hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
PSU plan
The Corporation also offers a Performance Share Unit ("PSU") Plan for the benefit of its executive officers and designated employees. The objectives of the PSU Plan are to retain executive officers and designated employees, to align their interests with those of the shareholders and to sustain positive corporate performance, as measured by an economic value creation formula, a performance measure used by management.
The number of PSUs is based on the dollar value of the award and the average closing stock price of the Corporation for the previous twelve month period ending August 31. The PSUs vest over a three-year less one day period, based on the level of increase in the economic value of the Corporation or the relevant subsidiary for the preceding three-year period ending August 31, meaning that no vesting will occur if there is no increase in the economic value.
The participants are entitled to receive dividend equivalents in the form of additional PSUs but only with respect to vested PSUs. PSUs are redeemable in case of death, permanent disability, normal retirement or termination of employment not for cause, in which cases, the holder of PSUs is entitled to payment of the PSUs in proportion to the time of employment from the date of the grant to the date of termination versus the three-year less one day vesting period.
A trust was created for the purpose of purchasing these shares on the stock market in order to protect against stock price fluctuation and the Corporation instructed the trustee to purchase subordinate voting shares of the Corporation on the stock market. These shares are purchased and are held in trust for the participants until they are fully vested. The trust, considered as a special purpose entity, is consolidated in the Corporation’s financial statements with the value of the acquired subordinate voting shares held in trust under the PSU Plan presented in reduction of share capital.
Under the PSU Plan, the following PSUs were granted by the Corporation and are outstanding at August 31: Years ended August 31, 2019
(1) For the year ended August 31, 2019, the Corporation granted 14,625 (19,025 in 2018) PSUs to Cogeco's executive officers as executive officers of the Corporation.
A compensation expense of $1,400,000 ($2,198,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.
Table:
Years ended August 31, | 2019 | 2018
Outstanding, beginning of the year | 133,181 | 115,207
Granted (1) | 45,800 | 65,525
Performance-based additional units granted | 200 | 2,639
Distributed | (43,319) | (41,441)
Cancelled | (31,889) | (12,184)
Dividend equivalents | 3,578 | 3,435
Outstanding, end of the year | 107,551 | 133,181


Question: How many PSUs were granted for the year ended August 31, 2019?
Answer: 14,625
Options outstanding that are exercisable and that have vested and are expected to vest as of January 31, 2020 were as follows (outstanding options in thousands, aggregate intrinsic value in in millions):
(1) The aggregate intrinsic values represent the total pre-tax intrinsic values based on VMware's closing stock price of $148.06 as of January 31, 2020, which would have been received by the option holders had all in-the-money options been exercised as of that date.
The total fair value of VMware stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $64 million, $35 million and $32 million, respectively. Total fair value of Pivotal stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $27 million, $41 million and $23 million, respectively.
The VMware stock options exercised during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 had a pre-tax intrinsic value of $103 million, $56 million, and $62 million, respectively. The Pivotal options exercised during the years ended January 31, 2020 and February 1, 2019 had a pre-tax intrinsic value of $278 million and $97 million, respectively, and was not material during the year ended February 2, 2018. The pre-tax intrinsic value of Pivotal options exercised during the year ended January 31, 2020 includes vested options that were settled in cash as part of the Pivotal acquisition.
Table:
 |  | VMware Stock Options |  | 
 | Outstanding Options | Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value(1)
Exercisable | 945 | $47.24 | 3.81 | $95
Vested and expected to vest | 2,589 | 56.13 | 6.41 | 238


