hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Note 12. Current liabilities - trade and other payables
Accounting policy for trade and other payables 

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
Deferred consideration 

The payable represents the obligation to pay consideration following the acquisition of a business or assets and is deferred based on passage of time. It is measured at the present value of the estimated liability.
Table:
Consolidated |  | 
 | 2019 | 2018
 | US$’000 | US$’000
Trade payables | 3,492 | 2,016
Deferred consideration | 888 | 643
Other payables | 11,898 | 9,488
 | 16,278 | 12,147


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


Question: What was the percentage change in product gross profit from 2018 to 2019?
Answer: 10.28
Calculation: (1,105.6-1,002.5)/1,002.5
Inventories
The components of inventories consist of the following (in millions):
Inventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable.
Table:
 | March 31, | 
 | 2019 | 2018
Raw materials | $74.5 | $26.0
Work in process | 413.0 | 311.8
Finished goods | 224.2 | 138.4
Total inventories | $711.7 | $476.2


Question: What was the amount of raw materials in 2018?
Answer: 26.0
This section sets out the assets and liabilities subject to a committed plan to sell.
At 30 June 2019, assets held for sale includes Group properties (2018: assets and liabilities relating to the Petrol business, and other Group properties, have been classified as held for sale).
Assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, and financial assets which are specifically exempt from this measurement requirement.
An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the asset is recognised at the date of derecognition. Assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities classified as held for sale continue to be recognised.
Table:
 | 2019 | 2018
 | $M | $M
Property, plant and equipment | 209 | 666
Other assets | 16 | 155
Total assets classified as held for sale | 225 | 821
Provisions | – | 21
Total liabilities directly associated with assets held for sale | – | 21


Question: What is the percentage change in property, plant and equipment between 2018 and 2019?
Answer: 68.62
Calculation: (666 - 209)/666
Stock Options
Stock options granted pursuant to the 2016 Incentive Plan are granted at an exercise price not less than the market value per share of the Company’s common stock on the date of grant. Under the 2016 Incentive Plan, the term of the outstanding options may not exceed ten years nor be less than one year. Vesting of options is determined by the compensation committee of the board and the administrator of the 2016 Incentive Plan and can vary based upon the individual award agreements. In addition, outstanding options do not have dividend equivalent rights associated with them under the 2016 Incentive Plan.
A summary of stock option activity is as follows:
The weighted average grant date fair value of stock options granted during the years ended December 31, 2018 and 2017, was $7.03 and $6.24, respectively. The Company did not grant stock options during the year ended December 31, 2019. The total intrinsic value of stock options exercised during the years ended December 31, 2019, 2018, and 2017, was $16.0 million, $15.8 million, and $13.4 million, respectively.
Table:
 | Number of Shares | Weighted Average Exercise Price ($) | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value of In-the- Money Options ($)
Outstanding, December 31, 2018 | 4,864,836 | $17.76 |  | 
Exercised | -854,524 | 15.78 |  | 
Forfeited | -3,496 | 17.89 |  | 
Outstanding, December 31, 2019 | 4,006,816 | $18.18 | 3.71 | $78,949,941
Exercisable, December 31, 2019 | 3,462,664 | $17.86 | 3.70 | $69,349,255


Question: What was the weighted average grant date fair value of stock options granted during the years ended December 31, 2017?
Answer: $6.24
Net Sales
Market Application
The following table sets forth, for the periods indicated, the amount of net sales and their relative
percentages of total net sales by market application (dollars in thousands):
During fiscal 2019, net sales decreased by $471.9 million, or 25%, compared to fiscal 2018, with decreases in the microelectronics and materials processing markets, partially offset by increases in the OEM components and instrumentation market. Ondax, which we acquired on October 5, 2018, contributed $6.4 million in incremental net sales to the materials processing market in the ILS segment in fiscal 2019. In fiscal 2019, we continued to experience weaker demand in the microelectronics and materials processing markets. Entering fiscal 2020, we have started seeing indications which could lead to increased future demand in the microelectronics flat panel display market, but this is balanced by possible continuing headwinds in the global materials processing industry.
Table:
 | Fiscal 2019 |  | Fiscal 2018 | 
 | Amount | Percentage of total net sales | Amount | Percentage of total net sales
Microelectronics | $632,176 | 44.2% | $1,036,354 | 54.5%
Materials processing | 404,878 | 28.3% | 520,904 | 27.4%
OEM components and instrumentation | 266,788 | 18.6% | 220,823 | 11.6%
Scientific and government programs | 126,798 | 8.9% | 124,492 | 6.5%
Total | $1,430,640 | 100.0% | $1,902,573 | 100.0%


