hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)
NOTE 19: SEGMENT INFORMATION
The Company through August 30, 2019 had three reportable segments from which it derived its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business became a reportable segment as a result of the consolidation of Navios Containers since November 30, 2018 (date of obtaining control) (see also Note 3). Following the reclassification of the results of Navios Containers as discontinued operations (see also Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region.
The Company measures segment performance based on net income/ (loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:
Table:
 | Dry Bulk Vessel Operations for the Year Ended December 31, 2019 | Logistics Business for the Year Ended December 31, 2019 | Total for the Year Ended December 31, 2019
Revenue | $254,178 | $228,271 | $482,449
Administrative fee revenue from affiliates | 16,991 | — | 16,991
Interest income | 9,610 | 1,052 | 10,662
Interest expense and finance cost | (92,948) | (40,531) | (133,479)
Depreciation and amortization | (52,288) | (29,435) | (81,723)
Equity in net (losses)/earnings of affiliated companies | (9,185) | — | (9,185)
Net (loss)/ income attributable to Navios Holdings common |  |  | 
stockholders | (212,623) | 20,513 | (192,110)
Total assets | 1,511,517 | 631,338 | 2,142,855
Goodwill | 56,240 | 104,096 | 160,336
Capital expenditures | (36,628) | (7,943) | (44,571)
Investment in affiliates | 64,352 | — | 64,352
Cash and cash equivalents | 32,386 | 45,605 | 77,991
Restricted cash | 736 | — | 736
Long-term debt, net (including current and noncurrent portion) | $1,048,318 | $514,929 | 1,563,247


Question: How does the company measure segment performance?
Answer: based on net income/ (loss) attributable to Navios Holdings common stockholders.
Provision for income taxes
We are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. A substantial portion of our international earnings were generated from subsidiaries organized in Ireland and Singapore. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict.
The increase in our effective tax rate in fiscal 2019 compared to fiscal 2018 was primarily due to one-time benefits from the 2017 Tax Act in fiscal 2018. In addition, increases in tax expense in fiscal 2019 are attributable to the valuation allowance on capital losses for which we cannot yet recognize a tax benefit.
Table:
 | Fiscal Year | 
(In millions, except for percentages) | 2019 | 2018
Income from continuing operations before income taxes | $108 | $437
Provision for (benefit from) income taxes | $92 | $(690)
Effective tax rate on income from continuing operations | 85% | (158)%


Question: What is the increase in effective tax rate in fiscal 2019 compared to fiscal 2018 primarily due to?
Answer: one-time benefits from the 2017 Tax Act in fiscal 2018
Restricted Share Units
During the year ended December 31, 2019, pursuant to the 2016 Incentive Plan, the Company granted restricted share unit awards (“RSUs”). RSUs generally have requisite service periods of three years and vest in increments of 33% on the anniversary of the grant dates. RSUs granted to our board vest one year from grant or as of the next annual shareholders meeting, whichever is earlier. Under each arrangement, RSUs are issued without direct cost to the employee on the vesting date. The Company estimates the fair value of the RSUs based upon the market price of the Company’s stock at the date of grant. The Company recognizes compensation expense for RSUs on a straight-line basis over the requisite service period.
A summary of nonvested RSUs is as follows:
During the year ended December 31, 2019, a total of 259,634 RSUs vested. The Company withheld 57,802 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.
As of December 31, 2019, there was unrecognized compensation expense of $20.5 million related to RSUs, $15.0 million related to TSRs, $0.5 million related to LTIP performance shares, $0.3 million related to nonvested RSAs, and $0.2 million related to nonvested stock options, which the Company expects to recognize over weighted average periods of 1.9 years, 1.9 years, 0.1 years, 0.2 years, and 0.3 years, respectively.
The Company recorded stock-based compensation expense recognized under ASC 718 during the years ended December 31, 2019, 2018, and 2017, of $36.8 million, $20.4 million, and $13.7 million, respectively, with corresponding tax benefits of $5.9 million, $3.9 million, and $1.7 million, respectively. The Company recognizes compensation expense for stock option awards that vest with only service conditions on a straight-line basis over the requisite service period. The Company recognizes compensation expense for stock option awards that vest with service and market-based conditions on a straight-line basis over the longer of the requisite service period or the estimated period to meet the defined market-based condition.
Table:
 | Number of Shares | Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2018 | 651,045 | $23.82
Granted | 742,579 | 33.28
Vested | -259,634 | 24.16
Forfeited | -124,586 | 29.79
Nonvested as of December 31, 2019 | 1,009,404 | $ 29.96


