hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
item 1a . risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities . if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly . risks relating to our business fluctuations in the financial markets could result in investment losses . prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio . although financial markets have significantly improved since 2008 , they could deteriorate in the future . there could also be disruption in individual market sectors , such as occurred in the energy sector in recent years . such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings . our results could be adversely affected by catastrophic events . we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism . any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations . by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of reinsurance , were as follows: .

Table:
calendar year: | pre-tax catastrophe losses
( dollars in millions ) | 
2017 | $ 1472.6
2016 | 301.2
2015 | 53.8
2014 | 56.3
2013 | 194.0
our losses from future catastrophic events could exceed our projections .
we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool .
we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area .
these loss projections are approximations , reliant on a mix of quantitative and qualitative processes , and actual losses may exceed the projections by a material amount , resulting in a material adverse effect on our financial condition and results of operations. .

Question: what are the total pre-tax catastrophe losses for the company in the last two years?\\n
Answer: 1773.8
Calculation: add(1472.6, 301.2)
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
The terms adjusted EBITDA and adjusted EBITDA margin do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.
We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements. Adjusted EBITDA for BCE’s segments is the same as segment profit as reported in Note 3, Segmented information, in BCE’s 2019 consolidated financial statements. We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues.
We use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use adjusted EBITDA to measure a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in the telecommunications industry. We believe that certain investors and analysts also use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses. Adjusted EBITDA is also one component in the determination of short-term incentive compensation for all management employees.
Adjusted EBITDA and adjusted EBITDA margin have no directly comparable IFRS financial measure. Alternatively, the following table provides a reconciliation of net earnings to adjusted EBITDA.
Table:
 | 2019 | 2018
Net earnings | 3,253 | 2,973
Severance, acquisition and other costs | 114 | 136
Depreciation | 3,496 | 3,145
Amortization | 902 | 869
Finance costs |  | 
Interest expense | 1,132 | 1,000
Interest on post-employment benefit obligations | 63 | 69
Other expense | 13 | 348
Income taxes | 1,133 | 995
Adjusted EBITDA | 10,106 | 9,535
BCE operating revenues | 23,964 | 23,468
Adjusted EBITDA margin | 42.2% | 40.6%


Question: What is the change in the adjusted EBITDA margin in 2019?
Answer: 1.6
Calculation: 42.2%-40.6%
Note 8 — Property, Plant and Equipment, net
The components of property, plant and equipment, net, are:
The estimated useful lives of buildings and improvements and rental property are twenty to twenty-five years. The estimated useful lives of furniture and equipment range from three to eight years. Depreciation expense from continuing operations was $1.5 million and $1.2 million for 2019 and 2018, respectively.
The Company leases a portion of its headquarters facility to various tenants. Net rent received from these leases totaled $0.3 million and $0.4 million for 2019 and 2018, respectively.
Table:
 | December 31, | 
 | (in thousands) | 
 | 2019 | 2018
Land | $199 | $199
Building and improvements | 6,983 | 6,983
Rental property | 2,749 | 2,749
Software | 12,015 | 2,226
Furniture and equipment | 11,755 | 10,274
Construction in process | 480 | 8,519
 | 34,181 | 30,950
Less accumulated depreciation | (19,830) | (18,375)
 | $ 14,351 | $ 12,575


Question: What is the estimated useful lives of furniture and equipment?
Answer: range from three to eight years.
17. Income Taxes
Income before income taxes for the Company’s domestic and foreign operations was as follows:
Table:
 |  | Years Ended June 30, | 
($ in millions) | 2019 | 2018 | 2017
Domestic | $204.2 | $140.3 | $56.0
Foreign | 11.8 | 19.9 | 14.2
Income before income taxes | $216.0 | $160.2 | $70.2


Question: What was the amount of  Domestic  Income before income taxes in 2018?
Answer: $140.3
Note 9. Intangible Assets, net
The Company’s definite-lived intangible assets as of December 31, 2019 and 2018 consisted of the following:
Amortization of definite-lived intangible assets is provided over their estimated useful lives on a straight-line basis or the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews its definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Amortization expense from continuing and discontinued operations was $8,879 and $9,150 for the years ended December 31, 2019 and 2018, respectively
Table:
December 31, 2019 |  |  |  | 
 | Customer Relationships | Developed Technologies | Trade Name | Total
Gross carrying amount | $52,000 | 32,000 | 3,000 | 87,000
Accumulated amortization | (13,866) | (18,286) | (3,000) | (35,152)
Intangible assets, net | $38,134 | $13,714 | $— | $51,848


