hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
The domestic and foreign components of income from continuing operations before income taxes are as follows:
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
United States | $1,527.0 | $1,212.7 | $971.2
Foreign | 389.4 | (58.1) | 284.9
Total | $1,916.4 | $1,154.6 | $1,256.1


Question: What was the percentage change in total income from continuing operations before income taxes between 2018 and 2019?
Answer: 65.98
Calculation: ($1,916.4-$1,154.6)/$1,154.6
Liquidity and Capital Resources
As of December 31, 2019, we had cash and cash equivalents of $92.7 million, restricted cash of $0.4 million, and net accounts receivable of $50.4 million. Additionally, as of December 31, 2019, our working capital was $115.2 million.
Our primary uses of cash are to fund operating expenses, purchases of inventory, property and equipment, intangible assets, and from time to time, the acquisition of businesses. We also use cash to pay down outstanding debt. Our cash and cash equivalents are impacted by the timing of when we pay expenses as reflected in the change in our outstanding accounts payable and accrued expenses.
Cash used to fund operating expenses in our consolidated statements of cash flows excludes the impact of non-cash items such as stock-based compensation, amortization and depreciation of acquired intangible assets, leased right-of-use assets and property and equipment, and impairment of intangible assets and long-lived assets. Cash used to fund acquisitions of businesses and other capital purchases is included in investing activities in our consolidated statements of cash flows.
Our primary sources of cash are cash receipts on accounts receivable from our shipment of products to distributors and direct customers. Aside from the amounts billed to our customers, net cash collections of accounts receivable are impacted by the efficiency of our cash collections process, which can vary from period to period depending on the payment cycles of our major distributor customers, and relative linearity of shipments period-to-period.
Our credit agreement, under which we entered into a term loan to partially fund our acquisition of Exar, permits us to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. We have not requested any incremental loans to date.
Following is a summary of our working capital, cash and cash equivalents, and restricted cash for the periods indicated:
Table:
 | December 31, | 
 | 2019 | 2018
 | (in thousands) | 
Working capital | $115,208 | 110,044
Cash and cash equivalents | $92,708 | $73,142
Short-term restricted cash | 349 | 645
Long-term restricted cash | 60 | 404
Total cash and cash equivalents, restricted cash and investments | $93,117 | 74,191


Question: In which year was Cash and cash equivalents less than 90,000 thousands?
Answer: 2018
Calculation: locate and analyze Cash and cash equivalents in row 4
We recorded non-cash compensation expense related to stock-based awards as follows (in thousands):
As of September 30, 2019, there was $39.7 million of unrecognized compensation expense related to unvested RSUs. Based upon the expected forfeitures and the expected vesting of performance-based RSUs, the aggregate fair value of RSUs expected to ultimately vest is $40.0 million, which is expected to be recognized over a weighted-average period of 1.7 years and includes the RSUs that vested on October 1, 2019.
We estimate forfeitures at the time of grant and revise those estimates in subsequent periods on a cumulative basis in the period the estimated forfeiture rate changes for all stock-based awards when significant events occur. We consider our historical experience with employee turnover as the basis to arrive at our estimated forfeiture rate. The forfeiture rate was estimated to be 12.5% per year as of September 30, 2019. To the extent the actual forfeiture rate is different from what we have estimated, compensation expense related to these awards will be different from our expectations.
Table:
 |  | Years Ended September 30, | 
 | 2019 | 2018 | 2017
Cost of sales | $  1,766 | $  1,096 | $  338
Selling, general and administrative | 13,722 | 6,419 | 4,674
 | $15,488 | $7,515 | $5,012


Question: In which year was the amount of cost of sales the largest?
Answer: 2019
Calculation: 1,766>1,096>338
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:
Table:
 | Post-Retirement Life Insurance Plan | 
 | 2019 | 2018
Accrued expenses and other liabilities | $(393) | $(407)
Long-term pension obligations | (4,373) | (4,188)
Total accrued cost | $(4,766) | $(4,595)