Question: How many shares did the company withhold pay the employees’ portion of the minimum payroll withholding taxes in 2019? 
Answer: 57,802
4. Cash and Cash Equivalents
The following table summarizes the components of our cash and cash equivalents (amounts in millions):
Table:
 | At December 31, | 
 | 2019 | 2018
Cash | $437 | $268
Foreign government treasury bills | 37 | 32
Money market funds | 5,320 | 3,925
Cash and cash equivalents | $5,794 | $4,225


Question: What was the change in money market funds between 2018 and 2019?
Answer: 1395
Calculation: (5,320-3,925)
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Notes:
1. Secured loans excluding deposits of `39 crore as at March 31, 2019, represents obligations under finance lease including current portion of obligations.
2. Opening balance as at April 1, 2018, of unsecured loans represent bank overdraft of `181 crore.
3. Deposits represent amounts received from lessee for the premises given on sub-lease and from vendors for contracts to be executed.
Table:
 | Secured loans excluding deposits | Unsecured loans | Deposits | Total Indebtedness
 | Note 1 | Note 2 | Note 3 | 
Indebtedness at the beginning of the financial year |  |  |  | 
i) Principal Amount | 44 | 181 | 3 | 228
ii) Interest due but not paid | - | - | - | -
iii) Interest accrued but not due | - | - | - | -
Total (i+ii+iii) | 44 | 181 | 3 | 228
Change in Indebtedness during the financial year |  |  |  | 
• Addition | - | - | 1 | 1
• Reduction | (5) | (181) | - | (186)
Net change | (5) | (181) | 1 | (185)
Indebtedness  at the end  of the financial year |  |  |  | 
i) Principal amount | 39 | - | 4 | 43
ii) Interest due but not paid | - | - | - | -
iii) Interest accrued but not due | - | - | - | -
Total (i+ii+iii) | 39 | - | 4 | 43


Question: What are deposits?
Answer: Deposits represent amounts received from lessee for the premises given on sub-lease and from vendors for contracts to be executed.
Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the amounts reported on the Consolidated Statements of Cash Flows (in thousands):
As of December 31, 2019 and 2018, restricted cash included a security deposit that is set aside in a bank account and cannot be withdrawn by the Company under the terms of a lease agreement. The restriction will end upon the expiration of the lease.
Table:
 | December 31, | 
 | 2019 | 2018
Cash and cash equivalents | $172,960 | $172,704
Restricted cash included in other long-term assets | 116 | 114
Total cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows | $173,076 | $172,818


Question: What was the change in Restricted cash included in other long-term assets from 2018 to 2019?
Answer: 2
Calculation: 116-114
Operating Expenses
The following table highlights our operating expenses and operating loss as a percentage of net revenues:
Table:
 |  | Year Ended  | 
 | June 30,
2019 | June 30,2018 | June 30,
2017
Research and development   | 21.1% | 18.7% | 15.4%
Sales and marketing   | 28.7% | 27.2% | 26.8%
General and administrative   | 5.6% | 5.2% | 6.2%
Acquisition and integration costs, net of bargain purchase gain   | 0.3% | 5.5% | 2.2%
Restructuring charges, net of reversals   | 0.5% | 0.8% | 1.5%
Amortization of intangibles   | 0.6% | 0.9% | 1.4%
Total operating expenses | 56.8% | 58.3% | 53.5%
Operating (loss) income   | (1.5)% | (3.9)% | 1.0%


Question: Which years does the table provide information for the company's operating expenses and operating loss as a percentage of net revenues?
Answer: 2019, 2018, 2017
b) Transactions with Golar Power and affiliates:
Net revenues: The transactions with Golar Power and its affiliates for the twelve months ended December 31, 2019, 2018 and 2017 consisted of the following:
(i) Debt guarantee compensation - In connection with the closing of the Golar Power and Stonepeak transaction, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees (as further described under the subheading "Guarantees and other") relating to Golar Power and subsidiaries.
(ii) Balances due to Golar Power and affiliates - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In December 2019, we loaned $7.0 million to Golar Power, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest, in December 2019.
Table:
(in thousands of $) | 2019 | 2018 | 2017
Management and administrative services revenue | 5,904 | 6,167 | 5,711
Ship management fees income | 1,210 | 1,400 | 824
Debt guarantee compensation (i) | 693 | 861 | 775
Other (ii) | (2) | (247) | 135
Total | 7,805 | 8,181 | 7,445


