hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Item 6. Selected Financial Data
The following tables set forth our selected financial data for the periods and at the dates indicated. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2019, 2018, and 2017 and the selected financial data from the consolidated balance sheets as of December 31, 2019 and 2018 have been derived from the audited consolidated financial statements included in this Annual Report on Form 10-K. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and the selected financial data from the consolidated balance sheets as of December 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 10-K. The information presented below should also be read in conjunction with our consolidated financial statements and the related notes thereto and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Table:
 |  |  | Years Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands, except per share amounts) |  | 
Net sales . | $3,063,117 | $2,244,044 | $2,941,324 | $2,904,563 | $4,112,650
Gross profit | 549,212 | 392,177 | 548,947 | 638,418 | 1,132,762
Operating (loss) income . | (161,785) | 40,113 | 177,851 | (568,151) | 730,159
Net (loss) income | (114,933) | 144,326 | (165,615) | (416,112) | 593,406
Net (loss) income per share: |  |  |  |  | 
Basic . | $(1.09) | $1.38 | $(1.59) | $(4.05) | $5.88
Diluted . | $(1.09) | $1.36 | $(1.59) | $(4.05) | $5.83
Cash dividends declared per common share. | $— | $— | $— | $— | $—
Net cash provided by (used in) operating |  |  |  |  | 
activities | $174,201 | $(326,809) | $1,340,677 | $206,753 | $(325,209)
Net cash (used in) provided by investing |  |  |  |  | 
activities | (362,298) | (682,714) | (626,802) | 144,520 | (156,177)
Net cash provided by (used in) financing |  |  |  |  | 
activities | 74,943 | 255,228 | 192,045 | (136,393) | 101,207
 |  |  | December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands) |  | 
Cash and cash equivalents . | $1,352,741 | $1,403,562 | $2,268,534 | $1,347,155 | $1,126,826
Marketable securities . | 811,506 | 1,143,704 | 720,379 | 607,991 | 703,454
Total assets . | 7,515,689 | 7,121,362 | 6,864,501 | 6,824,368 | 7,360,392
Total long-term debt | 471,697 | 466,791 | 393,540 | 188,388 | 289,415
Total liabilities | 2,418,922 | 1,908,959 | 1,765,804 | 1,606,019 | 1,741,996
Total stockholders’ equity . | 5,096,767 | 5,212,403 | 5,098,697 | 5,218,349 | 5,618,396


Question: What is the change in total shareholders' equity from 2018 to 2019?
Answer: -2.22
Calculation: (5,096,767 - 5,212,403) / 5,212,403
This section provides a summary of the capital management activity of the Group during the period, including the Group’s borrowings. The Group manages its liquidity requirements with a range of short-term money market loans, bank loans, and flexible debt instruments with varying maturities.
The Group manages its capital structure with the objective of enhancing long-term shareholder value through funding its business at an optimised weighted average cost of capital.
The Group returns capital to shareholders when consistent with its long-term capital structure objectives and where it will enhance shareholder value. In May 2019, the Group returned $1.7 billion of capital to shareholders through an off-market share buy-back. This resulted in the purchase of 58.7 million shares which were subsequently cancelled. The share buy-back complements dividends of $1.4 billion paid to shareholders this reporting period through the 2018 final and special dividends, and the 2019 interim dividend, with a total of $3.1 billion returned to shareholders, excluding franking credits.
The Group remains committed to solid investment grade credit ratings and a number of actions can be undertaken to support the credit profile including the sale of non-core assets, further working capital initiatives, and adjusting growth capital expenditure and the property leasing profile. The Group’s credit ratings (1) are BBB (stable outlook) according to S&P and Baa2 (stable outlook) according to Moody’s.
In March 2019, the $500 million domestic Medium Term Notes matured. It was refinanced in April 2019 with $400 million of Medium Term Notes issued to meet the Group’s new Green Bond Framework (Green Bonds). The Green Bonds have been issued for a five-year tenor, maturing in April 2024.
In November 2019, $320 million of undrawn syndicated bank loan facilities are due to mature. The Group intends to refinance this facility at maturity.
(1) These credit ratings have been issued by a credit rating agency which holds an Australian Financial Services Licence with an authorisation to issue credit ratings to wholesale clients only and are for the benefit of the Group’s debt providers.
Table:
 | OPENING | NON‑CASH | NET CASH | CLOSING
 | BALANCE | MOVEMENTS | MOVEMENTS | BALANCE
2019 | $M | $M | $M | $M
Current, unsecured |  |  |  | 
Short-term money market loans | 16 | 2 | 21 | 39
Bank loans | 88 | 5 | 142 | 235
Securities | 500 | – | (500) | –
Total current borrowings | 604 | 7 | (337) | 274
Non‑current, unsecured |  |  |  | 
Bank loans | 540 | 36 | 102 | 678
Securities | 1,668 | 110 | 400 | 2,178
Unamortised borrowing costs | (9) | 5 | – | (4)
Finance leases | – | 6 | (3) | 3
Total non‑current borrowings | 2,199 | 157 | 499 | 2,855
Total | 2,803 | 164 | 162 | 3,129


