hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 . the increase was primarily due to valuation allowances on foreign loss carryforwards . at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations . the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses . total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized . at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

Table:
years ended december 31, | federal | state | foreign
2011 to 2015 | $ 2014 | $ 2014 | $ 503
2016 to 2020 | 2014 | 331315 | 5509
2021 to 2025 | 774209 | 576780 | 2014
2026 to 2030 | 423398 | 279908 | 92412
total | $ 1197607 | $ 1188003 | $ 98424
in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. .

Question: what portion of the total net operating loss carryforwards is state related?
Answer: 47.8%
Calculation: add(1197607, 1188003), add(#0, 98424), divide(1188003, #1)
The assets and liabilities of OpCo that are included in our Consolidated Balance Sheets at September 30, 2019 and 2018 are as follows:
The assets of OpCo are restricted for OpCo’s use and are not available for the general operations of Cubic. OpCo’s debt is non-recourse to Cubic. Cubic’s maximum exposure to loss as a result of its equity interest in the P3 Venture is limited to the $2.7 million outstanding letter of credit, which will be converted to a cash contribution upon completion of the design and build phase of the MBTA Contract.
Table:
 |  | September 30,
 | 2019 | 2018
 |  | (in thousands)
Cash | $  347 | $  374
Restricted cash | 9,967 | 10,000
Other current assets | 33 | —
Long-term capitalized contract costs | — | 33,818
Long-term contracts financing receivable | 115,508 | —
Other noncurrent assets | 1,419 | 810
Total assets | $  127,274 | $  45,002
Trade accounts payable | $  25 | $  165
Accrued compensation and other current liabilities | 191 | —
Due to Cubic | 25,143 | 11,724
Other long-term liabilities | 21,605 | 13
Long-term debt | 61,994 | 9,056
Total liabilities | $  108,958 | $  20,958
Total Cubic equity | (603) | (304)
Noncontrolling interests | 18,919 | 24,348
Total liabilities and owners' equity | $ 127,274 | $ 45,002


Question: What does the table represent?
Answer: assets and liabilities of OpCo that are included in our Consolidated Balance Sheets at September 30, 2019 and 2018
3.3 DEPRECIATION AND AMORTIZATION
(1) 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.
Fiscal 2019 depreciation and amortization expense increased by 10.9% resulting mainly from the impact of the MetroCast acquisition combined with additional depreciation from the acquisitions of property, plant and equipment during the fiscal year and the appreciation of the US dollar against the Canadian dollar compared to the prior year.
Table:
Years ended August 31, | 2019 | 2018 (1) | Change
(in thousands of dollars, except percentages) | $ | $ | %
Depreciation of property, plant and equipment | 423,432 | 387,726 | 9.2
Amortization of intangible assets | 57,293 | 45,928 | 24.7
 | 480,725 | 433,654 | 10.9


Question: What was the increase in the depreciation and amortization expense in 2019?
Answer: 10.9%
Interest and Other Income (Expense)
Interest and other income (expense), net changed by $3.3 million from a net expense of $13.8 million in the year ended December 31, 2018 to a net expense of $10.4 million for the year ended December 31, 2019. The change in interest and other income (expense), net was primarily due to a decrease in interest expense pertaining to a lower average balance of debt outstanding under our term loan facility during the year.
Table:
 | Year Ended December 31, |  | % Change
 | 2019 | 2018 | 2019
 |  | (dollars in thousands) | 
Interest and other income (expense), net | $(10,427) | $(13,755) | (24)%
% of net revenue | (3)% | (4)% | 


Question: What was the net expense in the year ended December 31, 2018?
Answer: $13.8 million
table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) commodity price risk we are exposed to market risks related to the volatility in the price of crude oil , refined products ( primarily gasoline and distillate ) , grain ( primarily corn ) , and natural gas used in our operations . to reduce the impact of price volatility on our results of operations and cash flows , we use commodity derivative instruments , including futures , swaps , and options . we use the futures markets for the available liquidity , which provides greater flexibility in transacting our hedging and trading operations . we use swaps primarily to manage our price exposure . our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors . for risk management purposes , we use fair value hedges , cash flow hedges , and economic hedges . in addition to the use of derivative instruments to manage commodity price risk , we also enter into certain commodity derivative instruments for trading purposes . our objective for entering into each type of hedge or trading derivative is described below . fair value hedges fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories . the level of activity for our fair value hedges is based on the level of our operating inventories , and generally represents the amount by which our inventories differ from our previous year-end lifo inventory levels . as of december 31 , 2012 , we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2013 .

