hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Foreign Currency Translation Impact on Consolidated Financial Results
Since we are a U.S. domiciled company, we translate our foreign currency-denominated financial results into US Dollars. Due to the changes in the value of foreign currencies relative to the US Dollar, translating our financial results from foreign currencies to US Dollars may result in a favorable or unfavorable impact. Historically, the most significant currencies that have impacted the translation of our consolidated financial results are the euro, the Australian dollar, the Mexican peso, the British pound, the Canadian dollar, the Brazilian real and the Chinese Renminbi.
The following table presents the approximate favorable or (unfavorable) impact foreign currency translation had on certain of our consolidated financial results
Table:
(In millions) | 2019 vs. 2018 | 2018 vs. 2017
Net sales | $ (137.2) | $ (43.4)
Cost of sales | 98.4 | 31.7
Selling, general and administrative expenses | 16.3 | 1.0
Net earnings | (15.7) | (8.2)
Non-U.S. GAAP Adjusted EBITDA | (25.3) | (11.1)


Question: What is the difference between the impact of cost of sales for 2019 vs. 2018 and 2018 vs. 2017?
Answer: 66.7
Calculation: 98.4-31.7
jpmorgan chase & co./2018 form 10-k 41 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced equity benchmark in the united states of america ( 201cu.s . 201d ) , consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of leading national money center and regional banks and thrifts . the s&p financial index is an index of financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2013 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2013 2014 2015 2016 2017 2018 .

Table:
december 31 ( in dollars ) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
jpmorgan chase | $ 100.00 | $ 109.88 | $ 119.07 | $ 160.23 | $ 203.07 | $ 189.57
kbw bank index | 100.00 | 109.36 | 109.90 | 141.23 | 167.49 | 137.82
s&p financial index | 100.00 | 115.18 | 113.38 | 139.17 | 169.98 | 147.82
s&p 500 index | 100.00 | 113.68 | 115.24 | 129.02 | 157.17 | 150.27
december 31 , ( in dollars ) .

Question: what was the average uncompounded annual return for jpmorgan chase for the five year period?
Answer: 37.9%
Calculation: divide(189.57, 100.00), divide(189.57, const_5)
At December 31, 2019, the Company’s net operating losses and credit carryforwards are:
(1) Excludes federal and state net operating losses of $60.2 million and $0.8 million, respectively, from prior acquisitions that the Company expects will expire unutilized
(2) Excludes federal and state tax credits of $0.1 million and $8.3 million, respectively, that the Company expects will expire unutilized
Carryforward losses and credits expire between 2020 and 2038, except for the 2019 federal net operating loss of $43.9 million and $1 million of state credits, which both have unlimited carryforward periods.
The Company’s India subsidiary is primarily located in Special Economic Zones (“SEZs”) and is entitled to a tax holiday in India. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. The tax holiday in the Bangalore SEZ is scheduled to expire in 2022. For 2019, 2018 and 2017, the income tax holiday reduced the Company’s provision for income taxes by $1.9 million, $1.3 million, and $1 million, respectively.
Table:
(in thousands) | Federal | State
Net operating losses (1) | $120,722 | $3,337
Net operating losses due to acquisitions (1) | $76,827 | $778
Credit carryforwards (2) | $8,202 | $1,958
Credit carryforwards due to acquisitions | $640 | $227


Question: What is the average federal and state credit carryforwards due to acquisitions?
Answer: 433.5
Calculation: (640 + 227)/2
MARKET PRICES OF COMMON STOCK
The common stock of the Company is listed on the NASDAQ Global Market under the symbol “FEIM.”
Table:
Fiscal Quarter | High Sale | Low Sale
2019 |  | 
First Quarter | $8.95 | $7.30
Second Quarter | 11.38 | 7.80
Third Quarter | 13.38 | 9.60
Fourth Quarter | 13.52 | 10.80
2018 |  | 
First Quarter | $10.76 | $ 7.91
Second Quarter | 10.00 | 7.53
Third Quarter | 9.94 | 8.66
Fourth Quarter | 10.59 | 8.55


