hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Other (Income) and Expense
NM—Not meaningful
Total consolidated other (income) and expense was income of $968 million in 2019 compared to expense of $1,152 million in 2018. The year-to-year change was primarily driven by: • Lower non-operating retirement-related costs ($957 million). Refer to “Retirement-Related Plans” for additional information. • Higher gains from divestitures ($833 million) reflected in Other; and • Higher net exchange gains (including derivative instruments) ($272 million). The company’s hedging programs help mitigate currency impacts in the Consolidated Income Statement.
Operating (non-GAAP) other (income) and expense was $1,431 million of income in 2019 and increased $1,010 million compared to the prior-year period. The year-to-year change was primarily driven by the same factors excluding lower non-operating retirement-related costs.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change
Other (income) and expense |  |  | 
Foreign currency transaction losses/(gains) | $(279) | $(427) | (34.6)%
(Gains)/losses on derivative instruments | 15 | 434 | (96.6)
Interest income | (349) | (264) | 32.2
Net (gains)/losses from securities and investment assets | (32) | (101) | (67.9)
Retirement-related costs/(income) | 615 | 1,572 | (60.9)
Other | (937) | (63) | NM
Total consolidated other (income) and expense | $(968) | $1,152 | NM
Non-operating adjustments |  |  | 
Amortization of acquired intangible assets | (2) | (2) | 50.0%
Acquisition-related charges | 154 | 0 | NM
Non-operating retirement related costs/(income) | (615) | (1,572) | (60.9)%
Operating (non-GAAP) other (income) and expense | $(1,431) | $(422) | 239.4%


Question: What was the increase / (decrease) in the Foreign currency transaction losses/(gains) from 2018 to 2019?
Answer: 148
Calculation: -279 - (-427)
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 does the table show?
Answer: Net sales of products by category were as follows for the years ended December 31
Note 9. Intangible Assets, net
The Company’s definite-lived intangible assets as of December 31, 2019 and 2018 consisted of the following:
Amortization of definite-lived intangible assets is provided over their estimated useful lives on a straight-line basis or the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews its definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Amortization expense from continuing and discontinued operations was $8,879 and $9,150 for the years ended December 31, 2019 and 2018, respectively
Table:
December 31, 2019 |  |  |  | 
 | Customer Relationships | Developed Technologies | Trade Name | Total
Gross carrying amount | $52,000 | 32,000 | 3,000 | 87,000
Accumulated amortization | (13,866) | (18,286) | (3,000) | (35,152)
Intangible assets, net | $38,134 | $13,714 | $— | $51,848


Question: What is the average gross carrying amounts of Trade Name and Developed Technologies in 2019?
Answer: 17500
Calculation: (32,000 + 3,000)/2
Indefinite-lived Intangible Assets
Indefinite-lived intangible assets consist entirely of acquired in-process research and development technology, or IPR&D. The following table sets forth the Company’s activities related to the indefinite-lived intangible assets:
The Company performs its annual assessment of indefinite-lived intangible assets on October 31 each year or more frequently if events or changes in circumstances indicate that the asset might be impaired utilizing a qualitative test as a precursor to the quantitative test comparing the fair value of the assets with their carrying amount. Based on the qualitative test, if it is more likely than not that indicators of impairment exists, the Company proceeds to perform a quantitative analysis. Based on the Company’s assessment as of October 31, 2019, no indicators of impairment were identified.
In the years ended December 31, 2019 and 2018, no IPR&D impairment losses were recorded. In the year ended December 31, 2017, the Company recognized impairment losses of $2.0 million related to the Company's abandonment of a single IPR&D project.
Table:
Years Ended December 31, |  | 
 | 2019 | 2018
(in thousands) |  | 
Beginning balance | $4,400 | $4,400
Transfers to developed technology from IPR&D | (4,400) | —
Ending balance | $— | $4,400


Question: In which year was Transfers to developed technology from IPR&D negative?
Answer: 2019
Calculation: locate and analyze Transfers to developed technology from IPR&D in row 5
Net debt
Net debt is a measure that provides valuable additional information on the summary presentation of the Group’s net financial liabilities and is a measure in common use elsewhere.
Prior to this quarter, all financial asset derivatives were current financial assets and so reduced net debt. Following a recent review we now also have financial asset derivatives that are non-current in nature. As all of these derivatives relate to financial liabilities, we continue to exclude them for the purposes of our net debt calculation and have expanded our definition to reflect this.
Net debt is now defined as the excess of total financial liabilities, excluding trade payables and other current liabilities, over cash, cash equivalents and other current financial assets, excluding trade and other current receivables, and non-current financial asset derivatives that relate to financial liabilities.
(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.
Table:
 | € million | € million
 | 2019 | 2018
 |  | (Restated)(a)
Total financial liabilities | (28,257) | (26,738)
Current financial liabilities | (4,691) | (3,613)
Non-current financial liabilities | (23,566) | (23,125)
Cash and cash equivalents as per balance sheet | 4,185 | 3,230
Cash and cash equivalents as per cash flow statement | 4,116 | 3,090
Add bank overdrafts deducted therein | 69 | 140
Other current financial assets | 907 | 874
Non-current financial assets derivatives that relate to financial liabilities | 114 | –
Net debt | (23,051) | (22,634)