Question: What was the difference between outstanding options that were exercisable and vested and expected to vest?
Answer: 1644
Calculation: 2,589-945
A.6.1 Capital structure
The increase in short-term debt and current maturities of long-term debt was due mainly to reclassifications of long-term euro and U. S. dollar instruments totaling € 3.9 billion from longterm debt. This was partly offset by € 3.3 billion resulting from the repayment of U. S. dollar instruments.
The decrease in current income tax liabilities was driven mainly by the reversal of income tax provisions outside Germany and tax payments in the context of the carve-out activities related to Siemens Healthineers.
Long-term debt increased due primarily to the issuance of euro instruments totaling € 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments.
The increase in provisions for pensions and similar obligations was due mainly to a lower discount rate. This effect was partly offset by a positive return on plan assets, among other factors.
The main factors for the increase in total equity attributable to shareholders of Siemens AG were € 5.2 billion in net income attributable to shareholders of Siemens AG; the re-issuance of treasury shares of € 1.6 billion; and positive other comprehensive income, net of income taxes of € 0.4 billion, resulting mainly from positive currency translation effects of € 1.8 billion, partly offset by negative effects from remeasurements of defined benefit plans of € 1.1 billion. This increase was partly offset by dividend payments of € 3.1 billion (for fiscal 2018) and the repurchase of 13,532,557 treasury shares at an average cost per share of € 99.78, totaling € 1.4 billion (including incidental transaction charges).
Table:
 |  | Sep 30, | 
(in millions of €) | 2019 | 2018 | % Change
Short-term debt and current maturities of long-term debt | 6,034 | 5,057 | 19 %
Trade payables | 11,409 | 10,716 | 6 %
Other current financial liabilities | 1,743 | 1,485 | 17 %
Contract liabilities | 16,452 | 14,464 | 14 %
Current provisions | 3,682 | 3,931 | (6) %
Current income tax liabilities | 2,378 | 3,102 | (23) %
Other current liabilities | 9,023 | 9,118 | (1) %
Liabilities associated with assets classified as held for disposal | 2 | 1 | 54 %
Total current liabilities | 50,723 | 47,874 | 6 %
Long-term debt | 30,414 | 27,120 | 12 %
Provisions for pensions and similar obligations | 9,896 | 7,684 | 29 %
Deferred tax liabilities | 1,305 | 1,092 | 19 %
Provisions | 3,714 | 4,216 | (12) %
Other financial liabilities | 986 | 685 | 44 %
Other liabilities | 2,226 | 2,198 | 1 %
Total non-current liabilities | 48,541 | 42,995 | 13 %
Total liabilities | 99,265 | 90,869 | 9 %
Debt ratio | 66 % | 65 % | 
Total equity attributable to shareholders of Siemens AG | 48,125 | 45,474 | 6 %
Equity ratio | 34 % | 35 % | 
Non-controlling interests | 2,858 | 2,573 | 11 %
Total liabilities and equity | 150,248 | 138,915 | 8 %
 |  |  | 


Question: What were the average trade payables in 2019 and 2018?
Answer: 11062.5
Calculation: (11,409 + 10,716) / 2
During the fourth and third quarters of 2019 and the fourth quarter of 2018, we recorded an income tax expense of $62 million, $28 million and $28 million, respectively, reflecting (i) in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019 and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions.
Income tax expense
Table:
 |  | Three Months Ended | 
 | December 31, 2019 | September 29, 2019 | December 31, 2018
 |  | (Unaudited, in millions) | 
Income tax expense | $(62) | $(28) | $(28)


Question: What does the income tax expense in the third quarter of 2019, reflect?
Answer: in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019
Applying the German group tax rate to the reported pre-tax result would result in an income tax expense of €216 million (2017/18: €176 million). The deviation of €81 million (2017/18: €40 million) from the reported tax expense of €298 million (2017/18: €216 million) can be reconciled as follows:
1 Adjustment of previous year according to explanation in notes.
The item ‘effects of differing national tax rates’ includes a deferred tax revenue of €6 million (2017/18: €23 million) from tax rate changes.
Tax expenses and income relating to other periods of the previous year include a repayment of approximately €20 million because of a retrospective change in foreign law in 2018.
Tax holidays for the current year include effects from real estate transactions in the amount of €30 million (2017/18: €2 million).
Table:
€ million | 2017/2018 | 2018/2019
EBT (earnings before taxes) | 576 | 709
Expected income tax expenses (30.53%) | 176 | 216
Effects of differing national tax rates | −58 | −62
Tax expenses and income relating to other periods | −21 | −6
Non-deductible business expenses for tax purposes | 41 | 51
Effects of not recognised or impaired deferred taxes | 79 | 114
Additions and reductions for local taxes | 11 | 13
Tax holidays | −14 | −39
Other deviations | 3 | 5
Income tax expenses according to the income statement | 216 | 298
Group tax rate | 37.6% | 42.0%


