hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Note 9. Non-current assets - property, plant and equipment
Property, plant and equipment secured under finance leases
Refer to note 24 for further information on property, plant and equipment secured under finance leases.
Accounting policy for property, plant and equipment
Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably.
Plant and equipment are depreciated and leasehold improvements are amortised over their estimated useful lives using the straightline method. Assets held under finance lease are depreciated over their expected useful lives as owned assets or, where shorter, the term of the relevant lease.
Table:
Consolidated |  | 
 | 2019 | 2018
 | US$000 | US$000
Leasehold improvements - at cost | 7,754 | 5,181
Less: Accumulated depreciation | (3,648) | (2,501)
 | 4,106 | 2,680
Plant and equipment - at cost | 6,472 | 5,298
Less: Accumulated depreciation | (2,827) | (2,278)
 | 3,645 | 3,020
Plant and equipment under lease | 15 | 27
Less: Accumulated depreciation | (4) | (15)
 | 11 | 12
 | 7,762 | 5,712


Question: What is the total consolidated amount in 2019?
Answer: 7,762
NOTE 8—INVENTORIES
Inventories consist of the following (in thousands):
At September 30, 2019, work in process and inventoried costs under long-term contracts includes approximately $5.8 million in costs incurred outside the scope of work or in advance of a contract award compared to $0.9 million at September 30, 2018. We believe it is probable that we will recover the costs inventoried at September 30, 2019, plus a profit margin, under contract change orders or awards within the next year.
Costs we incur for certain U.S. federal government contracts include general and administrative costs as allowed by government cost accounting standards. The amounts remaining in inventory at September 30, 2019 and 2018 were $0.5 million and $2.0 million, respectively.
Table:
 |  | September 30,
 | 2019 | 2018
Finished products | $10,905 | $7,099
Work in process and inventoried costs under long-term contracts | 46,951 | 63,169
Materials and purchased parts | 48,938 | 23,710
Customer advances | — | (9,779)
Net inventories | $  106,794 | $  84,199


Question: What is the change in materials and purchased parts from 2018 to 2019?
Answer: 25228
Calculation: 48,938-23,710
Option Exercises and Stock Vested
The table below sets forth information concerning the number of shares acquired on exercise of option awards and vesting of stock awards in 2019 and the value realized upon vesting by such officers.
(1) Amounts realized from the vesting of stock awards are calculated by multiplying the number of shares that vested by the fair market value of a share of our common stock on the vesting date.
Table:
 | Option Awards |  | Stock Awards | 
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)
Jon Kirchner | — | — | 153,090 | 3,428,285
Robert Andersen | — | — | 24,500 | 578,806
Paul Davis | — | — | 20,500 | 482,680
Murali Dharan | — | — | 15,000 | 330,120
Geir Skaaden | — | — | 21,100 | 500,804


Question: Which officers are shown in the table?
Answer: Jon Kirchner, Robert Andersen, Paul Davis, Murali Dharan, Geir Skaaden
Interest Income and Interest Expense
Interest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income in fiscal 2019 compared to fiscal 2018 was attributable to higher investment yields, related in part to longer duration investments, as well as higher average investment balances.
Interest expense primarily includes interest on our term loans, partially offset by income from our interest-rate swap derivative contracts, as well as term loan issuance costs amortization charges. The decrease in interest expense in fiscal 2019 compared to fiscal 2018 was primarily due to lower outstanding debt balances related to the CMI acquisition as a result of principal payments made, partially offset by additional interest expense related to the term loan originated to finance the acquisition of FRT.
Other Income (Expense), Net
Other income (expense), net primarily includes the effects of foreign currency impact and various other gains and losses.
Table:
 |  | Fiscal Year Ended | 
 | December 28, 2019 | December 29, 2018 | December 30, 2017
 |  | (Dollars in thousands) | 
Interest income | $2,714 | $1,356 | $548
Weighted average balance of cash and investments | $179,526 | $138,467 | $124,637
Weighted average yield on cash and investments   | 2.05 % | 1.51 % | 0.84 %
Interest expense | $1,915 | $3,314 | $4,491
Average debt outstanding | $56,776 | $90,086 | $127,598
Weighted average interest rate on debt | 4.09 % | 3.98 % | 3.07 %


