hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations:
For certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.
Table:
As at December 31, | Pension 2019 | Other 2019 | Pension 2018 | Other 2018
Actuarial benefit obligation |  |  |  | 
Discount rate | 3.20% | 2.95% to 3.20% | 3.80% | 3.80% to 4.00%
Benefit costs for the year ended |  |  |  | 
Discount rate | 3.90% | 3.90% to 4.00% | 3.60% | 3.25% to 3.60%
Future salary growth | 2.50% | N/A | 2.50% | N/A
Health care cost trend rate | N/A | 3.49% to 5.49% | N/A | 4.50%
Other medical trend rates | N/A | 4.00% to 4.56% | N/A | 4.50%


Question: What is the percentage change in the pension discount rate for actuarial benefit obligations between 2018 and 2019?
Answer: -0.6
Calculation: 3.20 - 3.80
Deferred Revenues
Deferred revenues consist primarily of prepayments for license fees, and other products or services for which we have been paid in advance, and earn the revenue when we transfer control of the product or service. Deferred revenues may also include upfront payments for consulting services to be performed in the future, such as non-recurring engineering services.
We defer license fees until we have met all accounting requirements for revenue recognition, which is when a license is made available to a customer and that customer has a right to use the license. Engineering development fee revenues are deferred until engineering services have been completed and accepted by our customers. We defer AirBar and sensor modules revenues until distributors sell the products to their end customers
Under U.S. GAAP, companies may make reasonable aggregations and approximations of returns data to accurately estimate returns. Our AirBar and sensor module returns and warranty experience to date has enabled us to make reasonable returns estimates, which are supported by the fact that our product sales involve homogenous transactions. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of December 31, 2019 and 2018.
The following table presents our deferred revenues by source (in thousands);
Table:
 | Years ended December 31, | 
 | 2019 | 2018
Deferred license fees revenues | $28 | $-
Deferred NRE revenues | 20 | -
Deferred AirBar revenues | 6 | 59
Deferred sensor modules revenues | 13 | 16
 | $67 | $75


Question: How much was the deferred AirBar revenues for the year ended December 31, 2018, and 2019, respectively?
Answer: 16, 13
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock trades on The Nasdaq Stock Market under the symbol ZIXI. The table below shows the high and low sales prices by quarter for fiscal 2019 and 2018.
At March 4, 2020, there were 55,641,885 shares of common stock outstanding held by 399 shareholders of record. On that date, the last reported sales price of the common stock was $8.27.
We have not paid any cash dividends on our common stock and do not anticipate doing so in the foreseeable future.
For information regarding options and stock-based compensation awards outstanding and available for future grants, see “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”
Table:
 | 2019 |  | 2018 | 
Quarter Ended | High | Low | High | Low
March 31 | $ 9.07 | $ 5.34 | $ 4.75 | $ 3.82
June 30 | $ 11.15 | $ 6.66 | $ 5.62 | $ 4.25
September 30 | $ 10.51 | $ 6.91 | $ 5.93 | $ 4.91
December 31 | $ 7.75 | $ 6.25 | $ 7.09 | $ 4.66


Question: What is the average number of shares of common stock outstanding held by each shareholder as of March 4 2020?
Answer: 139453.35
Calculation: 55,641,885/399
A.2.6 Calculation of return on capital employed
For purposes of calculating ROCE in interim periods, income before interest after tax is annualized. Average capital employed is determined using the average of the respective balances as of the quarterly reporting dates for the periods under review.
[1] Item Other interest expenses / income, net primarily consists of interest relating to corporate debt, and related hedging activities, as well as interest income on corporate assets.
Table:
(in millions of €) | 2019 | 2018
Net income | 5,648 | 6,120
Less: Other interest expenses / income, net 1 | (529) | (482)
Plus: SFS Other interest expenses / income | 763 | 721
Plus: Net interest expenses related to provisions for pensions and similar |  | 
obligations | 148 | 164
Less: Interest adjustments |  | 
(discontinued operations) | – | –
Less: Taxes on interest adjustments |  | 
(tax rate (flat) 30%) | (115) | (121)
(I) Income before interest after tax | 5,916 | 6,401
(II) Average capital employed | 53,459 | 50,715
(I) / (II) ROCE | 11.1 % | 12.6 %


Question: What does Item Other interest expenses / income consist of?
Answer: net primarily consists of interest relating to corporate debt, and related hedging activities, as well as interest income on corporate assets.
The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs.
(1) Balances as of December 31, 2018 have been revised from our 2018 Form 10-K filing to reflect changes in leveling classification of specific funds. These reclassifications did not impact the fair value of any of our pension plan assets.
(2) Purchases of Level 3 assets in 2018 primarily represent the purchase of bulk annuity contracts (buy-ins) in some of our international plans.
Table:
 | December 31, | 
(In millions) | 2019 | 2018
Balance at beginning of period(1) | $ 150.1 | $ 71.5
Gains (losses) on assets still held at end of year | 16.8 | (16.0)
Purchases, sales, issuance, and settlements(2) | 8.3 | 103.7
Transfers in and/or out of Level 3 | — | 1.0
Foreign exchange gain (loss) | 5.0 | (10.1)
Balance at end of period(1) | $ 180.2 | $ 150.1