Question: What is the difference in the high and low sale of the first quarter in 2019?
Answer: 1.65
Calculation: 8.95-7.30
ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
NOTE 15. WARRANTIES
Provisions of our sales agreements include customary product warranties, ranging from 12 months to 24 months following installation. The estimated cost of our warranty obligation is recorded when revenue is recognized and is based upon our historical experience by product, configuration and geographic region.
Our estimated warranty obligation is included in Other accrued expenses in our Consolidated Balance Sheets. Changes in our product warranty obligation are as follows:
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Balances at beginning of period | $2,084 | $2,312 | $2,329
Warranty acquired in business combinations | 4,818 | 305 | 118
Increases to accruals | 1,752 | 1,606 | 2,029
Warranty expenditures | (2,249) | (2,127) | (2,184)
Effect of changes in exchange rates | 8 | (12) | 20
Balances at end of period | $6,413 | $2,084 | $2,312


Question: What was the percentage change in balances at end of period between 2018 and 2019?
Answer: 207.73
Calculation: ($6,413-$2,084)/$2,084
Free Cash Flow. We define free cash flow ("FCF"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million.
Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP.
A reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):
Table:
 | 2019 | 2018
Cash flows provided by operating activities | $115.3 | $66.8
Payments for property, plant and equipment | (90.6) | (62.8)
Free cash flow | 24.7 | 4.0


Question: Which years does the table provide information for the company's free cash flows?
Answer: 2019, 2018
Restructuring Expense
In October 2019, we began implementing a restructuring plan in our ongoing efforts to reduce operating costs and focus on advanced technologies. The restructuring plan, when complete, is expected to result in a workforce reduction of approximately 5% of our workforce and the closure and consolidation of certain U.S. and international office facilities. We expect to complete the restructuring by the end of the second fiscal quarter of 2020. We recorded restructuring expenses of $2.5 million in the fourth quarter of 2019, which included the following (in thousands)
As of December 31, 2019, we had accrued but unpaid restructuring costs of $1.5 million included in accrued liabilities on the Consolidated Balance Sheets
Table:
 | Cost of revenue | Sales and marketing | Research and development | General and administrative | Total restructuring expense
Employee severance and related payroll taxes | $28 | $1,355 | $340 | $194 | $1,917
Facilities closure expenses | . | 435 | 89 |  | 524
Legal fees | . | . | . | 89 | 89
 | $28 | $1,790 | $429 | $283 | $2,530


Question: What is the total legal fees and facilities expenses?
Answer: 613
Calculation: 89+524
7. INVESTMENTS IN JOINT VENTURES
The total carrying value of our equity method investments at the end of fiscal 2019 and 2018 was $796.3 million and $776.2 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.
In fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million.
In fiscal 2018, we had purchases from our equity method investees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million.
In fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million.
Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Summarized combined financial information for our equity method investments on a 100% basis is as follows:
Table:
 | 2019 | 2018 | 2017
Net Sales: |  |  | 
Ardent Mills . | $3,476.0 | $3,344.1 | $3,180.0
Others | 195.4 | 198.8 | 177.7
Total net sales . | $3,671.4 | $3,542.9 | $3,357.7
Gross margin: |  |  | 
Ardent Mills . | $281.9 | $386.5 | $340.3
Others | 45.5 | 34.8 | 34.6
Total gross margin | $327.4 | $421.3 | $374.9
Earnings after income taxes: |  |  | 
Ardent Mills . | $151.9 | $197.0 | $152.0
Others | 18.1 | 10.1 | 10.1
Total earnings after income taxes | $170.0 | $207.1 | $162.1


Question: What is the ratio of dividends that the company received from equity method investments to total earning after income taxes in fiscal 2019?
Answer: 0.32
Calculation: 55.0/170.0
entergy new orleans , inc . management's financial discussion and analysis results of operations net income ( loss ) 2004 compared to 2003 net income increased $ 20.2 million primarily due to higher net revenue . 2003 compared to 2002 entergy new orleans had net income of $ 7.9 million in 2003 compared to a net loss in 2002 . the increase was due to higher net revenue and lower interest expense , partially offset by higher other operation and maintenance expenses and depreciation and amortization expenses . net revenue 2004 compared to 2003 net revenue , which is entergy new orleans' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits . following is an analysis of the change in net revenue comparing 2004 to 2003. .

