hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
1. NATURE OF BUSINESS
Nordic American Tankers Limited (“NAT”) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company’s shares trade under the symbol “NAT” on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.
The Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market.
The Company’s Fleet
The Company’s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.
Table:
Vessel | Built in | Deadweight Tons | Delivered to NAT in
Nordic Freedom | 2005 | 159,331 | 2005
Nordic Moon | 2002 | 160,305 | 2006
Nordic Apollo | 2003 | 159,998 | 2006
Nordic Cosmos | 2003 | 159,999 | 2006
Nordic Grace | 2002 | 149,921 | 2009
Nordic Mistral | 2002 | 164,236 | 2009
Nordic Passat | 2002 | 164,274 | 2010
Nordic Vega | 2010 | 163,940 | 2010
Nordic Breeze | 2011 | 158,597 | 2011
Nordic Zenith | 2011 | 158,645 | 2011
Nordic Sprinter | 2005 | 159,089 | 2014
Nordic Skier | 2005 | 159,089 | 2014
Nordic Light | 2010 | 158,475 | 2015
Nordic Cross | 2010 | 158,475 | 2015
Nordic Luna | 2004 | 150,037 | 2016
Nordic Castor | 2004 | 150,249 | 2016
Nordic Sirius | 2000 | 150,183 | 2016
Nordic Pollux | 2003 | 150,103 | 2016
Nordic Star | 2016 | 159,000 | 2016
Nordic Space | 2017 | 159,000 | 2017
Nordic Tellus | 2018 | 157,000 | 2018
Nordic Aquarius | 2018 | 157,000 | 2018
Nordic Cygnus | 2018 | 157,000 | 2018


Question: What are the respective years that Nordic Moon is built and delivered to NAT?
Answer: 2002, 2006
Dell purchases our products and services directly from us, as well as through our channel partners. Information about our revenue and receipts, and unearned revenue from such arrangements, for the periods presented consisted of the following (table in millions):
Sales through Dell as a distributor, which is included in reseller revenue, continues to grow rapidly.
Customer deposits resulting from transactions with Dell were $194 million and $85 million as of January 31, 2020 and February 1, 2019, respectively.
Table:
 |  | Revenue and Receipts |  | Unearned Revenue | 
 |  | For the Year Ended As of |  | As of | 
 | January 31, 2020 | February 1, 2019 | February 2, 2018 | January 31, 2020 | February 1, 2019
Reseller revenue | $3,288 | $2,355 | $1,464 | $3,787 | $2,554
Internal-use revenue | 82 | 41 | 46 | 57 | 29
Collaborative technology project receipts | 10 | 4 | — | n/a | n/a


Question: What was the reseller revenue in 2018?
Answer: 1,464
The following table provides the company’s operating (non-GAAP) earnings for 2019 and 2018. See page 46 for additional information.
* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.
** Includes charges of $2.0 billion in 2018 associated with U.S. tax reform.
Table:
($ in millions except per share amounts) |  |  | 
For the year ended December 31:* | 2019 | 2018 | Yr.-to-Yr. Percent Change
Net income as reported | $ 9,431 | 8,728* | 8.1%
Income/(loss) from discontinued operations, net of tax | (4) | 5 | NM
Income from continuing operations | $ 9,435 | 8,723* | 8.2%
Non-operating adjustments (net of tax) |  |  | 
Acquisition-related charges | 1,343 | 649 | 107.0
Non-operating retirement-related costs/(income) | 512 | 1,248 | (58.9)
U.S. tax reform charge | 146 | 2,037 | (92.8)
Operating (non-GAAP) earnings | $11,436 | $12,657 | (9.6)%
Diluted operating (non-GAAP) earnings per share | $ 12.81 | $ 13.81 | (7.2)%