Table:
derivative instrument | notionalcontractvolumes byyear ofmaturity 2013
crude oil and refined products: | 
futures 2013 long | 1052
futures 2013 short | 4857
physical contracts - long | 3805
.

Question: what percentage increase would in long futures would need to occur to double the short futures?
Answer: 462%
Calculation: multiply(4857, const_2), subtract(#0, 3805), subtract(#1, 1052), divide(#2, 1052)
Telecommunications Segment
ICS operates an extensive network of direct routes and offers premium voice communication services for carrying a mix of business, residential and carrier long-distance traffic, data and transit traffic. Customers may have a bilateral relationship with ICS, meaning they have both a customer and vendor relationship with ICS. In these cases, ICS sells the customer access to the ICS supplier routes but also purchases access to the customer’s supplier routes.
Net revenue is derived from the long-distance data and transit traffic. Net revenue is earned based on the number of minutes during a call multiplied by the price per minute, and is recorded upon completion of a call. Completed calls are billable activity while incomplete calls are non-billable. Incomplete calls may occur as a result of technical issues or because the customer’s credit limit was exceeded and thus the customer routing of traffic was prevented.
Revenue for a period is calculated from information received through ICS’s billing software, such as minutes and market rates. Customized billing software has been implemented to track the information from the switch and analyze the call detail records against stored detailed information about revenue rates. This software provides ICS with the ability to perform a timely and accurate analysis of revenue earned in a period.
ICS evaluates gross versus net revenue recognition for each of its contractual arrangements by assessing indicators of control and significant influence to determine whether the ICS acts as a principal (i.e. gross recognition) or an agent (i.e. net recognition). ICS has determined that it acts as a principal for all of its performance obligations in connection with all revenue earned. Net revenue represents gross revenue, net of allowance for doubtful accounts receivable, service credits and service adjustments. Cost of revenue includes network costs that consist of access, transport and termination costs. The majority of ICS’s cost of revenue is variable, primarily based upon minutes of use, with transmission and termination costs being the most significant expense.
Disaggregation of Revenues ICS's revenues are predominantly derived from wholesale of international long distance minutes (in millions):
Table:
Years Ended December 31, |  | 
 | 2019 | 2018
Termination of long distance minutes | $696.1 | $793.6
Total revenue from contracts with customers | 696.1 | 793.6
Other revenue | — | —
Total Telecommunications segment revenue | $696.1 | $793.6


Question: What is the percentage increase / (decrease) in the Total Telecommunications segment revenue from 2018 to 2019?
Answer: -12.29
Calculation: 696.1 / 793.6 - 1
Earnings Per Share
Calculations of net income per common share attributable to ON Semiconductor Corporation are as follows (in millions, except per share data):
Basic income per common share is computed by dividing net income attributable to ON Semiconductor Corporation by the weighted average number of common shares outstanding during the period.
To calculate the diluted weighted-average common shares outstanding, the number of incremental shares from the assumed exercise of stock options and assumed issuance of shares relating to RSUs is calculated by applying the treasury stock method. Share-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per share calculation.
The excluded number of anti-dilutive share-based awards was approximately 0.8 million, 0.6 million and 0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.
The dilutive impact related to the Company’s 1.00% Notes and 1.625% Notes is determined in accordance with the net share settlement requirements, under which the Company’s convertible notes are assumed to be convertible into cash up to the par value, with the excess of par value being convertible into common stock.
Additionally, if the average price of the Company’s common stock exceeds $ 25.96 per share, with respect to the 1.00% Notes, or $30.70 per share, with respect to the 1.625% Notes, during the relevant reporting period, the effect of the additional potential shares that may be issued related to the warrants that were issued concurrently with the issuance of the convertible notes will also be included in the calculation of diluted weighted-average common shares outstanding.
Prior to conversion, the convertible note hedges are not considered for purposes of the earnings per share calculations, as their effect would be anti-dilutive. Upon conversion, the convertible note hedges are expected to offset the dilutive effect of the 1.00% Notes and 1.625% Notes, respectively, when the stock price is above $18.50 per share, with respect to the 1.00% Notes, and $20.72 per share, with respect to the 1.625% Notes.
Table:
 |  | Year ended December 31, | 
 | 2019 | 2018 | 2017
Net income attributable to ON Semiconductor Corporation | $211.7 | $627.4 | $810.7
Basic weighted average common shares outstanding | 410.9 | 423.8 | 421.9
Add: Incremental shares for: |  |  | 
Dilutive effect of share-based awards | 1.9 | 4.3 | 5.5
Dilutive effect of convertible notes | 3.2 | 7.8 | 0.9
Diluted weighted average common shares outstanding | 416.0 | 435.9 | 428.3
Net income per common share attributable to ON Semiconductor Corporation: |  |  | 
Basic | $0.52 | $1.48 | $1.92
Diluted | $0.51 | $1.44 | $1.89


