hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
GasLog Ltd. and its Subsidiaries Notes to the consolidated financial statements (Continued) For the years ended December 31, 2017, 2018 and 2019 (All amounts expressed in thousands of U.S. Dollars, except share and per share data)    6. Tangible Fixed Assets and Vessels Under Construction
The movements in tangible fixed assets and vessels under construction are reported in the following table:
Vessels with an aggregate carrying amount of $4,407,156 as of December 31, 2019 (December 31, 2018: $4,304,252) have been pledged as collateral under the terms of the Group’s loan agreements (Note 13).
As of December 31, 2019, a number of increasingly strong negative indicators such as the difference between ship broker estimates of the fair market values and the carrying values of the Group’s Steam vessels, the lack of liquidity in the market for term employment for Steam vessels and reduced expectations for the estimated rates at which such term employment could be secured, together with the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet, prompted the Group to perform an impairment assessment of its vessels in accordance with the
Table:
 | Vessels | Office property and other tangible assets | Total tangible fixed assets | Vessels under construction
Cost |  |  |  | 
As of January 1, 2018 | 4,217,866 | 19,224 | 4,237,090 | 166,655
Additions | 49,036 | 4,678 | 53,714 | 637,046
Transfer from vessels under construction | 642,776 | — | 642,776 | (642,776)
Transfer under ‘‘Other non-current assets’’ | — | — | — | (1,650)
Fully amortized fixed assets | (10,000) | (192) | (10,192) | —
As of December 31, 2018 | 4,899,678 | 23,710 | 4,923,388 | 159,275
Additions | 26,233 | 1,454 | 27,687 | 450,918
Return of capital expenditures | (11,224) | — | (11,224) | —
Transfer from vessels under construction | 406,870 | — | 406,870 | (406,870)
Fully amortized fixed assets | (7,209) | — | (7,209) | —
As of December 31, 2019 | 5,314,348 | 25,164 | 5,339,512 | 203,323
Accumulated depreciation |  |  |  | 
As of January 1, 2018 | 460,815 | 3,709 | 464,524 | —
Depreciation | 144,611 | 863 | 145,474 | —
Fully amortized fixed assets | (10,000) | (192) | (10,192) | —
As of December 31, 2018 | 595,426 | 4,380 | 599,806 | —
Depreciation | 156,826 | 875 | 157,701 | —
Impairment loss on vessels | 162,149 | — | 162,149 | —
Fully amortized fixed assets | (7,209) | — | (7,209) | —
As of December 31, 2019 | 907,192 | 5,255 | 912,447 | —
Net book value |  |  |  | 
As of December 31, 2018 | 4,304,252 | 19,330 | 4,323,582 | 159,275
As of December 31, 2019 | 4,407,156 | 19,909 | 4,427,065 | 203,323


Question: Why did the Group perform impairment assessment of its vessels?
Answer: Increasingly strong negative indicators such as the difference between ship broker estimates of the fair market values and the carrying values of the Group’s Steam vessels, the lack of liquidity in the market for term employment for Steam vessels and reduced expectations for the estimated rates at which such term employment could be secured, together with the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet
supplementary information on oil and gas producing activities ( unaudited ) changes in the standardized measure of discounted future net cash flows .

Table:
( in millions ) | 2009 | 2008 | 2007
sales and transfers of oil and gas produced net of production andadministrative costs | $ -4876 ( 4876 ) | $ -6863 ( 6863 ) | $ -4613 ( 4613 )
net changes in prices and production and administrative costs related tofuture production | 4840 | -18683 ( 18683 ) | 12344
extensions discoveries and improved recovery less related costs | 1399 | 663 | 1816
development costs incurred during the period | 2786 | 1774 | 1569
changes in estimated future development costs | -3641 ( 3641 ) | -1436 ( 1436 ) | -1706 ( 1706 )
revisions of previous quantity estimates | 5110 | 85 | 166
net changes in purchases and sales of minerals in place | -159 ( 159 ) | -13 ( 13 ) | 23
accretion of discount | 787 | 2724 | 1696
net change in income taxes | -4441 ( 4441 ) | 12633 | -6647 ( 6647 )
timing and other | -149 ( 149 ) | 184 | -31 ( 31 )
net change for the year | 1656 | -8932 ( 8932 ) | 4617
beginning of the year | 4035 | 12967 | 8350
end of year | $ 5691 | $ 4035 | $ 12967
net change for the year from discontinued operations | $ - | $ 284 | $ 528
.

Question: were total revisions of estimates greater than accretion of discounts?
Answer: yes
Calculation: table_sum(revisions of previous quantity estimates, none), table_sum(accretion of discount, none), greater(#0, #1)
Accounts Receivable
The following is a summary of Accounts receivable (in thousands):
Table:
 | June 30,
2019 | June 30,
2018
Accounts receivable  | $201,365 | $225,167
Allowance for doubtful accounts | (1,054) | (1,478)
Allowance for product returns | (25,897) | (11,266)
Accounts receivable, net  | $174,414 | $212,423


Question: What was the percentage change in the Allowance for product returns between 2018 and 2019?
Answer: 129.87
Calculation: (-25,897+11,266)/-11,266
Unfunded Status
The following table presents the unfunded status of the Combined Pension Plan and post-retirement benefit plans:
The current portion of our post-retirement benefit obligations is recorded on our consolidated balance sheets in accrued expenses and other current liabilities-salaries and benefits.
Table:
 | Combined Pension Plan |  | Post-Retirement Benefit Plans | 
 | Years Ended December 31, |  | Years Ended December 31, | 
 | 2019 | 2018 | 2019 | 2018
 |  | (Dollars in millions) |  | 
Benefit obligation | $(12,217) | (11,594) | (3,037) | (2,977)
Fair value of plan assets | 10,493 | 10,033 | 13 | 18
Unfunded status | (1,724) | (1,561) | (3,024) | (2,959)
Current portion of unfunded status | — | — | (224) | (252)
Non-current portion of unfunded status | $(1,724) | (1,561) | (2,800) | (2,707)


Question: In which year is the fair value of plan assets under post-retirement benefit plans higher?
Answer: 2018
Calculation: 18>13
NOTE L – INCOME TAXES
On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions.
The Company follows ASC 740-10 “Income Taxes” which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.
A reconciliation of tax expense computed at the statutory federal tax rate on loss from operations before income taxes to the actual income tax (benefit) /expense is as follows:
Table:
 | 2019 | 2018
Tax benefit computed at the statutory rate | $(427,244) | $(631,497)
State taxes | 6,525 | 6,874
Book expenses not deductible for tax purposes | 2,980 | 2,882
Rate Change | 45,656 | –
Other | 2,517 | (27,286)
 | (369,566) | (649,027)
Change in valuation allowance for deferred tax assets | 269,203 | 658,650
Income tax (benefit) expense | $(100,363) | $9,623


Question: Which guide does the Company follow to determine their deferred tax liabilities and assets?
Answer: ASC 740-10 “Income Taxes”
Restatement – changes to the presentation of financial income and expenses
Due to the significant variations in SEK exchange rates during the year, the Company has considered the change in reporting of foreign exchange effect to reflect how foreign exchange transaction risk is managed on a net basis in the Company. Previously foreign exchange effects were reported within both financial income and financial expenses depending on whether they relate to assets or liabilities.
In note F2, “Financial income and expenses,” the foreign exchange effect is now presented as a net amount, reported separately from other financial income and expenses items. The comparative years 2018 and 2017 have been
restated to reflect the new presentation of Financial income and expenses, net. The restatement does not impact the total net financial income and expenses reported in prior years.
The following table shows the impact of the restatement:
In line with this change the Company also elected to present all financial income and expenses, including the foreign exchange effect, on the income statement as a single line item Financial income and expenses, net. Previously,
financial income and financial expenses were presented as separate line items on the income statement. The income statement for all comparative years 2018 and 2017 have been restated to reflect the new presentation of Financial
income and expenses, net.
Table:
Financial income and expenses |  | 
SEK million | 2018 | 2017
Reported in prior years |  | 
Reported in prior years | –316  | –372 
Financial expenses | –2,389  | –843 
Total | –2,705  | –1,215 
SEK million | 2018 | 2017
Restated |  | 
Financial income | 151 | –50 
Financial expenses | –2,032  | –1,570 
Net foreign exchange gains and losses | –824  | 405
Total | -2,705 | –1,215


Question: What is the restated financial income in 2018?
Answer: 151
5. Income taxes:
On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the "TCJA"). The TCJA amended the Internal Revenue Code and reduced the corporate tax rate from a maximum of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018. The Company's net deferred tax assets represent a decrease in corporate taxes expected to be paid in the future. Under generally accepted accounting principles deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company's net deferred tax asset was determined based on the current enacted federal tax rate of 35% prior to the passage of the Act. As a result of the reduction in the corporate income tax rate from 35% to 21% and other provisions under the TCJA, the Company made reasonable estimates of the effects of the TCJA and revalued its net deferred tax asset at December 31, 2017 resulting in a reduction in the value of its net deferred tax asset of approximately $9.0 million and recorded a transition tax of $2.3 million related to its foreign operations for a total of $11.3 million, which was recorded as additional noncash income tax expense in the year ended December 31, 2017. As of December 31, 2018, the Company had collected all of the necessary data to complete its analysis of the effect of the TCJA on its underlying deferred income taxes and recorded a $0.1 million reduction in the value to its net deferred tax asset. The TCJA subjects a U.S. shareholder to current tax on global intangible low-taxed income earned by certain foreign subsidiaries. FASB Staff Q&A, Topic 740, No. 5, "Accounting for Global Intangible Low-Taxed Income", states that the Company is permitted to make an accounting policy election to either recognize deferred income taxes for temporary basis differences expected to reverse as global intangible low-taxed income in future years or provide for the income tax expense related to such income in the year the income tax is incurred. The Company has made an accounting policy to record these income taxes as a period cost in the year the income tax in incurred.
The components of income (loss) before income taxes consist of the following (in thousands):
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Domestic | $72,773 | $63,878 | $52,250
Foreign | (20,099) | (22,496) | (21,132)
Total income before income taxes | $52,674 | $41,382 | $31,118


Question: What is the average domestic income before income taxes in 2018 and 2019?
Answer: 68325.5
Calculation: ($63,878 + $72,773)/2
INCOME TAX EXPENSE
Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.
Our effective income tax rate this year was 25.8% compared to 26.9% for 2018. The effective income tax rate for 2019 was lower than the statutory tax rate primarily as a result of a reduction to the Alberta corporate income tax rate over a four-year period.
Table:
(In millions of dollars, except tax rates) | Years ended December 31 |  | 
 | 2019 | 2018 | %Chg
Adjusted EBITDA 1 | 6,212 | 5,983 | 4
Deduct (add): |  |  | 
Depreciation and amortization | 2,488 | 2,211 | 13
Gain on disposition of property, plant and equipment | - | (16) | (100)
Restructuring, acquisition and other | 139 | 210 | (34)
Finance costs | 840 | 793 | 6
Other income | (10) | (32) | (69)
Income tax expense | 712 | 758 | (6)
Net income | 2,043 | 2,059 | (1)


Question: What was the average Depreciation and amortization?
Answer: 2349.5
Calculation: (2,488 + 2,211) / 2
Capital stock 2019
Capital stock at December 31, 2019, consisted of the following:
The capital stock of the Parent Company is divided into two classes: Class A shares (quota value SEK 5.00) and Class B shares (quota value SEK 5.00). Both classes have the same rights of participation in the net assets and earnings.Class A shares, however, are entitled to one vote per share while Class B shares are entitled to one tenth of one vote per share.
At December 31, 2019, the total number of treasury shares was 19,853,247 (37,057,039 in 2018 and 50,265,499 in 2017) Class B shares.
Table:
Capital stock |  | 
Parent Company | Number of shares | Capital stock (SEK million)
Class A shares | 261,755,983 | 1,309
Class B shares | 3,072,395,752 | 15,363
Total | 3,334,151,735 | 16,672


Question: What is the total number of treasury shares in 2019?
Answer: 19,853,247
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
For the years ended December: (in millions)
(1) Excludes approximately $5.6 million of reserves related to notes receivable and tax refund receivables originated in 2016.
(2) Excludes approximately $0.4 million of reserves related to non-trade receivables.
(3) Amounts represent gross revenue and cost reversals to the estimated sales returns and allowances accounts.
(4) Amounts in 2019 and 2018 are reported within accrued expenses and other current liabilities, as Product Returns Liability (see Note 4 and 9).
(5) Amounts in 2019 and 2018 are reported within prepaid expenses and other current assets.
Table:
Description | Balance at Beginning of Period |  | Write-offs | Other | Balance at End of Period
Allowance for doubtful accounts |  |  |  |  | 
2019 | $1.0 | $1.0 | $(0.8) | $0.0 | $1.2 (1)
2018 | $1.1 | $0.7 | $(0.8) | $0.0 | $1.0 (1)
2017 | $9.1 | $1.0 | $(0.9) | $0.0 | $1.1 (1) (2)
Allowance for sales returns (4) |  |  |  |  | 
2019 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0
2018 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0
2017 | $1.4 | $1.4 | $0.0 | $(1.4) (3) | $1.4
Allowance for inventory returns (5) |  |  |  |  | 
2019 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0
2018 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0
2017 | $(0.6) | $(0.5) | $0.0 | $0.6 (3) | $(0.5)
Allowance for deferred tax assets |  |  |  |  | 
2019 | $18.3 | $(0.3) | $0.0 | $(1.2) | $16.8)
2018 | $18.3 | $(0.3) | $0.0 | $0.3 | $18.3
2017 | $69.0 | $(28.6) | $(2.9) | $(19.2) | $18.3


Question: What are excluded from the 2017 allowance for doubtful accounts?
Answer: approximately $5.6 million of reserves related to notes receivable and tax refund receivables originated in 2016, approximately $0.4 million of reserves related to non-trade receivables.
The defined benefit pension plan utilizes various investment securities. Generally, investment securities are exposed to various risks, such as interest rate risks, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur and that such changes could materially affect the amounts reported.
The following table presents the Company’s target for the allocation of invested defined benefit pension plan assets at June 30, 2019 and June 30, 2018:
Table:
 | As of June 30 | 
 | 2019 | 2018
Fixed income | 40% | 40%
Equities | 55% | 55%
Other | 5% | 5%
Total | 100% | 100%


Question: What types of risks are investment securities exposed to?
Answer: Generally, investment securities are exposed to various risks, such as interest rate risks, credit risk, and overall market volatility.
Selling, General and Administrative
The increase in selling, general and administrative in fiscal 2019 compared to fiscal 2018 was primarily due to higher variable costs on increased sales volumes, primarily related to increases in headcount costs and employee incentive compensation, as well as additional costs from the FRT acquisition, offset partially by a decrease in the amortization of intangible assets.
Table:
 |  | Fiscal Year Ended |  | 
 | December 28, 2019 | December 29, 2018 | $ Change | % Change
 |  | (Dollars in thousands) |  | 
Selling, general and administrative | $106,335 | $99,254 | $7,081 | 7.1 %
% of revenues | 18.0 % | 18.7 % |  | 
 |  | Fiscal Year Ended |  | 
 | December 29, 2018 | December 30, 2017 | $ Change | % Change
 |  | (Dollars in thousands) |  | 
Selling, general and administrative | $99,254 | $95,489 | $3,765 | 3.9 %
% of revenues | 18.7 % | 17.4 % |  | 


Question: In which year was Selling, general and administrative less than 100,000 thousands?
Answer: 2018, 2017
Calculation: locate and analyze the Selling, general and administrative in row 4
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 is the main challenge faced by the company?
Answer: The main headwind we face is the decline in traditional calls and lines where we have a relatively high market share.
sources and uses of cash ( in millions ) in summary , our cash flows for each period were as follows : years ended ( in millions ) dec 29 , dec 30 , dec 31 .

Table:
years ended ( in millions ) | dec 292018 | dec 302017 | dec 312016
net cash provided by operating activities | $ 29432 | $ 22110 | $ 21808
net cash used for investing activities | -11239 ( 11239 ) | -15762 ( 15762 ) | -25817 ( 25817 )
net cash provided by ( used for ) financing activities | -18607 ( 18607 ) | -8475 ( 8475 ) | -5739 ( 5739 )
net increase ( decrease ) in cash and cash equivalents | $ -414 ( 414 ) | $ -2127 ( 2127 ) | $ -9748 ( 9748 )
md&a consolidated results and analysis 40 .

Question: as of december 292017 what was the percent of the net cash used for investing activities to the net cash provided by operating activities
Answer: 38.2%
Calculation: divide(11239, 29432)
LIQUIDITY AND CAPITAL RESOURCES
The Company’s cash and cash equivalents increased to $93,628 at June 30, 2019 from $31,440 at June 30, 2018. Cash at the end of fiscal 2018 was lower due primarily to the acquisition of Ensenta and higher repayment of debt in fiscal 2018.
The following table summarizes net cash from operating activities in the statement of cash flows:
Cash provided by operating activities increased 5% compared to fiscal 2018. Cash from operations is primarily used to repay debt, pay dividends and repurchase stock, and for capital expenditures.
Table:
 | Year Ended | 
 | June 30 | 
 | 2019 | 2018
Net income | $271,885 | $365,034
Non-cash expenses | 180,987 | 87,906
Change in receivables | (11,777) | 21,489
Change in deferred revenue | 23,656 | 1,255
Change in other assets and liabilities | (33,623) | (63,542)
Net cash provided by operating activities | $431,128 | $412,142


Question: What is the net income in 2018 and 2019 respectively?
Answer: $365,034, $271,885