hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
12. INCOME TAXES
On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law in the U.S. The Tax Act significantly revised the future ongoing U.S. corporate income tax by, among other things, lowering the U.S. corporate income tax rate to 21% from 35%, providing full expensing for investments in new and used qualified property made after September 27, 2017, and implementing a territorial tax system. In connection with the transition to the new territorial tax system, a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries was imposed for fiscal 2018 (the “Transitional Repatriation Tax”), for which an election can be made to pay over eight years. In addition, the Tax Act included two new U.S. tax base erosion provisions, the Global Intangible Low-Taxed Income (“GILTI”) provisions and the Base- Erosion and Anti-Abuse Tax (“BEAT”) provisions, which became effective for the Company during fiscal 2019. The GILTI provisions generally result in inclusion of income earned by foreign subsidiaries in the U.S. taxable income.
In response to the Tax Act, the SEC issued Staff Accounting Bulletin No. 118 which allowed companies to recognize provisional estimates in the preparation of a Company’s financial statements and permitted up to a one year measurement period after the enactment date of the Tax Act to finalize the recording of the related tax impacts.
During fiscal 2018, the Company recorded a net provisional tax expense of $77.3 million for the estimated effects of the Tax Act. This was comprised of a provisional Transitional Repatriation Tax expense of $116.4 million, offset by a provisional deferred tax benefit of $39.1 million from the remeasurement of U.S. deferred tax assets and liabilities. The Company completed its analysis of the impact of the Tax Act during the third quarter of fiscal 2019, and during the first three quarters of fiscal 2019 recorded a net discrete income tax benefit adjustment of $17.0 million to the prior year provisional estimates, comprised of a $1.9 million reduction to the provisional Transitional Repatriation Tax and a $15.1 million increase in U.S. deferred tax assets.
The GILTI provisions became effective for the Company in fiscal 2019 and resulted in a net $30.4 million tax expense, consisting of a $70.8 million expense related to the inclusion of unremitted foreign earnings offset by a $40.4 million tax benefit from additional foreign tax credits. The Company has made an accounting policy decision under U.S. GAAP to treat taxes due on future GILTI inclusions in U.S. taxable income as a current-period expense (the “period cost method”).
Income (loss) before income taxes consists of the following components (in thousands):
Table:
 |  | Fiscal Year | 
 | 2019 | 2018 | 2017
United States | $(297,975) | $(151,083) | $2,439
Foreign | 389,767 | 168,228 | 24,866
Total | $91,792 | $17,145 | $27,305


Question: What is the company's average foreign income before taxes in 2018 and 2019?
Answer: 278997.5
Calculation: (168,228 + 389,767)/2
Note 24. Stock-Based Compensation
The Company’s stock-based compensation plans include the 2019 Equity Incentive Plan for employees and certain non-employees, including non-employee directors, and the Deferred Compensation Plan for certain eligible employees. The Company issues common stock and uses treasury stock to satisfy stock option exercises or vesting of stock awards.
The following table summarizes the stock-based compensation expense (primarily in the Americas) and income tax benefits related to the stock-based compensation, both plan and non-plan related (in thousands):
(1) Included in "General and administrative" costs in the accompanying Consolidated Statements of Operations.
(2) Included in "Income taxes" in the accompanying Consolidated Statements of Operations.
There were no capitalized stock-based compensation costs as of December 31, 2019, 2018 and 2017.
Table:
 |  | Years Ended December 31, | 
 | 2019 | 2018 | 2017
Stock-based compensation (expense) (1) | $(7,396) | $(7,543) | $(7,621)
Income tax benefit (2) | 1,775 | 1,810 | 2,858


