hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
(15) CONTRACT BALANCES
Contract balances at December 31 are set forth in the following table:
The change in our net contract assets/(liabilities) from December 31, 2018 to December 31, 2019 was due primarily to the timing of payments and invoicing relating to SaaS and PCS renewals, partially offset by revenues recognized in the year ended December 31, 2019 of $674.2, related to our contract liability balances at December 31, 2018. In addition, the impact of the 2019 business acquisitions increased net contract liabilities by $96.2.
In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue or BIE balance outstanding at the beginning of the year until the revenue exceeds that balance.
Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the year ended December 31, 2019.
(1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE are reported in “Other accrued liabilities” in our Consolidated Balance Sheets.
Table:
Balance Sheet Account | 2019 | 2018 | Change
Unbilled receivables | $  183.5 | $  169.4 | $    14.1
Contract liabilities - current(1) | (840.8) | (714.1) | (126.7)
Deferred revenue - non-current | (33.2) | (29.8) | (3.4)
Net contract assets/(liabilities) | $ (690.5) | $ (574.5) | $ (116.0)


Question: How much were the net contract assets/(liabilities), in 2019?
Answer: $ (690.5)
Movements in total self‐insured risks, restructuring, onerous contracts, store exit costs, and other provisions
(1) The increase in restructuring, onerous contracts, and store exit costs in 2019 is primarily attributable to the recognition of provisions associated with the BIG W network review as outlined in Note 1.4.
A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made as to the amount of the obligation. The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.
A liability is recognised for benefits accruing to employees in respect of annual leave and long service leave.
Liabilities expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement.
Liabilities which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to the reporting date.
The provision for self-insured risks primarily represents the estimated liability for workers’ compensation and public liability claims.
Provision for restructuring is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected by the restructuring that the restructuring will occur.
An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.
Table:
 |  |  | RESTRUCTURING, ONEROUS | 
 |  |  | CONTRACTS, STORE EXIT COSTS, | 
 | SELF‑INSURED RISKS |  | AND OTHER | 
 | 2019 | 2018 | 2019 | 2018
 | $M | $M | $M | $M
Movement: |  |  |  | 
Balance at start of period | 596 | 593 | 679 | 800
Net provisions recognised/(reversed) (1) | 177 | 161 | 225 | 55
Cash payments | (157) | (148) | (162) | (178)
Other | (13) | (10) | (5) | 2
Balance at end of period | 603 | 596 | 737 | 679
Current | 173 | 177 | 280 | 256
Non‑current | 430 | 419 | 457 | 423
 | 603 | 596 | 737 | 679


Question: What is the percentage constitution of current self-insured risks in the total self-insured risks in 2019?
Answer: 28.69
Calculation: 173/603
Selling, General and Administrative
The increase in selling, general and administrative in fiscal 2019 compared to fiscal 2018 was primarily due to higher variable costs on increased sales volumes, primarily related to increases in headcount costs and employee incentive compensation, as well as additional costs from the FRT acquisition, offset partially by a decrease in the amortization of intangible assets.
Table:
 |  | Fiscal Year Ended |  | 
 | December 28, 2019 | December 29, 2018 | $ Change | % Change
 |  | (Dollars in thousands) |  | 
Selling, general and administrative | $106,335 | $99,254 | $7,081 | 7.1 %
% of revenues | 18.0 % | 18.7 % |  | 
 |  | Fiscal Year Ended |  | 
 | December 29, 2018 | December 30, 2017 | $ Change | % Change
 |  | (Dollars in thousands) |  | 
Selling, general and administrative | $99,254 | $95,489 | $3,765 | 3.9 %
% of revenues | 18.7 % | 17.4 % |  | 


Question: What is the average Selling, general and administrative for the Fiscal Year Ended December 28, 2019 to December 29, 2018?  
Answer: 102794.5
Calculation: (106,335+99,254) / 2
The following table summarizes the maturities of our available-for-sale debt investments as of July 27, 2019 (in millions):
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
Table:
 | Amortized Cost | Fair Value
Within 1 year | $6,322 | $6,324
After 1 year through 5 years | 12,191 | 12,218
After 5 years through 10 years | 1,643 | 1,687
After 10 years | 9 | 10
Mortgage-backed securities with no single maturity | 1,425 | 1,421
Total | $21,590 | $21,660