Question: What is Net Debt?
Answer: Net debt is a measure that provides valuable additional information on the summary presentation of the Group’s net financial liabilities and is a measure in common use elsewhere.
Quarterly Financial Data (Unaudited)
Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.
During the quarter ended December 31, 2017, the Company recorded an income tax benefit. See Note 17, Income Taxes to Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data”.
Table:
($ in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter
Results of Operations |  |  |  | 
Fiscal Year 2019 |  |  |  | 
Net sales | $572.4 | $556.5 | $609.9 | $641.4
Gross profit | $91.7 | $107.0 | $123.2 | $122.9
Operating income | $45.0 | $55.4 | $73.2 | $67.9
Net income | $31.5 | $35.5 | $51.1 | $48.9
Fiscal Year 2018 |  |  |  | 
Net sales | $479.8 | $487.8 | $572.2 | $618.0
Gross profit | $85.6 | $85.7 | $96.1 | $114.9
Operating income | $42.2 | $41.4 | $45.7 | $60.0
Net income | $23.4 | $92.1 | $30.2 | $42.8


Question: Which quarter was the net income in 2019 the largest?
Answer: Third Quarter
Calculation: 51.1>48.9>35.5>31.5
Note 10 – Income taxes
The provision (benefit) for income taxes consists of the following:
Table:
 | For the Years Ended December 31, | 
 | 2019 | 2018
Current: |  | 
Federal | $ (27) | $ (13 )
State and local | 276 | 249
Total current | 249 | 236
Deferred | 533 | (461)
Provision (benefit) for income taxes | $ 782 | $ (225)


Question: What is the provision (benefit) for total current income taxes for 2018 and 2019 respectively?
Answer: 236, 249
A.9.1 Results of operations
Statement of Income of Siemens AG in accordance with German Commercial Code (condensed)
Beginning of August 2018, Siemens AG carved out its mobility business to Siemens Mobility GmbH by way of singular succession. The decreases in revenue, cost of sales, gross profit and research and development (R & D) expenses were mainly driven by this carve-out.
On a geographical basis, 75 % of revenue was generated in the Europe, C. I. S., Africa, Middle East region, 18 % in the Asia, Australia region and 7 % in the Americas region. Exports from Germany accounted for 62 % of overall revenue. In fiscal 2019, orders for Siemens AG amounted to € 21.6 billion. Within Siemens AG, the development of revenue depends strongly on the completion of contracts, primarily in connection with large orders.
The R & D intensity (R & D as a percentage of revenue) increased by 0.8 percentage points year-over-year. The research and development activities of Siemens AG are fundamentally the same as for its fields of business activities within the Siemens Group, respectively. On an average basis, we employed 9,000 people in R & D in fiscal 2019.
The decrease in Financial income, net was primarily attributable to lower income from investments, net. The main factor for this decrease was a significant income from the profit transfer agreement with Siemens Beteiligungen Inland GmbH, Germany, in
fiscal 2018.
Table:
 |  | Fiscal year | 
(in millions of €) | 2019 | 2018 | % Change
Revenue | 22,104 | 28,185 | (22) %
Cost of Sales | (15,825) | (21,074) | 25 %
Gross profit | 6,279 | 7,111 | (12) %
as percentage of revenue | 28 % | 25 % | 
Research and development expenses | (2,362) | (2,788) | 15 %
Selling and general administrative expenses | (3,979) | (3,767) | (6) %
Other operating income (expenses), net | 9,469 | 1 | n / a
Financial income, net thereof Income from investments, net 3,754 (prior year 5,381) | 3,188 | 4,643 | (31) %
Income from business activity | 12,596 | 5,199 | 142 %
Income taxes | (1,377) | (653) | (111) %
Net income | 11,219 | 4,547 | 147 %
Profit carried forward | 170 | 134 | 27 %
Allocation to other retained earnings | (6,005) | (1,451) | > (200) %
Unappropriated net income | 5,384 | 3,230 | 67 %


Question: What is the revenue break up based on geography?
Answer: On a geographical basis, 75 % of revenue was generated in the Europe, C. I. S., Africa, Middle East region, 18 % in the Asia, Australia region and 7 % in the Americas region.
Provision for Income Taxes
The effective income tax rate is calculated by dividing the provision for income taxes by income before income taxes. The effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018.
The decrease in the effective income tax rate and the provision for income taxes was primarily due to the recognition of approximately $2.2 billion of a non-recurring tax benefit in connection with the disposition of preferred stock, representing a minority interest in a foreign affiliate in 2019 compared to the non-recurring deferred tax benefit of approximately $2.1 billion as a result of an internal reorganization of legal entities within the historical Wireless business, which was offset by a goodwill charge that is not deductible for tax purposes in 2018.
A reconciliation of the statutory federal income tax rate to the effective income tax rate for each period is included in Note 12 to the consolidated financial statements.
Table:
 |  |  | (dollars in millions) Increase/ (Decrease) | 
Years Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | 
Provision for income taxes | $2,945 | $ 3,584 | $ (639) | (17.8)%
Effective income tax rate | 13.0% | 18.3% |  | 


Question: What is the average Effective income tax rate for 2018 and 2019?
Answer: 15.65
Calculation: (13.0+18.3) / 2
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
10. OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consisted of the following:
The reduction in Deferred rent liability is a result of the Company’s adoption of the new lease accounting standard.
Table:
 | As of | 
 | December 31, 2019 | December 31, 2018
Deferred rent liability | $— | $506.7
Unearned revenue | 525.9 | 504.6
Other miscellaneous liabilities | 411.1 | 253.8
Other non-current liabilities | $937.0 | $1,265.1


Question: What was the deferred rent liability in 2018?
Answer: $506.7
Item 6. SELECTED FINANCIAL DATA
You should read the following selected consolidated financial data for the five-year period ended March 31, 2019 in conjunction with our consolidated financial statements and notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in Items 7 and 8 of this Form 10-K. Our consolidated statements of income data for each of the years in the three-year period ended March 31, 2019, and the balance sheet data as of March 31, 2019 and 2018, are derived from our audited consolidated financial statements, included in Item 8 of this Form 10-K. The statement of income data for the years ended March 31, 2016 and 2015 and balance sheet data as of March 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements not included herein (in the tables below all amounts are in millions, except per share data).
(1) Refer to Note 2 to our consolidated financial statements for an explanation of our material business combinations during fiscal 2019 and fiscal 2017.
(2) Refer to Note 4 to our consolidated financial statements for a discussion of the special charges and other, net.
(3) Refer to Note 12 Debt and Credit Facility for further discussion.
Table:
 |  |  | Year ended March 31, |  | 
 | 2019 (1) | 2018 | 2017 (1) | 2016 | 2015
Consolidated Statements of Income data: |  |  |  |  | 
Net sales | $5,349.5 | $3,980.8 | $3,407.8 | $2,173.3 | $2,147.0
Special charges and other, net (2) | $33.7 | $17.5 | $98.6 | $4.0 | $2.8
Loss on settlement of debt (3) | $(12.6) | $(16.0) | $(43.9) | $— | $(50.6)
Net income from continuing operations | $355.9 | $255.4 | $170.6 | $323.9 | $365.3
Basic net income per common share from continuing operations | $1.51 | $1.10 | $0.79 | $1.59 | $1.84
Diluted net income per common share from continuing operations | $1.42 | $1.03 | $0.73 | $1.49 | $1.65
Dividends declared per common share | $1.457 | $1.449 | $1.441 | $1.433 | $1.425
Consolidated Balance Sheets data: |  |  |  |  | 
Total assets | $18,350.0 | $8,257.2 | $7,686.9 | $5,537.9 | $4,780.7
Net long-term debt and capital lease obligations, less current maturities (3) | $8,956.0 | $1,769.1 | $2,912.1 | $2,465.8 | $1,840.0
Microchip Technology stockholders' equity | $ 5,287.5 | $ 3,279.8 | $3,270.7 | $ 2,150.9 | $ 2,044.7


Question: What was the loss on settlement of debt in 2019?
Answer: (12.6)
The amount of our operating expenses increased by $43 million on a sequential basis, mainly driven by seasonality and salary dynamic.
On a year-over-year basis, our operating expenses increased by $42 million, mainly due to salary dynamic and increased spending on certain R&D programs, partially offset by favorable currency effects, net of hedging.
Fourth quarter 2019 R&D expenses were net of research tax credits in France and Italy, which amounted to $37 million, compared to $29 million in the third quarter of 2019 and $39 million in the fourth quarter of 2018.
Table:
 |  | Three Months Ended |  | % Variation | 
 | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year-Over-Year
 |  |  | (Unaudited, in millions) |  | 
Selling, general and administrative expenses | $(285) | $(267) | $(285) | (6.3)% | 0.4%
Research and development expenses | (387) | (362) | (345) | (7.0) | (12.3)
Total operating expenses | $(672) | $(629) | $(630) | (6.7)% | (6.6)%
As percentage of net revenues | (24.4)% | (24.7)% | (23.8)% | +30 bps | -60 bps


Question: Why did on year-over-year basis the operating expenses increased?
Answer: mainly due to salary dynamic and increased spending on certain R&D programs, partially offset by favorable currency effects, net of hedging.
Our Net Financial Position as of December 31, 2019 was a net cash position of $672 million, decreasing compared to the net cash position of $686 million at December 31, 2018.
At December 31, 2019, our financial debt was $2,072 million, composed of (i) $173 million of current portion of long-term debt and (ii) $1,899 million of long-term debt. The breakdown of our total financial debt included: (i) $1,354 million in the senior unsecured convertible bonds issued in 2017, (ii) $706 million in European Investment Bank loans (the “EIB Loans”), and (iii) $12 million in loans from other funding programs and other long-term loans.
The EIB Loans are comprised of three long-term amortizing credit facilities as part of our R&D funding programs. The first, signed in 2010, is a €350 million multi-currency loan to support our industrial and R&D programs. It was drawn mainly in U.S. dollars for an amount of $321 million and only partially in Euros for an amount of €100 million, of which $55 million remained outstanding as of December 31, 2019.
The second, signed in 2013, is a €350 million multi-currency loan which also supports our R&D programs. It was drawn in U.S. dollars for an amount of $471 million, of which $118 million is outstanding as of December 31, 2019. The third, signed in August 2017 for a total aggregate amount of €500 million in relation to R&D and capital expenditure investments in the European Union. It was fully drawn in Euros corresponding to $533 million outstanding as of December 31, 2019.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
 |  | (In millions) | 
Cash and cash equivalents | $2,597 | $2,266 | $1,759
Restricted cash | 10 | — | —
Short-term deposits | 4 | — | —
Marketable securities | 133 | 330 | 431
Total financial resources | 2,744 | 2,596 | 2,190
Short-term debt, including bank overdrafts | (173) | (146) | (118)
Long-term debt | (1,899) | (1,764) | (1,583)
Total financial debt | (2,072) | (1,910) | (1,701)
Net Financial Position | $672 | $686 | $489


Question: What is the percentage increase / (decrease) in the Total financial resources from 2018 to 2019?
Answer: 5.7
Calculation: 2,744 / 2,596 - 1
COMMON SHARES AND CLASS B SHARES
BCE’s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value. The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December 31, 2019 and 2018.
The following table provides details about the outstanding common shares of BCE.
In Q1 2018, BCE repurchased and canceled 3,085,697 common shares for a total cost of $175 million through a NCIB. Of the total cost, $69 million represents stated capital and $3 million represents the reduction of the contributed surplus attributable to these common shares. The remaining $103 million was charged to the deficit.
CONTRIBUTED SURPLUS
Contributed surplus in 2019 and 2018 includes premiums in excess of par value upon the issuance of BCE common shares and share-based compensation expense net of settlements.
Table:
 |  | 2019 |  | 2018 | 
 | NOTE | NUMBER OF SHARES | STATED CAPITAL | NUMBER OF SHARES | STATED CAPITAL
Outstanding, January 1 |  | 898,200,415 | 20,036 | 900,996,640 | 20,091
Shares issued for the acquisition of AlarmForce | 34 | – | – | 22,531 | 1
Shares issued under employee stock option plan | 28 | 4,459,559 | 251 | 266,941 | 13
Repurchase of common shares |  | – | – | (3,085,697) | (69)
Shares issued under ESP |  | 1,231,479 | 75 | – | –
Shares issued under DSP |  | 16,729 | 1 | – | –
Outstanding, December 31 |  | 903,908,182 | 20,363 | 898,200,415 | 20,036


Question: How many common shares did BCE repurchase in 2018?
Answer: 3,085,697
Basic earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding restricted stock-based awards, stock options, and shares issuable under the employee stock purchase plan using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:
(1) These weighted shares relate to anti-dilutive restricted stock-based awards and stock options as calculated using the treasury stock method and contingently issuable shares under PSO and PSU agreements. Such shares could be dilutive in the future. See Note 13 for information regarding the exercise prices of our outstanding, unexercised stock options.
Table:
Year Ended May 31, |  |  | 
(in millions, except per share data) | 2019 | 2018 | 2017
Net income | $11,083 | $3,587 | $9,452
Weighted average common shares outstanding | 3,634 | 4,121 | 4,115
Dilutive effect of employee stock plans | 98 | 117 | 102
Dilutive weighted average common shares outstanding | 3,732 | 4,238 | 4,217
Basic earnings per share | $3.05 | $0.87 | $2.30
Diluted earnings per share | $2.97 | $0.85 | $2.24
Shares subject to anti-dilutive restricted stock-based awards and stock options excluded from calculation (1) | 71 | 64 | 74


Question: Which note should be referred to for information regarding the exercise prices of the company's outstanding, unexercised stock options?
Answer: See Note 13 for information regarding the exercise prices of our outstanding, unexercised stock options.