Question: Did revising of Balances as of December 31, 2018  from our 2018 Form 10-K filing to reflect changes in leveling classification of specific funds have an impact on the fair value of any of the pension plan assets?
Answer: These reclassifications did not impact the fair value of any of our pension plan assets.
Restricted Stock Units
The Company intends to settle all vested restricted stock unit payments held by United States-based participants in shares of the Company’s common stock and classifies these awards as equity awards in its Consolidated Balance Sheets. Awards held by participants who are based outside of the United States will be settled in cash and are classified within accrued and other current liabilities on the Consolidated Balance Sheets as of December 31, 2019 and 2018
The following table summarizes the activity related to the unvested restricted stock units during the years ended December 31, 2019 and 2018:
Unrecognized compensation expense related to unvested restricted stock units was $731 at December 31, 2019, which is expected to be recognized as expense over the weighted-average period of 0.7 years.
During the years ended December 31, 2019 and 2018, the Company issued 642,520 and 782,364 shares, respectively, of common stock to participants of the 2016 Plan based in the United States, after withholding approximately 261,335 and 472,965 shares, respectively, to satisfy tax withholding obligations. The Company made a cash payment of $181 and $1,495 to cover employee withholding taxes upon the settlement of these vested restricted stock units during the years ended December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, the Company also paid $0 and $300 to cash-settle 16 and 100,025 vested restricted stock units by agreement with the Chief Operating Officer in relation to certain grants made to him and to pay cash in lieu of fractional shares for vested units held by participants based in the United States.
Table:
 | Number of Units | Weighted-Average Grant-Date Fair Value
Unvested restricted stock units outstanding - December 31, 2017 | 3,106,024 | $3.43
Granted | 853,736 | 1.46
Vested | (1,583,399) | 3.18
Forfeited | (563,400) | 3.39
Unvested restricted stock units outstanding - December 31, 2018 | 1,812,961 | $2.74
Granted | 60,000 | $0.98
Vested | (904,096) | $2.67
Forfeited | (263,450) | $2.71
Unvested restricted stock units outstanding - December 31, 2019 | 705,415 | $2.68


Question: What are the respective number of units forfeited in 2017 and 2018?
Answer: 563,400, 263,450
8.1 CAPITAL STRUCTURE
The table below summarizes debt-related financial ratios over the last two fiscal years and the fiscal 2020 guidelines:
(1) Based on mid-range guidelines. (2) Excludes amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps. Potential variations in the US LIBOR rates in fiscal 2020 have not been considered. (3) Taking into consideration the interest rate swaps in effect at the end of each fiscal year. (4) Net indebtedness is defined as the aggregate of bank indebtedness, balance due on business combinations and principal on long-term debt, less cash and cash equivalents. (5) Adjusted EBITDA and financial expense for fiscal year 2018 include only eight months of MetroCast operations. (6) Specific guidance on interest coverage cannot be provided given that financial expense guidance is not provided.
In fiscal 2019, the financial leverage ratio relating to net indebtedness over adjusted EBITDA has declined as a result of the sale of Cogeco Peer 1 on April 30, 2019 for a net cash consideration of $720 million and to a lesser extent growing adjusted EBITDA and a reduction in net indebtedness from generated free cash flow. In fiscal 2020, prior to the adoption of IFRS 16 Leases, the financial leverage ratio relating to net indebtedness over adjusted EBITDA should continue to decline as a result of growing adjusted EBITDA and a projected reduction in net indebtedness from generated free cash flow.
Table:
Years ended August 31, | 2020 Guidelines(1) | 2019 | 2018
Average cost of indebtedness(2) | 4.4% | 4.4% | 4.4%
Fixed rate indebtedness(3) | 78% | 78% | 72%
Average term: long-term debt (in years) | 3.9 | 4.9 | 5.7
Net indebtedness(4) / adjusted EBITDA(5) | 2.3 | 2.6 | 3.8
Adjusted EBITDA / financial expense(5) | N/A (6) | 6.3 | 5.4