Question: What was the increase / (decrease) in Operating (non-GAAP) earnings from continuing operations from 2018 to 2019?
Answer: -1221
Calculation: 11,436 - 12,657
Pre-tax income from international operations was $214 million, $890 million, and $353 million for fiscal 2019, 2018, and 2017, respectively.
The components of income tax expense (benefit) recorded in continuing operations are as follows:
As of December 28, 2018, we have completed our accounting for the effects of the enactment of the Tax Cuts and Jobs Act (H.R.1) (the 2017 Tax Act) in accordance with U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 118, and the amounts are no longer considered provisional. We will continue to evaluate any new guidance from the U.S. Department of Treasury and the Internal Revenue Service (IRS) as issued.
Table:
 |  | Year Ended | 
(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017
Current: |  |  | 
Federal | $73 | $1,011 | $108
State | 15 | 40 | 6
International | 74 | 107 | 68
Total | 162 | 1,158 | 182
Deferred: |  |  | 
Federal | (52) | (1,664) | (177)
State | (2) | (151) | (17)
International | (16) | (33) | (14)
Total | (70) | (1,848) | (208)
Income tax expense (benefit) | $92 | $(690) | $(26)


Question: What is the summed Total current income tax expense for the fiscal years 2017, 2018 and 2019?
Answer: 1502
Calculation: 162+1,158+182
(a) Description of segments and principal activities (continued)                                                                                                                   The chief operating decision-makers assess the performance of the operating segments mainly based on segment revenue and gross profit of each operating segment. The selling and marketing expenses and general and administrative expenses are common costs incurred for these operating segments as a whole and therefore, they are not included in the measure of the segments’ performance which is used by the chief operating decisionmakers as a basis for the purpose of resource allocation and assessment of segment performance. Interest income, other gains/(losses), net, finance income/(costs), net, share of profit/(loss) of associates and joint ventures and income tax expense are also not allocated to individual operating segment.
There were no material inter-segment sales during the years ended 31 December 2019 and 2018. The revenues from external customers reported to the chief operating decision-makers are measured in a manner consistent with that applied in the consolidated income statement.
Other information, together with the segment information, provided to the chief operating decision-makers, is measured in a manner consistent with that applied in these consolidated financial statements. There were no segment assets and segment liabilities information provided to the chief operating decision-makers.
The segment information provided to the chief operating decision-makers for the reportable segments for the years ended 31 December 2019 and 2018 is as follows:
Table:
 | VAS | FinTech and Business Services | Online Advertising | Others | Total
 | RMB’Million | RMB’Million | RMB’Million | RMB’Million | RMB’Million
Segment revenues | 199,991 | 101,355 | 68,377 | 7,566 | 377,289
Gross profit | 105,905 | 27,524 | 33,517 | 587 | 167,533
Depreciation | 3,461 | 6,669 | 2,065 | 108 | 12,303
Amortisation | 14,710 | – | 9,977 | 3,115 | 27,802


Question: How much is the VAS gross profit?
Answer: 105,905
(c) Summary of Share-Based Compensation Expense
Share-based compensation expense consists primarily of expenses for stock options, stock purchase rights, restricted stock, and RSUs granted to employees. The following table summarizes share-based compensation expense (in millions):
As of July 27, 2019, the total compensation cost related to unvested share-based awards not yet recognized was $3.3 billion, which is expected to be recognized over approximately 2.8 years on a weighted-average basis.
Table:
Years Ended | July 27, 2019 | July 28, 2018 | July 29, 2017
Cost of sales—product | $90 | $94 | $85
Cost of sales—service | 130 | 133 | 134
Share-based compensation expense in cost of sales . | 220 | 227 | 219
Research and development . | 540 | 538 | 529
Sales and marketing | 519 | 555 | 542
General and administrative | 250 | 246 | 236
Restructuring and other charges | 62 | 33 | 3
Share-based compensation expense in operating expenses | 1,371 | 1,372 | 1,310
Total share-based compensation expense | $1,591 | $1,599 | $1,529
Income tax benefit for share-based compensation . | $542 | $558 | $451