Question: What was the change in income tax benefit in 2019 from 2018?
Answer: -35
Calculation: 1,775-1,810
Fees Paid to our Independent Auditor
The following table sets forth the fees billed to us by Ernst & Young LLP for services in fiscal 2019 and 2018, all of which
were pre-approved by the Audit Committee.
(1) In accordance with the SEC’s definitions and rules, “audit fees” are fees that were billed to Systemax by Ernst & Young LLP for
the audit of our annual financial statements, to be included in the Form 10-K, and review of financial statements included in the
Form 10-Qs; for the audit of our internal control over financial reporting with the objective of obtaining reasonable assurance about
whether effective internal control over financial reporting was maintained in all material respects; for the attestation of management’s
report on the effectiveness of internal control over financial reporting; and for services that are normally provided by the auditor
in connection with statutory and regulatory filings or engagements.
(2) “Audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or
review of our financial statements and internal control over financial reporting, including services in connection with assisting
Systemax in our compliance with our obligations under Section 404 of the Sarbanes-Oxley Act and related regulations.
(3) Ernst & Young LLP did not provide any professional services for tax compliance, planning or advice in 2019 or 2018.
(4) Consists of fees billed for other professional services rendered to Systemax.
Table:
Fee Category | 2019 ($) | 2018 ($)
Audit fees (1) | 1,196,000 | 1,257,000
Audit-related fees (2) | 0 | 15,000
Tax fees (3) | 0 | 0
All other fees (4) | 2,000 | 2,000
Total | 1,198,000 | 1,274,000


Question: What are the audit fees incurred by the company in 2018 and 2019?
Answer: 1,257,000, 1,196,000
Note 20. Income Taxes
The Company’s income before income taxes consisted of the following (in thousands):
Table:
 |  | Years Ended December31, | 
 | 2019 | 2018 | 2017
Domestic (U.S., state and local) | $38,672 | $6,971 | $9,662
Foreign | 47,251 | 49,946 | 71,645
 | $85,923 | $56,917 | $81,307


Question: What are the components under income before income taxes?
Answer: Domestic (U.S., state and local), Foreign
Net Pension Expense
Net pension expense, as we define it below, includes the net periodic benefit costs related to both our pension and other postretirement plans. The net periodic benefit costs are determined annually based on beginning of year balances and are recorded ratably throughout the fiscal year, unless a significant re-measurement event occurs. The following is a summary of the net periodic benefit costs for the years ended June 30, 2019, 2018 and 2017:
In September 2016, we announced changes to retirement plans we offer to certain employees. Benefits accrued to eligible participants of our largest qualified defined benefit pension plan and certain non-qualified pension plans were frozen effective December 31, 2016. Approximately 1,900 affected employees were transitioned to the Company’s 401(k) plan that has been in effect for eligible employees since 2012, when the pension plan was closed to new entrants. We recognized the plan freeze during fiscal year 2017 as a curtailment, since it eliminated the accrual for a significant number of participants for all of their future services. We also made a voluntary pension contribution of $100.0 million to the affected plan in October 2016.
The service cost component of net pension expense represents the estimated cost of future pension liabilities earned associated with active employees. The pension earnings, interest and deferrals (“pension EID”) is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs.
Table:
 |  | Years Ended June 30, | 
($ in millions) | 2019 | 2018 | 2017
Pension plans | $9.8 | $11.3 | $45.8
Other postretirement plans | 1.8 | 2.9 | 2.6
Net periodic benefit costs | $11.6 | $14.2 | $48.4


Question: When was the changes to retirement plans offered to certain employees announced?
Answer: In September 2016
Other Operating (Income) Expense, Net
Restructure and asset impairments primarily relate to our continued emphasis to centralize certain key functions. In addition, in 2019, we finalized the sale of our 200mm fabrication facility in Singapore and recognized restructure gains of $128 million. In 2017, we recognized net restructure gains of $15 million related to the sale of our Lexar assets; our assets associated with our 200mm fabrication facility in Singapore; and our 40% ownership interest in Tera Probe, Inc and assembly and test facility located in Akita, Japan.
Table:
For the year ended | 2019 | 2018 | 2017
(Gain) loss on disposition of property, plant, and equipment | $43 | $(96) | $(22)
Restructure and asset impairments | (29) | 28 | 18
Other | 35 | 11 | 5
 | $49 | $(57) | $1


