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You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: ITEM 6. SELECTED FINANCIAL DATA
The following tables of selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and notes thereto in Item 8 of Part II and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this report.
The tables of selected financial data shown below are derived from our audited consolidated financial statements, which include the operating results, cash flows and financial condition of Level 3 beginning November 1, 2017. These historical results are not necessarily indicative of results that you can expect for any future period.
The following table summarizes selected financial information from our consolidated statements of operations.
(1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Item 7 of Part II of this report and in our preceding annual reports on Form 10-K for a discussion of unusual items affecting the results for each of the years presented.
(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.
(3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Acquisition of Level 3” and Note 2—Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report.
(4) During 2019, 2018, 2017, 2016 and 2015, we recognized an incremental $157 million, $171 million, $186 million, $201 million and $215 million, respectively, of revenue associated with the Federal Communications Commission (“FCC”) Connect America Fund Phase II support program, as compared to revenue received under the previous interstate USF program.
(5) The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a re-measurement of our deferred tax assets and liabilities at the new federal corporate tax rate of 21%. The re-measurement resulted in tax expense of $92 million for 2018 and a tax benefit of approximately $1.1 billion for 2017.
| | 2019(2)(3)(4) | | Operating revenue | Operating expenses | Operating (loss) income | (Loss) income before income tax expense | Net (loss) income | Basic loss) earnings per common share | Diluted (loss) earnings per common share | Dividends declared per common share | Weighted average basic common shares outstanding | Weighted average diluted common shares outstanding |
| | 2019(2)(3)(4) | | $22,401 | 25,127 | $(2,726) | $(4,766) | $(5,269) | $(4.92) | $(4.92) | $1.00 | 1,071,441 | 1,071,441 |
| | 2018(2)(3)(4)(5) | | 23,443 | 22,873 | 570 | (1,563) | (1,733) | (1.63) | (1.63) | 2.16 | 1,065,866 | 1,065,866 |
| Years Ended December 31, | 2017(3)(4)(5) | (Dollars in millions, except per share amounts and shares in thousands) | 17,656 | 15,647 | 2,009 | 540 | 1,389 | 2.21 | 2.21 | 2.16 | 627,808 | 628,693 |
| | 2016(3)(4) | | 17,470 | 15,137 | 2,333 | 1,020 | 626 | 1.16 | 1.16 | 2.16 | 539,549 | 540,679 |
| | 2015(4) | | 17,900 | 15,321 | 2,579 | 1,316 | 878 | 1.58 | 1.58 | 2.16 | 554,278 | 555,093 | | What is the amount of incremental operating revenue earned in 2017? | $186 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: ITEM 6. SELECTED FINANCIAL DATA
The following tables of selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and notes thereto in Item 8 of Part II and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this report.
The tables of selected financial data shown below are derived from our audited consolidated financial statements, which include the operating results, cash flows and financial condition of Level 3 beginning November 1, 2017. These historical results are not necessarily indicative of results that you can expect for any future period.
The following table summarizes selected financial information from our consolidated statements of operations.
(1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” in Item 7 of Part II of this report and in our preceding annual reports on Form 10-K for a discussion of unusual items affecting the results for each of the years presented.
(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.
(3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Acquisition of Level 3” and Note 2—Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report.
(4) During 2019, 2018, 2017, 2016 and 2015, we recognized an incremental $157 million, $171 million, $186 million, $201 million and $215 million, respectively, of revenue associated with the Federal Communications Commission (“FCC”) Connect America Fund Phase II support program, as compared to revenue received under the previous interstate USF program.
