hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
at december 31 , 2009 , aon had domestic federal operating loss carryforwards of $ 7 million that will expire at various dates from 2010 to 2024 , state operating loss carryforwards of $ 513 million that will expire at various dates from 2010 to 2028 , and foreign operating and capital loss carryforwards of $ 453 million and $ 252 million , respectively , nearly all of which are subject to indefinite carryforward . unrecognized tax benefits the following is a reconciliation of the company 2019s beginning and ending amount of unrecognized tax benefits ( in millions ) : .

Table:
 | 2009 | 2008
balance at january 1 | $ 86 | $ 70
additions based on tax positions related to the current year | 2 | 5
additions for tax positions of prior years | 5 | 12
reductions for tax positions of prior years | -11 ( 11 ) | -11 ( 11 )
settlements | -10 ( 10 ) | -4 ( 4 )
lapse of statute of limitations | -3 ( 3 ) | -1 ( 1 )
acquisitions | 6 | 21
foreign currency translation | 2 | -6 ( 6 )
balance at december 31 | $ 77 | $ 86
as of december 31 , 2009 , $ 61 million of unrecognized tax benefits would impact the effective tax rate if recognized .
aon does not expect the unrecognized tax positions to change significantly over the next twelve months .
the company recognizes penalties and interest related to unrecognized income tax benefits in its provision for income taxes .
aon accrued potential penalties of less than $ 1 million during each of 2009 , 2008 and 2007 .
aon accrued interest of $ 2 million during 2009 and less than $ 1 million during both 2008 and 2007 .
as of december 31 , 2009 and 2008 , aon has recorded a liability for penalties of $ 5 million and $ 4 million , respectively , and for interest of $ 18 million and $ 14 million , respectively .
aon and its subsidiaries file income tax returns in the u.s .
federal jurisdiction as well as various state and international jurisdictions .
aon has substantially concluded all u.s .
federal income tax matters for years through 2006 .
material u.s .
state and local income tax jurisdiction examinations have been concluded for years through 2002 .
aon has concluded income tax examinations in its primary international jurisdictions through 2002. .

Question: considering the years 2008 and 2009 , what is the variation observed in the foreign currency translation , in millions?
Answer: 8
Calculation: subtract(2, -6)
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following at December 31, 2019 and 2018 (in thousands):
(1) In November 2014 and February 2016, we entered into a term loan agreement and a convertible loan agreement, respectively, with Clean Energy Collective, LLC (“CEC”). Our term loan bears interest at 16% per annum, and our convertible loan bears interest at 10% per annum. In November 2018, we amended the terms of the loan agreements to (i) extend their maturity to June 2020, (ii) waive the conversion features on our convertible loan, and (iii) increase the frequency of interest payments, subject to certain conditions. In January 2019, CEC finalized certain restructuring arrangements, which resulted in a dilution of our ownership interest in CEC and the loss of our representation on the company’s board of managers. As a result of such restructuring, CEC no longer qualified to be accounted for under the equity method. As of December 31, 2019, the aggregate balance outstanding on the loans was $23.9 million and was presented within “Prepaid expenses and other current assets.” As of December 31, 2018, the aggregate balance outstanding on the loans was $22.8 million and was presented within “Notes receivable, affiliate.”
(2) See Note 9. “Derivative Financial Instruments” to our consolidated financial statements for discussion of our derivative instruments.
Table:
 | 2019 | 2018
Prepaid expenses | $137,927 | $90,981
Prepaid income taxes . | 47,811 | 59,319
Indirect tax receivables . | 29,908 | 26,327
Restricted cash | 13,697 | 19,671
Notes receivable (1) | 23,873 | 5,196
Derivative instruments (2) . | 1,199 | 2,364
Other current assets | 22,040 | 39,203
Prepaid expenses and other current assets | $276,455 | $243,061


Question: What amendment was made to the convertible loan agreement in 2018?
Answer: waive the conversion features on our convertible loan
Liquidity and Capital Resources
Working Capital
The following table summarizes our cash and cash equivalents, accounts receivable, net and working capital, for the periods indicated (in thousands):
We define working capital as current assets minus current liabilities. Our cash and cash equivalents as of December 31, 2019 are available for working capital purposes. We do not enter into investments for trading purposes, and our investment policy is to invest any excess cash in short term, highly liquid investments that limit the risk of principal loss; therefore, our cash and cash equivalents are held in demand deposit accounts that generate very low returns.
Table:
 |  | As of December 31, | 
 | 2019 | 2018 | 2017
Cash and cash equivalents | $119,629 | $146,061 | $96,329
Accounts receivable, net | 76,373 | 49,510 | 40,634
Working capital | 167,879 | 152,793 | 119,433