Question: What was the total change in research and development between 2017 and 2019?
Answer: 11
Calculation: 540-529
Fiscal 2019 compared to fiscal 2018
The following table sets forth our Consolidated Statements of Operations data as a percentage of net revenues for the periods indicated:
Note: The percentages may not add due to rounding.
Table:
 | Fiscal Year | 
 | 2019 | 2018
Net revenues | 100% | 100%
Cost of revenues | 22 | 21
Gross profit | 78 | 79
Operating expenses: |  | 
Sales and marketing | 32 | 33
Research and development | 19 | 20
General and administrative | 9 | 12
Amortization of intangible assets | 4 | 5
Restructuring, transition and other costs | 5 | 8
Total operating expenses | 70 | 78
Operating income | 8 | 1
Interest expense | (4) | (5)
Gain on divestiture | — | 14
Other expense, net | (1) | —
Income from continuing operations before income taxes | 2 | 9
Income tax expense (benefit) | 2 | (14)
Income from continuing operations | — | 23
Income from discontinued operations, net of income taxes | — | —
Net income | 1% | 24%


Question: What is the change in cost of revenues relative to Net revenue from fiscal year 2018 to fiscal year 2019?
Answer: 1
Calculation: 22-21
Note 14 Debt and Credit Facilities
Our total debt outstanding consisted of the amounts set forth on the following table:
(1) Short-term borrowings of $98.9 million at December 31, 2019 were comprised of $89.0 million under our revolving credit facility and $9.9 million of short-term borrowings from various lines of credit. Short-term borrowings of $232.8 million at December 31, 2018 were comprised of $140.0 million under our revolving credit facility, $83.9 million under our European securitization program and $8.9 million of short-term borrowings from various lines of credit.
(2) The Current portion of long-term debt includes finance lease liabilities of $10.4 million as of December 31, 2019. The Other debt balance includes $28.7 million for long-term liabilities associated with our finance leases as of December 31, 2019. See Note 4, "Leases," of the Notes to Condensed Consolidated Financial Statements for additional information on finance and operating lease liabilities.
(3) Amounts are net of unamortized discounts and issuance costs of $24.6 million and $24.3 million as of December 31, 2019 and 2018, respectively.
(4) As of December 31, 2019, our weighted average interest rate on our short-term borrowings outstanding was 5.0% and on our long-term debt outstanding was 4.8%. As of December 31, 2018, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.4%.
Table:
 | December 31, | 
(In millions) | 2019 | 2018
Short-term borrowings (1) | $ 98.9 | $ 232.8
Current portion of long-term debt(2) | 16.7 | 4.9
Total current debt | 115.6 | 237.7
Term Loan A due July 2022 | 474.6 | —
Term Loan A due July 2023 | 218.2 | 222.2
6.50% Senior Notes due December 2020 | — | 424.0
4.875% Senior Notes due December 2022 | 421.9 | 421.1
5.25% Senior Notes due April 2023 | 422.0 | 421.2
4.50% Senior Notes due September 2023 | 445.6 | 454.9
5.125% Senior Notes due December 2024 | 421.9 | 421.3
5.50% Senior Notes due September 2025 | 397.4 | 397.1
4.00% Senior Notes due December 2027 | 420.4 | —
6.875% Senior Notes due July 2033 | 445.7 | 445.5
Other(2) | 30.9 | 29.2
Total long-term debt, less current portion(3) | 3,698.6 | 3,236.5
Total debt(4) | $ 3,814.2 | $ 3,474.2


Question: What is the percentage of Total long-term debt, less current portion to Total debt as of December 31, 2019?
Answer: 96.97
Calculation: 3,698.6/3,814.2
Disaggregation of revenue
The following table provides information about disaggregated revenue by primary geographical markets:
The Company derived over 90%, and approximately 88% and 84% of subscription revenues from RingCentral Office product for the years ended December 31, 2019, 2018 and 2017, respectively
Table:
 |  | Year ended December 31, | 
 | 2019 | 2018 | 2017
Primary geographical markets |  |  | 
North America | 93% | 95% | 96%
Others | 7% | 5% | 4%
Total revenues | 100% | 100% | 100%