(5) The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a re-measurement of our deferred tax assets and liabilities at the new federal corporate tax rate of 21%. The re-measurement resulted in tax expense of $92 million for 2018 and a tax benefit of approximately $1.1 billion for 2017.
| | 2019(2)(3)(4) | | Operating revenue | Operating expenses | Operating (loss) income | (Loss) income before income tax expense | Net (loss) income | Basic loss) earnings per common share | Diluted (loss) earnings per common share | Dividends declared per common share | Weighted average basic common shares outstanding | Weighted average diluted common shares outstanding |
| | 2019(2)(3)(4) | | $22,401 | 25,127 | $(2,726) | $(4,766) | $(5,269) | $(4.92) | $(4.92) | $1.00 | 1,071,441 | 1,071,441 |
| | 2018(2)(3)(4)(5) | | 23,443 | 22,873 | 570 | (1,563) | (1,733) | (1.63) | (1.63) | 2.16 | 1,065,866 | 1,065,866 |
| Years Ended December 31, | 2017(3)(4)(5) | (Dollars in millions, except per share amounts and shares in thousands) | 17,656 | 15,647 | 2,009 | 540 | 1,389 | 2.21 | 2.21 | 2.16 | 627,808 | 628,693 |
| | 2016(3)(4) | | 17,470 | 15,137 | 2,333 | 1,020 | 626 | 1.16 | 1.16 | 2.16 | 539,549 | 540,679 |
| | 2015(4) | | 17,900 | 15,321 | 2,579 | 1,316 | 878 | 1.58 | 1.58 | 2.16 | 554,278 | 555,093 | | What types of expenses were recorded during 2018? | "non-cash, non-tax-deductible goodwill impairment charges", "Level 3 acquisition-related expenses", "tax expense" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cost of Revenues
Cost of Subscription Solutions
Cost of subscription solutions increased $10.7 million, or 39.9%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was due to an increase in the costs necessary to support a greater number of merchants using our platform, resulting in an increase in: infrastructure and hosting costs, employee-related costs, credit card fees for processing merchant billings, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, cost of subscription solutions decreased from 7.8% in the three months ended December 31, 2018 to 7.4% in the three months ended December 31, 2019 due to subscription solutions representing a smaller percentage of our total revenues.
Cost of Merchant Solutions
Cost of merchant solutions increased $72.5 million, or 55.2%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher payment processing and interchange fees resulting from an increase in GMV facilitated through Shopify Payments. The increase was also due to an increase in amortization related to acquired intangibles from the acquisition of 6RS, employee-related costs associated with 6RS, product costs associated with expanding our product offerings, credit card fees for processing merchant billings, infrastructure and hosting costs, materials and third-party manufacturing costs associated with 6RS and cost of POS hardware units. Cost of merchant solutions as a percentage of revenues increased from 38.2% in the three months ended December 31, 2018 to 40.4% in the three months ended December 31, 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.
| | 2019 | (in thousands, except percentages) | Cost of revenues | Cost of subscription solutions | Cost of merchant solutions | Total cost of revenues | Percentage of revenues | Cost of subscription solutions | Cost of merchant solutions | 47.8 % | |
| Three months ended December 31, | 2019 | (in thousands, except percentages) | : | $ 37,369 | 203,900 | $ 241,269 | : | 7.4 % | 40.4 % | 47.8 % |
| | 2018 | | : | $ 26,706 | 131,413 | $ 158,119 | : | 7.8 % | 38.2 % | 46.0 % |
| 2019 vs. 2018 | % Change | | : | 39.9 % | 55.2 % | 52.6 % | : | | | | | How much is the cost of subscriptions solutions revenue for both financial year ends (in chronological order)? | "$ 26,706", "$ 37,369" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cost of Revenues
Cost of Subscription Solutions
Cost of subscription solutions increased $10.7 million, or 39.9%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was due to an increase in the costs necessary to support a greater number of merchants using our platform, resulting in an increase in: infrastructure and hosting costs, employee-related costs, credit card fees for processing merchant billings, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, cost of subscription solutions decreased from 7.8% in the three months ended December 31, 2018 to 7.4% in the three months ended December 31, 2019 due to subscription solutions representing a smaller percentage of our total revenues.