Question: How much was the net cash consideration in 2019?
Answer: $720 million
Note 5. Fair Value of Financial Instruments
The Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, in addition to its long-term investments at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available
The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
Level 1: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities
Level 2: Other inputs, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability
Level 3: Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques
The financial assets carried at fair value were determined using the following inputs (in thousands):
The Company’s other financial instruments, including accounts receivable, accounts payable, and other current liabilities, are carried at cost, which approximates fair-value due to the relatively short maturity of those instruments.
Table:
 | Fair value at December 31, 2019 | Level 1 | Level 2 | Level 3
Cash equivalents: |  |  |  | 
Money market funds | $297,311 | $297,311 | $ - | $ -
Noncurrent assets: |  |  |  | 
Long-term investments | 132,188 | - | - | 132,188
 | Fair value at December 31, 2018 | Level 1 | Level 2 | Level 3
Cash equivalents: |  |  |  | 
Money market funds | $485,872 | $485,872 | $ - | $ -
Noncurrent assets: |  |  |  | 
Long-term investments | - | - | - | -


Question: What does Level 1 input in the fair value hierarchy refer to?
Answer: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities
Note 14 Debt and Credit Facilities
Our total debt outstanding consisted of the amounts set forth on the following table:
(1) Short-term borrowings of $98.9 million at December 31, 2019 were comprised of $89.0 million under our revolving credit facility and $9.9 million of short-term borrowings from various lines of credit. Short-term borrowings of $232.8 million at December 31, 2018 were comprised of $140.0 million under our revolving credit facility, $83.9 million under our European securitization program and $8.9 million of short-term borrowings from various lines of credit.
(2) The Current portion of long-term debt includes finance lease liabilities of $10.4 million as of December 31, 2019. The Other debt balance includes $28.7 million for long-term liabilities associated with our finance leases as of December 31, 2019. See Note 4, "Leases," of the Notes to Condensed Consolidated Financial Statements for additional information on finance and operating lease liabilities.
(3) Amounts are net of unamortized discounts and issuance costs of $24.6 million and $24.3 million as of December 31, 2019 and 2018, respectively.
(4) As of December 31, 2019, our weighted average interest rate on our short-term borrowings outstanding was 5.0% and on our long-term debt outstanding was 4.8%. As of December 31, 2018, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.4%.
Table:
 | December 31, | 
(In millions) | 2019 | 2018
Short-term borrowings (1) | $ 98.9 | $ 232.8
Current portion of long-term debt(2) | 16.7 | 4.9
Total current debt | 115.6 | 237.7
Term Loan A due July 2022 | 474.6 | —
Term Loan A due July 2023 | 218.2 | 222.2
6.50% Senior Notes due December 2020 | — | 424.0
4.875% Senior Notes due December 2022 | 421.9 | 421.1
5.25% Senior Notes due April 2023 | 422.0 | 421.2
4.50% Senior Notes due September 2023 | 445.6 | 454.9
5.125% Senior Notes due December 2024 | 421.9 | 421.3
5.50% Senior Notes due September 2025 | 397.4 | 397.1
4.00% Senior Notes due December 2027 | 420.4 | —
6.875% Senior Notes due July 2033 | 445.7 | 445.5
Other(2) | 30.9 | 29.2
Total long-term debt, less current portion(3) | 3,698.6 | 3,236.5
Total debt(4) | $ 3,814.2 | $ 3,474.2


Question: What unit is used in the table?
Answer: millions
* Recast to reflect segment changes.
The GTS gross profit margin increased 0.3 points year to year to 34.8 percent, due to the benefits of workforce actions and the continued scale out of our public cloud. We continued to take structural actions to improve our cost competitiveness and are accelerating the use of AI and automation in delivery operations, including leveraging Red Hat’s Ansible platform. Pre-tax income of $1,645 million decreased 7.6 percent, driven primarily by the decline in revenue and gross profit, and a higher level of workforce rebalancing charges in the current year. Pre-tax margin of 5.8 percent was essentially flat year to year, with the 2019 pre-tax margin reflecting benefits from structural and workforce actions.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change
Global Technology Services |  |  | 
External total gross profit | $9,515 | $10,035 | (5.2)%
External total gross profit margin | 34.8% | 34.4% | 0.3pts.
Pre-tax income | $1,645 | $ 1,781 | (7.6)%
Pre-tax margin | 5.8% | 5.9% | (0.2)pts.


