hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Issuer Purchases of Equity Securities
The following table contains information about shares of our previously-issued common stock that we withheld from employees upon vesting of their stock-based awards during the fourth quarter of 2019 to satisfy the related tax withholding obligations:
Table:
 | Total Number of Shares Withheld for Taxes | Average Price Paid Per Share
Period |  | 
October 2019 | 16,585 | $11.57
November 2019 | 185,887 | 13.15
December 2019 | 12,368 | 13.70
Total | 214,840 | 


Question: What is the percentage change in the average price paid per share between December 2019 and November 2019?
Answer: 4.18
Calculation: (13.70-13.15)/13.15
Factors affecting the tax expense for the year
The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year.
Notes: 1 See note below regarding deferred tax asset recognition in Luxembourg and Spain on pages 140 and 141
2 2018 includes the impact of closing tax audits across the Group during the year, including in Germany and Romania
3 Includes a €42 million credit (2018: €15 million charge, 2017 €95 million charge) relating to the combination of Vodafone India with Idea Cellular
Table:
 | 2019 €m | 2018 €m | 2017 €m
Continuing (loss)/profit before tax as shown in the consolidated income statement | (2,613) | 3,878 | 2,792
Aggregated expected income tax (credit)/expense | (457) | 985 | 795
Impairment losses with no tax effect | 807 | – | –
Disposal of Group investments | – | 55 | (271)
Effect of taxation of associates and joint ventures, reported within profit before tax | 262 | 90 | 23
(Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain1 | 1,186 | (1,583) | 1,603
Deferred tax following revaluation of investments in Luxembourg1 | (488) | (330) | (329)
Previously unrecognised temporary differences we expect to use in the future | – | – | (15)
Previously unrecognised temporary differences utilised in the year | – | (29) | (11)
Current year temporary differences (including losses) that we currently do not expect to use | 78 | 20 | 139
Adjustments in respect of prior year tax liabilities2 | (94) | (244) | (107)
Revaluation of assets for tax purposes | – | – | (39)
Impact of tax credits and irrecoverable taxes | 79 | 93 | 98
Deferred tax on overseas earnings3 | (39) | 24 | 26
Effect of current year changes in statutory tax rates on deferred tax balances | (2) | (44) | 2,755
Financing costs not deductible for tax purposes | 67 | 23 | 25
Expenses not deductible (income not taxable) for tax purposes | 97 | 61 | 72
Income tax expense/(credit) | 1,496 | (879) | 4,764


Question: What is the 2018 deferred tax on overseas earnings, excluding the 15€m charge relating to the combination of Vodafone India with Idea Cellular?
Answer: 9
Calculation: 24-15
Fair Value Valuation Assumptions
Valuation of Stock Options
The fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees’ cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates.
The following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities:
Expected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors.
Volatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option’s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility.
Risk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option’s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (“forward rate”).
Dividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Table:
 |  | Employee and Director Options | 
 |  | For the Years Ended December 31, | 
 | 2019 | 2018 | 2017
Expected life (in years) | 7.85 | 7.64 | 7.01
Volatility | 30.00% | 32.37% | 35.00%
Risk free interest rate | 1.90% | 3.10% | 2.14%
Dividend yield | 0.76% | 0.61% | 0.50%
Weighted-average grant date fair value | $17.12 | $21.03 | $21.11
Stock price volatility range: |  |  | 
Low | 30.00% | 31.72% | 28.19%
High | 38.17% | 36.73% | 35.00%


