hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
1998 Employee Qualified Stock Purchase Plan (“ESPP”)
Under Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period.
At January 31, 2019, a total of 8.1 million shares were available for future issuance. Under the ESPP, the Company issues shares on the first trading day following March 31 and September 30 of each fiscal year. The ESPP does not have an expiration date.
A summary of the ESPP activity for the fiscal years ended January 31, 2019, 2018 and 2017 is as follows:
Autodesk recorded $27.2 million, $25.7 million, and $25.9 million of compensation expense associated with the ESPP in fiscal 2019, 2018, and 2017, respectively.
Table:
 |  | Fiscal year ended January 31, | 
 | 2019 | 2018 | 2017
Issued shares | 1.0 | 2.0 | 2.3
Average price of issued shares | $90.25 | $39.03 | $36.99
Weighted average grant date fair value of awards granted under the ESPP | $42.75 | $32.41 | $19.20


Question: What is the change in the weighted average grant date fair value of awards granted under the ESPP from 2017 to 2018?
Answer: 13.21
Calculation: 32.41-19.2
Liquidity
The following table presents selected financial information on liquidity (in thousands):
(1) We define working capital as current assets less current liabilities. Fiscal year 2019 includes the impact of recognizing operating lease right-of-use assets and liabilities as a result of our adoption of Accounting Standards Codification Topic 842, “Leases,” as of December 29, 2018.
We believe our existing balances of cash and cash equivalents, working capital and the availability under our asset-based loan facility, are sufficient to satisfy our working capital needs, capital expenditures, debt service and other liquidity requirements associated with our current operations over the next 12 months.
Our capital expenditures, excluding cash paid for acquisitions, were approximately $16.1 million for fiscal 2019. We believe our capital expenditures, excluding cash paid for acquisitions, for fiscal 2020 will be approximately $38.0 million to $42.0 million. The increase in projected capital expenditures in fiscal 2020 as compared to fiscal 2019 is the result of planned expansions of several of our distribution facilities. Our planned capital projects will provide both new and expanded facilities and improvements to our technology that we believe will produce increased efficiency and the capacity to continue to support the growth of our customer base.
Table:
 |  | Fiscal Year Ended | 
 | December 27, 2019  | December 28, 2018  | December 29, 2017
Cash and cash equivalents | $140,233 | $42,410 | $41,504
Working capital,(1) excluding cash and cash equivalents | $162,772 | $160,783 | $147,063
Availability under asset-based loan facility | $133,359 | $90,015 | $64,805


Question: What is the Cash and cash equivalents for fiscal years 2019, 2018 and 2017 respectively?
Answer: $140,233, $42,410, $41,504
The following is a summary of amounts reclassified from AOCI for the years ended June 30, 2019 and 2018:
(a) Amounts in parentheses indicate debits to income/loss.
(b) These AOCI components are included in the computation of net periodic benefit cost (see Note 11 for additional details).
Table:
 |  | Amount Reclassified from AOCI | 
 |  | Years Ended June 30, | 
($ in millions) (a) | Location of gain (loss) | 2019 | 2018
Details about AOCI Components |  |  | 
Cash flow hedging items |  |  | 
Commodity contracts | Cost of sales | $5.1 | $1.8
Foreign exchange contracts | Net sales | 1.0 | (1.0)
Forward interest rate swaps | Interest expense | 0.4 | 0.4
 | Total before tax | 6.5 | 1.2
 | Tax expense | (1.6) | (0.4)
 | Net of tax | $4.9 | $0.8
Amortization of pension and other postretirement benefit plan items |  |  | 
Net actuarial loss | (b) | $(12.0) | $(16.4)
Prior service cost | (b) | 3.1 | 3.1
 | Total before tax | (8.9) | (13.3)
 | Tax benefit | 2.1 | 4.4
 | Net of tax | $(6.8) | $(8.9)