Question: What is the difference between the total opening balance and the total closing balance?
Answer: 326
Calculation: 3,129 - 2,803
The UK and Ireland business-to-business market remains challenging. The main headwind we face is the decline in traditional calls and lines where we have a relatively high market share. The IP Voice market is significantly more fragmented, with a large number of providers, and we are focused on expanding our share in this growing market.
The mobile market remains competitive and we continue to see pressure on pricing. While overall growth in the broadband market is limited, we are seeing good demand for our premium products such as fibre and 4G Assure. Newer areas such as the Internet of Things, Cloud, SDWAN and security remain good opportunities for us over the longer term.
Adjusted a revenue decreased 5% for the year mainly due to the ongoing decline of fixed voice revenue. We continue to see a steeper than expected reduction in calls per fixed line as usage moves to mobile and IP. We continue to sell less low margin equipment and also experienced ongoing declines in some of our other legacy products such as private circuits. This was partially offset by growth in IP, Mobile and Networking. We’re also continuing to see encouraging growth in messaging volumes in Ventures.
Adjusted a operating costs reduced 6%, helped by labour cost efficiencies from our cost transformation programmes. Adjusteda EBITDA decreased 4%, with our lower cost base more than offset by the reduction in revenue.
Capital expenditure increased 2% and normalised free cash flowb decreased 7%, reflecting the reduction in EBITDA and the higher capital expenditure.
The Retail order intake decreased 15% to £2.9bn for the year due to the signing of a large contract in Republic of Ireland in the prior year. The Wholesale order intake declined 22% to £1.0bn after 2017/18 benefitted from a number of large deals, including the timing of some contract renewals.
a Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. d Enterprise comparatives have been re-presented to reflect the bringing together of our Business and Public Sector and Wholesale and Ventures units into a single Enterprise unit, as well as the transfer of Northern Ireland Networks from Enterprise to Openreach.
Table:
Enterprise d |  |  |  | 
Adjusteda revenue £6,292m |  |  | Adjusteda operating profit £1,356m | 
 | 2019 (IFRS 15) | 2018 (IAS 18) | Change | 
Year to 31 March | £m | £m | £m | %
Adjusted a revenue | 6,292 | 6,647 | (355) | (5)
Adjusted a operating costs | 4,302 | 4,570 | (268) | (6)
Adjusted a EBITDA | 1,990 | 2,077 | (87) | (4)
Depreciation & amortisation | 634 | 635 | (1) | -
Adjusted a operating profit | 1,356 | 1,442 | (86) | (6)
Capital expenditure | 501 | 492 | 9 | 2
Normalised free cash flow b | 1,483 | 1,587 | (104) | (7)


