hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Selling, General and Administrative
Selling, general and administrative expense decreased $13.0 million to $88.8 million for the year ended December 31, 2019, as compared to $101.8 million for the year ended December 31, 2018. The decrease was primarily due to a decrease in intangible asset amortization of $8.9 million as certain assets reached the end of their useful lives, as well as decreases in payroll-related expense of $1.7 million due to lower headcount, professional fees of $1.3 million, outside services of $0.5 million, and travel-related expenses of $0.3 million.
We expect selling, general and administrative expenses to remain relatively flat in the near-term; however, our expenses may increase in the future as we expand our sales and marketing organization to enable market expansion.
Table:
 | Year Ended December 31, |  | % Change
 | 2019 | 2018 | 2019
 |  | (dollars in thousands) | 
Selling, general and administrative | $88,762 | $101,789 | (13)%
% of net revenue | 28% | 26% | 


Question: What is the average % of net revenue for the Years Ended December 31, 2019 to 2018?
Answer: 27
Calculation: (28+26) / 2
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk of loss related to adverse changes in market prices, including interest rates and foreign exchange rates, of financial instruments. We are exposed to various types of market risks, including changes in interest rates and foreign currency exchange rates, in the normal course of business.
We use financial instruments, including variable rate debt and swaps and foreign exchange spot transactions, to manage risks associated with our interest rate and foreign currency exposures through a controlled program of risk management in accordance with established policies. These policies are reviewed and approved by our board of directors and stockholders’ meeting. Our treasury operations are subject to internal audit on a regular basis. We do not hold or issue derivative financial instruments for speculatively purposes.
Since export sales are primarily conducted in U.S. dollars, we had U.S. dollar-denominated accounts receivable of US$626 million as of December 31, 2019. As of the same date, we also had Japanese Yen-denominated accounts receivable of ¥14,266 million attributable to our Japanese operations and Renminbi-denominated accounts receivable of RMB¥710 million attributable to our China operations. We had U.S. dollar-, Japanese Yen- and Renminbi-denominated accounts payables of US$128 million, ¥7,193 million and RMB¥262 million, respectively, as of December 31, 2019.
Our primary market risk exposures relate to interest rate movements on borrowings and exchange rate movements on foreign currency denominated accounts receivable, capital expenditures relating to equipment used in manufacturing processes (including lithography, etching and chemical vapor deposition) and purchased primarily from Europe, Japan and the United States.
The following table provides information as of December 31, 2019 on our market risk sensitive financial instruments.
Table:
 | As of December 31, 2019 | 
 | Carrying Amount | Fair Amount
 | (in NT$ millions) | 
Time Deposits: Non-Trading Purpose | 62,320 | 62,320
Short-term Loans: Non-Trading Purpose | 12,015 | 12,015
Bonds: Non-Trading Purpose | 38,781 | 39,572
Long-term Loans: Non-Trading Purpose | 33,902 | 33,902


Question: What is market risk?
Answer: Market risk is the risk of loss related to adverse changes in market prices, including interest rates and foreign exchange rates, of financial instruments.
PSUs, RSUs and restricted stock
Under the 2015 Plan, awards other than stock options, including PSUs, RSUs and restricted stock, may be granted to certain employees and officers.
Under our market-based PSU program, the number of shares of common stock earned by a recipient is subject to a market condition based on ADTRAN’s relative total shareholder return against all companies in the NASDAQ Telecommunications Index at the end of a three-year performance period. Depending on the relative total shareholder return over the performance period, the recipient may earn from 0% to 150% of the shares underlying the PSUs, with the shares earned distributed upon the vesting. The fair value of the award is based on the market price of our common stock on the date of grant, adjusted for the expected outcome of the impact of market conditions using a Monte Carlo Simulation valuation method. A portion of the granted PSUs vests and the underlying shares become deliverable upon the death or disability of the recipient or upon a change of control of ADTRAN, as defined by the 2015 Plan. The recipients of the PSUs receive dividend credits based on the shares of common stock underlying the PSUs. The dividend credits vest and are earned in the same manner as the PSUs and are paid in cash upon the issuance of common stock for the PSUs.
During the first quarter of 2017, the Compensation Committee of the Board of Directors approved a one-time PSU grant of 0.5 million shares that contained performance conditions and would have vested at the end of a three-year period if such performance conditions were met. The fair value of these performance-based PSU awards was equal to the closing price of our stock on the date of grant. These awards were forfeited during the first quarter of 2020 as the performance conditions were not achieved.
The fair value of RSUs and restricted stock is equal to the closing price of our stock on the business day immediately preceding the grant date. RSUs and restricted stock vest ratably over four-year and one-year periods, respectively.
We will continue to assess the assumptions and methodologies used to calculate the estimated fair value of stock-based compensation. If circumstances change, and additional data becomes available over time, we may change our assumptions and methodologies, which may materially impact our fair value determination.
The following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2018 and 2019 and the changes that occurred during 2019:
Table:
(In thousands, except per share amounts) | Number of Shares | Weighted Average Grant Date Fair Value
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2018 | 1,570 | $18.52
PSUs, RSUs and restricted stock granted | 897 | $9.63
PSUs, RSUs and restricted stock vested | (368) | $17.23
PSUs, RSUs and restricted stock forfeited | (208) | $18.24
Unvested RSUs and restricted stock outstanding, December 31, 2019 | 1,891 | $14.58