Question: What was the change in EBT in 2018/2019 from 2017/2018?
Answer: 133
Calculation: 709-576
M. Property and Equipment, Net
Property and equipment, net, as of the periods presented consisted of the following (table in millions):
As of January 31, 2020, construction in progress primarily represented various buildings and site improvements that had not yet been placed into service.
Depreciation expense was $234 million, $211 million and $206 million during the years ended January 31, 2020, February 1, 2019 and February 2, 2018, respectively.
Table:
 | January 31, 2020 | February 1, 2019
Equipment and software | $1,404 | $1,448
Buildings and improvements | 1,088 | 991
Furniture and fixtures | 120 | 116
Construction in progress | 106 | 56
Total property and equipment | 2,718 | 2,611
Accumulated depreciation | (1,438) | (1,449)
Total property and equipment, net | $1,280 | $1,162


Question: What was the percentage change in the net total property and equipment between 2019 and 2020?
Answer: 10.15
Calculation: (1,280-1,162)/1,162
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
As of December 31, 2019, the Company does not have material operating or financing leases that have not yet commenced.
Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows:
(1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
Table:
Fiscal Year | Operating Lease (1) | Finance Lease (1)
2020 | $904.3 | $8.0
2021 | 878.3 | 5.3
2022 | 845.5 | 4.3
2023 | 810.3 | 3.0
2024 | 766.4 | 2.1
Thereafter | 6,140.1 | 45.4
Total lease payments | 10,344.9 | 68.1
Less amounts representing interest | (3,340.0) | (37.4)
Total lease liability | 7,004.9 | 30.7
Less current portion of lease liability | 494.5 | 6.7
Non-current lease liability | $6,510.4 | $24.0


Question: What was the operating lease in 2020?
Answer: $904.3
(10) Goodwill
Goodwill consists of the following (in millions):
The increase in Goodwill related to our Compass Analytics acquisition is deductible for tax purposes. For the 2018 increase in Goodwill, $19.7 million is deductible for tax purposes and $3.2 million is not deductible for tax purposes.
Table:
 | Software Solutions | Data and Analytics | Corporate and Other | Total
Balance, December 31, 2017 | $2,134.7 | $172.1 | $— | $2,306.8
HeavyWater and Ernst acquisitions (Note 3) | 22.9 | — | — | 22.9
Balance, December 31, 2018 | 2,157.6 | 172.1 | — | 2,329.7
Compass Analytics acquisition (Note 3) | 31.7 | — | — | 31.7
Balance, December 31, 2019 | $2,189.3 | $172.1 | $— | $2,361.4


Question: What was the balance in 2017 for Software Solutions?
Answer: 2,134.7
Uncertain Tax Positions
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
Out of $2.1 million of unrecognized tax benefits, there are no unrecognized tax benefits that would result in a change in the Company's effective tax rate if recognized in future years. The accrued interest and penalties related to uncertain tax positions was not significant for December 29, 2019, December 30, 2018 and December 31, 2017.
The Company is not currently under tax examination and the Company’s historical net operating loss and credit carryforwards may be adjusted bythe Internal Revenue Service, and other tax authorities until the statute closes on the year in which such tax attributes are utilized. The Company estimates that its unrecognized tax benefits will not change significantly within the next twelve months.
The Company is subject to U.S. federal income tax as well as income taxes in many U.S. states and foreign jurisdictions in which the Company operates. The U.S. tax years from 1999 forward remain effectively open to examination due to the carryover of unused net operating losses and tax credits.
Table:
 | December 29, 2019 | December 30,2018 | December 31, 2017
Beginning balance of unrecognized tax benefits | $2,161 | $2,107 | $2,014
Additions for tax positions related to the prior year | (46) | (2) | 16
Additions for tax positions related to the current year | 88 | 125 | 77
Lapse of statutes of limitations | (86) | (69) | —
Ending balance of unrecognized tax benefits | $2,117 | $2,161 | $2,107