Question: What is the change in Net income attributable to ON Semiconductor Corporation from December 31, 2018 to 2019?
Answer: -415.7
Calculation: 211.7-627.4
stock total return performance the following graph compares our total return to stockholders with the returns of the standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and the dow jones us select health care providers index ( 201cpeer group 201d ) for the five years ended december 31 , 2017 . the graph assumes an investment of $ 100 in each of our common stock , the s&p 500 , and the peer group on december 31 , 2012 , and that dividends were reinvested when paid. .

Table:
 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017
hum | $ 100 | $ 152 | $ 214 | $ 267 | $ 307 | $ 377
s&p 500 | $ 100 | $ 132 | $ 150 | $ 153 | $ 171 | $ 208
peer group | $ 100 | $ 137 | $ 175 | $ 186 | $ 188 | $ 238
the stock price performance included in this graph is not necessarily indicative of future stock price performance. .

Question: what is the highest return for the second year of the investment?
Answer: 114%
Calculation: subtract(214, 100)
Note 11. Share-Based Compensation
A summary of share-based compensation expense recognized in the Company’s Consolidated Statements of Operations is as follows (in thousands):
Table:
 |  | Year ended December 31, | 
 | 2019 | 2018 | 2017
Cost of revenues | $8,741 | $4,982 | $3,735
Research and development | 23,132 | 14,975 | 9,550
Sales and marketing | 38,325 | 27,324 | 16,015
General and administrative | 31,156 | 20,807 | 12,760
Total share-based compensation expense | $101,354 | 68,088 | 42,060


Question: What are the respective share-based compensation for cost of revenues in 2018 and 2019?
Answer: $4,982, $8,741
Single figure table for total remuneration (audited)
Single figure for the total remuneration received by each executive director for the 52 weeks ended 30 March 2019 (2018/19) and 31 March 2018 (2017/18).
Gavin Darby
Mr Darby received a basic salary of £700,000 per annum and a salary supplement in lieu of pension of 20% of base salary on a pro rata basis for the period up to 31 January 2019. Mr Darby received a pro rata bonus of £525,500 for the financial period to 31 January 2019. Benefits were provided for the period up to 31 January 2019 relating to the provision of an executive driver service, private health insurance and annual medical assessment.
Alastair Murray
Mr Murray received a basic salary for the period of £416,201 per annum and an annualised supplement in lieu of pension of 7.5% of the Earnings Cap (£160,800 for the 2018/19 tax year) which equates to £12,060 for the period together with an additional RPI adjusted pensions supplement of £24,348. He was appointed Acting CEO on 1 February 2019, in addition to his current role of Chief Financial Officer, on a temporary basis whilst the Board conducts a search process for a new CEO.
In recognition of this significant additional responsibility, it was agreed that Mr Murray would receive a monthly salary supplement of £20,000 (which does not count towards pension, annual bonus or long-term incentives) whilst he carries out this role.
Mr Murray received a bonus of £231,615 for the financial period. Benefits related to the provision of a company car, use of an executive driver service (following his appointment as Acting CEO) and private health insurance. In line with the current Remuneration Policy, one-third of his annual bonus award will be in the form of shares deferred for three years.
Full details of the annual bonus performance assessments for Mr Darby and Mr Murray are set out on pages 53 to 55.
Table:
 | Gavin Darby |  | Alastair Murray | 
 | 2018/19 | 2017/18 | 2018/19 | 2017/18
 | £’000 | £’000 | £’000 | £’000
Salary | 583 | 700 | 416 | 408
Salary supplement | – | – | 40 | –
Taxable benefits | 17 | 22 | 27 | 24
Pension | 117 | 140 | 36 | 35
Annual Bonus | 525 | 368 | 232 | 153
Share based awards | – | – | – | –
Total | 1,242 | 1,230 | 751 | 620