Cost of Merchant Solutions
Cost of merchant solutions increased $72.5 million, or 55.2%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher payment processing and interchange fees resulting from an increase in GMV facilitated through Shopify Payments. The increase was also due to an increase in amortization related to acquired intangibles from the acquisition of 6RS, employee-related costs associated with 6RS, product costs associated with expanding our product offerings, credit card fees for processing merchant billings, infrastructure and hosting costs, materials and third-party manufacturing costs associated with 6RS and cost of POS hardware units. Cost of merchant solutions as a percentage of revenues increased from 38.2% in the three months ended December 31, 2018 to 40.4% in the three months ended December 31, 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.
| | 2019 | (in thousands, except percentages) | Cost of revenues | Cost of subscription solutions | Cost of merchant solutions | Total cost of revenues | Percentage of revenues | Cost of subscription solutions | Cost of merchant solutions | 47.8 % | |
| Three months ended December 31, | 2019 | (in thousands, except percentages) | : | $ 37,369 | 203,900 | $ 241,269 | : | 7.4 % | 40.4 % | 47.8 % |
| | 2018 | | : | $ 26,706 | 131,413 | $ 158,119 | : | 7.8 % | 38.2 % | 46.0 % |
| 2019 vs. 2018 | % Change | | : | 39.9 % | 55.2 % | 52.6 % | : | | | | | How much is the cost of merchant solutions revenue for both financial year ends (in chronological order)? | "131,413", "203,900" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cost of Revenues
Cost of Subscription Solutions
Cost of subscription solutions increased $10.7 million, or 39.9%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was due to an increase in the costs necessary to support a greater number of merchants using our platform, resulting in an increase in: infrastructure and hosting costs, employee-related costs, credit card fees for processing merchant billings, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, cost of subscription solutions decreased from 7.8% in the three months ended December 31, 2018 to 7.4% in the three months ended December 31, 2019 due to subscription solutions representing a smaller percentage of our total revenues.
Cost of Merchant Solutions
Cost of merchant solutions increased $72.5 million, or 55.2%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher payment processing and interchange fees resulting from an increase in GMV facilitated through Shopify Payments. The increase was also due to an increase in amortization related to acquired intangibles from the acquisition of 6RS, employee-related costs associated with 6RS, product costs associated with expanding our product offerings, credit card fees for processing merchant billings, infrastructure and hosting costs, materials and third-party manufacturing costs associated with 6RS and cost of POS hardware units. Cost of merchant solutions as a percentage of revenues increased from 38.2% in the three months ended December 31, 2018 to 40.4% in the three months ended December 31, 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.
| | 2019 | (in thousands, except percentages) | Cost of revenues | Cost of subscription solutions | Cost of merchant solutions | Total cost of revenues | Percentage of revenues | Cost of subscription solutions | Cost of merchant solutions | 47.8 % | |
| Three months ended December 31, | 2019 | (in thousands, except percentages) | : | $ 37,369 | 203,900 | $ 241,269 | : | 7.4 % | 40.4 % | 47.8 % |
| | 2018 | | : | $ 26,706 | 131,413 | $ 158,119 | : | 7.8 % | 38.2 % | 46.0 % |
| 2019 vs. 2018 | % Change | | : | 39.9 % | 55.2 % | 52.6 % | : | | | | | How much is the total cost of revenues for both financial year ends (in chronological order)? | "$ 158,119", "$ 241,269" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The breakout of product and service revenues was as follows:
Our product revenues increased $158.1 million, or 9%, in 2019 from 2018 primarily due to higher sales in Semiconductor Test of testers for 5G infrastructure and image sensors, higher sales in Storage Test of 3.5” hard disk drive testers, and higher demand in Industrial Automation, partially offset by a decrease in sales in Semiconductor Test automotive and analog test segments. Service revenues increased $36.1 million or 10%.
In 2019 and 2018, no single direct customer accounted for more than 10% of our consolidated revenues. In 2019 and 2018, our five largest direct customers in aggregate accounted for 27% and 27% of our consolidated revenues, respectively.