Question: What was the percentage change in the Adjusted a revenue from 2018 to 2019?
Answer: -5.34
Calculation: 6,292 / 6,647 - 1
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Significant components of the Company’s net deferred tax assets and liabilities were as follows:
The increase in the gross deferred tax assets and valuation allowance between fiscal year 2019 and 2018 is primarily due to increases in tax carryforwards.
Realization of the Company’s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income. The Company believes it is more likely than not that such deferred tax assets will be realized with the exception of $227.0 million primarily related to California deferred tax assets. At June 30, 2019, the Company continued to record a valuation allowance to offset the entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California.
At June 30, 2019, the Company had federal net operating loss carryforwards of $109.8 million. The majority of these losses will begin to expire in fiscal year 2020, and are subject to limitation on their utilization.
At June 30, 2019, the Company had state net operating loss carryforwards of $58.5 million. If not utilized, these losses will begin to expire in fiscal year 2020 and are subject to limitation on their utilization.
At June 30, 2019, the Company had state tax credit carryforwards of $322.4 million. Substantially all of these credits can be carried forward indefinitely.
Table:
 | June 30, 2019 | June 24, 2018
 | (in thousands) | 
Deferred tax assets: |  | 
Tax carry forwards | $231,390 | $206,073
Allowances and reserves | 97,671 | 118,559
Equity-based compensation | 14,661 | 16,189
Inventory valuation differences | 18,516 | 14,021
Prepaid cost sharing | 74,139 | 65,644
Outside basis differences of foreign subsidiaries | 16,260 | —
Other | 17,972 | 16,514
Gross deferred tax assets | 470,609 | 437,000
Valuation allowance | (226,928) | (199,839)
Net deferred tax assets | 243,681 | 237,161
Deferred tax liabilities: |  | 
Intangible assets | (9,883) | (21,558)
Convertible debt | (46,993) | (60,252)
Capita assets | (83,298) | (61,429)
Amortization of goodwill | (11,299) | (10,738)
Outside basis differences of foreign subsidiaries | — | (6,656)
Other | (8,752) | (7,955)
Gross deferred tax liabilities | (160,225) | (168,588)
Net deferred tax assets | $83,456 | $68,573


Question: What was the amount of state net operating loss carryforwards at June 30, 2019?
Answer: $58.5 million
(a) GitHub has been included in our consolidated results of operations starting on the October 25, 2018 acquisition date.
(b) Includes a $2.6 billion net income tax benefit related to intangible property transfers and a $157 million net charge related to the enactment of the Tax Cuts and Jobs Act (“TCJA”), which together increased net income and diluted earnings per share (“EPS”) by $2.4 billion and $0.31, respectively. Refer to Note 12 – Income Taxes of the Notes to Financial Statements for further discussion.
(c) Includes a $13.7 billion net charge related to the enactment of the TCJA, which decreased net income and diluted EPS by $13.7 billion and $1.75, respectively. Refer to Note 12 – Income Taxes of the Notes to Financial Statements for further discussion.
(d) Reflects the impact of the adoption of new accounting standards in fiscal year 2018 related to revenue recognition and leases.
(e) LinkedIn has been included in our consolidated results of operations starting on the December 8, 2016 acquisition date.
(f) Includes $306 million of employee severance expenses primarily related to our sales and marketing restructuring plan, which decreased operating income, net income, and diluted EPS by $306 million, $243 million, and $0.04, respectively.
(g) Includes $630 million of asset impairment charges related to our Phone business and $480 million of restructuring charges associated with our Phone business restructuring plans, which together decreased operating income, net income, and diluted EPS by $1.1 billion, $895 million, and $0.11, respectively.
(h) Includes $7.5 billion of goodwill and asset impairment charges related to our Phone business and $2.5 billion of integration and restructuring expenses, primarily associated with our Phone business restructuring plans, which together decreased operating income, net income, and diluted EPS by $10.0 billion, $9.5 billion, and $1.15, respectively.
Table:
(In millions, except per share amounts) |  |  |  |  | 
Year Ended June 30, | 2019 (a) | 2018 | 2017 (d)(e) | 2016 (d) | 2015
Revenue | $ 125,843 | $ 110,360 | $ 96,571 | $ 91,154 | $ 93,580
Gross margin | 82,933 | 72,007 | 62,310 | 58,374 | 60,542
Operating income | 42,959 | 35,058 | 29,025 (f) | 26,078 (g) | 18,161(h)
Net income | 39,240(b) | 16,571(c) | 25,489 (f) | 20,539 (g) | 12,193(h)
Diluted earnings per share | 5.06 (b) | 2.13(c) | 3.25 (f) | 2.56 (g) | 1.48(h)
Cash dividends declared per share | 1.84 | 1.68 | 1.56 | 1.44 | 1.24
Cash, cash equivalents, and short-term |  |  |  |  | 
investments | 133,819 | 133,768 | 132,981 | 113,240 | 96,526
Total assets | 286,556 | 258,848 | 250,312 | 202,897 | 174,303
Long-term obligations | 114,806 | 117,642 | 106,856 | 66,705 | 44,574
Stockholders’ equity | 102,330 | 82,718 | 87,711 | 83,090 | 80,083