Question: How did the company define working capital?
Answer: current assets minus current liabilities.
Unaudited Pro Forma Financial Information
The pro forma financial information in the table below presents the combined results of operations for ACI and Speedpay as if the acquisition had occurred January 1, 2018. The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transaction been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period, and does not reflect potential synergies, integration costs, or other such costs or savings.
Certain pro forma adjustments have been made to net income (loss) for the year ended December 31, 2019 and 2018, to give effect to estimated adjustments that remove the amortization expense on eliminated Speedpay historical identifiable intangible assets, add amortization expense for the value of acquired identified intangible assets (primarily acquired software, customer relationships, and trademarks), and add estimated interest expense on the Company’s additional Delayed Draw Term Loan and Revolving Credit Facility borrowings. Additionally, certain transaction expenses that are a direct result of the acquisition have been excluded from the year ended December 31, 2019.
The following is the unaudited summarized pro forma financial information for the periods presented (in thousands, except per share data):
Walletron
On May 9, 2019, the Company also completed the acquisition of Walletron, which delivers patented mobile wallet technology. The Company has included the financial results of Walletron in the consolidated financial statements from the date of acquisition, which were not material.
RevChip and TranSend
On October 1, 2019, the Company acquired certain technology assets of RevChip, LLC ("RevChip") and TranSend Integrated Technologies Inc. ("TranSend") for a combined $7.0 million. As substantially all of the value was in the developed technology, the purchase was recognized as an asset acquisition. The Company has included the financial results of RevChip and TranSend in the consolidated financial statements from the date of acquisition, which were not material.
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Pro forma revenue | $1,382,957 | $1,361,729
Pro forma net income | $82,003 | $88,428
Pro forma income per share: |  | 
Basic | $ 0.71 | $ 0.76
Diluted | $ 0.69 | $ 0.75


Question: What was the change in pro forma revenue between 2018 and 2019?
Answer: 21228
Calculation: $1,382,957-$1,361,729
Capital management
The Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt and lease financing, less unamortised debt fees and cash and cash equivalents as shown in note 32. Total equity is as shown in the Consolidated balance sheet.
The calculation of total capital is shown in the table below:
Following the application of IFRS 16, total capital for the year ended 31 March 2018 has been restated (note 2).
The objectives for managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or take other steps to increase share capital and reduce or increase debt facilities.
As at 31 March 2019, the Group had borrowings of £313.0m (2018: £343.0m) through its Syndicated revolving credit facility (2018: Syndicated Term Loan). Interest is payable on this facility at a rate of LIBOR plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries, which is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.
Table:
 | 2019 | (Restated) 2018
 | £m | £m
Total net debt | 321.0 | 355.2
Total equity | 59.0 | 5.6
Total capital | 380.0 | 360.8


Question: What was the change in total capital in 2019 from 2018?
Answer: 19.2
Calculation: 380.0-360.8
Finite-lived Intangible Assets
Other intangible assets, net consisted of the following:
The remaining $152 of intangible asset at December 31, 2019 is expected to be amortized in 2020.
Table:
 |  | December 31,
 | 2019 | 2018
Recipes | $ 44 | $ 44
Customer lists and other customer related intangibles | 4,529 | 4,529
Customer relationships | 985 | 985
Trade names | 2,248 | 2,248
Formula | 438 | 438
 | 8,244 | 8,244
Accumulated amortization | (8,092 ) | (7,900 )
Intangible assets, net | $ 152 | $ 344


Question: What is the value of customer relationships in 2018 and 2019 respectively?
Answer: 985, 985
1 Interest on borrowings includes interest on short-term borrowings and on long-term debt.
FOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS We recognized $79 million in net foreign exchange gains in 2019 (2018 – $136 million in net losses). These gains and losses were primarily attributed to our US dollar-denominated commercial paper (US CP) program borrowings (see note 17).
These foreign exchange gains (2018 – losses) were partially offset by the $80 million loss related to the change in fair value of derivatives (2018 – $95 million gain) that was primarily attributed to the debt derivatives, which were not designated as hedges for accounting purposes, we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.
During the year ended December 31, 2018, after determining we would not be able to exercise our outstanding bond forward derivatives (bond forwards) within the designated time frame, we discontinued hedge accounting and reclassified a $21 million loss from the hedging reserve within shareholders’ equity to “change in fair value of derivative instruments” within finance costs.
We subsequently extended the bond forwards and redesignated them as effective hedges. During the year ended December 31, 2019, we exercised these bond forwards. See note 17 for more information on our bond forwards.
NOTE 11: FINANCE COSTS
Table:
 | Years ended December 31 | Years ended December 31 | Years ended December 31
(In millions of dollars) | Note | 2019 | 2018
Interest on borrowings 1 |  | 746 | 709
Interest on post-employment benefits liability | 23 | 11 | 14
Loss on repayment of long-term debt | 21 | 19 | 28
(Gain) loss on foreign exchange |  | (79) | 136
Change in fair value of derivative instruments |  | 80 | (95)
Capitalized interest |  | (19) | (20)
Other |  | 21 | 21
Finance costs before interest on lease liabilities |  | 779 | 793
Interest expense on lease liabilities | 8 | 61 | -
Total finance costs |  | 840 | 793