Question: What was the expected life (in years) for 2019?
Answer: 7.85
The Company is holding the following currency derivatives designated as hedging instruments:
Hedge ratio is 1:1 and changes in forward rate have been designated as the hedged risk. The change in the fair value of the hedging instrument is compared with the change in fair value of the hedged item, and the lower amount
is taken to OCI. If the change in fair value of the hedging instrument is higher, then the excess change in fair value is considered ineffective hedging and recorded in net foreign exchange gains and losses. Upon recognition of the
hedged net sales, the cumulative amount in hedging reserve is released in the OCI as a reclassification adjustment and recognized in net sales.
See note E1, “Equity” for movement in the cash flow hedge reserve. No hedged net sales were recognized in 2019, hence no amount was released from hedging reserve in the OCI. No hedge ineffectiveness was recognized in
the income statement in 2019.
Table:
Foreign exchange forward contracts |  |  | 
2019 | < 1 year | 1–3 years | Total
Notional Amount (USD millions) | 517 | 176 | 693
Average forward rate (SEK/USD) | 9.13 | 8.92 | –


Question: What is the hedge ratio?
Answer: 1:1
Invested capital:
TORM defines invested capital as the sum of intangible assets, tangible fixed assets, investments in joint ventures, bunkers, accounts receivables, assets held-for-sale (when applicable), deferred tax liability, trade payables, current tax liabilities and deferred income. Invested capital measures the net investment used to achieve the Company’s operating profit. The Company believes that invested capital is a relevant measure that Management uses to measure the overall development of the assets and liabilities generating the net profit. Such measure may not be comparable to similarly titled measures of other companies. Invested capital is calculated as follows:
¹⁾ Accounts receivables includes Freight receivables, Other receivables and Prepayments.
²⁾ Trade payables includes Trade payables and Other liabilities.
Table:
USDm | 2019 | 2018 | 2017
Tangible and intangible fixed assets | 1,782.2 | 1,445.0 | 1,384.8
Investments in joint ventures | 1.2 | 0.1 | 0.3
Bunkers | 34.8 | 39.4 | 33.2
Accounts receivables ¹⁾ | 99.5 | 96.3 | 87.5
Assets held-for-sale | 9.1 | 6.2 | 6.6
Deferred tax liability | -44.9 | -44.9 | -44.9
Trade payables ²⁾ | -94.4 | -71.6 | -60.0
Current tax liabilities | -1.5 | -1.0 | -1.4
Deferred income | - | -0.1 | -0.1
Invested capital | 1,786.0 | 1,469.4 | 1,406.0


Question: What was the change in invested capital in 2019 from 2018?
Answer: 316.6
Calculation: 1,786.0-1,469.4
A summary of the option activity as of May 26, 2019 and changes during the fiscal year then ended is presented below:
We recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. During fiscal 2017, we granted 1.1 million stock options with a weighted average grant date fair value of $6.12 per share. The total intrinsic value of stock options exercised was $7.9 million, $15.8 million, and $29.8 million for fiscal 2019, 2018, and 2017, respectively. The closing market price of our common stock on the last trading day of fiscal 2019 was $28.83 per share.
Compensation expense for stock option awards totaled $2.2 million, $4.2 million, and $6.2 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $0.2 million for fiscal 2017. Included in the compensation expense for stock option awards for fiscal 2019, 2018, and 2017 was $0.2 million, $0.4 million, and $0.9 million, respectively, related to stock options granted by a subsidiary in the subsidiary's shares to the subsidiary's employees. The tax benefit related to the stock option expense for fiscal 2019, 2018, and 2017 was $0.5 million, $1.4 million, and $2.4 million, respectively.
At May 26, 2019, we had $0.2 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 0.1 years.
Cash received from stock option exercises for fiscal 2019, 2018, and 2017 was $12.4 million, $25.1 million, and $84.4 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $2.3 million, $5.3 million, and $19.5 million for fiscal 2019, 2018, and 2017, respectively.
Table:
Options | Number of Options (in Millions) | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in Millions)
Outstanding at May 27, 2018 | 5.1 | $28.11 |  | 
Exercised | (0.6) | $20.75 |  | $7.9
Expired | (0.1) | $29.84 |  | 
Outstanding at May 26, 2019 | 4.4 | $29.00 | 5.47 | $9.9
Exercisable at May 26, 2019 | 4.1 | $28.38 | 5.32 | $9.9