Question: What was the Weighted average balance of cash and investments in 2019 and 2018 respectively?
Answer: $179,526, $138,467
8. Stocks
Note
1. Finished goods in 2018 includes £2.2 million relating to deferred costs which has been reclassified from prepayments; see note 1 for further details.
There were no stock write-downs recognised in the period (2018 nil) and there were no reversals of prior period stock write-downs (2018 nil).
No stock is carried at fair value less costs to sell (2018 nil).
Table:
 | 2019 | 2018
 | £ million | £ million
Work in progress | 0.7 | 0.6
Finished goods¹ | 3.2 | 3.9
 | 3.9 | 4.5


Question: In which year was the amount of work in progress larger?
Answer: 2019
Calculation: 0.7>0.6
Fair Value Valuation Assumptions
Valuation of Stock Options
The fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees’ cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates.
The following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities:
Expected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors.
Volatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option’s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility.
Risk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option’s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (“forward rate”).
Dividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Table:
 |  | Employee and Director Options | 
 |  | For the Years Ended December 31, | 
 | 2019 | 2018 | 2017
Expected life (in years) | 7.85 | 7.64 | 7.01
Volatility | 30.00% | 32.37% | 35.00%
Risk free interest rate | 1.90% | 3.10% | 2.14%
Dividend yield | 0.76% | 0.61% | 0.50%
Weighted-average grant date fair value | $17.12 | $21.03 | $21.11
Stock price volatility range: |  |  | 
Low | 30.00% | 31.72% | 28.19%
High | 38.17% | 36.73% | 35.00%


Question: What was the change in volatility between 2018 and 2019?
Answer: -2.37
Calculation: 30.00%-32.37%
Free cash flow
We define free cash flow as net cash provided by (used in) operating activities less purchase of property and equipment. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in our business and strengthening the balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. Free cash flow is not prepared in accordance with U.S. GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP.
The following table presents a reconciliation of net cash provided by (used in) operating activities to free cash flow:
(1) Our adoption of ASU 2016-09 on January 1, 2017 resulted in excess tax benefits for share-based payments recorded as a reduction of income tax expense and reflected within operating cash flows, rather than recorded within equity and reflected within financing cash flows. We elected to adopt this new standard retrospectively, which impacted the presentation for all periods prior to the adoption date.
Table:
 |  |  | Year Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (in thousands) |  | 
Net cash provided by (used in) operating activities (1) | $(156,832) | $113,207 | $64,241 | $138,720 | $141,257
Purchase of property and equipment | (36,531) | (52,880) | (89,160) | (78,640) | (30,566)
Free cash flow | $(193,363) | $60,327 | $(24,919) | $60,080 | $110,691
Net cash provided by (used in) investing activities | $25,761 | $17,496 | $(28,718) | $(392,666) | $(170,027)
Net cash provided by (used in) financing activities (1) | $(8,406) | $1,287 | $4,635 | $19,794 | $368,953