Question: What is the net other operating (income) expense for restructure and asset impairments in 2017?
Answer: 18
Dividends
Cal-Maine pays a dividend to shareholders of its Common Stock and Class A Common Stock on a quarterly basis for each quarter for which the Company reports net income computed in accordance with generally accepted accounting principles in an amount equal to one-third (1/3) of such quarterly income. Dividends are paid to shareholders of record as of the 60th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company will pay dividends to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th day following the record date. Following a quarter for which the Company does not report net income, the Company will not pay a dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the last quarter for which a dividend was paid. Dividends payable, which would represent accrued unpaid dividends applicable to the Company's fourth quarter, were zero at June 1, 2019 and $17.1 million at June 2, 2018. At June 1, 2019, cumulative losses that must be recovered prior to paying a dividend were $19.8 million.
*Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend ÷ Total common stock outstanding (shares).
Table:
 | 13 Weeks Ended |  | 52 Weeks Ended | 
 | June 1, 2019 | June 2, 2018 | June 1, 2019 | June 2, 2018
Net income (loss) attributable to Cal-Maine Foods, inc. | $(19,761) | $71,767 | $54,229 | $125,932
Cumulative losses to be recovered prior to payment of dividend at beginning of the period | — | (20,488) | — | (74,653)
Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend | $(19,761) | $51,279 | $54,229 | $51,279
1/3 of net income attributable to Cal-Maine Foods, Inc. | — |  |  | 
Common stock outstanding (shares) | 43,894 |  |  | 
Class A common stock outstanding (shares) | 4,800 |  |  | 
Total common stock outstanding (shares) | 48,694 |  |  | 
Dividends per common share* | $- | $0.351 | $0.506 | $0.351


Question: What is the increase / (decrease) in the Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend in 2019 compared to 2018?
Answer: -138.54
Calculation: $(19,761) / $51,279 - 1
entergy mississippi , inc . management's financial discussion and analysis results of operations net income 2008 compared to 2007 net income decreased $ 12.4 million primarily due to higher other operation and maintenance expenses , lower other income , and higher depreciation and amortization expenses , partially offset by higher net revenue . 2007 compared to 2006 net income increased $ 19.8 million primarily due to higher net revenue , lower other operation and maintenance expenses , higher other income , and lower interest expense , partially offset by higher depreciation and amortization expenses . net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .

Table:
 | amount ( in millions )
2007 net revenue | $ 486.9
attala costs | 9.9
rider revenue | 6.0
base revenue | 5.1
reserve equalization | -2.4 ( 2.4 )
net wholesale revenue | -4.0 ( 4.0 )
other | -2.7 ( 2.7 )
2008 net revenue | $ 498.8
the attala costs variance is primarily due to an increase in the attala power plant costs that are recovered through the power management rider .
the net income effect of this recovery in limited to a portion representing an allowed return on equity with the remainder offset by attala power plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes .
the recovery of attala power plant costs is discussed further in "liquidity and capital resources - uses of capital" below .
the rider revenue variance is the result of a storm damage rider that became effective in october 2007 .
the establishment of this rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense for the storm reserve with no effect on net income .
the base revenue variance is primarily due to a formula rate plan increase effective july 2007 .
the formula rate plan filing is discussed further in "state and local rate regulation" below .
the reserve equalization variance is primarily due to changes in the entergy system generation mix compared to the same period in 2007. .