Question: What was the weighted average fair value per share for stock options granted during 2017?
Answer: $6.12
In November 2017, GMSL acquired the trenching and cable laying services business from Fugro N.V. ("Fugro"). As part of the transaction, Fugro became a 23.6% holder of GMSL's parent, Global Marine Holdings, LLC ("GMH"). GMSL, in the normal course of business, incurred revenue and expenses with Fugro for various services.
For the years ended December 31, 2019 and 2018, GMSL recognized $11.3 million and $9.3 million respectively, of expenses for transactions with Fugro. For the year ended December 31, 2019 GMSL recognized $0.8 million of revenues. The parent company of GMSL, GMH, incurred management fees of $0.6 million for each of the years ended December 31, 2019 and 2018.
GMSL also has transactions with several of their equity method investees. A summary of transactions with such equity method investees and balances outstanding are as follows (in millions):
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Net revenue | $ 6.4 | $ 21.8
Operating expenses | $ 1.0 | $ 4.8
Interest expense | $ 1.0 | $ 1.3
 | December 31, | 
 | 2019 | 2018
Accounts receivable | $ 1.2 | $ 5.0
Long-term obligations | $ 22.5 | $ 28.5
Accounts payable | $ 0.1 | $ 2.2
Dividends | $ 4.5 | $ 25.8


Question: What were the transaction expenses recognized by GMSL in 2019?
Answer: $11.3 million
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this Annual Report.
(2) We retrospectively adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09.
(3) On January 1, 2019, we adopted Accounting Standards Codification 842 “Leases” (“ASC 842”) using the modified retrospective method, reflecting any cumulative effect as an adjustment to equity. Results for reporting periods beginning on or after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historical accounting under ASC 840 “Leases.”
Table:
 |  | December 31. |  |  | 
(in thousands) | 2019 | 2018 | 2017 | 2016 | 2015
Consolidated Balance Sheet Data (2) (3): |  |  |  |  | 
Total cash, cash equivalents, and marketable securities | $68,363 | $207,423 | $223,748 | $133,761 | $219,078
Goodwill | $79,039 | $72,858 | $72,952 | $73,164 | $46,776
Total assets | $984,812 | $982,553 | $1,012,753 | $867,135 | $627,758
Total stockholders’ equity | $539,010 | $621,531 | $655,870 | $548,940 | $322,859


Question: What are the respective goodwill amounts in 2015 and 2016?
Answer: $46,776, $73,164
Item 6. Selected Consolidated Financial Data
The following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included elsewhere herein.
Consolidated Statement of Operations Data:
Table:
 |  |  | Year Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (In thousands, except per share data) |  | 
Revenues | $111,412 | $111,322 | $106,524 | $114,263 | $123,961
Income from operations | 9,464 | 8,238 | 4,545 | 10,186 | 3,820
Income from continuing operations, net of taxes | 4,155 | 4,661 | 1,592 | 6,007 | 8,523
Income from discontinued operations, net of taxes | — | — | 1,938 | 624 | 2,341
Net income | $4,155 | $4,661 | $3,530 | $6,631 | $10,864
Income per share—basic: |  |  |  |  | 
Continuing operations | $0.35 | $0.38 | $0.12 | $0.43 | $0.58
Discontinued operations | — | — | 0.15 | 0.04 | 0.16
Net income per share | $0.35 | $0.38 | $0.27 | $0.47 | $0.74
Income per share—diluted: |  |  |  |  | 
Continuing operations | $0.35 | $0.37 | $0.12 | $0.43 | $0.58
Discontinued operations | — | — | 0.15 | 0.04 | 0.16
Net income per share | $0.35 | $0.37 | $0.27 | $0.47 | $0.74
Shares used in per share calculation from continuing operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722
Shares used in per share calculation from discontinued operations —basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722
Shares used in per share calculation from continuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722
Shares used in per share calculation from discontinuing operations—diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722


