hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Item 6. Selected Financial Data
Five-Year Financial Summary in millions, except per share data (Fiscal years ended June 30,)
(a) Fiscal year 2019 included $1.2 million of acquisition-related costs related to LPW Technology Ltd. See Note 4 in the Notes to the Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data” of this report.
(b) Fiscal year 2018 included $68.3 million of discrete income tax net benefits related to the U.S. tax reform and other legislative changes. See Note 17 in the Notes to the Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data” of this report.
(c) Fiscal year 2017 included $3.2 million of loss on divestiture of business. See Note 4 in the Notes to the Consolidated Financial Statements included in Item 8. "Financial Statements and Supplementary Data" of this report.
(d) Fiscal year 2016 included $22.5 million of excess inventory write-down charges, $12.5 million of goodwill impairment charges and $18.0 million of restructuring and impairment charges including $7.6 million of impairment of intangible assets and property, plant and equipment and $10.4 million of restructuring costs related primarily to an early retirement incentive and other severance related costs.
(e) Fiscal year 2015 included $29.1 million of restructuring costs related principally to workforce reduction, facility closures and write-down of certain assets.
(f) The weighted average common shares outstanding for fiscal years 2016 and 2015 included 5.5 million and 0.9 million less shares, respectively, related to the share repurchase program authorized in October 2014. During the fiscal years ended June 30, 2016 and 2015, we repurchased 3,762,200 shares and 2,995,272 shares, respectively, of common stock for $123.9 million and $124.5 million, respectively.
See Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for discussion of factors that affect the comparability of the “Selected Financial Data”.
Table:
 | 2019 (a) | 2018(b) | 2017(c) | 2016(d)(f) | 2015 (e)(f)
Summary of Operations: |  |  |  |  | 
Net sales | $2,380.2 | $2,157.7 | $1,797.6 | $1,813.4 | $2,226.7
Operating income | $241.4 | $189.3 | $121.5 | $70.8 | $119.3
Net income | $167.0 | $188.5 | $47.0 | $11.3 | $58.7
Financial Position at Year-End: |  |  |  |  | 
Cash and cash equivalents | $27.0 | $56.2 | $66.3 | $82.0 | $70.0
Total assets | $3,187.8 | $3,007.0 | $2,878.1 | $2,794.3 | $2,902.6
Long-term debt, net of current portion | $550.6 | $545.7 | $550.0 | $611.3 | $603.8
Per Common Share: |  |  |  |  | 
Net earnings: |  |  |  |  | 
Basic | $3.46 | $3.96 | $0.99 | $0.23 | $1.11
Diluted | $3.43 | $3.92 | $0.99 | $0.23 | $1.11
Cash dividend-common | $0.80 | $0.72 | $0.72 | $0.72 | $0.72
Weighted Average Common Shares outstanding: |  |  |  |  | 
Basic | 47.7 | 47.2 | 47.0 | 48.1 | 52.6
Diluted | 48.1 | 47.6 | 47.1 | 48.2 | 52.7


Question: What was the  Net sales for 2019?
Answer: $2,380.2
Our fourth quarter 2019 net revenues amounted to $2,754 million, registering a sequential increase of 7.9%, 290 basis points above the mid-point of our guidance, with all product groups contributing to the growth. The sequential increase resulted from higher volumes of approximately 7% and an increase of approximately 1% in average selling prices, the latter entirely due to product mix, while selling prices remained substantially stable.
On a year-over-year basis, our net revenues increased by 4.0%. This increase was entirely due to an increase of approximately 6% in average selling prices, partially offset by an approximate 2% decrease in volumes. The average selling prices increase was entirely driven by improved product mix of approximately 9%, partially offset by lower selling prices of approximately 3%.
Table:
 | Three Months Ended | Three Months Ended | Three Months Ended | % Variation | % Variation
 | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year- Over- Year
 | (Unaudited, in millions) |  |  |  | 
Net sales | $ 2,750 | $ 2,547 | $ 2,633 | 8.0% | 4.5%
Other revenues | 4 | 6 | 15 | (45.0) | (77.4)
Net revenues | $ 2,754 | $ 2,553 | $ 2,648 | 7.9% | 4.0%