Question: What was the change in Forward interest rate swaps in 2019 from 2018?
Answer: 0
Calculation: 0.4-0.4
Base Salary. The base salary for each NEO is determined on the basis of the following factors: scope of responsibilities, experience, skills, performance, expected future contribution, base salary levels in effect for comparable positions at the companies in the Peer Group (as described on page 42 below under “Use of Peer Group Compensation Data”) and other competitive market factors. Generally, the Committee reviews the base salary levels of our NEOs annually as part of the Company’s performance review process as well as upon a promotion or other change of position or level of responsibility. Merit-based increases to the base salaries of our NEOs (other than our CEO) are recommended by our CEO to the Committee, and all increases are based on the Committee’s (and in the case of our CEO, the Board’s) review and assessment of the factors described above.
The Compensation Committee reviews compensation levels at the beginning of each fiscal year and adjusts as needed based upon market data and executive achievement. The Committee reviewed the base salaries of our executive officers, including our NEOs, for fiscal year 2019 and increased the salaries of our CEO and CFO in light of their contributions in fiscal year 2018, including, among other considerations, the successful execution and integration of the AvComm and Wireless acquisition and to reflect the Committee’s review of current peer and market compensation data. Mr. Staley’s salary was also increased to reflect the Committee’s review of current peer and market compensation data as well as his contributions in fiscal year 2019, including the integration of AvComm and Wireless sales into our global sales organization. The Committee did not increase the salaries of any of our other NEOs because the Committee determined that the existing base salaries were appropriate for each of these NEOs.
Actual base salaries paid to our NEOs in fiscal year 2019 are set forth in the “Salary” column of the Fiscal 2019 Summary Compensation Table on page 44.
Table:
 | Fiscal Year 2018 | Fiscal Year 2019 | 
Named Executive Officer | Base Salary | Base Salary | Percentage Increase
Oleg Khaykin | $750,000 | $800,000 | 6.7%
Amar Maletira | $425,000 | $500,000 | 17.7%
Paul McNab | $435,000 | $435,000 | —
Luke Scrivanich | $372,000 | $372,000 | —
Gary Staley | $360,000 | $375,000 | 4.2%


Question: What was Gary Staley's base salary in 2018?
Answer: $360,000
risks relating to our business fluctuations in the financial markets could result in investment losses . prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio . although financial markets have significantly improved since 2008 , they could deteriorate in the future . there could also be disruption in individual market sectors , such as occurred in the energy sector in recent years . such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings . our results could be adversely affected by catastrophic events . we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism . any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations . by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .

Table:
calendar year: | pre-tax catastrophe losses
( dollars in millions ) | 
2016 | $ 301.2
2015 | 53.8
2014 | 56.3
2013 | 194.0
2012 | 410.0
our losses from future catastrophic events could exceed our projections .
we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool .
we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area .
these loss projections are approximations , reliant on a mix of quantitative and qualitative processes , and actual losses may exceed the projections by a material amount , resulting in a material adverse effect on our financial condition and results of operations. .

Question: what was the change in the amount of pre-tax catastrophe losses from 2015 to 2016 in millions
Answer: 247.4
Calculation: subtract(301.2, 53.8)
Production start-up
Production start-up expense consists primarily of employee compensation and other costs associated with operating a production line before it is qualified for full production, including the cost of raw materials for solar modules run through the production line during the qualification phase and applicable facility related costs. Costs related to equipment upgrades and implementation of manufacturing process improvements are also included in production start-up expense as well as costs related to the selection of a new site, related legal and regulatory costs, and costs to maintain our plant replication program to the extent we cannot capitalize these expenditures. In general, we expect production start-up expense per production line to be higher when we build an entirely new manufacturing facility compared with the addition or replacement of production lines at an existing manufacturing facility, primarily due to the additional infrastructure investment required when building an entirely new facility.
The following table shows production start-up expense for the years ended December 31, 2019, 2018, and 2017:
During 2019, we incurred production start-up expense at our new facility in Lake Township, Ohio. We also incurred production start-up expense at our second facility in Ho Chi Minh City, Vietnam in early 2019. During 2018, we incurred production start-up expense for the transition to Series 6 module manufacturing at our facilities in Kulim, Malaysia and Ho Chi Minh City, Vietnam. We also incurred production start-up expense for the transition to Series 6 module manufacturing at our facility in Perrysburg, Ohio in early 2018.
Table:
 |  | Years Ended |  |  | Change |  | 
(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 |  | 2018 over 2017 | 
Production start-up | $45,915 | $90,735 | $42,643 | $(44,820) | (49)% | $48,092 | 113%
% of net sales | 1.5% | 4.0% | 1.4% |  |  |  | 