Question: What is the percentage change of income from operations between 2018 to 2019?
Answer: 14.88
Calculation: (9,464-8,238)/8,238
4 . business restructuring and cost reduction actions the charges we record for business restructuring and cost reduction actions have been excluded from segment operating income and are reflected on the consolidated income statements as 201cbusiness restructuring and cost reduction actions . 201d 2014 charge on 18 september 2014 , we announced plans to reorganize the company , including realignment of our businesses in new reporting segments and organizational changes , effective as of 1 october 2014 . refer to note 25 , business segment and geographic information , for additional details . as a result of this initiative , we will incur ongoing severance and other charges . during the fourth quarter of 2014 , an expense of $ 12.7 ( $ 8.2 after-tax , or $ .04 per share ) was incurred relating to the elimination of approximately 50 positions . the 2014 charge related to the businesses at the segment level as follows : $ 4.4 in merchant gases , $ 4.1 in tonnage gases , $ 2.4 in electronics and performance materials , and $ 1.8 in equipment and energy . 2013 plan during the fourth quarter of 2013 , we recorded an expense of $ 231.6 ( $ 157.9 after-tax , or $ .74 per share ) reflecting actions to better align our cost structure with current market conditions . the asset and contract actions primarily impacted the electronics business due to continued weakness in the photovoltaic ( pv ) and light-emitting diode ( led ) markets . the severance and other contractual benefits primarily impacted our merchant gases business and corporate functions in response to weaker than expected business conditions in europe and asia , reorganization of our operations and functional areas , and previously announced senior executive changes . the remaining planned actions associated with severance were completed in the first quarter of 2015 . the 2013 charges relate to the businesses at the segment level as follows : $ 61.0 in merchant gases , $ 28.6 in tonnage gases , $ 141.0 in electronics and performance materials , and $ 1.0 in equipment and energy . the following table summarizes the carrying amount of the accrual for the 2013 plan at 30 september 2014 : severance and other benefits actions contract actions/other total .

Table:
 | severance and other benefits | asset actions | contract actions/other | total
2013 charge | $ 71.9 | $ 100.4 | $ 59.3 | $ 231.6
amount reflected in pension liability | -6.9 ( 6.9 ) | 2014 | 2014 | -6.9 ( 6.9 )
noncash expenses | 2014 | -100.4 ( 100.4 ) | 2014 | -100.4 ( 100.4 )
cash expenditures | -3.0 ( 3.0 ) | 2014 | -58.5 ( 58.5 ) | -61.5 ( 61.5 )
currency translation adjustment | .4 | 2014 | 2014 | .4
30 september 2013 | $ 62.4 | $ 2014 | $ .8 | $ 63.2
cash expenditures | -51.7 ( 51.7 ) | 2014 | -.8 ( .8 ) | -52.5 ( 52.5 )
currency translation adjustment | -.6 ( .6 ) | 2014 | 2014 | -.6 ( .6 )
30 september 2014 | $ 10.1 | $ 2014 | $ 2014 | $ 10.1
.