Question: What is the average net revenues for the period December 31, 2019 and 2018?
Answer: 2701
Calculation: (2,754+2,648) / 2
The following table reconciles the expected income tax expense, computed by applying our combined German tax rate of 26.4% (2018: 26.4%; 2017: 26.4%), to the actual income tax expense. Our 2019 combined German tax rate includes a corporate income tax rate of 15.0% (2018: 15.0%; 2017: 15.0%), plus a solidarity surcharge of 5.5% (2018: 5.5%; 2017: 5.5%) thereon, and trade taxes of 10.6% (2018: 10.6%; 2017: 10.6%).
Relationship Between Tax Expense and Profit Before Tax
Table:
€ millions, unless otherwise stated | 2019 | 2018 | 2017
Profit before tax | 4,596 | 5,600 | 5,029
Tax expense at applicable tax rate of 26.4% rate of 26.4% (2018: 26.4%; 2017: 26.4%) | 1,212 | 1,478 | 1,327
Tax effect of: |  |  | 
Foreign tax rates | –209 | –147 | –403
Changes in tax laws and tax rates | 10 | 0 | –212
Non-deductible expenses | 116 | 106 | 82
Tax-exempt income | –93 | –38 | –95
Withholding taxes | 138 | 91 | 131
Research and development and foreign tax credits | –89 | –33 | –26
Prior-year taxes | 80 | –17 | –26
Reassessment of deferred tax assets, research and development tax credits, and foreign tax credits | 48 | 58 | 185
Other | 13 | 13 | 20
Total income tax expense | 1,226 | 1,511 | 983
Effective tax rate (in %) | 26.7 | 27.0 | 19.5


Question: In which year was profit before tax the largest?
Answer: 2018
Calculation: 5,600>5,029>4,596
Other Long-Term Liabilities
In-Process Revenue Contracts
As part of the Company’s previous acquisition of FPSO units from Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl), the Company assumed a certain FPSO contract with terms that were less favorable than the then prevailing market terms. At the time of the acquisition, the Company recognized a liability based on the estimated fair value of this contract and service obligation.
The Company is amortizing the remaining liability over the estimated remaining term of its associated contract on a weighted basis, based on the projected revenue to be earned under the contract.
Amortization of in-process revenue contracts for the year ended December 31, 2019 was $5.9 million (2018 – $14.5 million, 2017 – $27.2 million), which is included in revenues on the consolidated statements of loss. Amortization of in-process revenue contracts following 2019 is expected to be $5.9 million (2020), $5.9 million (2021) and $5.9 million (2022).
Table:
 | December 31, 2019 | December 31, 2018
 | $ | $
Deferred revenues and gains (note 2) | 28,612 | 31,324
Guarantee liabilities | 10,113 | 9,434
Asset retirement obligation | 31,068 | 27,759
Pension liabilities | 7,238 | 4,847
In-process revenue contracts | 11,866 | 17,800
Derivative liabilities (note 16) | 51,914 | 56,352
Unrecognized tax benefits (note 22) | 62,958 | 40,556
Office lease liability – long-term (note 1) | 10,254 | —
Other | 2,325 | 1,325
 | 216,348 | 189,397


Question: What was Amortization of in-process revenue contracts for the year 2018 and 2017?
Answer: (2018 – $14.5 million, 2017 – $27.2 million)
Statements of cash flows additional information (in millions):
Non-cash investing and financing activities and supplemental cash flow information are as follows:
Table:
 |  | Year Ended | 
 | April 26, 2019 | April 27, 2018 | April 28, 2017
Non-cash Investing and Financing Activities: |  |  | 
Capital expenditures incurred but not paid | $ 9 | $ 24 | $ 19
Non-cash extinguishment of sale-leaseback financing obligations | $ — | $ 130 | $ 19
Supplemental Cash Flow Information: |  |  | 
Income taxes paid, net of refunds | $ 205 | $ 87 | $ 102
Interest paid | $ 53 | $ 58 | $ 44