We estimate consolidated revenues driven by Huawei Technologies Co. Ltd. (“Huawei”), combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 11% and 4% of our consolidated revenues in 2019 and 2018, respectively. We estimate consolidated revenues driven by another OEM customer, combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 10% and 13% of our consolidated revenues in 2019 and 2018, respectively.
| | | Products revenues | Services revenues | $2,295.0 | |
| 2019 | | $1,887.7 | 407.3 | $2,295.0 |
| 2018 | (in millions) | $1,729.6 | 371.2 | $2,100.8 |
| 2018-2019 Dollar Change | | $158.1 | 36.1 | $194.2 | | What was the change in product revenues? | $158.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The breakout of product and service revenues was as follows:
Our product revenues increased $158.1 million, or 9%, in 2019 from 2018 primarily due to higher sales in Semiconductor Test of testers for 5G infrastructure and image sensors, higher sales in Storage Test of 3.5” hard disk drive testers, and higher demand in Industrial Automation, partially offset by a decrease in sales in Semiconductor Test automotive and analog test segments. Service revenues increased $36.1 million or 10%.
In 2019 and 2018, no single direct customer accounted for more than 10% of our consolidated revenues. In 2019 and 2018, our five largest direct customers in aggregate accounted for 27% and 27% of our consolidated revenues, respectively.
We estimate consolidated revenues driven by Huawei Technologies Co. Ltd. (“Huawei”), combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 11% and 4% of our consolidated revenues in 2019 and 2018, respectively. We estimate consolidated revenues driven by another OEM customer, combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 10% and 13% of our consolidated revenues in 2019 and 2018, respectively.
| | | Products revenues | Services revenues | $2,295.0 | |
| 2019 | | $1,887.7 | 407.3 | $2,295.0 |
| 2018 | (in millions) | $1,729.6 | 371.2 | $2,100.8 |
| 2018-2019 Dollar Change | | $158.1 | 36.1 | $194.2 | | What was the change in services revenues? | $36.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The breakout of product and service revenues was as follows:
Our product revenues increased $158.1 million, or 9%, in 2019 from 2018 primarily due to higher sales in Semiconductor Test of testers for 5G infrastructure and image sensors, higher sales in Storage Test of 3.5” hard disk drive testers, and higher demand in Industrial Automation, partially offset by a decrease in sales in Semiconductor Test automotive and analog test segments. Service revenues increased $36.1 million or 10%.
In 2019 and 2018, no single direct customer accounted for more than 10% of our consolidated revenues. In 2019 and 2018, our five largest direct customers in aggregate accounted for 27% and 27% of our consolidated revenues, respectively.
We estimate consolidated revenues driven by Huawei Technologies Co. Ltd. (“Huawei”), combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 11% and 4% of our consolidated revenues in 2019 and 2018, respectively. We estimate consolidated revenues driven by another OEM customer, combining direct sales to that customer with sales to the customer’s OSATs, accounted for approximately 10% and 13% of our consolidated revenues in 2019 and 2018, respectively.
| | | Products revenues | Services revenues | $2,295.0 | |
| 2019 | | $1,887.7 | 407.3 | $2,295.0 |
| 2018 | (in millions) | $1,729.6 | 371.2 | $2,100.8 |
| 2018-2019 Dollar Change | | $158.1 | 36.1 | $194.2 | | What are the components comprising total revenue? | "Products revenues", "Services revenues" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following:
Of the $32.7 million and $40.2 million net deferred tax asset at December 31, 2019 and 2018, respectively, $42.7 million and $47.1 million is reflected as a net non-current deferred tax asset and $10.0 million and $7.0 million is reflected as a long-term liability at December 31, 2019 and 2018, respectively.