Question: What is the difference in the net cash provided by investing activities between 2018 and 2019?
Answer: 8265
Calculation: 25,761-17,496
Liquidity and Capital Resources
As of December 31, 2019, we had cash and cash equivalents of $92.7 million, restricted cash of $0.4 million, and net accounts receivable of $50.4 million. Additionally, as of December 31, 2019, our working capital was $115.2 million.
Our primary uses of cash are to fund operating expenses, purchases of inventory, property and equipment, intangible assets, and from time to time, the acquisition of businesses. We also use cash to pay down outstanding debt. Our cash and cash equivalents are impacted by the timing of when we pay expenses as reflected in the change in our outstanding accounts payable and accrued expenses.
Cash used to fund operating expenses in our consolidated statements of cash flows excludes the impact of non-cash items such as stock-based compensation, amortization and depreciation of acquired intangible assets, leased right-of-use assets and property and equipment, and impairment of intangible assets and long-lived assets. Cash used to fund acquisitions of businesses and other capital purchases is included in investing activities in our consolidated statements of cash flows.
Our primary sources of cash are cash receipts on accounts receivable from our shipment of products to distributors and direct customers. Aside from the amounts billed to our customers, net cash collections of accounts receivable are impacted by the efficiency of our cash collections process, which can vary from period to period depending on the payment cycles of our major distributor customers, and relative linearity of shipments period-to-period.
Our credit agreement, under which we entered into a term loan to partially fund our acquisition of Exar, permits us to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. We have not requested any incremental loans to date.
Following is a summary of our working capital, cash and cash equivalents, and restricted cash for the periods indicated:
Table:
 | December 31, | 
 | 2019 | 2018
 | (in thousands) | 
Working capital | $115,208 | 110,044
Cash and cash equivalents | $92,708 | $73,142
Short-term restricted cash | 349 | 645
Long-term restricted cash | 60 | 404
Total cash and cash equivalents, restricted cash and investments | $93,117 | 74,191


Question: What is the Long-term restricted cash in 2019?
Answer: 60
Net Settlement of Equity Awards
The majority of restricted stock units are subject to vesting. The underlying shares of common stock are issued when the restricted stock units vest. The majority of participants choose to participate in a broker-assisted automatic sales program to satisfy their applicable tax withholding requirements. We do not treat the shares sold pursuant to this automatic sales program as common stock repurchases.
In the fourth quarter of 2019, we withheld 83,327 shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for restricted stock units that vested for some of our executive officers.
The following table provides a summary of the Company’s repurchase of common stock under the Repurchase Program and shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive programs in the three months ended December 31, 2019:
Table:
Period | Total Number of Shares Repurchased | Average Price Paid per Share | Total Number of Shares Purchased as part of a Publicly Announced Program | Maximum Dollar Value of shares that may yet be purchased under the Repurchase Program
October 1, 2019 through October 31, 2019 | - | - | - - | $12,544,543
November 1, 2019 through November 30, 2019 | 274,681 | $4.82 | 191,354 | $11,620,641
December 1, 2019 through December 31, 2019 | 374,490 | $4.70 | 374,490 | $9,859,153
Total shares repurchased | 649,171 | $4.75 | 565,844 | $9,859,153


Question: What is the total Maximum Dollar Value of shares that may yet be purchased under the Repurchase Program during October 1, 2019 through November 30, 2019?
Answer: 24165184
Calculation: 12,544,543+11,620,641
NOTE 21. REVENUE
Geographical information is summarized as follows:
For geographical reporting, the revenue is attributed to the geographical location in which the customer’s facilities are located.
Table:
 | Year ended December 31, | 
 | 2018 | 2019
(EUR thousand) | Revenue | Revenue
United States | 175,855 | 339,463
Europe | 165,602 | 126,203
Asia | 476,624 | 818,194
Total | 818,081 | 1,283,860


Question: What are the regions ranked in descending order in terms of revenue for 2019?
Answer: Asia, United States, Europe
Calculation: Sort the values and corresponding regions in COL2 in COL4 row 4-6 in descending order by the values in COL4
7. Property, Plant and Equipment and Leases
Property, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands):
Depreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively.
Maintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively.
The Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges.
In addition, the Company’s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet.
Rent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company’s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.
Table:
 | 2019 | 2018
Buildings and building improvements | $2,692 | $2,790
Machinery, equipment and furniture | 57,157 | 57,503
 | 59,849 | 60,293
Less, accumulated depreciation | (46,811 ) | (46,166)
 | $13,038 | $ 14,127


