hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
The reconciliation of the Company’s effective tax rate to the statutory federal rate is as follows:
(1) For the years ended December 31, 2019 and December 31, 2018, this is inclusive of (3.4%) and (3.8%) impact, respectively, that is primarily related to the change in uncertain tax positions.
For 2019, the Company recorded an expense for income taxes of $11.6 million, resulting in an effective tax rate of (3.8)%. The effective tax rate is different than the U.S. statutory federal tax rate primarily due to stock-based compensation expense following the decision in Altera Corp v. Commissioner by the U.S. Court of Appeals for the Ninth Circuit discussed below, the full valuation allowance on the Company's U.S. deferred tax assets, the mix of income/losses among the Company’s foreign jurisdictions, and pretax losses in jurisdictions for which no tax benefit will be recognized.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Tax at federal statutory rate | 21.0 % | 21.0 % | 35.0 %
State taxes, net of federal effect | (0.3) | (0.1) | (5.4)
Foreign rate differential | (6.0) | (3.9) | (9.3)
Tax credits | 1.6 | 6.3 | 4.1
Domestic production activities deduction | — | — | (3.5)
Stock-based compensation | (1.0) | (4.9) | (5.3)
Change in prior year reserves | (1.5) | (0.1) | (2.0)
Change in valuation allowance | (13.4) | (15.2) | (35.2)
Effect of change in tax rate due to Tax Act | — | — | (23.4)
Other (1) | (4.2) | (4.0) | 2.6
Effective tax rate | (3.8)% | (0.9)% | (42.4)%


Question: What is the average tax credits from 2017-2019?
Answer: 4
Calculation: (1.6+6.3+4.1)/3
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)
14. Other Payables and Accruals
An analysis of other payables and accruals is as follows:
The unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels (December 2018: 17 vessels).
Table:
 | As of December 31, | 
 | 2018 | 2019
Unearned revenue | 38,680 | 48,183
Accrued off-hire | 7,376 | 6,968
Accrued purchases | 18,578 | 9,759
Accrued interest | 38,107 | 36,746
Other accruals | 24,709 | 34,586
Total | 127,450 | 136,242


Question: In which year was the accrued interest higher?
Answer: 2018
Calculation: 38,107 > 36,746
20 Trade and Other Receivables
Trade receivables are non interest-bearing and are generally on 30–90 day payment terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. During the year-ended 31 March 2019 a provision for impairment of $0.6M (2018: $0.6M) was recognised in operating expenses against receivables.
The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).
Table:
 | 31 March 2019 | 31 March 2018 Restated See note 2
 | $M | $M
Current |  | 
Trade receivables | 128.7 | 151.8
Prepayments | 26.9 | 23.1
Deferral of contract acquisition costs | 31.5 | 29.5
Other receivables | 8.2 | 6.4
Total current trade and other receivables | 195.3 | 210.8
Non-current |  | 
Deferral of contract acquisition costs | 15.1 | 16.2
Other receivables | 1.3 | 1.3
Total non-current trade and other receivables | 16.4 | 17.5


Question: What are the components comprising the total non-current trade and other receivables?
Answer: Deferral of contract acquisition costs, Other receivables
The reconciliation of the Company’s effective tax rate to the statutory federal rate is as follows:
(1) For the years ended December 31, 2019 and December 31, 2018, this is inclusive of (3.4%) and (3.8%) impact, respectively, that is primarily related to the change in uncertain tax positions.
For 2019, the Company recorded an expense for income taxes of $11.6 million, resulting in an effective tax rate of (3.8)%. The effective tax rate is different than the U.S. statutory federal tax rate primarily due to stock-based compensation expense following the decision in Altera Corp v. Commissioner by the U.S. Court of Appeals for the Ninth Circuit discussed below, the full valuation allowance on the Company's U.S. deferred tax assets, the mix of income/losses among the Company’s foreign jurisdictions, and pretax losses in jurisdictions for which no tax benefit will be recognized.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
Tax at federal statutory rate | 21.0 % | 21.0 % | 35.0 %
State taxes, net of federal effect | (0.3) | (0.1) | (5.4)
Foreign rate differential | (6.0) | (3.9) | (9.3)
Tax credits | 1.6 | 6.3 | 4.1
Domestic production activities deduction | — | — | (3.5)
Stock-based compensation | (1.0) | (4.9) | (5.3)
Change in prior year reserves | (1.5) | (0.1) | (2.0)
Change in valuation allowance | (13.4) | (15.2) | (35.2)
Effect of change in tax rate due to Tax Act | — | — | (23.4)
Other (1) | (4.2) | (4.0) | 2.6
Effective tax rate | (3.8)% | (0.9)% | (42.4)%