As of December 31, 2019, the Company has recorded a valuation allowance on $16.0 million of its U.S. domestic deferred tax assets, largely attributable to acquired federal capital loss carryforwards for which the Company does not have sufficient income in the character to realize that attribute, and state carryforward attributes that are expected to expire before sufficient income can be realized in those jurisdictions. The remaining valuation allowance on deferred tax assets approximates $60.2 million and is associated primarily with operations in Austria, Germany, Hong Kong and Switzerland. As of December 31, 2019, there is not sufficient positive evidence to conclude that such deferred tax assets, presently reduced by a valuation allowance, will be recognized. The December 31, 2019 valuation allowance balance reflects an increase of $45.3 million during the year. The change in the valuation allowance is primarily due to increases from acquired Artesyn positions and current year activity, partially offset by decreases due to foreign exchange movements
| | 2019 | Deferred tax assets | Stock based compensation | Net operating loss and tax credit carryforwards | Interest expense limitation | Pension obligation | Excess and obsolete inventory | Deferred revenue | Employee bonuses and commissions | Depreciation and amortization | Operating lease liabilities | Other | Deferred tax assets | Less | Net deferred tax assets | Deferred tax liabilities | Depreciation and amortization | Unremitted earnings | Operating lease right-of-use assets | Other | Deferred tax liabilities | Net deferred tax assets |
| Years Ended December 31, | 2019 | | $1,757 | 86,879 | 7,620 | 13,473 | 3,217 | 3,305 | 2,537 | 29,015 | 23,451 | 9,685 | 180,939 | Valuation allowance: (76,206) | 104,733 | | 41,549 | 4,740 | 22,774 | 2,966 | 72,029 | $32,704 |
| | 2018 | | $1,337 | 38,622 | — | 3,302 | 2,161 | 6,903 | 1,874 | 29,525 | — | 9,961 | 93,685 | Valuation allowance: (30,924) | 62,761 | | 17,723 | 3,529 | — | 1,267 | 22,519 | $40,242 | | How much was reflected as a long-term liability in 2018? | $7.0 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 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.
| Vessel | Nordic Freedom | Nordic Moon | Nordic Apollo | Nordic Cosmos | Nordic Grace | Nordic Mistral | Nordic Passat | Nordic Vega | Nordic Breeze | Nordic Zenith | Nordic Sprinter | Nordic Skier | Nordic Light | Nordic Cross | Nordic Luna | Nordic Castor | Nordic Sirius | Nordic Pollux | Nordic Star | Nordic Space | Nordic Tellus | Nordic Aquarius | Nordic Cygnus |
| Built in | 2005 | 2002 | 2003 | 2003 | 2002 | 2002 | 2002 | 2010 | 2011 | 2011 | 2005 | 2005 | 2010 | 2010 | 2004 | 2004 | 2000 | 2003 | 2016 | 2017 | 2018 | 2018 | 2018 |
| Deadweight Tons | 159,331 | 160,305 | 159,998 | 159,999 | 149,921 | 164,236 | 164,274 | 163,940 | 158,597 | 158,645 | 159,089 | 159,089 | 158,475 | 158,475 | 150,037 | 150,249 | 150,183 | 150,103 | 159,000 | 159,000 | 157,000 | 157,000 | 157,000 |
| Delivered to NAT in | 2005 | 2006 | 2006 | 2006 | 2009 | 2009 | 2010 | 2010 | 2011 | 2011 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2016 | 2016 | 2016 | 2017 | 2018 | 2018 | 2018 | | What are the respective years that Nordic Freedom is built and delivered to NAT? | "2005", "2005" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 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.
| Vessel | Nordic Freedom | Nordic Moon | Nordic Apollo | Nordic Cosmos | Nordic Grace | Nordic Mistral | Nordic Passat | Nordic Vega | Nordic Breeze | Nordic Zenith | Nordic Sprinter | Nordic Skier | Nordic Light | Nordic Cross | Nordic Luna | Nordic Castor | Nordic Sirius | Nordic Pollux | Nordic Star | Nordic Space | Nordic Tellus | Nordic Aquarius | Nordic Cygnus |
| Built in | 2005 | 2002 | 2003 | 2003 | 2002 | 2002 | 2002 | 2010 | 2011 | 2011 | 2005 | 2005 | 2010 | 2010 | 2004 | 2004 | 2000 | 2003 | 2016 | 2017 | 2018 | 2018 | 2018 |
| Deadweight Tons | 159,331 | 160,305 | 159,998 | 159,999 | 149,921 | 164,236 | 164,274 | 163,940 | 158,597 | 158,645 | 159,089 | 159,089 | 158,475 | 158,475 | 150,037 | 150,249 | 150,183 | 150,103 | 159,000 | 159,000 | 157,000 | 157,000 | 157,000 |
| Delivered to NAT in | 2005 | 2006 | 2006 | 2006 | 2009 | 2009 | 2010 | 2010 | 2011 | 2011 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2016 | 2016 | 2016 | 2017 | 2018 | 2018 | 2018 | | What are the respective years that Nordic Moon is built and delivered to NAT? | "2002", "2006" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 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.