Question: What are the respective values of the net intangible assets of Customer Relationships and Developed Technologies in 2019?
Answer: $38,134, $13,714
Fiscal 2018 Restructuring Plan
During Fiscal 2018 and in the context of our acquisitions of Covisint, Guidance and Hightail (each defined below), we began to implement restructuring activities to streamline our operations (collectively referred to as the Fiscal 2018 Restructuring Plan). The Fiscal 2018 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.
Since the inception of the plan, approximately $10.7 million has been recorded within "Special charges (recoveries)" to date. We do not expect to incur any further significant charges relating to this plan.
A reconciliation of the beginning and ending liability for the year ended June 30, 2019 and 2018 is shown below.
Table:
Fiscal 2018 Restructuring Plan | Workforce reduction | Facility costs | Total
Balance payable as at June 30, 2017 | $— | $— | $—
Accruals and adjustments | 8,511 | 1,643 | 10,154
Cash payments | (8,845) | (489) | (9,334)
Foreign exchange and other non-cash adjustments | 892 | 11 | 903
Balance payable as at June 30, 2018 | $558 | $1,165 | $1,723
Accruals and adjustments | (20) | 535 | 515
Cash payments | (337) | (928) | (1,265)
Foreign exchange and other non-cash adjustments | (51) | (286) | (337)
Balance payable as at June 30, 2019 | $150 | $486 | $636


Question: What is the difference between the total Balance payable as at June 30, 2019 vs that of 2018?
Answer: -1087
Calculation: 636-1,723
Effective Tax Rate
The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows:
The decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland, Singapore, and Puerto Rico. The increase from the federal statutory rate in fiscal year 2018 is primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, offset in part by earnings taxed at lower rates in foreign jurisdictions. The decrease from the federal statutory rate in fiscal year 2017 is primarily due to earnings taxed at lower rates in foreign jurisdictions. Our foreign regional operating centers in Ireland, Singapore and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 82%, 87%, and 76% of our foreign income before tax in fiscal years 2019, 2018, and 2017, respectively. Other reconciling items, net consists primarily of tax credits, GILTI, and U.S. state income taxes. In fiscal years 2019, 2018, and 2017, there were no individually significant other reconciling items.
The decrease in our effective tax rate for fiscal year 2019 compared to fiscal year 2018 was primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, and a $2.6 billion net income tax benefit in the fourth quarter of fiscal year 2019 related to intangible property transfers. The increase in our effective tax rate for fiscal year 2018 compared to fiscal year 2017 was primarily due to the net charge related to the enactment of the TCJA and the realization of tax benefits attributable to previous Phone business losses in fiscal year 2017.
Table:
Year Ended June 30, | 2019 | 2018 | 2017
Federal statutory rate | 21.0% | 28.1% | 35.0%
Effect of: |  |  | 
Foreign earnings taxed at lower rates | (4.1)% | (7.8)% | (11.6)%
Impact of the enactment of the TCJA | 0.4% | 37.7% | 0%
Phone business losses | 0% | 0% | (5.7)%
Impact of intangible property transfers | (5.9)% | 0% | 0%
Foreign-derived intangible income deduction | (1.4)% | 0% | 0%
Research and development credit | (1.1)% | (1.3)% | (0.9)%
Excess tax benefits relating to stock-based compensation | (2.2)% | (2.5)% | (2.1)%
Interest, net | 1.0% | 1.2% | 1.4%
Other reconciling items, net | 2.5% | (0.8)% | (1.3)%
Effective rate | 10.2% | 54.6% | 14.8%


Question: Why did the federal statutory rate in fiscal year 2019 decrease from 2018?
Answer: The decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland, Singapore, and Puerto Rico.
FY19 EAIP Payout Results:
(1) Calculated in FY19 plan exchange rates and excludes stock-based compensation expense, charges related to the amortization of intangible assets, restructuring, separation, transition and other related expenses, contract liabilities fair value adjustment, acquisition-related costs and certain litigation settlement gains.
(2) Calculated in FY19 plan exchange rates and excludes contract liabilities fair value adjustment.
Table:
Weighted Average Company Performance Funding |  |  |  |  | 
Company Performance Metric | Target ($) (millions) | Threshold ($)(millions) | Actual ($) (millions) | Threshold Funding (%) | Funding (%)
Non-GAAP Operating Income | 1,630 | 1,428 | 1,427(1) | 40 | 0.0
Non-GAAP Revenue | 4,943 | 4,760 | 4,804(2) | 40 | 71.2
FY19 Funding | . | . | . | . | 35.6