Question: Why did net income in 2018 decrease from that in 2017?
Answer: Includes a $13.7 billion net charge related to the enactment of the TCJA, which decreased net income and diluted EPS by $13.7 billion and $1.75, respectively.
Note 3: Revenue and Segment Information
Revenue recognized for sales agreements amounted to $5,492.0 million and $5,849.0 million for the years ended December 31, 2019 and 2018, respectively. Revenue recognized for product development agreements amounted to $25.9 million and $29.3 million for the years ended December 31, 2019 and 2018, respectively.
The Company is organized into three operating and reportable segments consisting of PSG, ASG and ISG. The Company's wafer manufacturing facilities fabricate ICs for all business units, as necessary, and their operating costs are reflected in the segments' cost of revenue on the basis of product costs. Because operating segments are generally defined by the products they design and sell, they do not make sales to each other.
The Company does not allocate income taxes or interest expense to its operating segments as the operating segments are principally evaluated on gross profit. Additionally, restructuring, asset impairments and other charges, net and certain other manufacturing and operating expenses, which include corporate research and development costs, unallocated inventory reserves and miscellaneous nonrecurring expenses, are not allocated to any segment.
In addition to the operating and reportable segments, the Company also operates global operations, sales and marketing, information systems and finance and administration groups. A portion of the expenses of these groups are allocated to the segments based on specific and general criteria and are included in the segment results.
Revenue and gross profit for the Company’s operating and reportable segments are as follows (in millions):
Table:
 | PSG | ASG | ISG | Total
For year ended December 31, 2019:   |  |  |  | 
Revenue from external customers | $2,788.3 | $1,972.3 | $757.3 | $5,517.9
Segment gross profit | 976.0 | 794.8 | 275.4 | 2,046.2
For year ended December 31, 2018:   |  |  |  | 
Revenue from external customers | $3,038.2 | $2,071.2 | $768.9 | $5,878.3
Segment gross profit | 1,110.1 | 878.3 | 317.1 | 2,305.5
For year ended December 31, 2017:   |  |  |  | 
Revenue from external customers   | $2,819.3 | $1,950.9 | $772.9 | $5,543.1
Segment gross profit   | 959.8 | 817.8 | 302.6 | 2,080.2