Question: What is the amount of maintenance and repairs charged to operations for 2019 and 2018 respectively?
Answer: $309,000, $466,000
ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Deloitte LLP, an independent registered public accounting firm, has audited our annual financial statements acting as our independent auditor for the fiscal years ended December 31, 2018 and December 31, 2019.
The chart below sets forth the total amount billed and accrued for Deloitte LLP for services performed in 2018 and 2019, respectively, and breaks down these amounts by the category of service. The fees paid to our principal accountant were approved in accordance with the pre-approval policies and procedures described below.
Audit Fees
Audit fees represent compensation for professional services rendered for the audit of the consolidated financial statements of the Company and the audit of the financial statements for its individual subsidiary companies, fees for the review of the quarterly financial information, as well as in connection with the review of registration statements and related consents and comfort letters, and any other services required for SEC or other regulatory filings
Included in the audit fees for 2018 are fees of $0.2 million related to the Partnership’s public offerings completed in 2018. Included in the audit fees for 2019 are fees of $0.2 million related to equity and bond related transactions.
Tax Fees
No tax fees were billed by our principal accountant in 2018 and 2019.
Audit-Related Fees
No audit-related fees were billed by our principal accountant in 2018 and 2019.
All Other Fees
No other fees were billed by our principal accountant in 2018 and 2019.
Table:
 | 2018 | 2019
 | (Expressed in millions of U.S. Dollars) | 
Audit fees | $1.8 | $1.7
Total fees | $1.8 | $1.7


Question: What does audit fees represent?
Answer: Compensation for professional services rendered for the audit of the consolidated financial statements of the Company and the audit of the financial statements for its individual subsidiary companies, fees for the review of the quarterly financial information, as well as in connection with the review of registration statements and related consents and comfort letters, and any other services required for SEC or other regulatory filings
19. Net Income per Share
The following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts):
Employee equity share options, unvested shares, and similar equity instruments granted and assumed by Cisco are treated as potential common shares outstanding in computing diluted earnings per share. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock, and restricted stock units. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that has not yet recognized are collectively assumed to be used to repurchase shares.
Table:
Years Ended | July 27, 2019 | July 28, 2018 | July 29, 2017
Net income . | $11,621 | $110 | $9,609
Weighted-average shares—basic | 4,419 | 4,837 | 5,010
Effect of dilutive potential common shares | 34 | 44 | 39
Weighted-average shares—diluted . | 4,453 | 4,881 | 5,049
Net income per share—basic . | $2.63 | $0.02 | $1.92
Net income per share—diluted | $2.61 | $0.02 | $1.90
Antidilutive employee share-based awards, excluded | 55 | 61 | 136


Question: What was the change in the Effect of dilutive potential common shares between 2017 and 2018?
Answer: 5
Calculation: 44-39
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
10. Other Non-Current Assets
Other non-current assets consist of the following:
Cash collaterals on swaps represent cash deposited for the Group’s interest rate swaps being the difference between their fair value and an agreed threshold.
Table:
 | As of December 31, | 
 | 2018 | 2019
Various guarantees | 451 | 388
Other long-term assets | 2,092 | 1,613
Cash collaterals on swaps | — | 22,220
Total | 2,543 | 24,221


Question: What was the change in various guarantees from 2018 to 2019?
Answer: -63
Calculation: 388 - 451
TREASURY SHARES
On December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 950,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.
Table:
 | 2018 | 2019
As per January 1: |  | 
Issued shares | 62,297,394 | 56,297,394
Treasury shares | 6,157,241 | 6,978,496
Outstanding shares | 56,140,153 | 49,318,898
Changes during the year: |  | 
Cancellation of treasury shares | 6,000,000 | 5,000,000
Share buybacks | 7,242,734 | 950,902
Treasury shares used for share based performance programs | 421,479 | 498,224
As per December 31: |  | 
Issued shares | 56,297,394 | 51,297,394
Treasury shares | 6,978,496 | 2,431,174
Outstanding shares | 49,318,898 | 48,866,220


Question: What was the reason for the change in the number of treasury shares in 2019?
Answer: the result of approximately 950,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments