hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks.
Interest expense, net for the years ended December 31, was as follows:
(1) We repaid the notes upon maturity in July 2017.
(2) On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment to its existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto. The amendment provided for a new incremental term facility in an aggregate principal amount of up to $475 million, to be used, in part, to finance the acquisition of Automated. See Note 14, "Debt and Credit Facilities," of the Notes to Consolidated Financial Statements for further details.
(3) On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with respect to its existing senior secured credit facility. See Note 14, “Debt and Credit Facilities,” of the Notes to Consolidated Financial Statements for further details.
(4) In November 2019, the Company issued $425 million of 4.00% Senior Notes due 2027 and used the proceeds to retire the existing $425 million of 6.50% Senior Notes due 2020. See Note 14, "Debt and Credit Facilities," of the Notes to Consolidated Financial Statements for further details.
Table:
 |  | Year Ended December 31, |  | 2019 vs. 2018 | 2018 vs. 2017
(In millions) | 2019 | 2018 | 2017 | Change | Change
Interest expense on our various debt instruments: |  |  |  |  | 
Term Loan A due July 2017(1) | $ — | $ — | $ 3.6 | $ — | $ (3.6)
Term Loan A due July 2022(2) | 6.8 | — | — | 6.8 | —
Term Loan A due July 2023(3) | 8.5 | 8.9 | 18.6 | (0.4) | (9.7)
Revolving credit facility due July 2023(3) | 1.4 | 1.9 | 2.4 | (0.5) | (0.5)
6.50% Senior Notes due December 2020(4) | 25.4 | 28.1 | 28.1 | (2.7) | —
4.875% Senior Notes due December 2022 | 21.5 | 21.5 | 21.5 | — | —
5.25% Senior Notes due April 2023 | 23.1 | 23.1 | 23.0 | — | 0.1
4.50% Senior Notes due September 2023 | 20.7 | 21.8 | 21.0 | (1.1) | 0.8
5.125% Senior Notes due December 2024 | 22.4 | 22.4 | 22.3 | — | 0.1
5.50% Senior Notes due September 2025 | 22.4 | 22.4 | 22.3 | — | 0.1
4.00% Senior Notes due December 2027(4) | 1.7 | — | — | 1.7 | —
6.875% Senior Notes due July 2033 | 31.1 | 31.0 | 31.0 | 0.1 | —
Other interest expense | 19.4 | 18.2 | 18.3 | 1.2 | (0.1)
Less: capitalized interest | (8.4) | (6.3) | (10.3) | (2.1) | 4.0
Less: interest income | (11.9) | (15.1) | (17.6) | 3.2 | 2.5
Total | $ 184.1 | $ 177.9 | $ 184.2 | $ 6.2 | $ (6.3)


Question: In In November 2019, what were the proceeds of issuing $425 million of 4.00% Senior Notes due 2027 used for?
Answer: retire the existing $425 million of 6.50% Senior Notes due 2020.
Note 12 Restructuring Activities
For the year ended December 31, 2019, the Company incurred $41.9 million of restructuring charges and $60.3 million of other related costs for our restructuring program. These charges were primarily a result of restructuring and associated costs in connection with the Company’s Reinvent SEE strategy.
Our restructuring program (“Program”) is defined as the initiatives associated with our Reinvent SEE strategy in addition to the conclusion of our previously existing restructuring programs at the time of Reinvent SEE's approval. Reinvent SEE is a three-year program approved by the Board of Directors in December 2018. The expected spend in the previously existing program at the time of Reinvent SEE's approval was primarily related to elimination of stranded costs following the sale of Diversey. The Company expects restructuring activities to be completed by the end of 2021.
The Board of Directors has approved cumulative restructuring spend of $840 to $885 million for the Program. Restructuring spend is estimated to be incurred as follows:
(1) Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.
(2) Remaining restructuring spend primarily consists of restructuring costs associated with the Company’s Reinvent SEE strategy.
Additionally, the Company anticipates approximately $6.0 million restructuring spend related to recent acquisitions, of which $2.3 million was incurred as of December 31, 2019. The Company expects the remainder of the anticipated spend to be incurred in 2020. See Note 5, "Discontinued Operations, Divestitures and Acquisitions," to the Notes to Consolidated Financial Statements for additional information related to our acquisitions.
Table:
(in millions) | Total Restructuring program range | Total Restructuring program range | Less Cumulative Spend to Date | Remaining Restructuring Spend(2) | 
 | Low | High |  | Low | High
Costs of reduction in headcount as a result of reorganization | $ 355 | $ 370 | $ (325) | $ 30 | $ 45
Other expenses associated with the Program | 230 | 245 | (196) | 34 | 49
Total expense | 585 | 615 | (521) | 64 | 94
Capital expenditures | 255 | 270 | (239) | 16 | 31
Total estimated cash cost(1) | $ 840 | $ 885 | $ (760) | $ 80 | $ 125


Question: Who approved the restructuring spend of $840 to $885 million? 
Answer: The Board of Directors
5. Goodwill and Purchased Intangible Assets
(a) Goodwill
The following tables present the goodwill allocated to our reportable segments as of July 27, 2019 and July 28, 2018, as well as the changes to goodwill during fiscal 2019 and 2018 (in millions):
“Other” in the tables above primarily consists of foreign currency translation as well as immaterial purchase accounting adjustments.
Table:
 | Balance at July 28, 2018 | Acquisitions & Divestitures | Other | Balance at July 27, 2019
Americas | $19,998 | $1,240 | $(118) | $21,120
EMEA | 7,529 | 486 | (38) | 7,977
APJC | 4,179 | 274 | (21) | 4,432
Total | $31,706 | $2,000 | $(177) | $33,529


Question: What does Other primarily consist of?
Answer: foreign currency translation as well as immaterial purchase accounting adjustments.
SG&A costs during fiscal 2018 were $222.0 million, an increase of $5.7 million compared to the $216.3 million of SG&A during fiscal 2017. The following table shows the components of SG&A costs for the twelve months ended October 31, 2018 and 2017.
Regarding the table above, the change in start-up expense in any particular period relates to the stage of the start-up process in which a facility under construction is in during the period. Non-construction related expenses, such as labor, training and office-related expenses for a facility under construction are recorded as start-up expense until the facility begins operations. As a facility moves closer to actual start-up, the expenses incurred for labor, training, etc. increase. As a result, amounts classified as start-up expenses will increase period over period until the facility begins production. Once production begins, the expenses from that point forward are recorded as costs of goods sold. The increase in legal expenses was primarily attributable to our ongoing defense of the litigation described in “Part II, Item 3. Legal Proceedings” of this Form 10-K. The increases in trainee expense and administrative salaries were primarily attributable to increases in personnel that coincide with the Company's growth plans. The decrease in bonus expense, payouts of which are based on profitability, was the result of profitability not reaching the required levels for payout of that incentive. The decrease in ESOP expense, payouts of which are based on profitability, was attributable to the difference in the level of profitability between fiscal 2018 and 2017. The increase in all other SG&A expenses was the result of a net increase in various other categories of SG&A costs.
Table:
Selling, General and Administrative Costs (in thousands) |  |  | 
Description | Twelve months ended October 31, 2018 | Twelve months ended October 31, 2017 | Increase/(Decrease) 
Start-up expense (Tyler, Texas complex)  | $13,394 | $403 | $ 12,991
Legal services expense  | 17,573 | 7,879 | 9,694
All other SG&A  | 68,863 | 61,847 | 7,016
Administrative salary expense | 42,288 | 36,193 | 6,095
Trainee expense  | 21,553 | 16,182 | 5,371
Charter aircraft expense | 2,167 | 900 | 1,267
Depreciation expense - machinery and equipment  | 5,801 | 4,555 | 1,246
Stock compensation expense  | 15,702 | 16,952 | (1,250)
Marketing expense | 32,624 | 34,272 | (1,648)
Start-up expense (St. Pauls, North Carolina complex)  | — | 4,022 | (4,022)
Bonus award program expense  | — | 15,098 | (15,098)
Employee Stock Ownership Plan ("ESOP") expense | 2,000 | 18,000 | (16,000)
Total SG&A  | $221,965 | $216,303 | $ 5,662