Question: What were the steps taken by the firm to improve the cost effectiveness?
Answer: continued to take structural actions to improve our cost competitiveness and are accelerating the use of AI and automation in delivery operations, including leveraging Red Hat’s Ansible platform.
Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks.
Interest expense, net for the years ended December 31, was as follows:
(1) We repaid the notes upon maturity in July 2017.
(2) On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment to its existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto. The amendment provided for a new incremental term facility in an aggregate principal amount of up to $475 million, to be used, in part, to finance the acquisition of Automated. See Note 14, "Debt and Credit Facilities," of the Notes to Consolidated Financial Statements for further details.
(3) On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with respect to its existing senior secured credit facility. See Note 14, “Debt and Credit Facilities,” of the Notes to Consolidated Financial Statements for further details.
(4) In November 2019, the Company issued $425 million of 4.00% Senior Notes due 2027 and used the proceeds to retire the existing $425 million of 6.50% Senior Notes due 2020. See Note 14, "Debt and Credit Facilities," of the Notes to Consolidated Financial Statements for further details.
Table:
 |  | Year Ended December 31, |  | 2019 vs. 2018 | 2018 vs. 2017
(In millions) | 2019 | 2018 | 2017 | Change | Change
Interest expense on our various debt instruments: |  |  |  |  | 
Term Loan A due July 2017(1) | $ — | $ — | $ 3.6 | $ — | $ (3.6)
Term Loan A due July 2022(2) | 6.8 | — | — | 6.8 | —
Term Loan A due July 2023(3) | 8.5 | 8.9 | 18.6 | (0.4) | (9.7)
Revolving credit facility due July 2023(3) | 1.4 | 1.9 | 2.4 | (0.5) | (0.5)
6.50% Senior Notes due December 2020(4) | 25.4 | 28.1 | 28.1 | (2.7) | —
4.875% Senior Notes due December 2022 | 21.5 | 21.5 | 21.5 | — | —
5.25% Senior Notes due April 2023 | 23.1 | 23.1 | 23.0 | — | 0.1
4.50% Senior Notes due September 2023 | 20.7 | 21.8 | 21.0 | (1.1) | 0.8
5.125% Senior Notes due December 2024 | 22.4 | 22.4 | 22.3 | — | 0.1
5.50% Senior Notes due September 2025 | 22.4 | 22.4 | 22.3 | — | 0.1
4.00% Senior Notes due December 2027(4) | 1.7 | — | — | 1.7 | —
6.875% Senior Notes due July 2033 | 31.1 | 31.0 | 31.0 | 0.1 | —
Other interest expense | 19.4 | 18.2 | 18.3 | 1.2 | (0.1)
Less: capitalized interest | (8.4) | (6.3) | (10.3) | (2.1) | 4.0
Less: interest income | (11.9) | (15.1) | (17.6) | 3.2 | 2.5
Total | $ 184.1 | $ 177.9 | $ 184.2 | $ 6.2 | $ (6.3)


Question: What does the table show?
Answer: Interest expense, net for the years ended December 31
NOTE 3 - SHORT TERM INVESTMENTS
The Company's short term investments are classified as below with maturities of twelve months or less, unrealized gains and losses were immaterial for the periods presented:
Table:
 | December 31 | 
 | 2019 | 2018
 | (in thousands) | 
Government | $1,012 | $—
Asset Backed | 4,854 | 1,786
Industrial | 5,034 | 2,381
Financial | 6,879 | 7,136
 | $17,779 | $11,303


Question: What is the percentage change in the company's asset-backed short term investments between 2018 and 2019?
Answer: 171.78
Calculation: (4,854 - 1,786)/1,786
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 were the state and foreign net operating losses at December 31, 2019 respectively?
Answer: $12.2 million, $7.9 million
16. Quarterly Financial Data: (unaudited, amount in thousands, except per share data):
During the Company's second quarter of fiscal 2019 and second quarter of fiscal 2018, we recorded $2.3 million and $80.8 million, respectively, primarily related to the legal settlement of several antitrust claims against the Company. Also during the second quarter of fiscal 2018, the Tax Cuts and Jobs Act of 2017 was enacted. This resulted in an initial revaluation of our deferred tax liabilities during the third quarter which favorably impacted our results by $35.0 million. In the fourth quarter of fiscal 2018, we completed our analysis of the Act and recorded additional tax benefit of $8.0 million.
Table:
 | Fiscal Year 2019 |  |  | 
 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter
Net sales | $340,583 | $356,040 | $383,993 | $280,572
Gross profit | 57,128 | 70,535 | 82,441 | 12,755
Net income (loss) attributable to Cal-Maine Foods, Inc. | 12,406 | 21,807 | 39,777 | (19,761)
Net income (loss) per share: |  |  |  | 
Basic | $0.26 | $0.45 | $0.82 | $(0.41)
Diluted | $0.26 | $0.45 | $0.82 | $(0.41)
 | Fiscal Year 2018 |  |  | 
 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter
Net sales | $262,845 | $361,172 | $435,820 | $443,095
Gross profit | 17,336 | 82,396 | 120,098 | 141,216
Net income (loss) attributable to Cal-Maine Foods, Inc. | (15,993) | (26,136) | 96,294 | 71,767
Net income (loss) per share: |  |  |  | 
Basic | $(0.33) | $(0.54) | $1.99 | $1.48
Diluted | $(0.33) | $(0.54) | $1.99 | $1.48


Question: What is the total net sales for the year ending 2019?
Answer: 1361188
Calculation: 340,583 + 356,040 + 383,993 + 280,572