod 12/31/14 | baseperiod 12/31/15 | 12/31/16
a . o . smith corporation | 100.0 | 159.5 | 275.8 | 292.0 | 401.0 | 501.4
s&p mid cap 400 index | 100.0 | 117.9 | 157.4 | 172.8 | 169.0 | 204.1
russell 1000 index | 100.0 | 116.4 | 155.0 | 175.4 | 177.0 | 198.4
2011 2012 2013 2014 2015 2016 smith ( a o ) corp s&p midcap 400 index russell 1000 index .

Question: what was the difference in total return for the five year period ended 12/31/16 between a . o . smith corporation and the s&p mid cap 400 index?
Answer: 297.3%
Calculation: subtract(501.4, const_100), divide(#0, const_100), subtract(204.1, const_100), divide(#2, const_100), subtract(#1, #3)
Stock purchase warrants
Prior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants). In May 2019, Teekay sold to Brookfield all of the Company’s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants.
Changes in fair value during the years ended December 31, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows:
Table:
 | Year Ended December 31, | 
 | 2019 | 2018
 | $ | $
Fair value at the beginning of the year | 12,026 | 30,749
Fair value on acquisition/issuance | — | 2,330
Unrealized gain (loss) included in earnings | 26,900 | (21,053)
Realized loss included in earnings | (25,559) | —
Settlements | (13,367) | —
Fair value at the end of the year | — | 12,026


Question: What is the increase / (decrease) in the Fair value at the end of the year from 2018 to 2019?
Answer: -12026
Calculation: 0 - 12,026
NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)
NOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents and restricted cash consisted of the following:
Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months
Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions. See also Note 2(e).
Table:
 | December 31, 2019 | December 31,2018
Cash on hand and at banks | $77,041 | $131,432
Short-term deposits and highly liquid funds | 950 | 6,450
Restricted cash | 736 | 12,892
Cash and cash equivalents and restricted cash | $78,727 | $150,774


Question: What did Short-term deposits and highly liquid funds relate to?
Answer: amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months
ITEM 2. PROPERTIES
The Company leases the following real property:
The Company executed a three-year lease beginning in October 2017 for approximately 83,000 square feet for our Aurora, Illinois headquarters facility.
During fiscal year 2019, the Company executed a two-year lease beginning in September 2018 for approximately 2,300 square feet for our Manchester, New Hampshire IBW office space.
The Company is currently evaluating a replacement lease for the ISM design center in Ohio.
On April 1, 2013, as a result of the Kentrox acquisition, the Company acquired a sixteen acre parcel of land in Dublin, Ohio. The Company sold four acres in April 2015 and is marketing the remaining twelve acres for sale.
Table:
Location | Purpose | Square footage  | Termination calendar year | Segment
Aurora, IL | Corporate headquarters, office, distribution and manufacturing | 83,000 | 2020 | 
Dublin, OH | Design center | 9,465 | 2019 | ISM
Manchester, NH | IBW office | 2,287 | 2020 | IBW


Question: When was the start of the lease of the headquarters facility?
Answer: October 2017
Backlog
At December 31, 2019 and 2018, our backlog of unfilled orders in our four reportable segments was as follows:
Customers may delay delivery of products or cancel orders suddenly and without advanced notice, subject to possible cancellation penalties. Due to possible customer changes in delivery schedules and cancellation of orders, our backlog at any particular date is not necessarily indicative of the actual sales for any succeeding period. Delays in delivery schedules or cancellations of backlog during any particular period could have a material adverse effect on our business, financial condition or results of operations.
Table:
 | 2019 | 2018
 | (in millions) | 
Semiconductor Test | $543.2 | $367.5
System Test | 206.0 | 149.5
Wireless Test | 42.9 | 32.0
Industrial Automation | 17.9 | 19.7
 | $810.0 | $568.7


Question: In which year was Industrial Automation larger?
Answer: 2018
Calculation: 19.7>17.9
Effective Income Tax Rate
A reconciliation of the United States federal statutory income tax rate to our effective income tax rate is as follows:
In 2019 and 2018 we had pre-tax losses of $19,573 and $25,403, respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax.
Table:
 | Year Ended | Year Ended
 | December 31, 2018 | December 31, 2019
United States federal statutory rate | 21.00% | 21.00%
State taxes, net of federal benefit | 1.99% | (0.01)%
Valuation allowance | (21.96)% | (24.33)%
Cumulative effect of accounting change | — | 2.07%
R&D Credit | 1.34% | 1.53%
Other | (0.38)% | (0.27)%
Effective income tax rate | 1.99% | (0.01)%