Table:
 | ( in millions )
2003 net revenue | $ 208.3
base rates | 10.6
volume/weather | 8.3
2004 deferrals | 7.5
price applied to unbilled electric sales | 3.7
other | 0.6
2004 net revenue | $ 239.0
the increase in base rates was effective june 2003 .
the rate increase is discussed in note 2 to the domestic utility companies and system energy financial statements .
the volume/weather variance is primarily due to increased billed electric usage of 162 gwh in the industrial service sector .
the increase was partially offset by milder weather in the residential and commercial sectors .
the 2004 deferrals variance is due to the deferral of voluntary severance plan and fossil plant maintenance expenses in accordance with a stipulation approved by the city council in august 2004 .
the stipulation allows for the recovery of these costs through amortization of a regulatory asset .
the voluntary severance plan and fossil plant maintenance expenses are being amortized over a five-year period that became effective january 2004 and january 2003 , respectively .
the formula rate plan is discussed in note 2 to the domestic utility companies and system energy financial statements .
the price applied to unbilled electric sales variance is due to an increase in the fuel price applied to unbilled sales. .

Question: what portion of the net change in net revenue during 2004 occurred due to the volume/weather?
Answer: 27.0%
Calculation: subtract(239.0, 208.3), divide(8.3, #0)
The breakout of product and service gross profit was as follows:
We assess the carrying value of our inventory on a quarterly basis by estimating future demand and comparing that demand against on-hand and on-order inventory positions. Forecasted revenues information is obtained from the sales and marketing groups and incorporates factors such as backlog and future consolidated revenues. This quarterly process identifies obsolete and excess inventory. Obsolete inventory, which represents items for which there is no demand, is fully reserved. Excess inventory, which represents inventory items that are not expected to be consumed during the next twelve quarters for our Semiconductor Test, Industrial Automation and System Test segments and next four quarters for our Wireless Test segment, is written-down to estimated net realizable value.
During the year ended December 31, 2019, we recorded an inventory provision of $15.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $15.2 million of total excess and obsolete provisions, $8.7 million was related to Semiconductor Test, $4.0 million was related to Wireless Test, $2.0 million was related to System Test, and $0.5 million was related to Industrial Automation.
During the year ended December 31, 2018, we recorded an inventory provision of $11.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $11.2 million of total excess and obsolete provisions, $6.8 million was related to Semiconductor Test, $2.5 million was related to Wireless Test, $1.2 million was related to System Test, and $0.7 million was related to Industrial Automation.
During the years ended December 31, 2019 and 2018, we scrapped $9.2 million and $7.0 million of inventory, respectively, and sold $3.2 million and $6.7 million of previously written-down or written-off inventory, respectively. As of December 31, 2019, we had inventory related reserves for amounts which had been written-down or written-off totaling $103.6 million. We have no pre-determined timeline to scrap the remaining inventory.
Table:
 | 2019 | 2018 | 2018-2019 Dollar/Point Change
 |  | (dollars in millions) | 
Product gross profit | $1,105.6 | $1,002.5 | $103.1
Percent of product revenues | 58.6% | 58.0% | 0.6
Service gross profit | $234.2 | $217.9 | $16.3
Percent of service revenues | 57.5% | 58.7% | (1.2)