Question: How many years did interest paid exceed $50 million?
Answer: 2
Calculation: 2019##2018
Provision (Benefit) For Income Taxes
Provision for income taxes reflects the tax provision on our operations in foreign and U.S. jurisdictions, offset by tax benefits from a partial release of valuation allowance against U.S. federal and state deferred tax assets ("DTAs") and from lapsing of statute of limitations related to uncertain tax positions in foreign jurisdictions. As of December 28, 2019, we maintain a valuation allowance of $36.6 million primarily against our California deferred tax assets and foreign tax credits, due to uncertainty about the future realization of these assets.
The benefit for income taxes in fiscal 2018 includes a $75.8 million reduction to our valuation allowance on our U.S. deferred tax assets as sufficient positive evidence existed to support the realization of such DTAs. The effective tax rate in fiscal 2018 also benefited from a lower statutory tax rate in the U.S., partially offset by higher profits in foreign jurisdictions.
Our effective tax rate may vary from period to period based on changes in estimated taxable income or loss by jurisdiction, changes to the valuation allowance, changes to U.S. federal, state or foreign tax laws, future expansion into areas with varying country, state, and local income tax rates, deductibility of certain costs and expenses by jurisdiction.
Table:
 |  | Fiscal Year Ended | 
 | December 28, 2019 | December 29, 2018 | December 30, 2017
 |  | (Dollars in thousands) | 
Provision (benefit) for income taxes | $11,717 | $(70,109) | $1,293
Effective tax rate | 22.9 % | (206.6) % | 3.1 %


Question: What is the change in Provision (benefit) for income taxes from Fiscal Year Ended December 29, 2018 to December 30, 2017?
Answer: -71402
Calculation: (70,109)-1,293
7. Property, Plant and Equipment and Leases
Property, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands):
Depreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively.
Maintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively.
The Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges.
In addition, the Company’s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet.
Rent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company’s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.
Table:
 | 2019 | 2018
Buildings and building improvements | $2,692 | $2,790
Machinery, equipment and furniture | 57,157 | 57,503
 | 59,849 | 60,293
Less, accumulated depreciation | (46,811 ) | (46,166)
 | $13,038 | $ 14,127


Question: What is the average value of buildings and building improvements in 2018 and 2019?
Answer: 2741
Calculation: (2,692+2,790)/2
7. Property, Plant and Equipment
Property, plant and equipment consisted of the following components at June 30, 2019 and 2018:
Table:
 | June 30, | 
($ in millions) | 2019 | 2018
Land | $35.6 | $34.8
Buildings and building equipment | 512.9 | 500.0
Machinery and equipment | 2,183.6 | 2,129.0
Construction in progress | 150.7 | 83.6
Total at cost | 2,882.8 | 2,747.4
Less: accumulated depreciation and amortization | 1,516.6 | 1,434.0
Total property, plant, and equipment | $1,366.2 | $1,313.4


Question: What was the change in Buildings and building equipment in 2019 from 2018?
Answer: 12.9
Calculation: 512.9-500.0
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
25. Capital Risk Management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value.
The Group monitors capital using a gearing ratio, which is total debt divided by total equity plus total debt. The gearing ratio is calculated as follows:
Table:
 | As of December 31, | 
 | 2018 | 2019
Borrowings, current portion | 520,550 | 255,422
Borrowings, non-current portion | 2,307,909 | 2,891,973
Lease liabilities, current portion | 6,675 | 9,363
Lease liabilities, non-current portion | 199,424 | 195,567
Total debt | 3,034,558 | 3,352,325
Total equity | 1,983,122 | 1,649,853
Total debt and equity | 5,017,680 | 5,002,178
Gearing ratio | 60.48% | 67.01%


