hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars — except share data)
NOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents and restricted cash consisted of the following:
Short-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months
Cash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions. See also Note 2(e).
Table:
 | December 31, 2019 | December 31,2018
Cash on hand and at banks | $77,041 | $131,432
Short-term deposits and highly liquid funds | 950 | 6,450
Restricted cash | 736 | 12,892
Cash and cash equivalents and restricted cash | $78,727 | $150,774


Question: What was the percentage change in the amount of restricted cash between 2018 and 2019?
Answer: -94.29
Calculation: (736-12,892)/12,892
Operating income in 2019 was $1,203 million, decreasing by $197 million compared to 2018, reflecting normal price pressure, increased unsaturation charges and higher R&D spending, partially offset by higher level of grants and favorable currency effects, net of hedging.
Operating income in 2018 was $1,400 million, improved by $395 million compared to 2017, reflecting higher volumes, improved manufacturing efficiencies and product mix and lower restructuring charges, partially offset by unfavorable currency effects, net of hedging, normal price pressure and higher operating expenses.
Table:
 |  | Year Ended December 31, | 
 | 2019 | 2018 | 2017
 |  | (In millions) | 
Operating income | $1,203 | $1,400 | $1,005
As percentage of net revenues | 12.6% | 14.5% | 12.0%


Question: What is the average operating income as percentage of net revenues?
Answer: 13.03
Calculation: (12.6+14.5+12.0) / 3
Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business.
We have experienced significant volatility in our average selling prices, including dramatic declines as noted in the table below, and may continue to experience such volatility in the future. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future. Average selling prices for our products that decline faster than our costs could have a material adverse effect on our business, results of operations, or financial condition.
Table:
 | DRAM | NAND
 | (percentage change in average selling prices) | 
2019 from 2018 | (30)% | (44)%
2018 from 2017 | 37% | (8)%
2017 from 2016 | 19% | (7)%
2016 from 2015 | (35)% | (19)%
2015 from 2014 | (11)% | (15)%


Question: What was the effect on the company when the average selling prices for the products decline faster than the costs?
Answer: a material adverse effect on our business, results of operations, or financial condition.
vornado realty trust notes to consolidated financial statements ( continued ) 9 . debt - continued our revolving credit facility and senior unsecured notes contain financial covenants which require us to maintain minimum interest coverage ratios and limit our debt to market capitalization ratios . we believe that we have complied with all of our financial covenants as of december 31 , 2007 . on may 9 , 2006 , we executed supplemental indentures with respect to our senior unsecured notes due 2007 , 2009 and 2010 ( collectively , the 201cnotes 201d ) , pursuant to our consent solicitation statement dated april 18 , 2006 , as amended . holders of approximately 96.7% ( 96.7 % ) of the aggregate principal amount of the notes consented to the solicitation . the supplemental indentures contain modifications of certain covenants and related defined terms governing the terms of the notes to make them consistent with corresponding provisions of the covenants and defined terms included in the senior unsecured notes due 2011 issued on february 16 , 2006 . the supplemental indentures also include a new covenant that provides for an increase in the interest rate of the notes upon certain decreases in the ratings assigned by rating agencies to the notes . in connection with the consent solicitation we paid an aggregate fee of $ 2241000 to the consenting note holders , which will be amortized into expense over the remaining term of the notes . in addition , we incurred advisory and professional fees aggregating $ 1415000 , which were expensed in 2006 . the net carrying amount of properties collateralizing the notes and mortgages payable amounted to $ 10.920 billion at december 31 , 2007 . as at december 31 , 2007 , the principal repayments required for the next five years and thereafter are as follows : ( amounts in thousands ) .

Table:
year ending december 31, | amount
2008 | $ 526768
2009 | 478269
2010 | 778320
2011 | 1071195
2012 | 609546
thereafter | 5473734
.

Question: principal payments required for 2009 were what percent of those for 2010?
Answer: 61.4%
Calculation: divide(478269, 778320)
The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).
At 31 March 2019, trade receivables at a nominal value of $1.2M (2018: $0.9M) were impaired and fully provided for. Movements in the provision for impairment of receivables were as follows: 31
Table:
 | 31 March 2019 | 31 March 2018
 | $M | $M
At 1 April | 0.9 | 0.4
Charge for the year | 0.6 | 0.6
Amounts written off | (0.2) | (0.1)
Effects of movements in exchange rates | (0.1) | –
At 31 March | 1.2 | 0.9