Question: What is included in the Interest on borrowings?
Answer: Interest on borrowings includes interest on short-term borrowings and on long-term debt.
Cash Flows
The following table provides a summary of cash flows from operating, investing and financing activities (in millions):
Operating Activities
The $57.2 million decrease in cash provided by operating activities in 2019 compared to 2018 is primarily related to the timing and amount of cash receipts for Trade receivables, net, higher payments primarily related to income taxes and incentive bonus, and the timing of payments for Trade accounts payable and other accrued liabilities. The $84.4 million increase in cash provided by operating activities in 2018 compared to 2017 was primarily related to increased earnings excluding the prior year effect of the Tax Reform Act and the timing and amount of cash receipts for Trade receivables, net.
Investing Activities
The $406.9 million increase in cash used in investing activities in 2019 compared to 2018 is primarily related to our D&B Investment and our acquisition of Compass Analytics. The $59.4 million increase in cash used in investing activities in 2018 compared to 2017 was primarily related to the HeavyWater and Ernst acquisitions and higher capital expenditures in 2018.
Financing Activities
The $455.1 million increase in cash provided by financing activities in 2019 compared to 2018 is primarily related to an incremental borrowing to fund our D&B Investment as well as fewer share repurchases. The $96.8 million decrease in cash used in financing activities in 2018 compared to 2017 was primarily related to tax distributions to BKFS LLC members and the senior notes redemption fee in 2017.
Table:
 | Year ended December 31, |  |  | Variance | 
 | 2019 | 2018 | 2017 | 2019 v. 2018 | 2018 v. 2017
Cash flows provided by operating activities | $378.3 | $435.5 | $351.1 | $(57.2) | $84.4
Cash flows used in investing activities | (551.0) | (144.1) | (84.7) | (406.9) | (59.4)
Cash flows provided by (used in) financing activities | 167.8 | (287.3) | (384.1) | 455.1 | 96.8
Net (decrease) increase in cash and cash equivalents | $(4.9) | $4.1 | $(117.7) | $(9.0) | $121.8


Question: What was the change in operating activities between 2017 and 2018? 
Answer: 84.4
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 are the respective values of the company's work in process inventories on March 31, 2018 and 2019?
Answer: 221,137, 272,469
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
At December 31, 2019, the Company had net operating loss carry-forwards of approximately $21.6 million that may be offset against future taxable income indefinitely. No tax benefit has been reported in the 2019 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount.
Net deferred tax assets consist of the following components as of December 31, 2019 and 2018:
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.
Table:
 | 2019 | 2018
Deferred tax assets (liabilities): |  | 
NOL carryover | $5,910 | $3,370
R&D carryover | 173 | 173
Other | 236 | 239
Depreciation | 42 | 61
 | 6,361 | 3,843
Less valuation allowance | (6,361) | (3,843)
Net deferred tax asset | $- | $-


Question: What is the percentage of depreciation in the total deferred tax assets in 2018?
Answer: 1.59
Calculation: 61/3,843
Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. A summary of the tax effect of the significant components of deferred income taxes is as follows (in thousands):
At December 31, 2019, we had state and foreign net operating losses of approximately $12.2 million and $7.9 million, respectively. The state net operating losses expire beginning 2027 through 2038. We recorded a full valuation allowance against the foreign net operating losses and a partial valuation allowance against the state net operating losses, as we do not believe those losses will be fully utilized in the future.
Table:
December 31, |  | 
 | 2019 | 2018
Goodwill and other intangibles | $136,882 | $114,532
Lease arrangements | 31,128 | —
Property and equipment | 13,270 | 8,168
Unbilled receivables - IRC Section 481(a) | 5,878 | 8,816
Gross deferred tax liabilities | 187,158 | 131,516
Lease obligations | (34,146) | —
Retirement and other liabilities | (18,614) | (20,707)
Allowance for potential contract losses and other contract reserves | (2,205) | (1,681)
Foreign and state operating loss carryforwards | (2,239) | (1,709)
Less: Valuation allowance | 1,828 | 1,537
Gross deferred tax assets | (55,376) | (22,560)
Net deferred tax liabilities | $131,782 | $108,956