Question: How is gearing ratio calculated?
Answer: total debt divided by total equity plus total debt
Revenue and deferred revenue
The Group adopted IFRS 15 Revenue from Contracts with Customers in the current year and has therefore restated the results for the prior-year on a consistent basis, see note 2 of the Financial Statements for further details.
The Group’s revenue increased by $71.6 million, or 11.2 per cent, to $710.6 million in the year-ended 31 March 2019. Subscription revenue was notably strong in the period, with reported growth of 15.9 per cent, or 16.7 per cent on a constant currency basis, because of strong prior-period billings and incremental growth of the MSP channel in the current period.
1 Restated for the adoption of IFRS 15 as explained in note 2 of the Financial Statements
Revenue in the period of $710.6 million comprised $394.1 million from the recognition of prior-period deferred revenues and $316.5 million from in-period billings. The majority of the Group’s billings, which are recognised over the life of the contract, relate to subscription products (FY19: 84.8 per cent; FY18: 83.8 per cent), with the benefit from increased billings being spread over a number of years on the subsequent recognition of deferred revenue. The deferred revenue balance at the end of the period of $742.1 million increased $13.5 million year-on-year, an increase of 1.9 per cent. This was mainly due to a net deferral of billings amounting to $49.7 million partially offset by a net currency revaluation of $36.2 million, a consequence of the weakening of the euro and sterling against the US dollar during the year. Deferred revenue due within one year at the balance sheet date of $428.6M increased by 5.1 per cent at actual rates or by 10.7 per cent in constant currency.
Revenue in the Americas increased by $29.7 million or 13.3 per cent to $253.3 million in the year-ended 31 March 2019, supported by the recognition of prior-period Enduser billings from the Sophos Central platform and the growth of the MSP channel in the current period.
EMEA revenue increased by $39.1 million or 12.0 per cent to $363.6 million in the year-ended 31 March 2019, with growth in Enduser in particular, but also aided by Network sales.
APJ revenue increased by $2.8 million, or 3.1 per cent to $93.7 million in the year-ended 31 March 2019, with good growth in Enduser products partially offset by a decline in Network sales following the legacy product transition.
Table:
 | FY19 | FY18¹ | Growth % | Growth %
 | $m (Reported) | $m (Reported) | (Reported) | (CC)
Revenue by Region: |  |  |  | 
– Americas | 253.3 | 223.6 | 13.3 | 13.4
– EMEA | 363.6 | 324.5 | 12.0 | 12.7
– APJ | 93.7 | 90.9 | 3.1 | 6.2
 | 710.6 | 639.0 | 11.2 | 12.0
Revenue by Product: |  |  |  | 
– Network | 328.5 | 316.5 | 3.8 | 4.7
– Enduser | 348.4 | 291.8 | 19.4 | 20.2
– Other | 33.7 | 30.7 | 9.8 | 10.0
 | 710.6 | 639.0 | 11.2 | 12.0
Revenue by Type: |  |  |  | 
– Subscription | 593.9 | 512.4 | 15.9 | 16.7
– Hardware | 106.8 | 115.1 | (7.2) | (6.3)
– Other | 9.9 | 11.5 | (13.9) | (12.8)
 | 710.6 | 639.0 | 11.2 | 12.0


Question: In which year was the revenue in the Americas larger?
Answer: 2019
Calculation: 253.3>223.6
Options outstanding that are exercisable and that have vested and are expected to vest as of January 31, 2020 were as follows (outstanding options in thousands, aggregate intrinsic value in in millions):
(1) The aggregate intrinsic values represent the total pre-tax intrinsic values based on VMware's closing stock price of $148.06 as of January 31, 2020, which would have been received by the option holders had all in-the-money options been exercised as of that date.
The total fair value of VMware stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $64 million, $35 million and $32 million, respectively. Total fair value of Pivotal stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $27 million, $41 million and $23 million, respectively.
The VMware stock options exercised during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 had a pre-tax intrinsic value of $103 million, $56 million, and $62 million, respectively. The Pivotal options exercised during the years ended January 31, 2020 and February 1, 2019 had a pre-tax intrinsic value of $278 million and $97 million, respectively, and was not material during the year ended February 2, 2018. The pre-tax intrinsic value of Pivotal options exercised during the year ended January 31, 2020 includes vested options that were settled in cash as part of the Pivotal acquisition.
Table:
 |  | VMware Stock Options |  | 
 | Outstanding Options | Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value(1)
Exercisable | 945 | $47.24 | 3.81 | $95
Vested and expected to vest | 2,589 | 56.13 | 6.41 | 238


Question: What was the difference between the aggregate intrinsic value between exercisable and vested and expected to vest options? 
Answer: 143
Calculation: 238-95
(1) Included in other long-term assets.
For certain other financial instruments, including accounts receivable, unbilled receivables, and accounts payable, the carrying value approximates fair value due to the relatively short maturity of these items.
Table:
 |  | December 31, 2018 |  | 
(in thousands) | Level 1 | Level 2 | Level 3 | Total
Cash equivalents | $10,155 | $10,000 | - | $20,155
Marketable securities: |  |  |  | 
Municipal bonds | $— | $44,705 | — | $44,705
Corporate bonds | — | $48,296 | — | $48,296
Total marketable securities | $— | $93,001 | — | $93,001
Investments in privately-held companies (1) | $— | — | $3,390 | $3,390


Question: Where are investments in privately-held companies classified under?
Answer: Included in other long-term assets
During the period 5.0 million (2017/18: 5.0 million) options were granted under the Sharesave Plan, with a weighted average exercise price at the date of exercise of 30 pence per ordinary share (2017/18: 33 pence).
The options outstanding at 30 March 2019 had a weighted average exercise price of 32 pence (2017/18: 33 pence), and a weighted average remaining contractual life of 1.6 years (2017/18: 1.6 years).
In 2018/19, the Group recognised an expense of £2.1m (2017/18: £2.8m), related to all equity-settled share-based payment transactions.
Premier Foods plc Sharesave Plan
Table:
 | 2018/19 |  | 2017/18 | 
 |  | Weighted average exercise price |  | Weighted average exercise price
 | Options | (p) | Options | (p)
Outstanding at the beginning of the period | 17,835,628 | 33 | 20,231,334 | 35
Exercised during the period | (4,306,470) | 32 | (3,536,539) | 34
Granted during the period | 5,022,240 | 30 | 4,988,669 | 33
Forfeited/lapsed during the period | (2,447,511) | 33 | (3,847,836) | 44
Outstanding at the end of the period | 16,103,887 | 32 | 17,835,628 | 33
Exercisable at the end of the period | 2,673,154 | 32 | 792,451 | 35


Question: What was the expense recognised in 2018/19?
Answer: £2.1m
In relation to the oil derivative instrument (see note 24), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the liquefaction tolling agreement ("LTA"). Significant inputs used in the valuation of the oil derivative instrument include management’s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our oil derivative instrument is recognized in each period in current earnings in "Realized and unrealized gain on oil derivative instrument" as part of the consolidated statement of income.
The realized and unrealized (loss)/ gain on the oil derivative instrument is as follows:
The unrealized loss/gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. For further information on the nature of this derivative, refer to note 24.
Table:
 |  | Year Ended December 31, | 
(in thousands of $) | 2019 | 2018 | 2017
Realized gain on oil derivative instrument | 13,089 | 26,737 | —
Unrealized (loss)/gain on oil derivative instrument  | (39,090) | (9,970) | 15,100
 | (26,001) | 16,767 | 15,100


Question: How was the fair value of oil derivative instrument determined?
Answer: using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the liquefaction tolling agreement ("LTA").
Asset Retirement Obligations
At December 31, 2019, our asset retirement obligations balance was primarily related to estimated future costs of removing equipment from leased properties and estimated future costs of properly disposing of asbestos and other hazardous materials upon remodeling or demolishing buildings. Asset retirement obligations are included in other long-term liabilities on our consolidated balance sheets.
As of the Level 3 acquisition date, we recorded liabilities to reflect our fair values of Level 3’s asset retirement obligations. Our fair value estimates were determined using the discounted cash flow method.
The following table provides asset retirement obligation activity:
(1) The liabilities assumed during 2018 relate to purchase price adjustments during the year.
The 2019, 2018 and 2017 change in estimates are offset against gross property, plant and equipment.
Table:
 | Years Ended December 31, |  | 
 | 2019 | 2018 | 2017
 | (Dollars in millions) |  | 
Balance at beginning of year | $190 | 115 | 95
Accretion expense | 11 | 10 | 6
Liabilities assumed in acquisition of Level 3(1) | — | 58 | 45
Liabilities settled | (14) | (14) | (3)
Liabilities transferred to Cyxtera | — | — | (20)
Change in estimate | 10 | 21 | (8)
Balance at end of year | $197 | 190 | 115


Question: What do the liabilities assumed in acquisition of Level 3 during 2018 relate to?
Answer: purchase price adjustments during the year