Question: What do Receivables and payables with Golar Power and its subsidiaries consist of?
Answer: Comprised primarily of unpaid management fees, advisory and administrative services
Stock-based Compensation Expense
The following table sets forth our stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017 (in thousands):
Stock-based compensation awards include employee stock options, restricted stock awards and units, and employee stock purchases. For the year ended December 31, 2019, stock-based compensation expense was $31.6 million, of which $0.2 million related to employee stock options, $29.1 million related to restricted stock awards and units and $2.3 million related to employee stock purchases. For the year ended December 31, 2018, stock-based compensation expense was $31.0 million, of which $0.4 million related to employee stock options, $28.0 million related to restricted stock awards and units and $2.6 million related to employee stock purchases. The increase in stock-based compensation expense in 2019 compared to 2018 was due primarily to a higher volume of restricted stock unit grants.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Research, development and other related costs | $14,643 | $13,168 | $13,277
Selling, general and administrative | 16,911 | 17,843 | 20,185
Total stock-based compensation expense | $31,554 | $31,011 | $33,462


Question: What is the total stock-based compensation expense related to research, development, and other related costs from 2017 to 2019?
Answer: 41088
Calculation: 14,643+13,168+13,277
Definite-Lived Intangible Assets, Net
The following table summarizes the changes in the carrying amount of definite-lived intangible assets during the periods presented (table in millions):
Upon adoption of Topic 842 on February 2, 2019, leasehold interest of $116 million related to favorable terms of certain ground lease agreements was derecognized and adjusted to the carrying amount of the operating lease ROU assets and classified as other assets on the consolidated balance sheets. Prior to adoption, these assets were classified as intangible assets, net on the consolidated balance sheets.
Table:
 | January 31, 2020 | February 1, 2019
Balance, beginning of the year | $966 | $1,059
Additions to intangible assets related to business combinations | 622 | 154
Amortization expense | (300) | (247)
Derecognized leasehold interest | (116) | —
Balance, end of the year | $1,172 | $966


Question: Which years does the table provide information for the changes in the carrying amount of definite-lived intangible assets?
Answer: 2020, 2019
underlying physical transaction occurs . we have not qualified commodity derivative instruments used in our osm or rm&t segments for hedge accounting . as a result , we recognize in net income all changes in the fair value of derivative instruments used in those operations . open commodity derivative positions as of december 31 , 2008 and sensitivity analysis at december 31 , 2008 , our e&p segment held open derivative contracts to mitigate the price risk on natural gas held in storage or purchased to be marketed with our own natural gas production in amounts that were in line with normal levels of activity . at december 31 , 2008 , we had no significant open derivative contracts related to our future sales of liquid hydrocarbons and natural gas and therefore remained substantially exposed to market prices of these commodities . the osm segment holds crude oil options which were purchased by western for a three year period ( january 2007 to december 2009 ) . the premiums for the purchased put options had been partially offset through the sale of call options for the same three-year period , resulting in a net premium liability . payment of the net premium liability is deferred until the settlement of the option contracts . as of december 31 , 2008 , the following put and call options were outstanding: .

Table:
option expiration date | 2009
option contract volumes ( barrels per day ) : | 
put options purchased | 20000
call options sold | 15000
average exercise price ( dollars per barrel ) : | 
put options | $ 50.50
call options | $ 90.50
in the first quarter of 2009 , we sold derivative instruments at an average exercise price of $ 50.50 which effectively offset the open put options for the remainder of 2009 .
at december 31 , 2008 , the number of open derivative contracts held by our rm&t segment was lower than in previous periods .
starting in the second quarter of 2008 , we decreased our use of derivatives to mitigate crude oil price risk between the time that domestic spot crude oil purchases are priced and when they are actually refined into salable petroleum products .
instead , we are addressing this price risk through other means , including changes in contractual terms and crude oil acquisition practices .
additionally , in previous periods , certain contracts in our rm&t segment for the purchase or sale of commodities were not qualified or designated as normal purchase or normal sales under generally accepted accounting principles and therefore were accounted for as derivative instruments .
during the second quarter of 2008 , as we decreased our use of derivatives , we began to designate such contracts for the normal purchase and normal sale exclusion. .

Question: for option expiration dates in 2009 , what was the average option contract volumes ( barrels per day ) for put options purchased and \\ncall options sold?
Answer: 17500
Calculation: add(20000, 15000), divide(#0, const_2)
devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) debt maturities as of december 31 , 2013 , excluding premiums and discounts , are as follows ( in millions ) : .