Question: What were the Long-term pension obligations in 2018?
Answer: (4,188)
Share Options
The Company estimates the fair value of employee share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of share options for service-based awards utilizing the “Simplified Method,” as it does not have sufficient historical share option exercise information on which to base its estimate. The Simplified Method is based on the average of the vesting tranches and the contractual life of each grant.
The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. Since there was no public market for the Company’s ordinary shares prior to the IPO and as its shares have been publicly traded for a limited time, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issue options with substantially similar terms.
The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The fair value of the Company’s ordinary shares at the time of each share option grant is based on the closing market value of its ordinary shares on the grant date.
The fair value of each share option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions:
The weighted-average per share fair value of share options granted to employees during the years ended March 31, 2019, 2018 and 2017 was $16.48, $11.12 and $8.65 per share, respectively.
Table:
 |  | Year ended March 31,  | 
 | 2019 | 2018 | 2017
Expected term (in years) | 6.1 | 6.1 | 6.1
Risk-free interest rate | 2.7% | 2.2% | 2.1%
Expected volatility | 41.5% | 39.8% | 41.0%
Expected dividend yield   | —% | —% | —%
Estimated grant date fair value per ordinary share | $37.15 | $26.52 | $20.22


Question: What was the Expected term (in years) in 2019, 2018 and 2017 respectively?
Answer: 6.1, 6.1, 6.1
Note 3 − Property and Equipment
Our major classes of property and equipment were as follows:
Depreciation expense for the years ended December 31, 2019 and 2018 was $7, and $18, respectively.
Table:
 | December 31 | December 31
 | 2019 | 2018
Office furniture | $79 | $79
Computer equipment | 81 | 67
Total | 160 | 146
Less accumulated depreciation | (144) | (137)
Total property and equipment, net | $16 | $9


Question: What is the amount spent on office furniture in 2019?
Answer: $79
Write-offs of lease receivables and loan receivables were $15 million and $20 million, respectively, for the year ended December 31, 2018. Provisions for credit losses recorded for lease receivables and loan receivables were $14 million and $2 million, respectively, for the year ended December 31, 2018.
The average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $55 million and $73 million, respectively, for the year ended December 31, 2018. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2018.
Table:
($ in millions) |  |  |  | 
At December 31, 2018: | Americas | EMEA | Asia Pacific | Total
Recorded investment: |  |  |  | 
Lease receivables | $ 3,827 | $1,341 | $1,152 | $ 6,320
Loan receivables | 6,817 | 3,675 | 2,489 | 12,981
Ending balance | $10,644 | $5,016 | $3,641 | $19,301
Recorded investment, collectively evaluated for impairment | $10,498 | $4,964 | $3,590 | $19,052
Recorded investment, individually evaluated for impairment | $   146 | $   52 | $   51 | $   249
Allowance for credit losses |  |  |  | 
Beginning balance at January 1, 2018 |  |  |  | 
Lease receivables | $    63 | $    9 | $   31 | $   103
Loan receivables | 108 | 52 | 51 | 211
Total | $   172 | $   61 | $   82 | $   314
Write-offs | (10) | (2) | (23) | (35)
Recoveries | 0 | 0 | 2 | 2
Provision | 7 | 9 | 0 | 16
Other* | (11) | (3) | (4) | (19)
Ending balance at December 31, 2018 | $   158 | $   65 | $   56 | $   279
Lease receivables | $    53 | $   22 | $    24 | $    99
Loan receivables | $   105 | $   43 | $    32 | $   179
Related allowance, collectively evaluated for impairment | $    39 | $   16 | $    5 | $     59
Related allowance, individually evaluated for impairment | $   119 | $   49 | $    51 | $   219


Question: What is the average Allowance for credit losses of Lease receivables at the beginning of January 2018?
Answer: 34.33
Calculation: 103 / 3
NOTE F – STOCKHOLDERS’ EQUITY (CONTINUED)
A summary of restricted stock units granted during the year ended December 31, 2019 is as follows (each restricted stock unit represents the contingent right to receive one share of the Company’s common stock):
Restricted stock unit compensation expense was $567,000 for the year ended December 31, 2019 and $687,000 for the year ended December 31, 2018.
The Company has an aggregate of $232,000 of unrecognized restricted stock unit compensation expense as of December 31, 2019 to be expensed over a weighted average period of 1.2 years.
Table:
 | Number of Shares | Weighted-Average Grant Date Fair Value
Balance of restricted stock units outstanding at December 31, 2018 | 505,000 | $2.17
Grants of restricted stock units | 70,000 | 2.45
Vested restricted stock units | (235,000) | (2.29)
Balance of unvested restricted stock units at December 31, 2019 | 340,000 | 2.15


Question: Which note does the stockholders equity information belong to?
Answer: NOTE F
In the following table, we provide information regarding our common stock repurchases under our publicly-announced share repurchase program for the quarter ended December 31, 2019. All repurchases related to the share repurchase program were made on
the open market.
During the year ended December 31, 2019, we repurchased a total of 1,640,055 shares at an average price per share of $70.65 under our publicly-announced share repurchase program. In January 2020, our Board of Directors authorized the Company to repurchase up to an aggregate of $50 million of the Company’s common stock.
Table:
Period | Total number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
October 1 - October 31, 2019 | 13,425 | $78.21 | 13,425 | $48,950,059
November 1 - November 30, 2019 | 245,454 | 76.95 | 245,454 | 30,062,919
December 1 - December 31, 2019 | 185,973 | 80.95 | 185,973 | 15,008,242
Total | 444,852 |  | 444,852 | 


Question: What is the difference in the total number of shares purchased between November and December?
Answer: 59481
Calculation: 245,454-185,973
Our number of employees is as follows:
On August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company’s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer.
Employees
Table:
 | March 1, | 
Department | 2020 | 2019
Sales and Marketing | 41 | 38
Engineering | 13 | 9
Professional Services | 6 | 6
Customer Support | 22 | 22
Management and Administration | 18 | 17
Total | 100 | 92


Question: Why was there a charge of $381,000 to the company in 2018?
Answer: We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits.
Results of Continuing Operations
The following table sets forth certain operational data as a percentage of net sales for the fiscal years indicated:
Table:
 |  | Year Ended March 31, | 
 | 2019 | 2018 | 2017
Net sales | 100.0% | 100.0% | 100.0%
Cost of sales | 45.2 | 39.2 | 48.4
Gross profit | 54.8 | 60.8 | 51.6
Research and development | 15.4 | 13.3 | 16.0
Selling, general and administrative | 12.8 | 11.4 | 14.7
Amortization of acquired intangible assets | 12.6 | 12.2 | 9.9
Special charges and other, net | 0.6 | 0.4 | 2.9
Operating income | 13.4% | 23.5% | 8.1%


Question: How many years did cost of sales of net sales exceed 40%?
Answer: 2
Calculation: 2019##2017
Free cash flow
Our non-GAAP financial measures also include free cash flow, which we define as cash provided by (used in) operating activities less the amount of property and equipment purchased. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations.

However, our calculation of free cash flow may not be comparable to similar measures used by other companies.
We believe these non-GAAP financial measures are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures.
We monitor the following non-GAAP financial measures:
Table:
 | For the year ended December 31, |  | 
(in thousands, except percentages and per share data) | 2019 | 2018 | 2017
Non-GAAP gross profit | $168,242 | $163,376 | $153,849
Non-GAAP gross margin | 82.0% | 84.6% | 85.6%
Non-GAAP operating loss | $(8,689) | $(4,325) | $(16,440)
Non-GAAP operating margin | (4.2)% | (2.2)% | (9.1)%
Non-GAAP net loss | $(9,460) | $(4,548) | $(16,594)
Non-GAAP net loss per share | $(0.09) | $(0.04) | $(0.18)
Free cash flow | $(3,924) | $12,201 | $(3,418)


Question: What was the % change in the free cash flow from 2017 to 2018?
Answer: -456.96
Calculation: (12,201-(-3,418))/-3,418
7. Accrued Expenses
Accrued expenses consist of the following (in thousands):
Table:
 | August 31, 2019 | August 31, 2018
Contract liabilities | $511,329 | $—
Deferred income | — | 691,365
Accrued compensation and employee benefits | 600,907 | 570,400
Obligation associated with securitization programs | 475,251 | —
Other accrued expenses | 1,402,657 | 1,000,979
Accrued expenses | $2,990,144 | $2,262,744


Question: What was the contract liabilities in 2019?
Answer: $511,329
The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.
(2) Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown in this column represent the grant date fair values of stock options issued pursuant to the Company’s 2003 Equity Incentive Plan and certain inducement grants, computed in accordance with FASB ASC Topic 718. The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.
(3) All non-equity incentive plan compensation was paid pursuant to the Variable Pay Plan.
(4) The amounts in the “All Other Compensation” column for fiscal 2019 include: $4,000 401(k) matching contribution by the Company for each NEOs other than Mr. McNab.
(5) The Compensation Committee awarded Mr. Maletira a one-time discretionary bonus in the amount of $180,000 in connection with his work on the AvComm and Wireless acquisition. Please see “Discretionary Bonuses” under the Compensation Discussion and Analysis on page 36 of this proxy statement.
(6) Mr. Staley was awarded a $60,000 sign-on bonus when he joined the Company in February 2017.
The amounts in the salary, bonus, and non-equity incentive plan compensation columns of the Summary Compensation Table reflect actual amounts paid for the relevant years, while the amounts in the stock awards column reflect accounting values. The tables entitled “Outstanding Equity Awards at Fiscal Year-End Table” and “Option Exercises and Stock Vested Table” provide further information on the named executive officers’ potential realizable value and actual value realized with respect to their equity awards. The Summary Compensation Table should be read in conjunction with the Compensation Discussion and Analysis and the subsequent tables and narrative descriptions.
Table:
Name | Fiscal Year | Maximum Possible Value of MSUs Using Grant Date Fair Value | Maximum Possible Value of PSUs Using Grant Date Fair Value
Oleg Khaykin | 2019 | 4,067,526 | —
 | 2018 | 2,457,750 | 909,900
 | 2017 | 659,618 | —
Amar Maletira | 2019 | 1,379,350 | —
 | 2018 | 1,015,870 | 454,950
 | 2017 | 574,500 | —
Paul McNab | 2019 | 591,150 | —
 | 2018 | 442,395 | —
 | 2017 | 373,425 | —
Luke Scrivanich | 2019 | 591,150 | —
 | 2018 | 442,395 | —
 | 2017 | 393,600 | —
Gary Staley | 2019 | 591,150 | —
 | 2018 | 943,527 | —
 | 2017 | 303,948 | —


Question: What is the difference between the maximum possible value of PSUs in 2018 between Oleg Khaykin and Amar Maletira?
Answer: 454950
Calculation: (909,900-454,950)
Stock Appreciation Rights Awards
During the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.3 million cash-settled stock appreciation rights with a fair value estimated at closing date using a Black-Scholes option-pricing model and a grant date price of $36.37 per share to Pinnacle employees in replacement of their unvested stock option awards that were outstanding as of the closing date. Approximately $14.8 million of the fair value of the replacement awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. As of May 26, 2019, the liability of the replacement stock appreciation rights was $0.9 million, which includes post-combination service expense, the mark-to-market of the liability, and the impact of payouts since acquisition.
The compensation income for our cash-settled stock appreciation rights totaled $13.7 million for fiscal 2019. Included in this amount is income of $14.0 million related to the mark-to-market of the liability established in connection with the Pinnacle acquisition and expense of $0.2 million for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of Conagra common shares. The related tax expense for fiscal 2019 was $3.4 million.
A summary of the stock appreciation rights activity as of May 26, 2019 and changes during the fiscal year then ended is presented below:
Table:
 | Number of Options (in Millions) | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in Millions)
Granted | 2.3 | $27.09 |  | 
Exercised | (0.1) | $24.79 |  | $0.1
Expired | (1.8) | $26.92 |  | 
Outstanding at May 26, 2019 | 0.4 | $28.13 | 0.16 | $0.6
Exercisable at May 26, 2019 | 0.4 | $28.13 | 0.16 | $0.6


Question: What is included in the liability of the replacement stock appreciation rights?
Answer: post-combination service expense, the mark-to-market of the liability, and the impact of payouts since acquisition
Selected Current Liabilities
Current liabilities reflected in our consolidated balance sheets include accounts payable and other current liabilities as follows:
Included in accounts payable at December 31, 2019 and 2018, were (i) $106 million and $86 million, respectively, representing book overdrafts and (ii) $469 million and $434 million, respectively, associated with capital expenditures.
Table:
 | As of December 31, | 
 | 2019 | 2018
 | (Dollars in millions) | 
Accounts payable | $1,724 | 1,933
Other current liabilities: |  | 
Accrued rent | $75 | 45
Legal contingencies | 88 | 30
Other | 223 | 282
Total other current liabilities | $386 | 357


Question: What is the percentage change in legal contingencies in 2019?
Answer: 193.33
Calculation: (88-30)/30