Question: In which years is net sales calculated?
Answer: 2019, 2018
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
See Note 3 of our Notes to Consolidated Financial Statements for a discussion of 2019 and 2018 acquisitions.
Results of Operations
Revenues increased $9.0 million, or 61%, in 2019 compared to the prior year, with overall growth supported by the acquisition of Golden Ridge in November 2018, and MGI Grain in April 2019. Food product revenues increased 97% year over year, primarily due to the addition of new products for human consumption from Golden Ridge and MGI Grain. Animal feed product revenues increased 10%. Animal feed product growth was primarily due to increased buying from our existing SRB customer base.
Gross profit percentage decreased 23.8 percentage points to negative 3.6% in 2019 from 20.2% in the prior year. The decrease in gross profit was primarily attributable to operating losses at Golden Ridge due to an unfavorable contract to sell medium grain rice entered into by the seller of the mill and low levels of plant utilization in the latter half of the year while the mill was going through a planned upgrade cycle. With this project completed in early January 2020, we expect to see improved productivity and a positive contribution margin from Golden Ridge in 2020.
Selling, general and administrative (SG&A) expenses were $13.7 million in 2019, compared to $11.2 million in 2018, an increase of $2.5 million, or 22.4%. Outside services increased $1.1 million in 2019, compared to the prior year, primarily as a result of higher outside accounting, legal and professional fees associated with the acquisition of Golden Ridge and MGI Grain. Salary, wages and benefit related expenses increased $1.1 million in 2019, compared to the prior year, driven substantially by equity grants and outside labor costs. Bad debt expense increased $0.2 million and rent expense increased $0.1 million in 2019, compared to the prior year.
Other, net was $0.9 million for 2019 compared to $0.2 million in 2018. This increase was primarily related to the settlement of a net working capital dispute and other issues with the seller of Golden Ridge.
Table:
 | Years Ended December 31 |  | Change
 | 2019 | 2018 | %
 | (in thousands) |  | 
Revenues | $23,713 | $14,762 | 60.6
Cost of goods sold | 24,574 | 11,780 | (108.6)
Gross profit (loss) | (861) | 2,982 | 
Gross profit % | -3.6% | 20.2% | 
Selling, general and administrative expenses | 13,696 | 11,194 | (22.4)
Loss from operations | (14,557) | (8,212) | (77.3)
Other income (expense): | (96) | (12) | 
Interest expense | 50 | - | 
Other, net | 868 | 168 | 
Total other (expense) income | 822 | 156 | 
Loss before income taxes | $(13,735) | $(8,056) | 


Question: What are the respective selling, general and administrative expenses from operations in 2018 and 2019?
Answer: 11,194, 13,696
Section 6: Our investments
This section outlines our group structure and includes information about our controlled and associated entities. It provides details of changes to these investments and their effect on our financial position and performance during the financial year. It also includes the results of our associated entities.
6.1 Parent entity disclosures
The accounting policies of the parent entity, iSelect Limited, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements except for accounting for investments in subsidiaries which are measured at cost.
There are no contractual or contingent liabilities of the parent as at reporting date (2018: $nil). iSelect Limited has issued bank guarantees and letters of credit to third parties for various operational purposes. It is not expected these guarantees will be called on.
Table:
 | CONSOLIDATE | 
 | 2019 $’000 | 2018 $’000
Financial Position |  | 
Assets |  | 
Current Assets | 4,297 | 7,869
Non-Current Assets | 165,165 | 174,810
Total Assets | 169,462 | 182,679
Liabilities |  | 
Current Liabilities | 92,352 | 93,067
Total Liabilities | 92,352 | 93,067
Net Assets | 77,110 | 89,612
Equity |  | 
Contributed Equity | 111,290 | 111,066
Reserves | 3,960 | 3,198
Accumulated Losses | (38,140) | (24,652)
Total Equity | 77,110 | 89,612
Financial Performance |  | 
Loss of the parent entity | (4,812) | (163)
Total comprehensive loss of the parent entity | (4,812) | (163)