Question: Why are pre-tax losses made available for carrying forward?
Answer: To offset future taxable income
The Company’s estimated future benefit payments as of December 31, 2019 are as follows:
The Company has certain defined contribution plans, which accrue benefits for employees on a pro-rata basis during their employment period based on their individual salaries. The Company’s accrued benefits related to defined contribution pension plans of $20 million as of December 31, 2019 and $18 million as of December 31, 2018. The annual cost of these plans amounted to approximately $86 million in 2019, $84 million in 2018 and $77 million in 2017.
Table:
Years | Pension Benefits | Other Long Term Benefits
2020 | 32 | 7
2021 | 29 | 7
2022 | 32 | 5
2023 | 41 | 6
2024 | 51 | 9
From 2025 to 2029 | 272 | 35


Question: What was the annual cost of contribution pension plans in 2018?
Answer: $84 million
as of december 31 , 2006 , we also leased an office and laboratory facility in connecticut , additional office , distribution and storage facilities in san diego , and four foreign facilities located in japan , singapore , china and the netherlands under non-cancelable operating leases that expire at various times through july 2011 . these leases contain renewal options ranging from one to five years . as of december 31 , 2006 , our contractual obligations were ( in thousands ) : contractual obligation total less than 1 year 1 2013 3 years 1 2013 5 years more than 5 years .

Table:
contractual obligation | payments due by period total | payments due by period less than 1 year | payments due by period 1 2013 3 years | payments due by period 1 2013 5 years | payments due by period more than 5 years
operating leases | $ 37899 | $ 5320 | $ 10410 | $ 9371 | $ 12798
total | $ 37899 | $ 5320 | $ 10410 | $ 9371 | $ 12798
the above table does not include orders for goods and services entered into in the normal course of business that are not enforceable or legally binding .
item 7a .
quantitative and qualitative disclosures about market risk .
interest rate sensitivity our exposure to market risk for changes in interest rates relates primarily to our investment portfolio .
the fair market value of fixed rate securities may be adversely impacted by fluctuations in interest rates while income earned on floating rate securities may decline as a result of decreases in interest rates .
under our current policies , we do not use interest rate derivative instruments to manage exposure to interest rate changes .
we attempt to ensure the safety and preservation of our invested principal funds by limiting default risk , market risk and reinvestment risk .
we mitigate default risk by investing in investment grade securities .
we have historically maintained a relatively short average maturity for our investment portfolio , and we believe a hypothetical 100 basis point adverse move in interest rates along the entire interest rate yield curve would not materially affect the fair value of our interest sensitive financial instruments .
foreign currency exchange risk although most of our revenue is realized in u.s .
dollars , some portions of our revenue are realized in foreign currencies .
as a result , our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets .
the functional currencies of our subsidiaries are their respective local currencies .
accordingly , the accounts of these operations are translated from the local currency to the u.s .
dollar using the current exchange rate in effect at the balance sheet date for the balance sheet accounts , and using the average exchange rate during the period for revenue and expense accounts .
the effects of translation are recorded in accumulated other comprehensive income as a separate component of stockholders 2019 equity. .

Question: what percentage of total contractual obligations are due in less than one year?
Answer: 14%
Calculation: divide(5320, 37899)
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
MARKET FOR COMMON STOCK
The Company’s common stock trades on NYSE American under the trading symbol “DIT”. As of October 31, 2019 the closing price of our common stock on NYSE American was $73.00 and there were 565,942 common shares outstanding. As of that date, the Company had approximately 521 persons holding common shares beneficially of which approximately 121 are shareholders of record (including direct participants in the Depository Trust Company). The following table reflects the range of the high and low closing prices per share of the Company’s common stock reported by NYSE American for fiscal 2019 and 2018.
Table:
 | Fiscal 2018 |  | Fiscal 2019 | 
 | High | Low | High | Low
4th Quarter | $100.00 | $73.41 | $89.00 | $ 81.10
3rd Quarter | 100.00 | 88.27 | 98.35 | 81.30
2nd Quarter | 101.51 | 88.01 | 99.87 | 84.10
1st Quarter | 99.75 | 77.92 | 97.85 | 86.61