Question: What are the years that have tax at federal statutory rate of 21.0%?
Answer: 2018, 2019
Warranty Reserves
We provide warranties on the majority of our product sales and reserves for estimated warranty costs are recorded during the period of sale. The determination of such reserves requires us to make estimates of product return rates and expected costs to repair or replace the products under warranty. We currently establish warranty reserves based on historical warranty costs for each product line. The weighted average warranty period covered is approximately 15 to 18 months. If actual return rates and/or repair and replacement costs differ significantly from our estimates, adjustments to cost of sales may be required in future periods.
Components of the reserve for warranty costs during fiscal 2019, 2018 and 2017 were as follows (in thousands):
Table:
 |  | Fiscal | 
 | 2019 | 2018 | 2017
Beginning balance | $40,220 | $36,149 | $15,949
Additions related to current period sales | 52,271 | 58,865 | 41,365
Warranty costs incurred in the current period | (54,538) | (51,935) | (31,825)
Accruals resulting from acquisitions | 21 | 179 | 14,314
Adjustments to accruals related to foreign exchange and other | (1,514) | (3,038) | (3,654)
Ending balance | $36,460 | $40,220 | $36,149


Question: In which years was the reserve for warranty costs provided in the table?
Answer: 2019, 2018, 2017
The following table illustrates the classification of pre-payroll tax and social contribution stock-based compensation expense included in the consolidated statements of income for the years ended December 31, 2019, December 31, 2018 and December 31, 2017:
The fair value of the shares vested in 2019 was $114 million compared to $68 million for 2018 and $38 million for 2017.
Compensation cost, excluding payroll tax and social contribution, capitalized as part of inventory was $6 million as of December 31, 2019, compared to $6 million as of December 31, 2018 and $3 million as of December 31, 2017. As of December 31, 2019, there was $138 million of total unrecognized compensation cost related to the grant of unvested shares, which is expected to be recognized over a weighted average period of approximately 9 months.
The total deferred income tax benefit recognized in the consolidated statements of income related to unvested share-based compensation expense amounted to $9 million, $7 million and $3 million for the years ended December 31, 2019, 2018 and 2017, respectively.
Table:
 | December 31, 2019 | December 31, 2018 | December 31, 2017
Cost of sales | 22 | 23 | 12
Selling, general and administrative | 46 | 67 | 31
Research and development | 77 | 35 | 18
Total pre-payroll tax and social contribution compensation | 145 | 125 | 61


Question: What was the average of Selling, general and administrative?
Answer: 48
Calculation: (46 + 67 + 31) / 3
* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.
Total expense and other (income) increased 13.7 percent in the fourth quarter with an expense-to-revenue ratio of 32.6 percent compared to 28.7 percent in the fourth quarter of 2018. The year-to-year increase was a result of higher spending (15 points) driven by Red Hat (15 points) and higher acquisitionrelated charges and amortization of acquired intangible assets associated with the Red Hat transaction (4 points), partially offset by higher divestiture gains (3 points) and lower non-operating retirement-related costs (3 points).
Total operating (non-GAAP) expense and other income increased 14.7 percent year to year primarily driven by the higher spending, partially offset by the divestiture gains, as described above.
Table:
($ in millions) |  |  | 
For the fourth quarter: | 2019 | 2018 | Yr.-to-Yr. Percent/ Margin Change*
Total consolidated expense and other (income) | $7,107 | $6,253 | 13.7%
Non-operating adjustments |  |  | 
Amortization of acquired intangible assets | (294) | (106) | 176.0
Acquisition-related charges | (27) | (13) | 104.7
Non-operating retirement related (costs)/income | (196) | (387) | (49.4)
Operating (non-GAAP) expense and other (income) | $6,591 | $5,746 | 14.7%
Total consolidated expense-to-revenue ratio | 32.6% | 28.7% | 3.9pts
Operating (non-GAAP) expense-to-revenue ratio | 30.3% | 26.4% | 3.9pts


Question: What event impacted the 2019 results?
Answer: 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.
the company granted 1020 performance shares . the vesting of these shares is contingent on meeting stated goals over a performance period . beginning with restricted stock grants in september 2010 , dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests . the following table summarizes restricted stock and performance shares activity for 2010 : number of shares weighted average grant date fair value .