| Vessel | Nordic Freedom | Nordic Moon | Nordic Apollo | Nordic Cosmos | Nordic Grace | Nordic Mistral | Nordic Passat | Nordic Vega | Nordic Breeze | Nordic Zenith | Nordic Sprinter | Nordic Skier | Nordic Light | Nordic Cross | Nordic Luna | Nordic Castor | Nordic Sirius | Nordic Pollux | Nordic Star | Nordic Space | Nordic Tellus | Nordic Aquarius | Nordic Cygnus |
| Built in | 2005 | 2002 | 2003 | 2003 | 2002 | 2002 | 2002 | 2010 | 2011 | 2011 | 2005 | 2005 | 2010 | 2010 | 2004 | 2004 | 2000 | 2003 | 2016 | 2017 | 2018 | 2018 | 2018 |
| Deadweight Tons | 159,331 | 160,305 | 159,998 | 159,999 | 149,921 | 164,236 | 164,274 | 163,940 | 158,597 | 158,645 | 159,089 | 159,089 | 158,475 | 158,475 | 150,037 | 150,249 | 150,183 | 150,103 | 159,000 | 159,000 | 157,000 | 157,000 | 157,000 |
| Delivered to NAT in | 2005 | 2006 | 2006 | 2006 | 2009 | 2009 | 2010 | 2010 | 2011 | 2011 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2016 | 2016 | 2016 | 2017 | 2018 | 2018 | 2018 | | What are the respective years that Nordic Apollo is built and delivered to NAT? | "2003", "2006" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 6. Earnings per Share
Under ASC 260, Earnings per Share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method, basic and diluted earnings per share data are presented for each class of common stock.
In applying the two-class method, we determined that undistributed earnings should be allocated equally on a per share basis between Class A and Class B common stock. Under our Certificate of Incorporation, the holders of the common stock are entitled to participate ratably, on a share-for-share basis as if all shares of common stock were of a single class, in such dividends, as may be declared by the Board of Directors. During the years ended December 31, 2019, 2018 and 2017, we declared and paid quarterly dividends, in the amount of $0.27, $0.25 and $0.21 per share on both classes of common stock.
Basic earnings per share has been computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted earnings per share have been computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during each period.
The net income available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings per share for each class of common stock are as follows (in thousands, except per share amounts):
For the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866 shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options' effect would have been anti-dilutive. For the years ended December 31, 2019, 2018 and 2017, there were 338,748 shares, 420,524 shares and 463,800 shares, respectively, issued from the exercise of stock options.
| | 2019 | Distributed earnings | Undistributed earnings | Net income | Class A common stock | Basic net income available to common stockholders | Basic weighted average common shares outstanding | Basic earnings per share | Diluted net income available to common stockholders | Effect of potential exercise of stock options | Diluted weighted average common shares outstanding | Diluted earnings per share | Class B common stock | Basic net income available to common stockholders | Basic weighted average common shares outstanding | Basic earnings per share | Diluted net income available to common stockholders | Diluted weighted average common shares outstanding | Diluted earnings per share | For the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866 |
| | 2019 | $43,207 | 70,683 | $113,890 | : | $76,294 | 26,763 | $2.85 | $76,555 | 279 | 27,042 | $2.83 | : | $37,596 | 13,188 | $2.85 | $37,335 | 13,188 | $2.83 | |
| Year Ended December 31, | 2018 | $39,627 | 42,470 | $82,097 | : | $54,715 | 26,354 | $2.08 | $54,937 | 324 | 26,678 | $2.06 | : | $27,382 | 13,189 | $2.08 | $27,160 | 13,189 | $2.06 | |
| | 2017 | $32,709 | 81,432 | $114,141 | : | $75,413 | 25,685 | $2.94 | $75,698 | 288 | 25,973 | $2.91 | : | $38,728 | 13,190 | $2.94 | $38,443 | 13,190 | $2.91 | | | How many options to purchase shares were outstanding for the years ended December 31, 2019, and 2018, respectively? | "288,133", "293,898" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 3. Operating (loss)/profit
Detailed below are the key amounts recognised in arriving at our operating (loss)/profit
Notes: 1 The year ended 31 March 2019 included €nil (2018: €80 million credit, 2017: €127 million charge) reported in other income and expense in the consolidated income statement