Question: What is the target Non-GAAP Revenue?
Answer: 4,943
Accumulated other comprehensive income (loss)
Components and activities of AOCI, net of tax, were as follows:
During fiscal 2018, a net foreign currency translation loss of $8 million related to foreign entities sold in the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture, and a net gain of $3 million related to liquidated foreign entities was reclassified to Other income (expense), net. A realized gain of $7 million on securities sold in connection with the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture. The tax effect of $3 million was reclassified to Income tax expense (benefit).
Table:
(In millions) | Foreign Currency Translation Adjustments | Unrealized Gain (Loss) On Available- For-Sale Securities | Equity Method Investee | Total AOCI
Balance as of March 31, 2017 | $7 | $5 | $— | $12
Other comprehensive loss before reclassifications | (4) | (5) | — | (9)
Reclassification to net income (loss) | 5 | (4) | — | 1
Balance as of March 30, 2018 | 8 | (4) | — | 4
Other comprehensive income (loss) before reclassifications | (13) | 3 | (1) | (11)
Balance as of March 29, 2019 | $(5) | $(1) | $(1) | $(7)


Question: What does the table show?
Answer: Components and activities of AOCI, net of tax,
Note 15. NET INCOME (LOSS) PER SHARE
We calculate basic net income (loss) per share by dividing earnings allocated to common stockholders by the basic weighted-average number of common shares outstanding for the period.
Diluted weighted-average shares is computed using basic weighted-average number of common shares outstanding plus any potentially dilutive securities outstanding during the period using the treasury-stock-type method and the if-converted method, except when their effect is anti-dilutive. Potentially dilutive securities include stock options, restricted stock units, and the outstanding senior convertible debentures.
The following table presents the calculation of basic and diluted net income (loss) per share attributable to stockholders:
1 As a result of our net loss attributable to stockholders for fiscal 2019, 2018, and 2017, the inclusion of all potentially dilutive stock options, restricted stock units, and common shares under noted warrants and convertible debt would be anti-dilutive. Therefore, those stock options, restricted stock units and shares were excluded from the computation of the weighted-average shares for diluted net loss per share for such periods.
Table:
 |  | Fiscal Year Ended | 
(In thousands, except per share amounts) | December 29, 2019 | December 30, 2018 | December 31, 2017
Basic net income (loss) per share: |  |  | 
Numerator: |  |  | 
Net income (loss) attributable to stockholders | $22,159 | $(811,091) | $(929,121)
Denominator: |  |  | 
Basic weighted-average common shares | 144,796 | 140,825 | 139,370
Basic net income (loss) per share | $0.15 | $(5.76) | $(6.67)
Diluted net income (loss) per share 1 |  |  | 
Numerator: |  |  | 
Net income (loss) attributable to stockholders | $22,159 | $(811,091) | $(929,121)
Net income (loss) available to common stockholders | $22,159 | $(811,091) | $(929,121)
Denominator: |  |  | 
Basic weighted-average common shares | 144,796 | 140,825 | 139,370
Effect of dilutive securities: |  |  | 
Restricted stock units | 2,729 | - | -
Dilutive weighted-average common shares: | 147,525 | 140,825 | 139,370
Dilutive net income (loss) per share | $ 0.15 | $ (5.76) | $ (6.67)


Question: What is the percentage change in dilutive weighted-average common shares from 2017 to 2019?
Answer: 5.85
Calculation: (147,525 - 139,370)/139,370
Deferred Compensation Plan
The Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive officers, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not make contributions to the plan or guarantee returns on the investments. The Company is responsible for the plan’s administrative expenses. Participants’ deferrals and investment gains and losses remain as the Company’s liabilities and the underlying assets are subject to claims of general creditors.
The liabilities for compensation deferred under the plan are recorded at fair value in each reporting period. Changes in the fair value of the liabilities are included in operating expense on the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies, mutual funds and money market funds that offset a substantial portion of the exposure. The investments are recorded at the cash surrender value of the corporate-owned life insurance policies, and at the fair value of the mutual funds and money market funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund and money market fund investments are included in interest and other income, net on the Consolidated Statements of Operations. The following table summarizes the deferred compensation plan balances on the Consolidated Balance Sheets (in thousands):
Table:
 | December 31, | 
 | 2019 | 2018
Deferred compensation plan asset components: |  | 
Cash surrender value of corporate-owned life insurance policies | $16,883 | $13,103
Fair value of mutual funds and money market funds | 21,975 | 18,867
Total | $38,858 | $31,970
Deferred compensation plan assets reported in: |  | 
Other long-term assets | $38,858 | $31,970
Deferred compensation plan liabilities reported in: |  | 
Accrued compensation and related benefits (short-term) | $425 | $447
Other long-term liabilities | 39,665 | 32,283
Total | $40,090 | $32,730