Table:
 | number of shares | weighted average grant date fair value
outstanding at december 31 2009 | 116677 | $ 280
granted | 134245 | 275
vested | -34630 ( 34630 ) | 257
cancelled | -19830 ( 19830 ) | 260
outstanding at december 31 2010 | 196462 | 283
the total fair value of restricted stock that vested during the years ended december 31 , 2010 , 2009 and 2008 , was $ 10.3 million , $ 6.2 million and $ 2.5 million , respectively .
eligible employees may acquire shares of cme group 2019s class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration .
shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq .
compensation expense is recognized on the dates of purchase for the discount from the closing price .
in 2010 , 2009 and 2008 , a total of 4371 , 4402 and 5600 shares , respectively , of class a common stock were issued to participating employees .
these shares are subject to a six-month holding period .
annual expense of $ 0.1 million for the purchase discount was recognized in 2010 , 2009 and 2008 , respectively .
non-executive directors receive an annual award of class a common stock with a value equal to $ 75000 .
non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 25000 , in shares of stock based on the closing price at the date of distribution .
as a result , 7470 , 11674 and 5509 shares of class a common stock were issued to non-executive directors during 2010 , 2009 and 2008 , respectively .
these shares are not subject to any vesting restrictions .
expense of $ 2.4 million , $ 2.5 million and $ 2.4 million related to these stock-based payments was recognized for the years ended december 31 , 2010 , 2009 and 2008 , respectively. .

Question: considering the weighted average grant date fair value , whats is the difference between how many actual shares vested during the year of 2010 and how many vested based on the average grant fair value?
Answer: 5447
Calculation: multiply(10.3, const_1000000), divide(#0, 257), subtract(#1, 34630)
Dividend Policy
Our policy is to declare quarterly dividends to shareholders as decided by the Board of Directors. The dividend to shareholders could be higher than the operating cash flow or the dividend to shareholders could be lower than the operating cash flow after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our borrowing agreements, our other cash needs and the requirements of Bermuda law.
Total dividends distributed in 2019 totaled $14.3 million or $0.10 per share. The quarterly dividend payments per share over the last 5 years have been as follows:
* Includes $0.05 per share distributed as dividend-in-kind.
The Company declared a dividend of $0.07 per share in respect of the fourth quarter of 2019, which was paid to shareholders on March 16, 2020.
Table:
Period  | 2019 | 2018 | 2017 | 2016 | 2015
1st Quarter  | $0.04 | $0.03 | $0.20 | $0.43 | $0.22
2nd Quarter  | $0.03 | $0.01 | $0.20 | $0.43 | $0.38
3rd Quarter  | $0.01 | $0.02 | $0.15*  | $0.25 | $0.40
4th Quarter  | $0.02 | $0.01 | $0.03 | $0.26 | $0.38
Total | $0.10 | $0.07 | $0.58 | $1.37 | $1.38


Question: What is the amount of per share distributed as dividend-in-kind included in the 3rd quarter dividend in 2017?
Answer: $0.05 per share distributed as dividend-in-kind
American Tower Corporation • 2019 Annual Report
Appendix 1 • Letter to Stakeholders
RETURN ON INVESTED CAPITAL (ROIC) RECONCILIATION1 ($ in millions. Totals may not add due to rounding.)
1 Historical denominator balances reflect purchase accounting adjustments
2 Represents Q4 2015 annualized numbers to account for full year impact of Verizon Transaction.
3 Represents Q4 2016 annualized numbers to account for full year impact of Viom Transaction
4 Adjusted to annualize impacts of acquisitions closed throughout the year.
5 Positively impacted by the Company's settlement with Tata in Q4 2018.
6 Excludes the impact of deferred tax adjustments related to valuation.
Table:
 | 2015 2 | 2016 3 | 2017 4 | 2018 4,5 | 2019 4
Adjusted EBITDA | $3,206 | $3,743 | $4,149 | $4,725 | $4,917
Cash Taxes | (107) | (98) | (137) | (172) | (168)
Maintenance Capex | (124) | (159) | (115) | (150) | (160)
Corporate Capex | (26) | (27) | (17) | (9) | (11)
Numerator | $2,948 | $3,459 | $3,880 | $4,394 | $4,579
Gross PPE | $14,397 | $15,652 | $16,950 | $17,717 | $19,326
Gross Intangibles | 12,671 | 14,795 | 16,183 | 16,323 | 18,474
Gross Goodwill6 | 4,240 | 4,510 | 4,879 | 4,797 | 5,492
Denominator | $31,308 | $34,957 | $38,012 | $38,837 | $43,292
ROIC | 9.4% | 9.9% | 10.2% | 11.3% | 10.6%