Question: What was the amortized cost for available-for-sale debt investments  within 1 year?
Answer: 6,322
Net Asset Value per share (NAV/share):
TORM believes that the NAV/share is a relevant measure that Management uses to measure the overall development of the assets and liabilities per share. Such measure may not be comparable to similarly titled measures of other companies. NAV/share is calculated using broker values of vessels and excluding charter commitments. NAV/share is calculated as follows:
Table:
USDm | 2019 | 2018 | 2017
Net Asset Value per share |  |  | 
Total vessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1
Committed CAPEX on newbuildings | -51.2 | -258.0 | -306.9
Cash position | 72.5 | 127.4 | 134.2
Loans receivables | 4.6 | - | -
Bunkers | 34.8 | 39.4 | 33.2
Freight receivables | 89.8 | 86.0 | 71.3
Other receivables | 6.2 | 7.5 | 11.8
Other plant and operating equipment | 4.3 | 3.0 | 1.9
Land and buildings | 8.1 | - | -
Investments in joint ventures | 1.2 | 0.1 | 0.3
Prepayments | 3.5 | 2.9 | 4.4
Borrowings | -863.4 | -754.7 | -753.9
Trade payables | -47.1 | -35.1 | -26.2
Other liabilities | -47.3 | -36.5 | -33.8
Current tax liabilities | -1.5 | -1.0 | -1.4
Total Net Asset Value (NAV) | 1,016.0 | 856.1 | 796.0
Total number of shares excluding treasury shares (million) | 74.4 | 73.9 | 62.0
Total Net Asset Value per share (NAV/share) (USD) | 13.6 | 11.6 | 12.8


Question: What was the change in the Total Net Asset Value (NAV) in 2019 from 2018?
Answer: 159.9
Calculation: 1,016.0-856.1
Liquidity and Capital Resources
Our primary sources of liquidity are cash flows from operations, available cash reserves and debt capacity available under various credit facilities. We could raise additional funds through other public or private debt or equity financings. We may use our available or additional funds to, among other things
facilitate purchases, redemptions and exchanges of shares and pay dividends;
acquire complementary businesses or technologies;
take advantage of opportunities, including more rapid expansion; or
develop new services and solutions.
As of August 31, 2019, Cash and cash equivalents were $6.1 billion, compared with $5.1 billion as of August 31, 2018.
Cash flows from operating, investing and financing activities, as reflected in our Consolidated Cash Flows Statements, are summarized in the following table:
Operating activities: The $600 million year-over-year increase in operating cash flow was due to higher net income as well as changes in operating assets and liabilities, including an increase in accounts payable, partially offset by higher tax disbursements.
Investing activities: The $506 million increase in cash used was primarily due to higher spending on business acquisitions and investments. For additional information, see Note 6 (Business Combinations) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
Financing activities: The $58 million increase in cash used was primarily due to an increase in cash dividends paid as well as an increase in purchases of shares, partially offset by an increase in proceeds from share issuances and a decrease in the purchase of additional interests in consolidated subsidiaries. For additional information, see Note 14 (Material Transactions Affecting Shareholders’ Equity) to our Consolidated Financial Statements under Item 8, “Financial Statements and Supplementary Data.”
We believe that our current and longer-term working capital, investments and other general corporate funding requirements will be satisfied for the next twelve months and thereafter through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities
Substantially all of our cash is held in jurisdictions where there are no regulatory restrictions or material tax effects on the free flow of funds. In addition, domestic cash inflows for our Irish parent, principally dividend distributions from lower-tier subsidiaries, have been sufficient to meet our historic cash requirements, and we expect this to continue into the future.
Table:
 | Fiscal 2019 | Fiscal 2018 | 2019 to 2018 Change
 |  | (in millions of U.S. dollars) | 
Net cash provided by (used in): |  |  | 
Operating activities | $6,627 | $6,027 | $600
Investing activities | (1,756) | (1,250) | (506)
Financing activities | (3,767) | (3,709) | (58)
Effect of exchange rate changes on cash and cash equivalents | (39) | (134) | 95
Net increase (decrease) in cash and cash equivalents | $1,065 | $934 | $131


Question: What is the increase in cash flow from investing activities between 2018 and 2019?
Answer: $506
CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
Table:
 | Fiscal Years Ended September | 
 | 2019 | 2018
Sales (including excise taxes of $370.2 million and $368.4 million, | $1,392,388,157 | $1,322,306,658
Cost of sales | 1,308,364,726 | 1,245,375,460
Gross profit | 84,023,431 | 76,931,198
Selling, general and administrative expenses | 72,182,883 | 66,781,234
Depreciation and amortization | 2,617,591 | 2,318,146
Impairment charges | 2,873,269 | 1,912,877
 | 77,673,743 | 71,012,257
Operating income | 6,349,688 | 5,918,941
Other expense (income): |  | 
Interest expense | 1,598,864 | 1,194,373
Other (income), net | (61,119) | (54,042)
 | 1,537,745 | 1,140,331
Income from operations before income taxes | 4,811,943 | 4,778,610
Income tax expense | 1,609,000 | 1,164,000
Net income available to common shareholders | $ 3,202,943 | $  3,614,610
Basic earnings per share available to common shareholders | $ 5.36 | $  5.47
Diluted earnings per share available to common shareholders | $ 5.25 | $  5.38
Basic weighted average shares outstanding | 597,961 | 660,925
Diluted weighted average shares outstanding | 609,836 | 672,449
Dividends declared and paid per common share | $ 1.00 | $  1.00