Question: Where can changes in the fair value of the liabilities be found?
Answer: operating expense on the Consolidated Statements of Operations
4.11 Income Taxes
The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income tax rate of 27.0% for both 2019 and 2018.
Income taxes in 2019 increased by $138 million, compared to 2018, mainly due to higher taxable income and a lower value of uncertain tax positions favourably resolved in 2019 compared to 2018, partly offset by a favourable change in the corporate income tax rate in Alberta in Q2 2019.
Table:
FOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018
Net earnings | 3,253 | 2,973
Add back income taxes | 1,133 | 995
Earnings before income taxes | 4,386 | 3,968
Applicable statutory tax rate | 27.0% | 27.0%
Income taxes computed at applicable statutory rates | (1,184) | (1,071)
Non-taxable portion of gains (losses) on investments | 4 | (9)
Uncertain tax positions | 15 | 68
Effect of change in provincial corporate tax rate | 27 | –
Change in estimate relating to prior periods | 14 | 20
Non-taxable portion of equity losses | (20) | (10)
Previously unrecognized tax benefits | 9 | –
Other | 2 | 7
Total income taxes | (1,133) | (995)
Average effective tax rate | 25.8% | 25.1%


Question: What are the net earnings for 2019?
Answer: 3,253
The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019:
The majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019.
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above, and are increases of approximately $13.2 million, $9.2 million and $6.4 million in 2019, 2018 and 2017, respectively.
Table:
 | Year Ended | Year Ended | Year Ended
 | December 31, | December 31, | December 31,
 | 2019 | 2018 | 2017
 | $ | $ | $
Balance of unrecognized tax benefits as at January 1 | 40,556 | 31,061 | 19,492
Increases for positions related to the current year | 5,829 | 9,297 | 2,631
Changes for positions taken in prior years | 19,119 | 981 | 3,475
Decreases related to statute of limitations | (2,546) | (783) | (1,562)
Increase due to acquisition of TIL | — | — | 8,528
Decrease due to deconsolidation of Altera | — | — | (1,503)
Balance of unrecognized tax benefits as at December 31 | 62,958 | 40,556 | 31,061


Question: What is included in the income tax expense?
Answer: The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Cubic Mission Solutions
Sales: CMS sales increased 23% to $207.0 million in fiscal 2018 compared to $168.9 million in 2017. The increase in sales was primarily due to increased orders and shipments of expeditionary satellite communications products, tactical networking products, and Command and Control, Intelligence, Surveillance and Reconnaissance (C2ISR) products and services. Businesses acquired during fiscal years 2018 and 2017 whose operations are included in our CMS operating segment had sales of $5.6 million and $1.5 million for fiscal years 2018 and 2017, respectively.
Amortization of Purchased Intangibles: Amortization of purchased intangibles included in the CMS results amounted to $20.8 million in 2018 and $23.6 million in 2017. The $2.8 million decrease in amortization expense is related to purchased intangible assets that are amortized based upon accelerated methods.
Operating Income: CMS had an operating loss of $0.1 million in 2018 compared to $9.3 million in 2017. CMS realized increased profits from expeditionary satellite communications products, tactical networking products, and C2ISR products and services. As mentioned above, amortization of purchased intangibles decreased to $20.8 million in 2018 compared to $23.6 million in 2017. CMS increased R&D expenditures between 2017 and 2018 by $10.8 million, primarily driven by development of new antenna technologies. Businesses acquired by CMS in fiscal years 2018 and 2017 incurred operating losses of $4.7 million in fiscal 2018 compared to $2.9 million in fiscal 2017. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.8 million incurred in fiscal years 2018 and 2017, respectively.
Adjusted EBITDA: CMS Adjusted EBITDA increased 82% to $26.2 million in 2018 compared to $14.4 million in 2017.
The increase in CMS Adjusted EBITDA was primarily due to the same items described in the operating income section
above, excluding the changes in amortization expense and acquisition transaction costs discussed above as such items are
excluded from Adjusted EBITDA.
Table:
 | Fiscal 2018 | Fiscal 2017 | % Change
 |  | (in millions) | 
Sales | $  207.0 | $  168.9 | 23 %
Operating loss | (0.1) | (9.3) | (99)
Adjusted EBITDA | 26.2 | 14.4 | 82


Question: In which year is the amount of amortization of purchased intangibles included in the CMS results larger?
Answer: 2017
Calculation: 23.6>20.8