Question: What are the respective percentage of subscription revenue derived in the years ended December 2018 and 2019?
Answer: 88%, over 90%
2.6 Taxes (continued)
1 Net deferred tax liabilities include net deferred tax assets of $2,195,000 (2018: $1,937,000) from the iMoney Group.
Recognition and measurement
Our income tax expense is the sum of current and deferred income tax expenses. Current income tax expense is calculated on accounting profit after adjusting for non-taxable and non-deductible items based on rules set by the tax authorities. Deferred income tax expense is calculated at the tax rates that are expected to apply to the period in which the deferred tax asset is realised or the deferred tax liability is settled. Both our current and deferred income tax expenses are calculated using tax rates that have been enacted or substantively enacted at reporting date.
Our current and deferred taxes are recognised as an expense in profit or loss, except when they relate to items that are directly recognised in other comprehensive income or equity. In this case, our current and deferred tax expenses are also recognised directly in other comprehensive income or equity.
We generally recognise deferred tax liabilities for all taxable temporary differences, except to the extent that the deferred tax liability arises from:
• the initial recognition of goodwill; and
• the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither our accounting profit nor our taxable income at the time of the transaction.
For our investments in controlled entities and associated entities, recognition of deferred tax liabilities is required unless we are able to control the timing of our temporary difference reversal and it is probable that the temporary difference will not reverse.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carried forward unused tax losses and tax credits, can be utilised
Deferred tax assets and deferred tax liabilities are offset in the statement of financial position where they relate to income taxes levied by the same taxation authority and to the extent that we intend to settle our current tax assets and liabilities on a net basis.
Table:
 | CONSOLIDATED | 
 | 2019 $’000 | 2018 $’000
Deferred taxes |  | 
Deferred tax assets relate to the following: |  | 
Trade and other payables | 2,312 | 1,558
Provisions | 4,759 | 2,230
Property, Plant and Equipment | - | 1,680
ITAA 97 Section 40-880 business related costs | 92 | 105
Unrealised foreign exchange differences | 58 | 56
Unused tax losses | 4,837 | 4,665
Other | 13 | 114
Total deferred tax assets | 12,071 | 10,408
 |  | 
Deferred tax liabilities relate to following: |  | 
Trail commission asset | (34,168) | (31,253)
Property, Plant and Equipment | (581) | -
Development costs | (2,109) | (2,359)
Total deferred tax liabilities | (36,858) | (33,612)
Net deferred tax liabilities1 | (24,787) | (23,204)


Question: In which year is the net deferred tax liabilities higher?
Answer: 2019
Calculation: Find the year with the higher net deferred tax liabilities
6. Property, Plant and Equipment
Property, plant and equipment consisted of the following (in thousands):
Depreciation expense was $51.7 million, $51.1 million and $48.8 million in fiscal years 2019, 2018 and 2017, respectively.
The Company maintains insurance for both property damage and business interruption relating to catastrophic events, such as fires. Insurance recoveries received for property damage and business interruption in excess of the net book value of damaged assets, clean-up and demolition costs, and post-event costs are recognized as income in the period received or committed when all contingencies associated with the recoveries are resolved. Gains on insurance recoveries related to business interruption are recorded within “Cost of sales” and any gains or losses related to property damage are recorded within “Other income (expense).” Insurance recoveries related to business interruption are classified as operating cash flows and recoveries related to property damage are classified as investing cash flows in the statement of cash flows. Insurance claims incurred or finalized during the fiscal years ended 2019, 2018, and 2017 did not have a material affect on the Company's consolidated financial statements.
Table:
 | June 1, 2019 | June 2, 2018
Land and improvements | $93,046 | $90,757
Buildings and improvements | 370,451 | 360,030
Machinery and equipment | 496,166 | 478,997
Construction-in-progress | 52,551 | 9,307
 | 1,012,214 | 939,091
Less: accumulated depreciation | 555,920 | 513,707
 | $456,294 | $425,384