Question: What are the respective cost of sales in the fiscal years ended September 2018 and 2019?
Answer: 1,245,375,460, 1,308,364,726
Note 5 – Goodwill and Intangible Assets
Goodwill and indefinite-lived intangible assets consisted of the following:
Goodwill
The Company performed the annual impairment assessment of goodwill for our single reporting unit as of December 31, 2019, noting no impairment loss. The fair value exceeded the carrying value by 2.4%. Considerable management judgment is necessary to evaluate goodwill for impairment. We estimate fair value using widely accepted valuation techniques including discounted cash flows and market multiples analysis with respect to our single reporting unit. These valuation approaches are dependent upon a number of factors, including estimates of future growth rates, our cost of capital, capital expenditures, income tax rates, and other variables. Assumptions used in our valuations were consistent with our internal projections and operating plans. Our discounted cash flows forecast could be negatively impacted by a change in the competitive landscape, any internal decisions to pursue new or different strategies, a loss of a significant customer, or a significant change in the market place including changes in the prices paid for our products or changes in the size of the market for our products. Additionally, under the market approach analysis, we used significant other observable inputs including various guideline company comparisons. We base our fair value estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. Changes in these estimates or assumptions could materially affect the determination of fair value and the conclusions of the quantitative goodwill test for our one reporting unit.
Indefinite-lived Intangible Assets
The Company performed the annual impairment assessment on the indefinite-lived intangible asset as of December 31, 2019 and 2018, resulting in no impairment losses.
Table:
 |  | December 31,
 | 2019 | 2018
Goodwill | $ 10,368 | $ 10,368
Accumulated impairment losses | (1,244 ) | (1,244 )
Goodwill | 9,124 | 9,124
Brand names | 3,700 | 3,700
Goodwill and indefinite lived intangible assets | $ 12,824 | $ 12,824


Question: By how much did the fair value exceed the carrying value by?
Answer: 2.4%
(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 amount of Shares withheld for taxes and not issued in 2017?
Answer: 28
Debt
Our funding requirements are continually monitored and we execute our strategies to manage the overall asset and liability profile. Additionally, we maintain sufficient flexibility to access global funding sources as needed.
Total debt of $62,899 million increased $17,087 million from December 31, 2018, driven by issuances of $32,415 million; partially offset by debt maturities of $12,673 million and a decrease in commercial paper of $2,691 million.
Non-Global Financing debt of $38,173 million increased $23,587 million from prior year-end levels primarily driven by issuances to fund the Red Hat acquisition.
Global Financing debt of $24,727 million decreased $6,500 million from December 31, 2018, primarily due to the wind down of OEM IT commercial financing operations.
Global Financing provides financing predominantly for IBM’s external client assets, as well as for assets under contract by other IBM units. These assets, primarily for GTS, generate long-term, stable revenue streams similar to the Global Financing asset portfolio. Based on their attributes, these GTS assets are leveraged with the balance of the Global Financing asset base.
The debt used to fund Global Financing assets is composed of intercompany loans and external debt. Total debt changes generally correspond with the level of client and commercial financing receivables, the level of cash and cash equivalents, the change in intercompany and external payables and the change in intercompany investment from IBM. The terms of the intercompany loans are set by the company to substantially match the term, currency and interest rate variability underlying the financing receivable and are based on arm’s-length pricing. The Global Financing debt-to-equity ratio remained at 9 to 1 at December 31, 2019.
As previously stated, we measure Global Financing as a stand-alone entity, and accordingly, interest expense relating to debt supporting Global Financing’s external client and internal business is included in the “Global Financing Results of Operations” and in note D, “Segments.” In the Consolidated Income Statement, the external debt-related interest expense supporting Global Financing’s internal financing to IBM is reclassified from cost of financing to interest expense.
Table:
($ in millions) |  | 
At December 31: | 2019 | 2018
Total company debt | $62,899 | $45,812
Total Global Financing segment debt | $24,727 | $31,227
Debt to support external clients | 21,487 | 27,536
Debt to support internal clients | 3,239 | 3,690
Non-Global Financing debt | 38,173 | 14,585