Question: What is the loss of the parent entity in 2019?
Answer: 4,812
NOTE 6. ACCOUNTS RECEIVABLE AND REVENUES
Amounts billed and due from our customers are classified as accounts receivables on our consolidated balance sheets and require
payment on a short-term basis. Invoices are generally issued at the point control transfers and substantially all of our invoices are due
within 30 days or less, however certain customers have terms of up to 120 days. For substantially all of our contracts, control of the
ordered product(s) transfers at our location. Periodically, we require payment prior to the point in time we recognize revenue. Amounts
received from customers prior to revenue recognition on a contract are contract liabilities, are classified as customer prepayments liability on our consolidated balance sheets and are typically applied to an invoice within 30 days of the prepayment. Revenues in 2019 include $0.1 million in unearned revenue as of December 31, 2018, and in 2018 include less than $0.1 million in unearned revenue as of
January 1, 2018.
Our accounts receivable potentially subject us to significant concentrations of credit risk. Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% of consolidated totals) are stated below as a percent of consolidated totals.
Table:
 |  |  | Customer |  | 
 | A | B | C | D | E
% of revenue, 2019 | 11% | 9% | 16% | 3% | 2%
% of revenue, 2018 | 17% | 14% | 1% | 4% | -%
% of accounts receivable, as of December 31, 2019 | 10% | 8% | 31% | -% | 10%
% of accounts receivable, as of December 31, 2018 | 13% | -% | 16% | 14% | -%


Question: What is the change in the amount of accounts receivable as a percentage of revenue from customer A between 2018 and 2019?
Answer: -6
Calculation: 11 - 17
N. NET INCOME PER COMMON SHARE
The following table sets forth the computation of basic and diluted net income per common share:
(1) Incremental shares from the assumed conversion of the convertible notes was calculated using the difference between the average Teradyne stock price for the period and the conversion price of $31.62, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period.
(2) Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.68, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period.
The computation of diluted net income per common share for 2018 excludes the effect of the potential exercise of stock options to purchase approximately 0.1 million shares and restricted stock units to purchase approximately 0.5 million shares because the effect would have been anti-dilutive.
The computation of diluted net income per common share for 2017 excludes the effect of the potential exercise of stock options to purchase approximately 0.1 million shares because the effect would have been antidilutive.
Table:
 | 2019 | 2018 | 2017
 |  | (in thousands, except per share amounts) | 
Net income for basic and diluted net income per share | $467,468 | $451,779 | $257,692
Weighted average common shares-basic | 170,425 | 187,672 | 198,069
Effect of dilutive potential common shares: |  |  | 
Incremental shares from assumed conversion of convertible notes (1) | 4,909 | 2,749 | 1,298
Convertible note hedge warrant shares (2) | 2,698 | 485 | 112
Restricted stock units | 1,236 | 1,385 | 1,800
Stock options | 178 | 278 | 335
Employee stock purchase rights | 13 | 36 | 27
Dilutive potential common shares | 9,034 | 4,933 | 3,572
Weighted average common shares-diluted | 179,459 | 192,605 | 201,641
Net income per common share-basic | $2.74 | $2.41 | $1.30
Net income per common share-diluted | $2.60 | $2.35 | $1.28