Question: Where are production start-up expense incurred in 2019?
Answer: During 2019, we incurred production start-up expense at our new facility in Lake Township, Ohio. We also incurred production start-up expense at our second facility in Ho Chi Minh City, Vietnam in early 2019.
Receivables (payables): The balances with Golar Partners and subsidiaries as of December 31, 2019 and 2018 consisted of the following:
(iii) Interest income on short-term loan, balances due(to)/from Golar Partners and its subsidiaries - Receivables and payables with Golar Partners and its subsidiaries comprise primarily of unpaid management fees and expenses for management, advisory and administrative services, dividends in respect of the Hilli Common Units and other related party arrangements including the Hilli Disposal. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In November 2019, we loaned $15.0 million to Golar Partners, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest of $0.1 million, in December 2019.
(vii) Methane Princess lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to a lease for the Methane Princess. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess lease.
Table:
(in thousands of $) | 2019 | 2018
Balances due (to)/from Golar Partners and its subsidiaries (iii) | (2,708) | 4,091
Methane Princess lease security deposit movements (vii) | (2,253) | (2,835)
Total | (4,961) | 1,256


Question: How often are receivables and payables generally settled?
Answer: Quarterly in arrears
Capital and financial risk management
13 Capital risk management
The Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can continue to provide returns to its shareholders and benefits to its stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In the future, the Directors may pursue funding options such as debt, sale and leaseback of assets, additional equity and various other funding mechanisms as appropriate in order to undertake its projects and deliver optimum shareholders’ return.
The Group intends to maintain a gearing ratio appropriate for a company of its size and growth.
The Group manages its capital structure by regularly reviewing its gearing ratio to ensure it maintains an appropriate level of gearing within facility covenants. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total interest bearing financial liabilities, less cash and cash equivalents. Total capital is calculated as equity, as shown in the Consolidated Balance Sheet, plus net debt.
Table:
 | 30 June 2019 | 30 June 2018
 | $'000 | $'000
Total borrowings and lease | 867,177 | 302,954
Less: cash and cash equivalents | (398,999) | (417,982)
Net debt (surplus cash) | 468,178 | (115,028)
Total equity | 875,303 | 893,977
Total capital | 1,343,481 | 778,949
Gearing ratio | 35.0% | -%


Question: What was the percentage change in total capital between 2018 and 2019?
Answer: 72.47
Calculation: (1,343,481 - 778,949) / 778,949
7. Property, Plant and Equipment and Leases
Property, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands):
Depreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively.
Maintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively.
The Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges.
In addition, the Company’s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet.
Rent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company’s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.
Table:
 | 2019 | 2018
Buildings and building improvements | $2,692 | $2,790
Machinery, equipment and furniture | 57,157 | 57,503
 | 59,849 | 60,293
Less, accumulated depreciation | (46,811 ) | (46,166)
 | $13,038 | $ 14,127


Question: What is the total maintenance and repairs charged to operations for 2018 and 2019?
Answer: 775000
Calculation: 309,000+466,000
16. SHARE-BASED PAYMENTS
a. Employee Share Plan
The Employee Share Plan (ESP) is available to all eligible employees each year to acquire ordinary shares in the Company from future remuneration (before tax). Shares to be issued or transferred under the ESP will be valued at the volume-weighted average price of the Company’s shares traded on the Australian Securities Exchange during the five business days immediately preceding the day the shares are issued or transferred. Shares issued under the ESP are not allowed to be sold, transferred or otherwise disposed until the earlier of the end of an initial three-year period, or the participant ceasing continuing employment with the Company.
Details of the movement in employee shares under the ESP are as follows:
The consideration for the shares issued on 22 May 2019 was $3.72 (7 May 2018: $4.24).
Table:
 | 2019 | 2018
 | No. of Shares | No. of Shares
Number of shares at beginning of year | 114,758 | 137,227
Number of shares distributed to employees | 45,560 | 42,480
Number of shares transferred to main share registry and/or disposed of | (44,526) | (64,949)
Number of shares at year end | 115,792 | 114,758