Question: What is the percentage increase / (decrease) in the Non-Global Financing debt from 2018 to 2019?
Answer: 161.73
Calculation: 38,173 / 14,585 - 1
Fiscal 2017 Plan
We initiated a restructuring plan in the first quarter of fiscal 2017 to reduce complexity by means of long-term structural improvements (the Fiscal 2017 Plan), under which we reduced headcount and closed certain facilities. These actions were completed in fiscal 2019 at a cumulative cost of $289 million.
Our restructuring, transition and other costs are presented in the table below:
Included in our fiscal 2018 other exit and disposal costs is a $29 million impairment charge related to certain land and buildings previously reported as property and equipment that were reclassified to assets held for sale.
As of March 29, 2019, the restructuring liabilities were not significant.
Table:
 |  | Year Ended | 
(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017
Severance and termination benefit costs | $28 | $61 | $76
Other exit and disposal costs | 15 | 52 | 80
Asset write-offs | 2 | 25 | 23
Transition costs | 196 | 272 | 94
Total restructuring, transition and other costs | $241 | $410 | $273


Question: What is the change in Total restructuring, transition and other costs from fiscal 2018 to fiscal 2019?
Answer: -169
Calculation: 241-410
Operating Income
Our operating income in fiscal year 2018 increased to $189.3 million, or 8.8 percent of net sales as compared with $121.5 million, or 6.8 percent in net sales in fiscal year 2017. Excluding surcharge revenue and special items, adjusted operating margin was 10.6 percent for the fiscal year 2018 and 8.0 percent for fiscal year 2017. The increase in the operating margin reflects the stronger demand and improved product mix coupled with operating cost improvements partially offset by higher variable compensation expense compared to fiscal year 2017.
Operating income has been impacted by special items. The following presents our operating income and operating margin, in each case excluding the impact of surcharge on net sales and the loss on divestiture of business. We present and discuss these financial measures because management believes removing the impact of these items provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section “Non-GAAP Financial Measures” below for further discussion of these financial measures.
Table:
 | Fiscal Year | 
($ in millions) | 2018 | 2017
Net sales | $2,157.7 | $1,797.6
Less: surcharge revenue | 365.4 | 239.2
Net sales excluding surcharge revenue | $1,792.3 | $1,558.4
Operating income | $189.3 | $121.5
Special items: |  | 
Loss on divestiture of business | — | 3.2
Adjusted operating income excluding special items | $189.3 | $124.7
Operating margin | 8.8% | 6.8%
Adjusted operating margin excluding surcharge revenue and special items | 10.6% | 8.0%


Question: What was operating income in 2017 as a percentage of net sales?
Answer: 6.8 percent
Other intangible assets at fiscal year ends 2019 and 2018 consisted of the following:
Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. The Company’s retail reporting unit recorded intangible asset (trademarks and tradenames) impairment charges of approximately $2.9 million during fiscal 2019 and goodwill impairment charges of approximately $1.9 million during fiscal 2018 when it was determined that the carrying values of these assets exceeded their fair values. These impairment charges arose from a range of considerations including, but not limited to, heightened competition in the industry, retail sector market conditions, and earning shortfalls which impacted the Company’s projections of future cash flows to be generated. These impairment charges were recorded in the Company’s consolidated statement of operations as a component of operating income.
Goodwill recorded on the Company’s consolidated balance sheet represents amounts allocated to its wholesale reporting unit which totaled $4.4 million at both September 2019 and September 2018. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2019 and September 2018.
Table:
 | September 2019 | September 2018
Trademarks and tradenames (Retail Segment) | $500,000 | $3,373,269
ustomer relationships (Wholesale Segment) (less accumulated amortization of approximately $2.1 million at both September 2019 and September 2018) | — | 41,667
 | $  500,000 | $3,414,936


Question: What does goodwill recorded on the Company’s consolidated balance sheet represent?
Answer: represents amounts allocated to its wholesale reporting unit
OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS
At June 30, 2019, the Company’s total off-balance sheet contractual obligations were $665,107. This balance consists of $71,633 of long-term operating leases for various facilities and equipment which expire from 2020 to 2030 and $593,474 of purchase commitments. In fiscal 2017, JHA entered a strategic services agreement with First Data® and PSCU® to provide full-service debit and credit card processing on a single platform to all existing core bank and credit union customers, as well as expand its card processing platform to financial institutions outside our core customer base. This agreement includes a purchase commitment of $555,754 over the remaining term of the contract. The remainder of the purchase commitments relate mainly to open purchase orders. The contractual obligations table below excludes $12,009 of liabilities for uncertain tax positions as we are unable to reasonably estimate the ultimate amount or timing of settlement.
The operating lease obligations included on this table will be recorded on the balance sheet beginning in fiscal 2020 due to the Company’s adoption of ASU No. 2016-02, issued by the FASB in February 2016 and effective for the Company on July 1, 2019.
Table:
Contractual obligations by period as of June 30, 2019 | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | TOTAL
Operating lease obligations | $15,559 | $25,399 | $19,004 | $11,671 | $71,633
Purchase obligations | 62,637 | 86,875 | 107,188 | 336,774 | 593,474
Total | $78,196 | $112,274 | $126,192 | $348,445 | $665,107


Question: What is the total purchase obligations?
Answer: 593,474