Question: What was the basic salary of Mr Murray in 2018/19?
Answer: £416,201
Reconciliation of Bookings
The following table reconciles total bookings to total revenue, its most directly comparable GAAP financial measure:
(1) Change in deferred revenue also includes the impact of realized gains or losses from the hedging of bookings in foreign currencies.
Table:
 | Year Ended December 31, |  |  |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
Total Bookings: | (unaudited; in millions) |  |  |  | 
Total revenue | $2,988.1 | $2,660.1 | $2,231.9 | $1,847.9 | $1,607.3
Change in deferred revenue(1) | 180.5 | 163.2 | 214.4 | 163.5 | 165.9
Net refunds | 233.4 | 192.6 | 170.0 | 141.9 | 137.8
Other | (0.8) | (4.4) | 1.9 | 2.2 | 3.2
Total bookings | $3,401.2 | $3,011.5 | $2,618.2 | $2,155.5 | $1,914.2


Question: How many financial years had total bookings below $3,000 millions?
Answer: 3
Calculation: 2017 ## 2016 ## 2015
Share Options
The Company estimates the fair value of employee share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of share options for service-based awards utilizing the “Simplified Method,” as it does not have sufficient historical share option exercise information on which to base its estimate. The Simplified Method is based on the average of the vesting tranches and the contractual life of each grant.
The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. Since there was no public market for the Company’s ordinary shares prior to the IPO and as its shares have been publicly traded for a limited time, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issue options with substantially similar terms.
The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The fair value of the Company’s ordinary shares at the time of each share option grant is based on the closing market value of its ordinary shares on the grant date.
The fair value of each share option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions:
The weighted-average per share fair value of share options granted to employees during the years ended March 31, 2019, 2018 and 2017 was $16.48, $11.12 and $8.65 per share, respectively.
Table:
 |  | Year ended March 31,  | 
 | 2019 | 2018 | 2017
Expected term (in years) | 6.1 | 6.1 | 6.1
Risk-free interest rate | 2.7% | 2.2% | 2.1%
Expected volatility | 41.5% | 39.8% | 41.0%
Expected dividend yield   | —% | —% | —%
Estimated grant date fair value per ordinary share | $37.15 | $26.52 | $20.22


Question: What is the risk free rate based on?
Answer: treasury instrument whose term is consistent with the expected life of the share option.
28. FINANCIAL INSTRUMENTS (cont.)
(1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy. (1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy.
(2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment). (2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 – deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment).
(3) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.
Table:
As at December 31, 2018 | FVTPL | Amortised cost | Total | Fair Value | Fair Value hierarchy
Cash and cash equivalents | $ - | $768,433 | $768,433 | $768,433 | Level 1
Trade and other receivables | - | 45,631 | 45,631 | 45,631 | (3)
Other current financial assets (1) | 18,632 | 147 | 18,779 | 18,779 | Level 1, Level 2
Other long-term financial assets (1) | 33,796 | 21,959 | 55,755 | 55,755 | Level 1, Level 2
Trade and other payables | - | (30,659) | (30,659) | (30,659) | (3)
Other current financial liabilities | (6) | (26,380) | (26,386) | (29,131) | Level 2
Other long-term financial liabilities | (5,627) | (48,894) | (54,521) | (54,733) | Level 2
Indebtedness (2) | - | (3,853,883) | (3,853,883) | (3,709,695) | Level 2
 | $46,795 | $(3,123,646) | $(3,076,851) | $(2,935,620) | 


Question: What are the financial instruments that do not have a fair value hierarchy classification?
Answer: Trade and other receivables, Trade and other payables