Question: What was the change in Unvested RSUs and restricted stock outstanding between 2018 and 2019?
Answer: 321
Calculation: 1,891-1,570
Contractual Obligations and Commercial Commitments
We lease office space and equipment under operating leases that run through October 2028. Additionally, we have entered into a Credit Agreement that matures in April 2024 and have issued Senior Notes that mature in August 2026.
Contractual obligations as of December 31, 2019, are as follows (in thousands):
(1) Based on the Term Loans debt outstanding and interest rate in effect at December 31, 2019, of 4.05%.
(2) Based on Revolving Credit Facility debt outstanding and interest rate in effect at December 31, 2019, of 3.99%.
(3) Based on 2026 Notes issued of $400.0 million with an annual interest rate of 5.750%.
(4) During the year ended December 31, 2019, we financed certain multi-year license agreements for internal-use software for $10.4 million with annual payments through April 1, 2022. As of December 31, 2019, $13.8 million is outstanding under these and other agreements previously entered into, of which $6.0 million and $7.8 million is included in other current liabilities and other noncurrent liabilities, respectively, in our Consolidated Balance Sheet in Part IV, Item 15 of this Form 10-K as of December 31, 2019.
We are unable to reasonably estimate the ultimate amount or timing of settlement of our reserves for income taxes under ASC 740, Income Taxes. The liability for unrecognized tax benefits at December 31, 2019, is $29.0 million.
Table:
 |  |  | Payments Due by Period |  | 
 | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years
Operating lease obligations | $ 70,284 | $ 17,180 | $ 23,116 | $ 12,738 | $ 17,250
Term loans | 756,060 | 38,950 | 89,381 | 627,729 | —
Term loans interest (1) | 117,168 | 30,025 | 55,232 | 31,911 | —
Revolving credit facility | 239,000 | — | — | 239,000 | —
Revolving credit facility interest (2) | 40,528 | 9,536 | 19,072 | 11,920 | —
Senior notes | 400,000 | — | — | — | 400,000
Senior notes interest (3) | 149,500 | 23,000 | 46,000 | 46,000 | 34,500
Financed internal-use software (4) | 13,822 | 5,974 | 7,848 | — | —
Total | $1,786,362 | $124,665 | $240,649 | $969,298 | $451,750


Question: What percentage of the total consists of payments due less than 1 year?
Answer: 6.98
Calculation: $124,665/$1,786,362
EXPLANATORY INFORMATION
For the years ended December 31, 2019 and 2018, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2019 was reduced by $6 million (2018 – $2 million) in the diluted earnings per share calculation.
For the year ended December 31, 2019, there were 1,077,875 options out of the money (2018 – 37,715) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.
Table:
 | Years ended December 31 | 
(In millions of dollars, except per share amounts) | 2019 | 2018
Numerator (basic) – Net income for the year | 2,043 | 2,059
Denominator – Number of shares (in millions): Weighted average number of shares outstanding – basic | 512 | 515
Effect of dilutive securities (in millions): Employee stock options and restricted share units | 1 | 1
Weighted average number of shares outstanding – diluted | 513 | 516
Earnings per share: |  | 
Basic | $3.99 | $4.00
Diluted | $3.97 | $3.99


Question: For the year ended December 31, 2019, how much was the options out of the money for purposes of the calculation of earnings per share?
Answer: For the year ended December 31, 2019, there were 1,077,875 options out of the money (2018 – 37,715) for purposes of the calculation of earnings per share.
five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2011 and that all dividends were reinvested . the information below is historical in nature and is not necessarily indicative of future performance . purchases of equity securities 2013 during 2016 , we repurchased 35686529 shares of our common stock at an average price of $ 88.36 . the following table presents common stock repurchases during each month for the fourth quarter of 2016 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .

Table:
period | total number of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]
oct . 1 through oct . 31 | 3501308 | $ 92.89 | 3452500 | 23769426
nov . 1 through nov . 30 | 2901167 | 95.68 | 2876067 | 20893359
dec . 1 through dec . 31 | 3296652 | 104.30 | 3296100 | 17597259
total | 9699127 | $ 97.60 | 9624667 | n/a
[a] total number of shares purchased during the quarter includes approximately 74460 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .
[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .
these repurchases may be made on the open market or through other transactions .
our management has sole discretion with respect to determining the timing and amount of these transactions .
on november 17 , 2016 , our board of directors approved the early renewal of the share repurchase program , authorizing the repurchase of up to 120 million shares of our common stock by december 31 , 2020 .
the new authorization was effective january 1 , 2017 , and replaces the previous authorization , which expired on december 31 , 2016. .

Question: during 2016 what was the percent of the number of shares bought in the fourth quarter
Answer: 27.2%
Calculation: divide(9699127, 35686529)
Concentrations
The Company may be subject to concentration of credit risk as a result of certain financial instruments consisting of accounts receivable and short term investments. The Company performs ongoing credit evaluations of its customers and generally does not require collateral in exchange for credit.
The following table sets forth major customers accounting for 10% or more of the Company’s net revenue:
Table:
 | Year Ended |  | 
 | June 30,
2019 | June 30,
2018 | June 30, 2017
Tech Data Corporation | 18% | 14% | 16%
Jenne Corporation | 17% | 13% | 15%
Westcon Group Inc. | 12% | 13% | 12%


Question: What was the percentage of net revenue occupied by Tech Data Corporation in 2017?
Answer: 16
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)
NOTE 18 — Income Taxes
Significant components of income tax provision/(benefit) are as follows:
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Current: |  |  | 
U.S. | $(391) | $(397) | $1,635
Non-U.S. | 10,666 | 12,538 | 7,150
Total Current | 10,275 | 12,141 | 8,785
Deferred: |  |  | 
U.S. | 558 | (330) | 17,597
Non-U.S. | 3,287 | (240) | (577)
Total Deferred | 3,845 | (570) | 17,020
Total provision for income taxes | $14,120 | $11,571 | $25,805


Question: What was the percentage change in the Total provision for income taxes between 2018 and 2019?
Answer: 22.03
Calculation: (14,120-11,571)/11,571
24. Operating lease commitments
The Group has lease agreements in respect of property, plant and equipment, for which future minimum payments extend over a number of years.
Leases primarily relate to the Group’s properties, which principally comprise offices and factories. Lease payments are typically subject to market review every five years to reflect market rentals, but because of the uncertainty over the amount of any future changes, such changes have not been reflected in the table below. Within our leasing arrangements there are no significant contingent rental, renewal, purchase or escalation clauses.
The future aggregate minimum lease payments under non-cancellable operating leases for continuing operations are as follows:
The Group has made provision for the aggregate minimum lease payments under non-cancellable operating leases. The Group sub-lets various properties under non-cancellable lease arrangements. Sub-lease receipts of £0.2m (2017/18: £0.2m) were recognised in the statement of profit or loss during the period. The total future minimum sub-lease payments at the period end is £0.2m (2017/18: £0.2m).
Table:
 | As at 30 Mar 2019 |  | As at 31 Mar 2018 | 
 | Property | Plant and Equipment | Property | Plant and Equipment
 | £m | £m | £m | £m
Within one year | 1.8 | 1.3 | 2.5 | 1.8
Between 2 and 5 years | 6.3 | 2.4 | 5.3 | 1.9
After 5 years | 6.0 | 0.5 | 9.4 | –
Total | 14.1 | 4.2 | 17.2 | 3.7


Question: What was the property payment within one year in 2019?
Answer: 1.8
General and Administrative Expense
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
Table:
 | Year Ended December 31, |  | Change | 
 | 2018 | 2017 | $ | %
 |  | (dollars in thousands) |  | 
General and administrative | $ 31,462 | $ 22,895 | $ 8,567 | 37.4%
% of revenue | 21% | 22% |  | 