Question: What is the legal service expenses for fiscal years 2018 and 2017 respectively?
Answer: 17,573, 7,879
The Group reports an operating profit of £4.5m for 2018/19, compared to £69.3m in the prior year. The growth in Trading profit of £5.5m in the year, as outlined above, was offset by an impairment of goodwill and intangible assets of £30.6m and costs of £41.5m relating to the recognition of Guaranteed Minimum Pension ('GMP') charges.
Amortisation of intangibles was £1.9m lower than 2017/18 due to certain SAP software modules becoming fully amortised in the year. Fair valuation of foreign exchange and derivatives was a charge of £1.3m in the year.
The Group recognised £41.5m of estimated costs in the year associated with the equalisation of GMP for pension benefits accrued between 1990 and 1997. This follows a judgement case of Lloyds Banking Group on 26 October 2018 which referred to the equal treatment of men and women who contracted out of the State Earnings Related Pension Scheme between these dates.
It should be noted that the final cost will differ to the estimated cost when the actual method of equalisation is agreed between the scheme Trustees in due course. Any future and final adjustment to the cost recognised in 2018/19 will be reflected in the Consolidated statement of comprehensive income. All UK companies who operated defined benefit pension schemes during these dates will be affected by this ruling.
Of this £41.5m non-cash charge, approximately two-thirds relates to the
RHM pension scheme and the balance relates to the Premier Foods pension schemes. Restructuring costs were £16.8m in the year; an £8.3m increase on the prior year and included circa £14m associated with the consolidation of the Group’s logistics operations to one central location in the year due to higher than anticipated implementation costs.
This programme has now completed and the Group does not expect to incur any further restructuring costs associated with this programme. Advisory fees associated with strategic reviews and corporate activity were also included in restructuring costs in the year. Other non-trading items of £1.9m refer to a past service pension credit of £3.9m due to inflation increases no longer required in a smaller Irish pension scheme, partly offset by costs related to the departure of previous CEO Gavin Darby.
Net interest on pensions and administrative expenses was a charge of £1.3m. Expenses for operating the Group’s pension schemes were £10.3m in the year, offset by a net interest credit of £9.0m due to an opening surplus of the Group’s combined pension schemes.
Table:
£m | 2018/19 | 2017/18 | Change
Adjusted EBITDA3 | 145.5 | 139.6 | 5.9
Depreciation | (17.0) | (16.6) | (0.4)
Trading profit | 128.5 | 123.0 | 5.5
Amortisation of intangible assets | (34.4) | (36.3) | 1.9
Fair value movements on foreign exchange and derivatives | (1.3) | 0.1 | (1.4)
Net interest on pensions and administrative expenses | (1.3) | (2.5) | 1.2
Non-trading items |  |  | 
GMP equalisation | (41.5) | – | (41.5)
Restructuring costs | (16.8) | (8.5) | (8.3)
Impairment of goodwill and intangible assets | (30.6) | (6.5) | (24.1)
Other | 1.9 | – | 1.9
Operating profit | 4.5 | 69.3 | (64.8)


Question: What is the adjusted EBITDA in 2018/19?
Answer: 145.5
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data):
(1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.
Table:
 |  | Three Months Ended |  |  | 
 | March 31, | June 30, | September 30, | December 31, | Year Ended, December 31,
2019: |  |  |  |  | 
Operating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3
Costs of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8
Operating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4
Net income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6
Net income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8
Net income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8
Basic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27
Diluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24


Question: What was the operating income in Three Months Ended  March?
Answer: 614.9
3.1 OPERATING RESULTS
(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued
operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.
Table:
Years ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)
(in thousands of dollars, except percentages) | $ | $ | % | % | $
Revenue | 2,331,820 | 2,147,404 | 8.6 | 6.8 | 37,433
Operating Expenses | 1,203,980 | 1,121,625 | 7.3 | 5.4 | 21,636
Management fees – Cogeco Inc. | 19,900 | 18,961 | 5.0 | 5.0 | -
Adjusted EBITDA | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797
Adjusted EBITDA margin | 47.5% | 46.9% |  |  | 