Question: What are the respective additions for tax positions related to the current year in 2018 and 2019?
Answer: 125, 88
Free cash flow generation
Bridge from operating income to free cash flow (illustrative)
Focus on delivering a high conversion of operating income to free cash flow of operating income to free cash flow
of operating income to free cash flow
Ongoing activities to reduce costs “below operating income”, including restructuring, financial net and tax
Striving to maintain working capital efficiency but fluctuations may impact cash flow
Planning assumption for capex is about 2% of net sales, while expected to remain above 2% in 2020 due to the new factory in the US
Ambition to over time maintain restructuring charges to around 1% of net sales
M&A will vary depending on strategic decisions but assumed to be around 1–2% of net sales
Operating margin excluding restructuring charges. All numbers are in relation to net sales.
1) Restructuring charges as reported in the income statement for each year.
Table:
 | 2018 | 2019 | Ambition
Operating margin | 4.4% | 5.0% | >12%
financial net, tax and other | -3.8% | -2.5% | -4%
+ depreciation and amortization | +3.9% | +2.9% | +3 to 4%
+ depreciation of leased assets | – | +1.1% | +1%
± change in working capital | +3.7% | +1.0% | ±0
- capex | - 2.4% | -2.8% | -2%
- leasing payment | - | -1.3% | -1%
-  restructuring costs1) | -3.8% | -0.4% | -1%
Free cash flow (before M&A) | 2.0% | 3.4% | >8%
- M&A | -0.6% | -0.7% | ~1 to -2%


Question: What is the operating margin in 2019?
Answer: 5.0%
Non-GAAP Measures
In addition to the results reported in accordance with US GAAP, we also use certain non-GAAP measures such as EBITDA and adjusted EBITDA to evaluate operating performance and to facilitate the comparison of our historical results and trends. These financial measures are not a measure of financial performance under US GAAP and should not be considered in isolation or as a substitute for net income as a measure of performance and net cash provided by operating activities as a measure of liquidity.
They are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. The calculation of these non-GAAP measures may not be comparable to similarly titled measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP are provided below.
EBITDA is defined as net earnings before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required under our credit facility as described in the reconciliations below. These measures are a common measure of operating performance in the telecommunications industry and are useful, with other data, as a means to evaluate our ability to fund our estimated uses of cash.
The following tables are a reconciliation of net income (loss) to adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017:
(1) Other, net includes the equity earnings from our investments, dividend income, income attributable to noncontrolling interests in subsidiaries, acquisition and transaction related costs including integration and severance, non-cash pension and post-retirement benefits and certain other miscellaneous items. (2) Includes all cash dividends and other cash distributions received from our investments.
Table:
 |  |  | Year Ended December 31,
(In thousands, unaudited) | 2019 | 2018 | 2017
Net income (loss) | $ (19,931) | $ (50,571) | $ 65,299
Add (subtract): |  |  | 
Interest expense, net of interest income | 136,660 | 134,578 | 129,786
Income tax benefit | (3,714) | (24,127) | (124,927)
Depreciation and amortization | 381,237 | 432,668 | 291,873
EBITDA | 494,252 | 492,548 | 362,031
Adjustments to EBITDA: |  |  | 
Other, net (1) | (8,847) | 549 | 19,314
Investment distributions (2) | 35,809 | 39,078 | 29,993
Gain on extinguishment of debt | (4,510) | — | —
Non-cash, stock-based compensation | 6,836 | 5,119 | 2,766
Adjusted EBITDA | $ 523,540 | $ 537,294 | $ 414,104