Question: How many years did gross intangibles exceed $15,000 million?
Answer: 3
Calculation: 2017##2018##2019
ALTERNATIVE PERFORMANCE MEASURES – continued
Liquidity: TORM defines liquidity as available cash, comprising cash and cash equivalents, including restricted cash, as well as undrawn credit facilities.
TORM finds the APM important as the liquidity expresses TORM’s financial position, ability to meet current liabilities and cash buffer. Furthermore, it expresses TORM’s ability to act and invest when possibilities occur.
Table:
USDm | 2019 | 2018 | 2017
Cash and cash equivalents, including restricted cash | 72.5 | 127.4 | 134.2
Undrawn credit facilities | 173.1 | 278.7 | 270.7
Liquidity | 245.6 | 406.1 | 404.9


Question: Why does TORM find the APM important?
Answer: as the liquidity expresses TORM’s financial position, ability to meet current liabilities and cash buffer. Furthermore, it expresses TORM’s ability to act and invest when possibilities occur.
(d) Share-Based Awards Available for Grant
A summary of share-based awards available for grant is as follows (in millions):
For each share awarded as restricted stock or a restricted stock unit award under the 2005 Plan, 1.5 shares was deducted from the available share-based award balance. For restricted stock units that were awarded with vesting contingent upon the achievement of future financial performance or market-based metrics, the maximum awards that can be achieved upon full vesting of such awards were reflected in the preceding table.
Table:
Years Ended | July 27, 2019 | July 28, 2018 | July 29, 2017
Balance at beginning of fiscal year | 245 | 272 | 242
Restricted stock, stock units, and other share-based awards granted | (67) | (70) | (76)
Share-based awards canceled/forfeited/expired | 18 | 18 | 78
Shares withheld for taxes and not issued | 23 | 25 | 28
Other | 1 | — | —
Balance at end of fiscal year | 220 | 245 | 272


Question: What was the change in Balance at beginning of fiscal year between 2017 and 2018?
Answer: 30
Calculation: 272-242
OUTSTANDING COMMON SHARES
1 Holders of our Class B Non-Voting Shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting Shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Shares may be made on different terms than the offer to the holders of Class B Non-Voting Shares.
As at February 29, 2020, 111,154,811 Class A Shares, 393,770,507
Class B Non-Voting Shares, and 3,145,274 options to purchase
Class B Non-Voting Shares were outstanding.
Table:
 | As at December 31 | 
 | 2019 | 2018
Common shares outstanding 1 |  | 
Class A Voting | 111,154,811 | 111,155,637
Class B Non-Voting | 393,770,507 | 403,657,038
Total common shares | 504,925,318 | 514,812,675
Options to purchase Class B |  | 
Non-Voting Shares |  | 
Outstanding options | 3,154,795 | 2,719,612
Outstanding options exercisable | 993,645 | 1,059,590