Table:
2014 | $ 4067
2015 | 2014
2016 | 500
2017 | 750
2018 | 125
2019 and thereafter | 6600
total | $ 12042
credit lines devon has a $ 3.0 billion syndicated , unsecured revolving line of credit ( the 201csenior credit facility 201d ) that matures on october 24 , 2018 .
however , prior to the maturity date , devon has the option to extend the maturity for up to one additional one-year period , subject to the approval of the lenders .
amounts borrowed under the senior credit facility may , at the election of devon , bear interest at various fixed rate options for periods of up to twelve months .
such rates are generally less than the prime rate .
however , devon may elect to borrow at the prime rate .
the senior credit facility currently provides for an annual facility fee of $ 3.8 million that is payable quarterly in arrears .
as of december 31 , 2013 , there were no borrowings under the senior credit facility .
the senior credit facility contains only one material financial covenant .
this covenant requires devon 2019s ratio of total funded debt to total capitalization , as defined in the credit agreement , to be no greater than 65 percent .
the credit agreement contains definitions of total funded debt and total capitalization that include adjustments to the respective amounts reported in the accompanying financial statements .
also , total capitalization is adjusted to add back noncash financial write-downs such as full cost ceiling impairments or goodwill impairments .
as of december 31 , 2013 , devon was in compliance with this covenant with a debt-to- capitalization ratio of 25.7 percent .
commercial paper devon has access to $ 3.0 billion of short-term credit under its commercial paper program .
commercial paper debt generally has a maturity of between 1 and 90 days , although it can have a maturity of up to 365 days , and bears interest at rates agreed to at the time of the borrowing .
the interest rate is generally based on a standard index such as the federal funds rate , libor , or the money market rate as found in the commercial paper market .
as of december 31 , 2013 , devon 2019s weighted average borrowing rate on its commercial paper borrowings was 0.30 percent .
other debentures and notes following are descriptions of the various other debentures and notes outstanding at december 31 , 2013 , as listed in the table presented at the beginning of this note .
geosouthern debt in december 2013 , in conjunction with the planned geosouthern acquisition , devon issued $ 2.25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately .

Question: as of december 31 , 2013 what was the percent of the devons debt maturities due in 2014
Answer: 33.8%
Calculation: divide(4067, 12042)
Investments
As of June 30, 2019, the Group’s investments consisted of the following:
As of June 30, 2019, the Group had $445.0 million of investments which were classified as short-term investments on the Group’s consolidated statements of financial position. Additionally, the Group had marketable equity securities totaling $58.9 million, non-marketable equity securities totaling $3.0 million, and certificates of deposit and time deposits totaling $3.7 million which were classified as long-term and were included in other non-current assets on the Group’s consolidated statements of financial position.
Table:
 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
 |  | (U.S. $ in thousands) |  | 
Debt Investments |  |  |  | 
Marketable debt securities |  |  |  | 
U.S. treasury securities | $101,563 | $203 | $(7) | 101,759
Agency securities | 26,936 | 33 | (3) | 26,966
Certificates of deposit and time deposits | 24,126 | — | — | 24,126
Commercial paper | 94,035 | — | — | 94,035
Corporate debt securities | 201,552 | 292 | (24) | 201,820
Total debt investments | 448,212 | 528 | (34) | 448,706
Equity Investments |  |  |  | 
Marketable equity securities | 20,270 | 38,662 | — | 58,932
Non-marketable equity securities | 3,000 | — | — | 3,000
Total equity investments | 23,270 | 38,662 | — | 61,932
Total investments | $471,482 | $39,190 | $(34) | $510,638


Question: Based on amortized cost, what is the percentage constitution of total equity investments among the total investments?
Answer: 4.94
Calculation: 23,270/471,482
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: What does this table represent?
Answer: The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs.
s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2009 , 2008 , and 2007 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to .

Table:
for the years ended december 31 2009 2008 and 2007 ( in millions of u.s . dollars except for percentages ) | direct amount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net
2009 | $ 15415 | $ 5943 | $ 3768 | $ 13240 | 28% ( 28 % )
2008 | $ 16087 | $ 6144 | $ 3260 | $ 13203 | 25% ( 25 % )
2007 | $ 14673 | $ 5834 | $ 3458 | $ 12297 | 28% ( 28 % )
.

Question: in 2009 what was the ratio of the direct amount to the amount ceded to other companies
Answer: 2.6
Calculation: divide(15415, 5943)