Question: How much was the net deferred tax liabilities on December 31, 2018?
Answer: $108,956
Financial Highlights
International Business Machines Corporation and Subsidiary Companies
* Includes charges of $0.1 billion in 2019 and $2.0 billion in 2018 associated with U.S. tax reform.
** See page 46 for a reconciliation of net income to operating earnings.
Table:
($ in millions except per share amounts) |  | 
For the year ended December 31: | 2019 | 2018
Revenue | $ 77,147 | $ 79,591
Net Income | 9,431* | 8,728*
Income from continuing operations | 9,435* | 8,723*
Operating (non-GAAP) earnings** | $ 11,436 | $ 12,657
Earnings per share of common stock—continuing operations |  | 
Assuming dilution | 10.57* | 9.51*
Basic | 10.63 | 9.56*
Diluted operating (non-GAAP)** | $  12.81 | $  13.81
Net cash provided by operating activities | $ 14,770 | $ 15,247
Capital expenditures, net | $  2,370 | $  3,716
Share repurchases | $  1,361 | $  4,443
Cash dividends paid on common stock | $  5,707 | $  5,666
Per share of common stock | $   6.43 | $   6.21
At December 31: | 2019 | 2018
Cash, cash equivalents, restricted cash and marketable securities | $  9,009 | $ 12,222
Total assets | $152,186 | $123,382
Working capital | $    718 | $ 10,918
Total debt | $ 62,899 | $ 45,812
Total equity | $ 20,985 | $ 16,929
Common shares outstanding (in millions) | 887 | 892
Stock price per common share | $ 134.04 | $ 113.67


Question: What is the Debt to Capital Ratio in 2019?
Answer: 57.86
Calculation: 62,899 / (62,899 + 45,812)
DEPRECIATION AND AMORTIZATION
1 See “Accounting Policies” for more information.
1 See “Accounting Policies” for more information. Total depreciation and amortization increased this year primarily as a result of depreciation of right-of-use assets due to our adoption of IFRS 16 on January 1, 2019 and higher capital expenditures over the past several years. See “Capital Expenditures” for more information.
Table:
(In millions of dollars) | Years ended December 31 |  | 
 | 2019 | 2018 | %Chg
Depreciation | 2,297 | 2,174 | 6
Amortization | 16 | 37 | (57)
Depreciation and amortization before depreciation of right-of-use assets | 2,313 | 2,211 | 5
Depreciation of right-of-use assets 1 | 175 | - | n/m
Total depreciation and amortization | 2,488 | 2,211 | 13


Question: What caused the increase in the total depreciation and amortization?
Answer: result of depreciation of right-of-use assets due to our adoption of IFRS 16 on January 1, 2019 and higher capital expenditures over the past several years.
(1) Exclude adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018.
During the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019.
Variations of each services are also explained as follows:
INTERNET Fiscal 2019 fourth-quarter Internet service customers net additions stood at 2,540 compared to net losses of 2,965 for the same period of the prior year mainly due to: • the ongoing interest in high speed offerings; • the sustained interest in bundle offers; and • the increased demand from Internet resellers; partly offset by • competitive offers in the industry.
VIDEO Fiscal 2019 fourth-quarter video service customers net losses stood at 8,164 compared to 15,953 for the same period of the prior year as a result of: • highly competitive offers in the industry; and • a changing video consumption environment; partly offset by • customers' ongoing interest in digital advanced video services; and • customers' interest in video services bundled with fast Internet offerings.
TELEPHONY Fiscal 2019 fourth-quarter telephony service customers net additions amounted to 2,778 compared to net losses 16,900 for the same period of the prior year mainly due to: • more telephony bundles due to additional promotional activity in the second half of fiscal 2019; and • growth in the business sector; partly offset by • increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only.
Table:
 |  | Net additions (losses) | Net additions (losses)
 |  | Three months ended August 31, | Three months ended August 31,
 | August 31, 2019 | 2019 | 2018(1)
Primary service units | 1,810,366 | (2,846) | (35,818)
Internet service customers | 788,243 | 2,540 | (2,965)
Video service customers | 649,583 | (8,164) | (15,953)
Telephony service customers | 372,540 | 2,778 | (16,900)


Question: Why did the Fiscal 2019 fourth-quarter Internet service customers net additions stood at 2,540 compared to net losses of 2,965 for the same period of the prior year?
Answer: • the ongoing interest in high speed offerings; • the sustained interest in bundle offers; and • the increased demand from Internet resellers; partly offset by • competitive offers in the industry.