Question: How much was the consideration for the shares issued on 22 May 2019?
Answer: $3.72
Research and Development Expenses: research and development expenses consist primarily of personnel related expenditures. We intend to continue to invest significantly in our research and development efforts because, in our judgment, they are essential to maintaining our competitive position.
(1) Excluding stock-based compensation
On a constant currency basis, total research and development expenses were flat in fiscal 2019, as lower employee related expenses including lower variable compensation were offset by an increase in stock-based compensation expenses .
Table:
Year Ended May 31, |  |  |  | 
 |  |  | Percent Change | 
(Dollars in millions) | 2019 | Actual | Constant | 2018
Research and development (1) | $5,063 | -2% | 0% | $5,163
Stock-based compensation | 963 | 5% | 5% | 921
Total expenses | $6,026 | -1% | 0% | $6,084
% of Total Revenues | 15% |  |  | 15%


Question: Why was the total research and development expenses flat in fiscal 2019?
Answer: On a constant currency basis, total research and development expenses were flat in fiscal 2019, as lower employee related expenses including lower variable compensation were offset by an increase in stock-based compensation expenses .
Medical Segment Results
Below is a table summarizing results for the fiscal years ended:
Net Sales. The Medical segment had $1.1 million of net sales in fiscal 2019, compared to $0.3 million of net sales in fiscal 2018. The increase was due to new business gained in fiscal 2019.
Gross Profit. Medical segment gross profit was a loss of $2.8 million in fiscal 2019, compared to a loss of $3.5 million in fiscal 2018. The improvement primarily relates to an increase in sales volumes during fiscal 2019.
Loss from Operations. Medical segment loss from operations decreased $2.8 million to $8.6 million in fiscal 2019, compared to $11.4 million in fiscal 2018. The decrease was due to an improvement in gross profit and lower selling and administrative expenses. Selling and administrative expenses were reduced by lower marketing and professional fee expenses, partially offset by initiatives to reduce overall costs and improve operational profitability of $0.9 million.
Table:
(Dollars in Millions) | April 27, 2019 | April 28, 2018 | Net Change ($) | Net Change (%)
Net Sales | $1.1 | $0.3 | $0.8 | 266.7 %
Gross Profit | $(2.8) | $(3.5) | $0.7 | 20.0 %
Loss from Operations | $(8.6) | $(11.4) | $2.8 | 24.6 %


Question: What was the Gross Profit in 2019 and 2018 respectively?
Answer: $(2.8), $(3.5)
Effective Income Tax Rate
A reconciliation of the United States federal statutory income tax rate to our effective income tax rate is as follows:
In 2019 and 2018 we had pre-tax losses of $19,573 and $25,403, respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax.
Table:
 | Year Ended | Year Ended
 | December 31, 2018 | December 31, 2019
United States federal statutory rate | 21.00% | 21.00%
State taxes, net of federal benefit | 1.99% | (0.01)%
Valuation allowance | (21.96)% | (24.33)%
Cumulative effect of accounting change | — | 2.07%
R&D Credit | 1.34% | 1.53%
Other | (0.38)% | (0.27)%
Effective income tax rate | 1.99% | (0.01)%


Question: Which year has a higher amount of pre-tax losses?
Answer: 2018
Calculation: 25,403 > 19,573
7. Earnings Per Share
The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for fiscal2 019, 2018 and 2017 (in thousands, except per share amounts):
In each of the fiscal years 2019, 2018 and 2017, share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive.
Table:
 | 2019 | 2018 | 2017
Net income | 108,616 | 13,040 | 112,062
Basic weighted average common shares outstanding | 30,271 | 33,003 | 33,612
Dilutive effect of share-based awards and options outstanding  | 803 | 916 | 941
Diluted weighted average shares outstanding | 31,074 | 33,919 | 34,553
Earnings per share: |  |  | 
Basic | 3.59 | 0.40 | 3.33
Diluted | 3.50 | 0.38 | 3.24


Question: What was the percentage change in the diluted earnings per share between 2017 and 2019?
Answer: 8.02
Calculation: (3.50-3.24)/3.24
17. Income Taxes
Income before income taxes for the Company’s domestic and foreign operations was as follows:
Table:
 |  | Years Ended June 30, | 
($ in millions) | 2019 | 2018 | 2017
Domestic | $204.2 | $140.3 | $56.0
Foreign | 11.8 | 19.9 | 14.2
Income before income taxes | $216.0 | $160.2 | $70.2


Question: What was the amount of Income before income taxes in 2019?
Answer: $216.0