Question: In which year was the amount at 31 March larger?
Answer: 2019
Calculation: 1.2>0.9
(B.2) Employee Benefits Expenses
Components of Employee Benefits Expenses
Table:
€ millions | 2019 | 2018 | 2017
Salaries | 10,031 | 9,025 | 8,693
Social security expenses | 1,477 | 1,339 | 1,281
Share-based payment expenses | 1,835 | 830 | 1,120
Pension expenses | 369 | 330 | 312
Employee-related restructuring expenses | 1,111 | 19 | 180
Termination benefits outside of restructuring plans | 47 | 52 | 57
Employee benefits expenses | 14,870 | 11,595 | 11,643


Question: In which year were the Termination benefits outside of restructuring plans the largest?
Answer: 2017
Calculation: 57>52>47
Disaggregated revenue
The Group’s revenues by geographic region based on end-users who purchased our products or services are as follows:
Revenues from the United States totaled approximately $529 million, $386 million, and $281 million for the fiscal years ended 2019, 2018, and 2017, respectively. Revenues from our country of domicile, the United Kingdom, totaled approximately $86 million, $63 million, and $46 million for the fiscal years ended 2019, 2018, and 2017, respectively. No one customer has accounted for more than 10% of revenue for the fiscal years ended 2019, 2018, and 2017.
Table:
 |  | Fiscal Year Ended June 30, | 
 | 2019 | 2018 | 2017
 |  | (U.S. $ in thousands) | 
 |  | *As Adjusted | *As Adjusted
Americas | $603,959 | $439,363 | $317,432
EMEA | 474,712 | 347,509 | 193,790
Asia Pacific | 131,456 | 94,106 | 115,462
 | $1,210,127 | $880,978 | $626,684


Question: What are the revenue amounts from the United States for fiscal years ended 2017, 2018 and 2019 respectively?
Answer: $281 million, $386 million, $529 million
Stock Compensation Expense
The following table shows total stock-based compensation expense and related tax benefits included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017 (in thousands):
As a result of our acquisition of Rofin on November 7, 2016, we made a payment of $15.3 million due to the cancellation of options held by employees of Rofin. The payment was allocated between total estimated merger consideration of $11.1 million and post-merger stock-based compensation expense of $4.2 million, recorded in the first quarter of fiscal 2017, based on the portion of the total service period of the underlying options that have not been completed by the merger date.
During fiscal 2019, $4.8 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.8 million was amortized into cost of sales and $1.5 million remained in inventory at September 28, 2019. During fiscal 2018, $4.7 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.4 million was amortized into cost of sales and $1.5 million remained in inventory at September 29, 2018.
At fiscal 2019 year-end, the total compensation cost related to unvested stock-based awards granted to employees under our stock plans but not yet recognized was approximately $33.1 million. We do not estimate forfeitures. This cost will be amortized on a straight-line basis over a weighted-average period of approximately 1.5 years.
Table:
 |  | Fiscal | 
 | 2019 | 2018 | 2017
Cost of sales | $4,880 | $4,403 | $3,541
Research and development | 2,990 | 3,247 | 2,973
Selling, general and administrative | 28,596 | 25,088 | 23,911
Income tax benefit | (4,946) | (5,073) | (7,073)
 | $31,520 | $27,665 | $23,352


Question: In which years was cost of sales calculated?
Answer: 2019, 2018, 2017
Geographical information
Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:
Note: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan
Revenues from customers inside the U.S. were $2.8 billion, $2.8 billion, and $2.1 billion during fiscal 2019, 2018, and 2017, respectively. No other individual country accounted for more than 10% of revenues.
Table:
 |  | Year Ended | 
(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017
Americas | $3,028 | $3,031 | $2,329
EMEA | 1,002 | 1,048 | 955
APJ | 701 | 755 | 735
Total net revenues | $4,731 | $4,834 | $4,019


Question: What is the Revenues from customers inside the U.S. expressed as a percentage of Total net revenues for 2019?
Answer: 59.18
Calculation: 2.8 billion /4,731 million
As of December 31, 2019 and 2018, the fair value of the 2022 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2022 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows (in thousands):
In connection with the issuance of the 2022 Notes, the Company entered into capped call transactions with certain counterparties affiliated with the initial purchasers and others. The capped call transactions are expected to reduce potential dilution of earnings per share upon conversion of the 2022 Notes.
Under the capped call transactions, the Company purchased capped call options that in the aggregate relate to the total number of shares of the Company’s common stock underlying the 2022 Notes, with an initial strike price of approximately $33.71 per share, which corresponds to the initial conversion price of the 2022 Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the 2022 Notes, and have a cap price of approximately $47.20.
The cost of the purchased capped calls of $12.9 million was recorded to shareholders’ equity and will not be re-measured.
Based on the closing price of the Company’s common stock of $78.08 on December 31, 2019, the if-converted value of the 2022 Notes was more than their respective principal amounts.
Table:
 |  | As of December 31, |  | 
 | 2019 |  | 2018 | 
 | Fair Value | Carrying Value | Fair Value | Carrying Value
2022 Notes | $215,801 | $79,224 | $ 189,802 | $94,097


Question: What was the initial strike price?
Answer: $33.71 per share
issuer purchases of equity securities during the three months ended december 31 , 2007 , we repurchased 8895570 shares of our class a common stock for an aggregate of $ 385.1 million pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .

Table:
period | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions )
october 2007 | 3493426 | $ 43.30 | 3493426 | $ 449.9
november 2007 | 2891719 | $ 44.16 | 2891719 | $ 322.2
december 2007 | 2510425 | $ 44.20 | 2510425 | $ 216.2
total fourth quarter | 8895570 | $ 43.27 | 8895570 | $ 216.2
( 1 ) issuer repurchases pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 .
under this program , our management was authorized through february 2008 to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .
to facilitate repurchases , we typically made purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allow us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .
subsequent to december 31 , 2007 , we repurchased 4.3 million shares of our class a common stock for an aggregate of $ 163.7 million pursuant to this program .
in february 2008 , our board of directors approved a new stock repurchase program , pursuant to which we are authorized to purchase up to an additional $ 1.5 billion of our class a common stock .
purchases under this stock repurchase program are subject to us having available cash to fund repurchases , as further described in item 1a of this annual report under the caption 201crisk factors 2014we anticipate that we may need additional financing to fund our stock repurchase programs , to refinance our existing indebtedness and to fund future growth and expansion initiatives 201d and item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources . 201d .

Question: during the 4th quarter of 2007 and the first quarter of 2008 , what were cumulative stock purchases in million dollars?
Answer: 548.8
Calculation: add(163.7, 385.1)
21 Share-based payments
(a) Performance rights
The performance rights plan was established by the Board of Directors to provide long-term incentives to the Group’s Senior Executives based on total shareholder returns (TSR) taking into account the Group’s financial and operational performance. Under the Plan, eligible participants may be granted performance rights on terms and conditions determined by the Board from time to time. Performance rights were granted during the course of FY17, FY18 and FY19. The vesting conditions for grants relate to TSR exceeding the ASX 200 Accumulation Index over the measurement period. Vesting of the rights will be tested on or around the day following the release of each of the annual results for the years ended 30 June 2019, 2020 and 2021 respectively.
Performance rights are granted by the Company for nil consideration. The Board has discretion to determine if the value will be provided in shares, cash or a combination of shares and cash. Rights granted under the plan carry no dividend or voting rights.
The fair value of the rights at the date of valuation was determined using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.
Table:
 | 30 June 2019 | 30 June 2019 | 30 June 2018 | 30 June 2018
 | Number of Rights | Average Fair Value | Number of Rights | Average Fair Value
Opening balance | 2,948,960 | $1.87 | 3,460,195 | $1.26
Granted during the year | 828,285 | $3.07 | 762,577 | $3.32
Vested during the year | (1,307,885) | $1.19 | (1,273,812) | $1.09
Forfeited during the year | - | $0.00 | - | $0.00
Closing balance | 2,469,360 | $2.64 | 2,948,960 | $1.87


Question: What was the percentage change in average fair value at closing balance between 2018 and 2019?
Answer: 41.18
Calculation: (2.64 - 1.87) / 1.87
F. Tabular Disclosure of Contractual Obligations
The following table sets forth our contractual obligations and commitments with definitive payment terms on a consolidated basis which will require significant cash outlays in the future as of December 31, 2019.
(1) Assuming the domestic bonds are paid off upon maturity.
(2) Represents our obligations to make lease payments mainly to use machineries, equipment, office and land on which our fabs are located, primarily in the Hsinchu Science Park and the Tainan Science Park in Taiwan, Pasir Ris Wafer Fab Park in Singapore.
(3) Represents commitments for purchase of raw materials and construction contracts, intellectual properties and royalties payable under our technology license agreements. These commitments include the amounts which are not recorded on our balance sheet as of December 31, 2019.
(4) Represents the guarantee deposits and financial liability for the repurchase of other investors’ investment. The amounts of payments due under these agreements are determined based on fixed contract amounts.
Table:
 |  |  | Payments Due by Period |  | 
 | Total | Less than 1 Year | 1-3 Years | 4-5 Years | After 5 Years
 |  |  | (in NT$ millions)$ millions) |  | 
Long-term debt(1) |  |  |  |  | 
Unsecured bonds | 39,940 | 20,660 | 10,590 | 8,690 | —
Loans | 51,058 | 18,316 | 19,632 | 13,098 | 12
Lease obligations(2) | 7,128 | 741 | 1,414 | 1,181 | 3,792
Purchase obligations(3) | 38,878 | 29,832 | 2,845 | 1,810 | 4,391
Other long-term obligations(4) | 21,411 | 101 | 12,765 | 8,446 | 99
Total contractual cash obligations | 158,415 | 69,650 | 47,246 | 33,225 | 8,294