Question: What is the average building and improvements?
Answer: 365240.5
Calculation: (370,451 + 360,030) / 2
Operating income in the Industrial Solutions segment increased $78 million in fiscal 2019 from fiscal 2018. The Industrial Solutions segment’s operating income included the following:
Excluding these items, operating income increased in fiscal 2019 primarily as a result of higher volume and improved manufacturing productivity.
Table:
 |  | Fiscal
 | 2019 | 2018
 |  | (in millions)
Acquisition-related charges: |  | 
Acquisition and integration costs | $  10 | $  6
Charges associated with the amortization of acquisition-related fair value adjustments | 3 | 4
 | 13 | 10
Restructuring and other charges, net | 63 | 80
Other items | 2 | —
Total | $  78 | $  90


Question: Why did operating income increase in fiscal 2019?
Answer: primarily as a result of higher volume and improved manufacturing productivity.
Liquidity risk
Liquidity risk is managed to enable the Group to meet future payment obligations when financial liabilities fall due. Liquidity analysis is conducted to determine that sufficient headroom is available to meet the Group’s operational requirements and committed investments. The Group treasury policy aims to meet this objective by maintaining adequate cash, marketable securities and committed facilities. Undrawn borrowing facilities are detailed in note 23. The Group’s policy is to seek to optimise its exposure to liquidity risk by balancing its exposure to interest rate risk and to refinancing risk. In effect the Group seeks to borrow for as long as possible at the lowest acceptable cost.
Group policy is to maintain a weighted average debt maturity of over five years. At 31 December 2019, the maturity profile of Group debt showed an average maturity of five years (2018: six years). The Group regularly reviews the maturity profile of its borrowings and seeks to avoid concentration of maturities through the regular replacement of facilities and by arranging a selection of maturity dates. Refinancing risk may be reduced by doing so prior to the contracted maturity date. The change in valuation of an asset used as security for a debt facility may impact the Group’s ability to refinance that debt facility at the same quantum as currently outstanding.
The Group does not use supplier financing arrangements to manage liquidity risk.
The tables below set out the maturity analysis of the Group’s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve for the relevant currency. Where payment obligations are in foreign currencies, the spot exchange rate at the balance sheet date is used.
Table:
 |  |  |  |  | 2019
£m | Within 1 year | 1–2 years | 2–5 years | Over 5 years | Total
Borrowings (including interest) | (249.5) | (1,091.3) | (2,600.9) | (1,716.1) | (5,657.8)
Finance lease obligations | (5.3) | (5.3) | (14.3) | (104.8) | (129.7)
Other financial liabilities | (15.4) | – | – | (1.2) | (16.6)
Net derivative payments | (34.3) | (28.8) | (78.4) | (222.9) | (364.4)
 | (304.5) | (1,125.4) | (2,693.6) | (2,045.0) | (6,168.5)
 |  |  |  |  | 
 |  |  |  |  | 2018
£m | Within 1 year | 1–2 years | 2–5 years | Over 5 years | Total
Borrowings (including interest) | (237.8) | (245.2) | (3,259.1) | (2,408.0) | (6,150.1)
Finance lease obligations | (4.4) | (4.4) | (13.4) | (104.8) | (127.0)
Other financial liabilities | (6.1) | (1.2) | – | – | (7.3)
Net derivative payments | (37.2) | (33.5) | (74.0) | (248.2) | (392.9)
 | (285.5) | (284.3) | (3,346.5) | (2,761.0) | (6,677.3)
 |  |  |  |  | 


Question: What is the percentage of borrowings (including interest) that matures over 5 years in the total borrowings in 2019?
Answer: 30.33
Calculation: 1,716.1/5,657.8
21 Cash and Cash Equivalents
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
Table:
 | 31 March 2019 | 31 March 2018
 | $M | $M
Cash at bank and in hand | 134.3 | 67.2
Short-term deposits | 37.8 | 52.8
Total cash and cash equivalent | 172.1 | 120.0


Question: How does cash at bank earn interest?
Answer: at floating rates based on daily bank deposit rates
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: What was the amount of income tax benefit in 2018?
Answer: (5,073)