Question: considering the expenses of the 2013 charge , what were the impact of the severance and other benefits on the total value?
Answer: 31.04%
Calculation: divide(71.9, 231.6)
The following table reconciles the expected income tax expense, computed by applying our combined German tax rate of 26.4% (2018: 26.4%; 2017: 26.4%), to the actual income tax expense. Our 2019 combined German tax rate includes a corporate income tax rate of 15.0% (2018: 15.0%; 2017: 15.0%), plus a solidarity surcharge of 5.5% (2018: 5.5%; 2017: 5.5%) thereon, and trade taxes of 10.6% (2018: 10.6%; 2017: 10.6%).
Relationship Between Tax Expense and Profit Before Tax
Table:
€ millions, unless otherwise stated | 2019 | 2018 | 2017
Profit before tax | 4,596 | 5,600 | 5,029
Tax expense at applicable tax rate of 26.4% rate of 26.4% (2018: 26.4%; 2017: 26.4%) | 1,212 | 1,478 | 1,327
Tax effect of: |  |  | 
Foreign tax rates | –209 | –147 | –403
Changes in tax laws and tax rates | 10 | 0 | –212
Non-deductible expenses | 116 | 106 | 82
Tax-exempt income | –93 | –38 | –95
Withholding taxes | 138 | 91 | 131
Research and development and foreign tax credits | –89 | –33 | –26
Prior-year taxes | 80 | –17 | –26
Reassessment of deferred tax assets, research and development tax credits, and foreign tax credits | 48 | 58 | 185
Other | 13 | 13 | 20
Total income tax expense | 1,226 | 1,511 | 983
Effective tax rate (in %) | 26.7 | 27.0 | 19.5


Question: In which years was the Relationship Between Tax Expense and Profit Before Tax analyzed?
Answer: 2019, 2018, 2017
Defined Benefit Plan
We maintain defined benefit pension plans for certain of our non-U.S. employees in the U.K., Germany, and Philippines. Each plan is managed locally and in accordance with respective local laws and regulations.
In order to measure the expense and related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits.
In connection with the acquisition of Artesyn in September of 2019, the Company acquired certain pension plans and, as a result, started including the related balances in its Consolidated Balance Sheets at December 31, 2019 and the expenses attributable to these plans for the period from September 10, 2019 to December 31, 2019 in its Consolidated Statement of Operations. See Note 2. Business Acquisitions for more details on this transaction.
ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
The information provided below includes one pension plan which is part of discontinued operations. As such, all related liabilities and expenses are reported in discontinued operations in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented.
The Company’s projected benefit obligation and plan assets for defined benefit pension plans at December 31, 2019 and 2018 and the related assumptions used to determine the related liabilities are as follows:
Table:
 | Years Ended December 31, | 
 | 2019 | 2018
Projected benefit obligation, beginning of year | $  33,178 | $  34,498
Acquisition | 48,350 | 1,063
Service cost | 272 | 841
Interest cost | 1,211 | 802
Actuarial loss | (193) | (988)
Benefits paid | (1,779) | (1,113)
Translation adjustment | 2,223 | (1,925)
Projected benefit obligation, end of year | $  83,262 | $  33,178
Fair value of plan assets, beginning of year | $  13,433 | $  14,181
Acquisitions | 102 | 981
Actual return on plan assets | 380 | 675
Contributions | 644 | 828
Benefits paid | (1,176) | (1,086)
Actuarial gain | 1,064 | (1,357)
Translation adjustment | 456 | (789)
Fair value of plan assets, end of year | $  14,903 | $  13,433
Funded status of plan | $  (68,359) | $  (19,745)


Question: What was the acquisition in 2019?
Answer: 48,350
Foreign Currency Analysis
We generate a significant amount of our revenue in the United States, Germany, Japan, the United Kingdom and Canada
The following table shows the impact of foreign exchange rate changes on our net revenue and total spend:
(1) Please refer to the Glossary of Terms for the definitions of our constant currency growth rates.
Changes in the value of the U.S. dollar may have a significant effect on net revenue, total spend, and income (loss) from operations in future periods. We use foreign currency contracts to reduce the exchange rate effect on a portion of the net revenue of certain anticipated transactions but do not attempt to completely mitigate the impact of fluctuations of such foreign currency against the U.S. dollar.
Table:
 | Fiscal Year Ended January 31, 2019 |  | 
 | Percent change compared to prior fiscal year (as reported) | Constant currency percent change compared to prior fiscal year (1) | Positive/negative/neutral impact from foreign exchange rate changes
Revenue | 25% | 24% | Positive
Total spend | 1% | 1% | Neutral


Question: What is the impact of foreign exchange rate changes on net revenue?
Answer: Positive