Question: What are the obligations to make lease payments?
Answer: obligations to make lease payments mainly to use machineries, equipment, office and land on which our fabs are located
The fair value of options granted in the respective fiscal years are estimated on the date of grant using the Black-Scholes optionpricing model, acceptable under ASC 718, with the following weighted average assumptions:
Expected volatilities are based on the Company’s historical common stock volatility, derived from historical stock price data for periods commensurate with the options’ expected life. The expected life of options granted represents the period of time options are expected to be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero coupon bonds issued with a term equal to the expected life at the date of grant of the options. The expected dividend yield is zero, as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future.
Table:
 | Years Ended December 31, | 
 | 2018 | 2017
Expected life (years) | 5.6 | 5.6
Risk-free interest rate | 2.7% | 1.9%
Expected volatility | 26.4% | 29.4%
Expected dividend yield | — | —


Question: What was the risk-free interest rate in 2018?
Answer: 2.7%
Net Sales
The following table presents our net sales and the percentage of total net sales by segment:
Table:
 |  | Fiscal |  | 
 | 2019 |  | 2018 | 
 |  | ($ in millions) |  | 
Transportation Solutions | $  7,821 | 58 % | $ 8,290 | 59 %
Industrial Solutions | 3,954 | 30 | 3,856 | 28
Communications Solutions | 1,673 | 12 | 1,842 | 13
Total | $ 13,448 | 100 % | $ 13,988 | 100 %


Question: What was the percentage change in Industrial Solutions in 2019 from 2018?
Answer: 2.54
Calculation: (3,954-3,856)/3,856
Total Expense and Other (Income)
* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.
The following Red Hat-related expenses were included in 2019 total consolidated expense and other (income), with no corresponding expense in the prior-year: Red Hat operational spending, interest expense from debt issuances to fund the acquisition and other acquisition-related activity, including: amortization of acquired intangible assets, retention and legal and advisory fees associated with the transaction.
Total expense and other (income) increased 2.8 percent in 2019 versus the prior year primarily driven by higher spending including Red Hat operational spending and investments in software and systems innovation, higher interest expense, non-operating acquisition-related activity associated with the Red Hat transaction and lower IP income, partially offset by lower non-operating retirement-related costs, divesture-related activity (gains on divestitures and lower spending) and the effects of currency. Total operating (non-GAAP) expense and other (income) increased 4.1 percent year to year, driven primarily by the factors above excluding the higher non-operating acquisition related activity and lower non-operating retirement-related costs described above.
Table:
($ in millions) |  |  | 
For the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent/ Margin Change*
Total consolidated expense and other (income) | $26,322 | $25,594 | 2.8%
Non-operating adjustments |  |  | 
Amortization of acquired intangible assets | (764) | (437) | 74.8
Acquisition-related charges | (409) | (16) | NM
Non-operating retirement related (costs)/income | (615) | (1,572) | (60.9)
Operating (non-GAAP) expense and other (income) | $24,533 | $23,569 | 4.1%
Total consolidated expense-to-revenue ratio | 34.1% | 32.2% | 2.0 pts.
Operating (non-GAAP) expense-to-revenue ratio | 31.8% | 29.6% | 2.2 pts.


Question: What expenses were included in 2019 total consolidated expenses and other (income)?
Answer: Red Hat operational spending, interest expense from debt issuances to fund the acquisition and other acquisition-related activity, including: amortization of acquired intangible assets, retention and legal and advisory fees associated with the transaction.
xvi. Equity shares in the suspense account:
In accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI Listing Regulations, details of equity shares in the suspense account are as follows:
*Pursuant to allotment of 1:1 bonus equity shares.
The voting rights on the shares outstanding in the suspense account as on March 31, 2019 shall remain frozen till the rightful owner of such shares claims the shares.
Table:
Particulars | Number of shareholders | Number of equity shares
Aggregate number of shareholders and the outstanding shares in the suspense account lying as on April 1, 2018 | 26 | 820
Shareholders who approached the Company for transfer of shares from suspense account during the year | - | -
Shareholders to whom shares were transferred from the suspense account during the year | - | -
Shareholders whose shares are transferred to the demat account of the IEPF Authority as per Section 124 of the Act | - | -
Aggregate number of shareholders and the outstanding shares in the suspense account lying as on March 31, 2019 | 26 | 1,640*


Question: How many bonus equity shares were alloted during the year?
Answer: 820
Calculation: 820*1