Question: What is the increase / (decrease) in revenue from 2018 to 2019?
Answer: 184416
Calculation: 2,331,820 - 2,147,404
The Group made an operating profit of $60.9 million in the year and adjusted operating profit increased by $50.7 million to $109.0 million, primarily as a result of strong revenue growth. This year's result benefited from a foreign exchange gain of $1.5 million, compared to a foreign exchange loss of $6.9 million in the prior-year.
The Group’s profit before taxation increased by $94.6 million to $53.6 million, from a loss of $41.0 million in the prior-year, primarily as a consequence of the $80.6 million improvement in operating profit supported by a $13.4 million reduction in finance expenses. Finance expenses benefited from foreign exchange gains in the current year resulting from the strengthening of both sterling and the euro against the US dollar, compared to foreign exchange losses in the prior-year.
The Group’s profit for the year increased by $87.8 million to $26.9 million in the year-ended 31 March 2019, which given only a small increase in the year-on-year income tax charge was primarily attributable to the improvement in the profit before taxation.
Cash flow from operating activities remained strong at $142.9 million, reduced by $4.8 million from $147.7 million in the prior-year. The small overall decrease was due to an increase in overheads, partially offset by a reduction in the cashflow outflow on exceptional items and an improved use of working capital. Unlevered free cashflow decreased by $15.8 million to $123.8 million representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items.
The table below presents the Group’s financial highlights on a reported basis:
1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements
2 Definitions and reconciliations of non-GAAP measures are included in note 5 of the Financial Statements
Table:
 | FY19 | FY18 | Change
 | $M | $M | %
Statutory measures |  |  | 
Revenue | 710.6 | 639.0 | 11.2
Profit / (Loss) before taxation | 53.6 | (41.0) | nm
Net cash flow from operating activities | 142.9 | 147.7 | (3.2)
Alternative performance measures2 |  |  | 
Billings | 760.3 | 768.6 | (1.1)
Cash EBITDA | 167.9 | 199.2 | (15.7)
Adjusted operating profit | 109.0 | 58.3 | 87.0
Unlevered free cash flow | 123.8 | 139.6 | (11.3)


Question: What are the components under Statutory measures in the table?
Answer: Revenue, Profit / (Loss) before taxation, Net cash flow from operating activities
11. Quarterly financial information (unaudited): (Continued)
(1) Included in net income for the three months ended September 30, 2019 and December 31, 2019 are an unrealized gain and (loss) on foreign exchange on the Company’s 2024 Notes of $6.1 million and ($4.0) million, respectively.
Table:
 |  | Three months ended |  | 
 | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018
 |  | (in thousands, except share and per share amounts) |  | 
Service revenue | $128,706 | $129,296 | $130,139 | $132,049
Network operations, including equity-based compensation expense | 54,875 | 54,379 | 54,615 | 55,660
Gains on equipment transactions | 117 | 357 | 416 | 92
Operating income | 20,637 | 21,354 | 22,255 | 22,311
Net income | 6,784 | 6,552 | 8,231 | 7,100
Net income per common share—basic and diluted | 0.15 | 0.15 | 0.18 | 0.16
Weighted-average number of common shares—basic | 44,923,973 | 45,016,767 | 45,105,830 | 45,284,481
Weighted-average number of common shares—diluted | 45,294,697 | 45,536,473 | 45,699,635 | 45,803,418


Question: What are the respective service revenue at March 31 and June 30, 2018?
Answer: $128,706, $129,296
Note 8 Income taxes
The following table shows the significant components of income taxes deducted from net earnings.
Table:
FOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018
Current taxes |  | 
Current taxes | (761) | (775)
Uncertain tax positions | 6 | 8
Change in estimate relating to prior periods | 22 | 12
Deferred taxes |  | 
Deferred taxes relating to the origination and reversal of temporary differences | (322) | (352)
Change in estimate relating to prior periods | (8) | 8
Recognition and utilization of loss carryforwards | (106) | 44
Effect of change in provincial corporate tax rate | 27 | –
Uncertain tax positions | 9 | 60
Total income taxes | (1,133) | (995)