Question: Which Industry commonly uses EBITDA and adjusted EBITDA for measuring operating performance?
Answer: telecommunications industry
Quantitative effect of ASC Topics 606 and 340-40 adoption
(1) While not shown here, gross margin, loss from operations, and loss before income taxes have consequently been affected as a result of the net effect of the adjustments noted above.
(2) The impact on the Consolidated Statements of Comprehensive Loss is limited to the net effects of the impacts noted above on the Consolidated Statements of Operations, specifically on the line item "Net loss."
Table:
 |  | For the Fiscal Year ended January 31, 2019 | 
 | As reported | Impact from the adoption of ASC 606 and 340-40 | As adjusted
Net revenue (1) |  |  | 
Subscription | $1,802.3 | $(16.6) | $1,785.7
Maintenance | 635.1 | 5.7 | 640.8
Other | 132.4 | (11.3) | 121.1
Cost of revenue (1) |  |  | 
Cost of subscription and maintenance revenue | 216.0 | (0.1) | 215.9
Cost of other revenue | 54.4 | 1.1 | 55.5
Operating expenses (1): |  |  | 
Marketing and sales | 1,183.9 | (17.9) | 1,166.0
Provision for income taxes | (38.1) | (4.8) | (42.9)
Net loss (2) | $(80.8) | $(10.1) | $(90.9)
Basic net loss per share | $(0.37) | $(0.05) | $(0.42)
Diluted net loss per share | $(0.37) | $(0.05) | $(0.42)


Question: What have been affected as a result of the net effect of the adjustments?
Answer: gross margin, loss from operations, and loss before income taxes have consequently been affected as a result of the net effect of the adjustments noted above
The following are the significant assumptions adopted in measuring the Company’s pension and other benefit obligations:
For certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.
Table:
As at December 31, | Pension 2019 | Other 2019 | Pension 2018 | Other 2018
Actuarial benefit obligation |  |  |  | 
Discount rate | 3.20% | 2.95% to 3.20% | 3.80% | 3.80% to 4.00%
Benefit costs for the year ended |  |  |  | 
Discount rate | 3.90% | 3.90% to 4.00% | 3.60% | 3.25% to 3.60%
Future salary growth | 2.50% | N/A | 2.50% | N/A
Health care cost trend rate | N/A | 3.49% to 5.49% | N/A | 4.50%
Other medical trend rates | N/A | 4.00% to 4.56% | N/A | 4.50%


Question: What are the respective pension discount rates for actuarial benefit obligation in 2019 and 2018 respectively?
Answer: 3.20%, 3.80%
3. VOYAGE REVENUES
Our voyage revenues consist of time charter revenues and spot charter revenues with the following split:
*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated.
Table:
All amounts in USD ‘000  | 2019 | 2018 | 2017
Spot charter revenues* | 283,007 | 259,978 | 257,495
Time charter revenues   | 34,213 | 29,038 | 39,646
Total Voyage Revenues   | 317,220 | 289,016 | 297,141


Question: What is the value of the 2019 total voyage revenue as a percentage of the 2018 total voyage revenues?
Answer: 109.76
Calculation: 317,220/289,016
Free cash flow
We define free cash flow as net cash provided by (used in) operating activities less purchase of property and equipment. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in our business and strengthening the balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. Free cash flow is not prepared in accordance with U.S. GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP.
The following table presents a reconciliation of net cash provided by (used in) operating activities to free cash flow:
(1) Our adoption of ASU 2016-09 on January 1, 2017 resulted in excess tax benefits for share-based payments recorded as a reduction of income tax expense and reflected within operating cash flows, rather than recorded within equity and reflected within financing cash flows. We elected to adopt this new standard retrospectively, which impacted the presentation for all periods prior to the adoption date.
Table:
 |  |  | Year Ended December 31, |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 |  |  | (in thousands) |  | 
Net cash provided by (used in) operating activities (1) | $(156,832) | $113,207 | $64,241 | $138,720 | $141,257
Purchase of property and equipment | (36,531) | (52,880) | (89,160) | (78,640) | (30,566)
Free cash flow | $(193,363) | $60,327 | $(24,919) | $60,080 | $110,691
Net cash provided by (used in) investing activities | $25,761 | $17,496 | $(28,718) | $(392,666) | $(170,027)
Net cash provided by (used in) financing activities (1) | $(8,406) | $1,287 | $4,635 | $19,794 | $368,953


Question: What is the percentage change for net cash provided by financing activities from 2017 to 2018?
Answer: 72.23
Calculation: (4,635-1,287)/4,635