Question: How were the Convertible note hedge warrant shares calculated?
Answer: calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.68, multiplied by 14.5 million shares
Unrecognized Tax Benefits
We recognize the benefits of tax return positions if we determine that the positions are “more-likely-than-not” to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense in the period incurred. The following table reflects changes in the unrecognized tax benefits (in thousands):
Of the unrecognized tax benefits at December 28, 2019, $13.4 million would impact the effective tax rate if recognized.
The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities which might result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is judgmental in nature. However, we believe we have adequately provided for any reasonably foreseeable outcome related to those matters.
Our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. As of December 28, 2019, changes to our uncertain tax positions in the next 12 months that are reasonably possible are not expected to have a significant impact on our financial position or results of operations.
At December 28, 2019, our tax years 2016 through 2019, 2015 through 2019 and 2014 through 2019, remain open for examination in the federal, state and foreign jurisdictions, respectively. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses and credits were generated and carried forward, and make adjustments up to the net operating loss and credit carryforward amounts.
Table:
 |  | Fiscal Year Ended | 
 | December 28, 2019 | December 29, 2018 | December 30, 2017
Unrecognized tax benefit, beginning balance | $25,224 | $18,296 | $17,978
Additions based on tax positions related to the current year | 3,679 | 1,677 | 694
Additions based on tax positions from prior years | — | 5,332 | —
Reductions for tax positions of prior years | (5) | (7) | —
Reductions due to lapse of the applicable statute of limitations | (98) | (74) | (376)
Unrecognized tax benefit, ending balance | $28,800 | $25,224 | $18,296
Interest and penalties recognized as a component of Provision (benefit) for income taxes | $59 | $71 | $67
Interest and penalties accrued at period end | 212 | 230 | 218


Question: What were the Unrecognized tax benefit, beginning balance in 2019, 2018 and 2017 respectively?
Answer: 25,224, 18,296, 17,978
Note 15—Segments and Geographic Information
We operate in two reportable segments consisting of the Probe Cards Segment and the Systems Segment. Our chief operating decision maker ("CODM") is our Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. The following table summarizes the operating results by reportable segment (dollars in thousands):
Operating results provide useful information to our management for assessment of our performance and results of operations. Certain components of our operating results are utilized to determine executive compensation along with other measures.
Corporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation expense, acquisition-related costs, including charges related to inventory stepped up to fair value, and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses.
Table:
 |  |  | Fiscal 2019 | 
 | Probe Cards | Systems | Corporate and Other | Total
Revenues | $491,363 | $98,101 | $— | $589,464
Gross profit | $211,382 | $50,927 | $(24,813) | $237,496
Gross margin | 43.0 % | 51.9 % | — % | 40.3 %
 |  |  | Fiscal 2018 | 
 | Probe Cards | Systems | Corporate and Other | Total
Revenues | $434,269 | $95,406 | $— | $529,675
Gross profit | $187,320 | $47,074 | $(24,055) | $210,339
Gross margin | 43.1 % | 49.3 % | — % | 39.7 %
 |  |  | Fiscal 2017 | 
 | Probe Cards | Systems | Corporate and Other | Total
Revenues | $454,794 | $93,647 | $— | $548,441
Gross profit | $195,903 | $46,647 | $(26,953) | $215,597
Gross margin | 43.1 % | 49.8% | — % | 39.3 %


Question: What does corporate and others include?
Answer: includes unallocated expenses relating to amortization of intangible assets, share-based compensation expense, acquisition-related costs, including charges related to inventory stepped up to fair value, and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.
NOTE L – INCOME TAXES
On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions.
The Company follows ASC 740-10 “Income Taxes” which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.
A reconciliation of tax expense computed at the statutory federal tax rate on loss from operations before income taxes to the actual income tax (benefit) /expense is as follows:
Table:
 | 2019 | 2018
Tax benefit computed at the statutory rate | $(427,244) | $(631,497)
State taxes | 6,525 | 6,874
Book expenses not deductible for tax purposes | 2,980 | 2,882
Rate Change | 45,656 | –
Other | 2,517 | (27,286)
 | (369,566) | (649,027)
Change in valuation allowance for deferred tax assets | 269,203 | 658,650
Income tax (benefit) expense | $(100,363) | $9,623


Question: What is the income tax benefit in 2019?
Answer: 100,363