Question: What is the change in the change in estimate relating to prior periods for current taxes?
Answer: 10
Calculation: 22-12
PRODUCTS
Our primary product is drinkable kefir, a cultured dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. Thanks to our exclusive blend of kefir cultures, each cup of kefir contains 12 live and active cultures and 15 to 20 billion beneficial CFU (Colony Forming Units) at the time of manufacture.
We manufacture (directly or through co-packers) our products under our own brand, as well as under private labels on behalf of certain customers. As of December 31, 2019, Lifeway offered approximately 20 varieties of our kefir products including more than 60 flavors . In addition to our core drinkable kefir products, we offer several lines of products developed through our innovation and development efforts. These include Kefir Cups, a strained, cupped version of our kefir; and Organic Farmer Cheese Cups, a cupped version of our soft cheeses, both served in resealable 5 oz. containers. We also offer Skyr, a strained cupped Icelandic yogurt; Plantiful, a plant-based probiotic beverage made from organic and non-GMO pea protein with 10 vegan kefir cultures; a line of probiotic supplements for adults and children; and a soft serve kefir mix.
Our product categories are:
• Drinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, and BioKefir (a 3.5 oz. kefir with additional probiotic cultures). • European-style soft cheeses, including farmer cheese in resealable cups. • Cream and other, which consists primarily of cream, a byproduct of making our kefir. • ProBugs, a line of kefir products designed for children. • Other Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups. • Frozen Kefir, available in both soft serve and pint-size containers.
Net sales of products by category were as follows for the years ended December 31:
(a) Includes Lifeway Kefir Shop sales
Table:
 |  | 2019 |  | 2018
In thousands | $ | % | $ | %
Drinkable Kefir other than ProBugs | $ 71,822 | 77% | $ 78,523 | 76%
Cheese | 11,459 | 12% | 11,486 | 11%
Cream and other | 4,228 | 4% | 5,276 | 5%
ProBugs Kefir | 2,780 | 3% | 2,795 | 3%
Other dairy | 1,756 | 2% | 3,836 | 4%
Frozen Kefir (a) | 1,617 | 2% | 1,434 | 1%
Net Sales | $ 93,662 | 100% | $ 103,350 | 100%


Question: What is the percentage constitution of net sales from Frozen Kefir among the total net sales in 2019?
Answer: 1.73
Calculation: 1,617/93,662
Capital structure
The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure. The capital of the Group consists of equity, debt and a compound financial instrument. The Group aims to access both debt and equity capital markets with maximum efficiency and flexibility.
The key metrics used to monitor the capital structure of the Group are net external debt, debt to assets ratio and interest cover. The Group’s stated medium to long-term preference is for the debt to assets ratio to be within the 40–50 per cent range and interest cover to be greater than 1.60x. The debt to assets ratio has increased to 67.8 per cent in the year due to the deficit on property revaluation. As part of the revised strategy, the Group is looking to reduce net external debt as well as reduce the debt to assets ratio to below 50 per cent. Additional information on the Group’s revised strategy is provided in the chief executive’s review on pages 6 to 8. The interest cover ratio continues to be above the preferred level.
As the Group’s debt is sometimes secured on its interests in joint ventures, these metrics are monitored for the Group including share of joint ventures. Additional information including reconciliations from the relevant IFRS amounts to those including the Group’s share of joint ventures as presented below is provided in presentation of information on pages 157 to 161.
– net external debt
Table:
£m – including Group’s share of joint ventures | Group 2019 | Group 2018
Total borrowings | 4,916.8 | 5,331.0
Cash and cash equivalents | (223.0) | (274.3)
Net debt | 4,693.8 | 5,056.7
Less Metrocentre compound financial instrument | (195.4) | (189.5)
Net external debt | 4,498.4 | 4,867.2
Analysed as: |  | 
Debt including Group’s share of joint ventures | 4,721.4 | 5,141.5
Cash including Group’s share of joint ventures | (223.0) | (274.3)
Net external debt | 4,498.4 | 4,867.2


Question: What is the Net debt in 2019?
Answer: 4,693.8