Question: What is the average General and administrative expense for 2017 and 2018?
Answer: 27178.5
Calculation: (31,462 + 22,895) / 2
Allocation of Goodwill to Reporting Segment
The following table shows our goodwill balances by reportable segment:
As noted above, it was determined under a quantitative assessment that there was no impairment of goodwill. However, if we become aware of indicators of impairment in future periods, we may be required to perform an interim assessment for some or all of our reporting units before the next annual assessment. Examples of such indicators may include a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of. In the event of significant adverse changes of the nature described above, we may have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations.
Table:
(In millions) | Food Care | Product Care | Total
Gross Carrying Value at December 31, 2017 | $ 576.5 | $ 1,554.1 | $ 2,130.6
Accumulated impairment | (49.6 ) | (141.2) | (190.8)
Carrying Value at December 31, 2017 | $ 526.9 | $ 1,412.9 | $ 1,939.8
Acquisition, purchase price and other adjustments | (0.6 ) | 18.2 | 17.6
Currency translation | (6.6 ) | (3.2) | (9.8)
Gross Carrying Value at December 31, 2018 | $ 568.9 | $ 1,568.9 | $ 2,137.8
Accumulated impairment | (49.2 ) | (141.0) | (190.2)
Carrying Value at December 31, 2018 | $ 519.7 | $ 1,427.9 | $ 1,947.6
Acquisition, purchase price and other adjustments | 6.3 | 257.0 | 263.3
Currency translation | 2.0 | 4.1 | 6.1
Gross Carrying Value at December 31, 2019 | $ 577.2 | $ 1,830.0 | $ 2,407.2
Accumulated impairment | (49.3 ) | (141.0) | (190.3)
Carrying Value at December 31, 2019 | $ 527.9 | $ 1,689.0 | $ 2,216.9


Question: What is the impact of a significant adverse impairment of goodwill?
Answer: we may have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations.
Liquidity and Capital Resources
As of December 31, 2019, we had cash and cash equivalents of $92.7 million, restricted cash of $0.4 million, and net accounts receivable of $50.4 million. Additionally, as of December 31, 2019, our working capital was $115.2 million.
Our primary uses of cash are to fund operating expenses, purchases of inventory, property and equipment, intangible assets, and from time to time, the acquisition of businesses. We also use cash to pay down outstanding debt. Our cash and cash equivalents are impacted by the timing of when we pay expenses as reflected in the change in our outstanding accounts payable and accrued expenses.
Cash used to fund operating expenses in our consolidated statements of cash flows excludes the impact of non-cash items such as stock-based compensation, amortization and depreciation of acquired intangible assets, leased right-of-use assets and property and equipment, and impairment of intangible assets and long-lived assets. Cash used to fund acquisitions of businesses and other capital purchases is included in investing activities in our consolidated statements of cash flows.
Our primary sources of cash are cash receipts on accounts receivable from our shipment of products to distributors and direct customers. Aside from the amounts billed to our customers, net cash collections of accounts receivable are impacted by the efficiency of our cash collections process, which can vary from period to period depending on the payment cycles of our major distributor customers, and relative linearity of shipments period-to-period.
Our credit agreement, under which we entered into a term loan to partially fund our acquisition of Exar, permits us to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. We have not requested any incremental loans to date.
Following is a summary of our working capital, cash and cash equivalents, and restricted cash for the periods indicated:
Table:
 | December 31, | 
 | 2019 | 2018
 | (in thousands) | 
Working capital | $115,208 | 110,044
Cash and cash equivalents | $92,708 | $73,142
Short-term restricted cash | 349 | 645
Long-term restricted cash | 60 | 404
Total cash and cash equivalents, restricted cash and investments | $93,117 | 74,191


Question: What is the average Working capital for December 31, 2019 to 2018?
Answer: 112626
Calculation: (115,208+110,044) / 2
Note 8. Goodwill and Intangible Assets, Net
The changes in goodwill by reportable segment are outlined below (in thousands):
On October 21, 2019, we acquired 85% of the issued and outstanding capital stock of OpenEye and recorded $41.4 million of goodwill in the Alarm.com segment. There were no impairments of goodwill recorded during the years ended December 31, 2019, 2018 or 2017. As of December 31, 2019, the accumulated balance of goodwill impairments was $4.8 million, which is related to our acquisition of EnergyHub in 2013.
Table:
 | Alarm.com | Other | Total
Balance as of January 1, 2018 | $63,591 | $— | $63,591
Goodwill acquired | — | — | —
Balance as of December 31, 2018 | 63,591 | — | 63,591
Goodwill acquired | 41,372 | — | 41,372
Balance as of December 31, 2019 | $104,963 | $— | $104,963


Question: How much goodwill did the company record in the Alarm.com segment on October 21, 2019?
Answer: $41.4 million