Question: what is the growth rate in net revenue during 2008?
Answer: 2.4%
Calculation: subtract(498.8, 486.9), divide(#0, 486.9)
Net Sales
Market Application
The following table sets forth, for the periods indicated, the amount of net sales and their relative
percentages of total net sales by market application (dollars in thousands):
During fiscal 2019, net sales decreased by $471.9 million, or 25%, compared to fiscal 2018, with decreases in the microelectronics and materials processing markets, partially offset by increases in the OEM components and instrumentation market. Ondax, which we acquired on October 5, 2018, contributed $6.4 million in incremental net sales to the materials processing market in the ILS segment in fiscal 2019. In fiscal 2019, we continued to experience weaker demand in the microelectronics and materials processing markets. Entering fiscal 2020, we have started seeing indications which could lead to increased future demand in the microelectronics flat panel display market, but this is balanced by possible continuing headwinds in the global materials processing industry.
Table:
 | Fiscal 2019 |  | Fiscal 2018 | 
 | Amount | Percentage of total net sales | Amount | Percentage of total net sales
Microelectronics | $632,176 | 44.2% | $1,036,354 | 54.5%
Materials processing | 404,878 | 28.3% | 520,904 | 27.4%
OEM components and instrumentation | 266,788 | 18.6% | 220,823 | 11.6%
Scientific and government programs | 126,798 | 8.9% | 124,492 | 6.5%
Total | $1,430,640 | 100.0% | $1,902,573 | 100.0%


Question: In which year was Materials processing a larger percentage of total net sales?
Answer: 2019
Calculation: 28.3%>27.4%
Other non-current assets
Other non-current assets consisted of the following:
* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details.
As of June 30, 2019 and 2018, the Group had certificates of deposit and time deposits totaling $3.7 million and $3.7 million which were classified as long-term and were included in security deposits. Included in the Group’s other non-current assets balance as of June 30, 2019 and 2018 were $7.1 million and $6.6 million respectively, of restricted cash used for commitments of standby letters of credit related to facility leases and were not available for the Group’s use in its operations.
Table:
 | As of June 30, | 
 | 2019 | 2018
 | (U.S. $ in thousands) | 
 |  | *As Adjusted
Marketable equity securities | $58,932 | $—
Non-marketable equity securities | 3,000 | —
Security deposits | 5,010 | 5,248
Other | 9,703 | 8,218
 | $76,645 | $13,466


Question: What is the percentage constitution of marketable equity securities among the total non-current assets in fiscal year 2019?
Answer: 76.89
Calculation: 58,932/76,645
9. BALANCE SHEET DETAILS (Continued)
Other long-term liabilities consist of the following (in thousands):
Table:
 | Fiscal year-end | 
 | 2019 | 2018
Long-term taxes payable | $37,385 | $36,336
Deferred compensation (see Note 13) | 39,715 | 40,895
Deferred tax liabilities (see Note 16) | 27,785 | 26,339
Deferred revenue | 8,012 | 5,091
Asset retirement obligations liability (see Note 2) | 4,934 | 4,529
Defined benefit plan liabilities (see Note 14) | 45,862 | 37,528
Other long-term liabilities | 2,188 | 1,238
Total other long-term liabilities | $165,881 | $151,956


Question: What was the change in Other long-term liabilities from 2018 to 2019?
Answer: 950
Calculation: 2,188-1,238
The following table provides a reconciliation of Adjusted SG&A to SG&A expenses, the most directly comparable financial measure presented in accordance with U.S. GAAP:
(a) Represents depreciation and amortization expense included in SG&A.
(b) Represents non-cash share-based compensation expense included in SG&A.
(c) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.
(d) Represents fees associated with secondary public offerings of our common stock.
(e) Represents charges associated with our former Chief Executive Officer’s separation agreement, as well as changes in estimates associated with leadership transition costs
(f) Represents fees associated with two securities lawsuits.
Table:
 | Twelve Months Ended December 31, |  |  |  | 
 | 2019 | 2018 | 2017 | 2016 | 2015
 | (Dollars in thousands) |  |  |  | 
SG&A expenses | $114,450 | $94,876 | $75,167 | $62,586 | $58,297
Depreciation and amortization expense (a) | 9,551 | 7,977 | 6,901 | 5,859 | 5,008
Non-cash share-based compensation (b) | 6,912 | 5,949 | 4,195 | 3,972 | 3,723
Launch expense (c) | 4,563 | 3,540 | 3,066 | 2,813 | 2,626
Loss on disposal of equipment | 649 | — | — | — | —
Secondary offering expenses (d) | 302 | 362 | — | — | 593
Leadership transition expenses (e) | — | — | 63 | 1,291 | —
Litigation expense (f) | — | 348 | 145 | — | —
Adjusted SG&A Expenses | $92,473 | $76,698 | $60,797 | $48,651 | $46,347
Adjusted SG&A Expenses as a % of Net Sales | 37.6% | 39.7% | 39.9% | 37.5% | 40.8%


Question: Which year had the greatest SG&A expenses?
Answer: 2019
Calculation: $114,450>$94,876>$75,167>$62,586>$58,297
14. INCOME TAXES
Our effective tax rates for each of the periods presented are the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The more significant provisions of the Tax Act as applicable to us are described in Note 1 above under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017.” During fiscal 2019, we recorded a net benefit of $389 million in accordance with SAB 118 related to adjustments in our estimates of the one-time transition tax on certain foreign subsidiary earnings, and the remeasurement of our net deferred tax assets and liabilities affected by the Tax Act. Our provision for income taxes for fiscal 2019 varied from the 21% U.S. statutory rate imposed by the Tax Act primarily due to earnings in foreign operations, state taxes, the U.S. research and development tax credit, settlements with tax authorities, the tax effects of stock-based compensation, the Foreign Derived Intangible Income deduction, the tax effect of GILTI, and a reduction to our transition tax recorded consistent with the provision of SAB 118. Our provision for income taxes for fiscal 2018 varied from the 21% U.S. statutory rate imposed by the Tax Act primarily due to the impacts of the Tax Act upon adoption, state taxes, the U.S. research and development tax credit, settlements with tax authorities, the tax effects of stock-based compensation and the U.S. domestic production activity deduction. Prior to the January 1, 2018 effective date of the Tax Act, our provision for income taxes historically differed from the tax computed at the previous U.S. federal statutory income tax rate due primarily to certain earnings considered as indefinitely reinvested in foreign operations, state taxes, the U.S. research and development tax cr edit, settlements with tax authorities, the tax effects of stock-based compensation and the U.S. domestic production activity deduction.
The following is a geographical breakdown of income before the provision for income taxes:
Table:
 | Year Ended May 31 |  | 
(in millions) | 2019 | 2018 | 2017
Domestic | $3,774 | $3,366 | $3,674
Foreign | 8,494 | 9,058 | 8,006
Income before provision for income taxes | $12,268 | $12,424 | $11,680
 |  |  | 


Question: What was the average domestic income for the 3 year period from 2017 to 2019?
Answer: 3604.67
Calculation: (3,774+3,366+3,674)/3
20 Trade and Other Receivables
Trade receivables are non interest-bearing and are generally on 30–90 day payment terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. During the year-ended 31 March 2019 a provision for impairment of $0.6M (2018: $0.6M) was recognised in operating expenses against receivables.
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).
Table:
 | 31 March 2019 | 31 March 2018 Restated See note 2
 | $M | $M
Current |  | 
Trade receivables | 128.7 | 151.8
Prepayments | 26.9 | 23.1
Deferral of contract acquisition costs | 31.5 | 29.5
Other receivables | 8.2 | 6.4
Total current trade and other receivables | 195.3 | 210.8
Non-current |  | 
Deferral of contract acquisition costs | 15.1 | 16.2
Other receivables | 1.3 | 1.3
Total non-current trade and other receivables | 16.4 | 17.5


Question: What was recognised in operating expenses against receivables in 2019?
Answer: a provision for impairment of $0.6M (2018: $0.6M)