Question: In which year was service gross profit larger?
Answer: 2019
Calculation: 234.2>217.9
Stock Option Activity - The weighted-average fair value of options granted during the years ended December 31, 2019, 2018 and 2017, as determined under the Black-Scholes-Merton valuation model, was $12.07, $10.42 and $6.75, respectively. Option grants that vested during the years ended December 31, 2019, 2018 and 2017 had a combined fair value of $2.5 million, $1.5 million and $1.7 million, respectively.
The following table summarizes stock option activity for the years ended December 31, 2019, 2018 and 2017:
Table:
 | Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted Average Remaining Contractual Life
Stock options outstanding at December 31, 2016 | 1,160,419 | $29.93 | $14,299 | 
Granted | 534,030 | $42.90 |  | 
Exercised | (463,800) | $29.34 | $7,203 | 
Cancelled and expired | (61,241) | $33.80 |  | 
Stock options outstanding at December 31, 2017 | 1,169,408 | $35.88 | $16,731 | 
Granted | 466,828 | $54.87 |  | 
Exercised | (420,524) | $30.05 | $12,411 | 
Cancelled and expired | (122,312) | $43.85 |  | 
Stock options outstanding at December 31, 2018 | 1,093,400 | $45.34 | $8,776 | 
Granted | 489,947 | $63.87 |  | 
Exercised | (338,748) | $37.94 | $9,641 | 
Cancelled and expired | (108,504) | $51.21 |  | 
Stock options outstanding at December 31, 2019 | 1,136,095 | $54.98 | $28,291 | 4 years
Stock options exercisable at December 31, 2019 | 290,540 | $44.90 | $10,163 | 3 years


Question: What were the weighted-average fair value of options granted during the years ended December 31, 2017, 2018, and 2019, respectively?
Answer: $6.75, $10.42, $12.07
Property, plant and equipment, net
Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018 (in thousands):
We periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the year ended December 31, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology’s compatibility with our long-term module technology roadmap. We expect the revised useful lives to reduce depreciation by approximately $15.0 million per year. Depreciation of property, plant and equipment was $176.4 million, $109.1 million, and $91.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.
Table:
 | 2019 | 2018
Land | $14,241 | $14,382
Buildings and improvements . | 664,266 | 567,605
Machinery and equipment . | 2,436,997 | 1,826,434
Office equipment and furniture . | 159,848 | 178,011
Leasehold improvements | 48,772 | 49,055
Construction in progress | 243,107 | 405,581
Property, plant and equipment, gross | 3,567,231 | 3,041,068
Accumulated depreciation . | (1,386,082) | (1,284,857)
Property, plant and equipment, net | $2,181,149 | $1,756,211


Question: How much will depreciation expense decrease as a result of the revision in useful life?
Answer: reduce depreciation by approximately $15.0 million per year
Our number of employees is as follows:
On August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company’s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer.
Employees
Table:
 | March 1, | 
Department | 2020 | 2019
Sales and Marketing | 41 | 38
Engineering | 13 | 9
Professional Services | 6 | 6
Customer Support | 22 | 22
Management and Administration | 18 | 17
Total | 100 | 92


Question: What percentage change is the number of employees in the Sales and Marketing department from 2019 to 2020?
Answer: 7.89
Calculation: (41-38)/38
Contractual Obligations
The following table summarizes our contractual obligations as of September 30, 2019 (in thousands):
Our principal executive offices, as well as our research and development facility, are located in approximately 29,000 square feet of office space in San Diego, California and the term of the lease continues through June 30, 2024. The average annual base rent under this lease is approximately $1.0 million per year. In connection with this lease, we received tenant improvement allowances totaling approximately $1.0 million. These lease incentives are being amortized as a reduction of rent expense over the term of the lease.
Our other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The
term of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately €0.4 million (or $0.4 million). The term of the
Amsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately €0.2 million (or $0.2 million). The term of
the New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately €0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately £63,000 (or approximately $78,000). Our other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The term of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately €0.4 million (or $0.4 million). The term of the Amsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately €0.2 million (or $0.2 million). The term of the New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately €0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately £63,000 (or approximately $78,000).
Other than the lease for our office space in San Diego, California, we do not believe that the leases for our offices are material to the Company. We believe our existing properties are in good condition and are sufficient and suitable for the conduct of its business.
Table:
 | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total
Operating lease obligations | $1,699 | $3,950 | $2,707 | $36 | $8,392
Other borrowings | 131 | 145 | 219 | 61 | 556
Total | $1,830 | $4,095 | $2,926 | $97 | $8,948


Question: What is the average contractual obligation based on the different term periods of the lease?
Answer: 1789.6
Calculation: (1,830+4,095+2,926+97)/5