Question: What are the respective high and low closing prices per share of the Company’s common stock reported by NYSE American for the 1st Quarter of fiscal 2019?
Answer: 99.75, 77.92
Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer’s past performance to predict the likelihood of the customer falling further delinquent.
These customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts.
Collection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date.
At December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:
Table:
 | 2019 | 2018
Unbilled | $ 22,827 | $ 24,282
Billed: |  | 
Current | 1,286 | 1,465
Past due | 236 | 271
Device payment plan agreement receivables, gross | $ 24,349 | $ 26,018


Question: What does the customer-scoring models assess?
Answer: origination characteristics, customer account history, payment patterns
value , which may be maturity , the company does not consider these investments to be other-than-temporarily impaired as of december 31 , 2005 and 2004 . gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively . gross realized gains and losses for 2004 were $ 628000 and $ 205000 , respectively . gross realized gains for 2003 were $ 1249000 . there were no gross realized losses for 2003 . maturities stated are effective maturities . f . restricted cash at december 31 , 2005 and 2004 , the company held $ 41482000 and $ 49847000 , respectively , in restricted cash . at december 31 , 2005 and 2004 the balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in the names of the company's landlords pursuant to certain operating lease agreements . g . property and equipment property and equipment consist of the following at december 31 ( in thousands ) : depreciation expense for the years ended december 31 , 2005 , 2004 and 2003 was $ 26307000 , $ 28353000 and $ 27988000 respectively . in 2005 and 2004 , the company wrote off certain assets that were fully depreciated and no longer utilized . there was no effect on the company's net property and equipment . additionally , the company wrote off or sold certain assets that were not fully depreciated . the net loss on disposal of those assets was $ 344000 for 2005 and $ 43000 for 2004 . h . investments in accordance with the company's policy , as outlined in note b , "accounting policies" the company assessed its investment in altus pharmaceuticals , inc . ( "altus" ) , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment which would indicate a decrease in its fair value below the carrying value that would require the company to write down the investment basis of the asset , as of december 31 , 2005 and december 31 , 2004 . the company's cost basis carrying value in its outstanding equity and warrants of altus was $ 18863000 at december 31 , 2005 and 2004. .

Table:
 | 2005 | 2004
furniture and equipment | $ 98387 | $ 90893
leasehold improvements | 66318 | 65294
computers | 18971 | 18421
software | 18683 | 16411
total property and equipment gross | 202359 | 191019
less accumulated depreciation and amortization | 147826 | 126794
total property and equipment net | $ 54533 | $ 64225
.

Question: what is the percent change in net loss on disposal of assets between 2004 and 2005?
Answer: 700%
Calculation: subtract(344000, 43000), divide(#0, 43000)
Net revenues by geographical region
Percentage of revenue by geographic region as presented below is based on the billing location of the customer.
Percentages may not add to 100% due to rounding.
The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.
Table:
 | Fiscal Year | 
 | 2019 | 2018
Americas | 64% | 63%
EMEA | 21% | 22%
APJ | 15% | 16%


Question: What is the change in percentage of revenue for APJ from fiscal 2018 to 2019?
Answer: -1
Calculation: 15-16
Note 21. Earnings Per Share
Basic earnings per share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock appreciation rights, restricted stock, restricted stock units and shares held in rabbi trust using the treasury stock method.
The number of shares used in the earnings per share computation were as follows (in thousands):
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Basic: |  |  | 
Weighted average common shares outstanding | 41,649 | 42,090 | 41,822
Diluted: |  |  | 
Dilutive effect of stock appreciation rights, restricted stock, restricted stock units and shares held in rabbi trust | 153 | 156 | 319
Total weighted average diluted shares outstanding | 41,802 | 42,246 | 42,141
Anti-dilutive shares excluded from the diluted earnings per share calculation | 69 | 44 | 46


Question: What was the change in the Anti-dilutive shares excluded from the diluted earnings per share calculation in 2019 from 2018?
Answer: 25
Calculation: 69-44