Question: What were the number of Class A shares outstanding as at February 29, 2020?
Answer: 111,154,811
16. SHARE-BASED PAYMENTS continued
c. Employee Share Option Plan
The Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company’s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011.The Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company’s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011. Under the Option Plan, awards are made to eligible executives and other management personnel who have an impact on the Group’s performance. Option Plan awards are delivered in the form of options over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each option is to subscribe for one ordinary share when the option is exercised and, when issued, the shares will rank equally with other shares.
Unless the terms on which an option was offered specified otherwise, an option may be exercised at any time after the vesting date on satisfaction of the relevant performance criteria.
Options issued under the Employee Share Option Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).
There were no new options issued under the Option Plan during the 30 June 2019 and 30 June 2018 financial years, as the Option Plan was replaced with the Rights Plan as described in Note 16(b).
Movement of options during the year ended 30 June 2019:
1. The original expiry date for this tranche of options was 2 July 2018. However, due to extraordinary circumstances, the remaining 75,000 options could not be exercised during the prior financial year. Therefore, the Board had exercised its discretion during the year to extend the expiry date for the remaining options to 30 September 2018.
2. Options associated with an EPS hurdle are not expected to vest on 31 August 2019 as the minimum performance target will not be met. Options associated with a TSR hurdle will vest on 31 August 2019 in accordance with accounting standards. However, because the minimum target was not met, these options will be restricted and unexercisable. Refer to Section 3b) of the audited Remuneration Report for further details.
Table:
Grant Date | Vesting Date | Expiry Date | Exercise Price $ | No. of Options at Beg. of Year | Options Exercised or Lapsed | No. of Options at End of Year
2 Jul 2013 | 2 Jul 2016 | 30 Sept 2018 1 | 0.92 | 75,000 | (75,000) | -
2 Jul 2014 | 2 Jul 2017 | 2 Jul 2019 | 1.30 | 470,000 | (205,000) | 265,000
2 Jul 2015 | 2 Jul 2018 | 2 Jul 2020 | 2.67 | 1,000,000 | (75,000) | 925,000
22 Dec 2016 | 31 Aug 2019 2 | 22 Dec 2021 | 3.59 | 1,323,730 | - | 1,323,730
Total |  |  |  | 2,868,730 | (355,000) | 2,513,730
Weighted average exercise price |  |  |  |  | $1.51 | $3.01


Question: What was the exercise price for options granted on 2 July 2014?
Answer: 1.30
NOTE 15 — LEASES
We have operating and finance leases for datacenters, corporate offices, research and development facilities, retail stores, and certain equipment. Our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.
The components of lease expense were as follows:
Table:
(In millions) |  |  | 
Year Ended June 30, | 2019 | 2018 | 2017
Operating lease cost | $  1,707 | $  1,585 | $  1,412
Finance lease cost: |  |  | 
Amortization of right-of-use assets | $ 370 | $ 243 | $ 104
Interest on lease liabilities | 247 | 175 | 68
Total finance lease cost | $617 | $418 | $172


Question: What is note 15 about?
Answer: LEASES
Total Shareholder Return Awards
During the years ended December 31, 2019, 2018, and 2017, pursuant to the 2016 Incentive Plan, the Company granted total shareholder return awards (“TSRs”). TSRs are performance shares that are earned, if at all, based upon the Company’s total shareholder return as compared to a group of peer companies over a three-year performance period. The award payout can range from 0% to 200%. To determine the grant date fair value of the TSRs, a Monte Carlo simulation model is used. The Company recognizes compensation expense for the TSRs over a three-year performance period based on the grant date fair value.
The grant date fair value of the TSRs was estimated using the following weighted-average assumptions:
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Expected life (years) | 2.8 | 2.9 | 2.9
Interest rate | 2.5% | 2.4% | 1.5%
Volatility | 29.3% | 28.0% | 26.5%
Expected dividend yield | — | — | —


Question: What was the volatility in 2018?
Answer: 28.0%
Stock Options
Our stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year from the date of grant. Stock options issued after February 2014 expire eight years from the date of grant. Options issued prior to February 2014 expire six years from the date of grant. Option activity for 2019 is summarized as follows:
The total intrinsic value was $108 million, $446 million, and $198 million for options exercised in 2019, 2018, and 2017, respectively.
Table:
 | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value
Outstanding as of August 30, 2018 | 18 | $23.38 |  | 
Granted | — | 44.30 |  | 
Exercised | (5) | 17.50 |  | 
Canceled or expired | (1) | 22.60 |  | 
Outstanding as of August 29, 2019 | 12 | 25.94 | 4.3 | $220
Exercisable as of August 29, 2019 | 7 | $25.37 | 3.7 | $143
Unvested as of August 29, 2019 | 5 | 26.94 | 5.5 | 77


Question: What is the price of outstanding shares as of August 29, 2019?
Answer: 311.28
Calculation: 12*25.94