Question: How much Revenue was recognized for product development agreements for the years ended December 31, 2019 and 2018 respectively?
Answer: $25.9 million, $29.3 million
22. Income Taxes
Teekay and a majority of its subsidiaries are not subject to income tax in the jurisdictions in which they are incorporated because they do not conduct business or operate in those jurisdictions. However, among others, the Company’s U.K. and Norwegian subsidiaries are subject to income taxes.
The significant components of the Company’s deferred tax assets and liabilities are as follows:
(1) Substantially all of the Company's estimated net operating loss carryforwards of $878.3 million relates primarily to its U.K., Spanish, Norwegian and Luxembourg subsidiaries and, to a lesser extent, to its Australian subsidiaries.
The Company had estimated disallowed finance costs in Spain and Norway of approximately $15.1 million and $15.0 million, respectively, at December 31, 2019, which are available for 18 years and 10 years, respectively, from the year the costs are incurred for offset against future taxable income in Spain and Norway, respectively. The Company's estimated tax losses in Luxembourg are available for offset against taxable future income in Luxembourg, either indefinitely for losses arising prior to 2017, or for 17 years for losses arising subsequent to 2016.
Table:
 | December 31, | December 31,
 | 2019 | 2018
 | $ | $
Deferred tax assets: |  | 
Vessels and equipment | 1,646 | 5,868
Tax losses carried forward and disallowed finance costs (1) | 164,009 | 155,910
Other | 19,674 | 10,545
Total deferred tax assets | 185,329 | 172,323
Deferred tax liabilities: |  | 
Vessels and equipment | 22,913 | 18,037
Provisions | 6,512 | 5,588
Other | — | 2,060
Total deferred tax liabilities | 29,425 | 25,685
Net deferred tax assets | 155,904 | 146,638
Valuation allowance | (153,302) | (144,560)
Net deferred tax assets | 2,602 | 2,078


Question: Which subsidiaries are subject to income taxes?
Answer: the Company’s U.K. and Norwegian subsidiaries are subject to income taxes.
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: As of June 30, 2019, what is the value of the Group's non-marketable equity securities?
Answer: $3.0 million
(18) Quarterly Financial Data (Unaudited)
During the first quarter of 2019, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $6.5 billion for goodwill, see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.
During the fourth quarter of 2018, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $2.7 billion for goodwill see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.
During the first quarter of 2018, we recognized $71 million of expenses related to our acquisition of Level 3 followed by acquisition-related expenses of $162 million, $43 million and $117 million in the second, third and fourth quarters of 2018, respectively. During 2019, we recognized expenses related to our acquisition of Level 3 of $34 million, $39 million, $38 million and $123 million in the first, second, third and fourth quarters of 2019, respectively.
Table:
 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total
 |  |  | (Dollars in millions, except per share amounts) |  | 
2019 |  |  |  |  | 
Operating revenue | $5,647 | 5,578 | 5,606 | 5,570 | 22,401
Operating (loss) income | (5,499) | 976 | 950 | 847 | (2,726)
Net (loss) income | (6,165) | 371 | 302 | 223 | (5,269)
Basic (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92)
Diluted (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92)
2018 |  |  |  |  | 
Operating revenue | $5,945 | 5,902 | 5,818 | 5,778 | 23,443
Operating income (loss) | 750 | 767 | 894 | (1,841) | 570
Net income (loss) | 115 | 292 | 272 | (2,412) | (1,733)
Basic earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63)
Diluted earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63)


Question: What is the total operating revenue recorded in 2019?
Answer: 22,401
Stock Option Award Amendment
The Board of Directors has in 2019 amended and restated the 2011 Equity Incentive Plan to reserve an additional 1,000,000 stock options for issuance. The stock options have been allocated amongst management and employees of the Company.
As of December 31, 2019, the Company has granted 755,000 and 234,000 options with vesting over a period of two and three years, respectively, and an exercise price of $4.70 per share.
The Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;
The expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date.
The compensation expense related to the stock option awards was $0.1 million for the year ended December 31, 2019 and the remaining unrecognized cost related to non-vested stock options was $0.5 million with a remaining average remaining vesting period of 2.1 years.
Table:
 | Options with two year vesting | Options with three year vesting
Volatility | 57.5% | 52.5%
Dividend yield | 10.0 % | 10.0%
Risk-free interest rate | 1.64% | 1.65%
Weighted-average grant date fair value | $0.59 | $0.58


Question: What is the exercise price per share of options with vesting over a period of two and three years, respectively granted by the company?
Answer: $4.70, $4.70