2 Reported in other income and expense in the consolidated income statement.
| | €m | Net foreign exchange losses/(gains)1 | Depreciation of property, plant and equipment (note 11) | Owned assets | Leased assets | Amortisation of intangible assets (note 10) | Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | Staff costs (note 23) | Amounts related to inventory included in cost of sales | Operating lease rentals payable | Loss on disposal of property, plant and equipment and intangible assets | Own costs capitalised attributable to the construction or acquisition of property, plant and equipment | Net gain on formation of VodafoneZiggo (note 26)2 |
| 2019 | €m | 1 | : | 5,795 | 59 | 3,941 | 3,525 | 5,267 | 5,886 | 3,826 | 33 | (844) | – |
| 2018 | €m | (65) | : | 5,963 | 47 | 4,399 | – | 5,295 | 6,045 | 3,788 | 36 | (829) | – |
| 2017 | €m | 133 | : | 6,253 | 12 | 4,821 | – | 5,519 | 6,464 | 3,976 | 22 | (800) | (1,275) | | Which financial years' information does this table show? | "2017", "2018", "2019" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 3. Operating (loss)/profit
Detailed below are the key amounts recognised in arriving at our operating (loss)/profit
Notes: 1 The year ended 31 March 2019 included €nil (2018: €80 million credit, 2017: €127 million charge) reported in other income and expense in the consolidated income statement
2 Reported in other income and expense in the consolidated income statement.
| | €m | Net foreign exchange losses/(gains)1 | Depreciation of property, plant and equipment (note 11) | Owned assets | Leased assets | Amortisation of intangible assets (note 10) | Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | Staff costs (note 23) | Amounts related to inventory included in cost of sales | Operating lease rentals payable | Loss on disposal of property, plant and equipment and intangible assets | Own costs capitalised attributable to the construction or acquisition of property, plant and equipment | Net gain on formation of VodafoneZiggo (note 26)2 |
| 2019 | €m | 1 | : | 5,795 | 59 | 3,941 | 3,525 | 5,267 | 5,886 | 3,826 | 33 | (844) | – |
| 2018 | €m | (65) | : | 5,963 | 47 | 4,399 | – | 5,295 | 6,045 | 3,788 | 36 | (829) | – |
| 2017 | €m | 133 | : | 6,253 | 12 | 4,821 | – | 5,519 | 6,464 | 3,976 | 22 | (800) | (1,275) | | What is the last day of Vodafone's 2019 financial year? | 31 March |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: OPERATING AND FINANCIAL RESULTS
(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued
operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
| 1)(Three months ended August 31, | (in thousands of dollars, except percentages) | Revenue | Operating expenses | Management fees – Cogeco Inc. | Adjusted EBITDA | Adjusted EBITDA margin |
| 2019 | $ | 583,673 | 302,833 | 5,230 | 275,610 | 47.2% |
| 2018 | $ | 566,184 | 297,977 | 4,796 | 263,411 | 46.5% |
| Change | % | 3.1 | 1.6 | 9.0 | 4.6 | |
| Change in constant currency | % | 2.7 | 1.1 | 9.0 | 4.3 | |
| Foreign exchange impact | $ | 2,427 | 1,441 | - | 986 | | | What was the foreign exchange rate used for the three-month period ended 2019? | 1.3222 USD/CDN. |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: OPERATING AND FINANCIAL RESULTS
(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued
operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
| 1)(Three months ended August 31, | (in thousands of dollars, except percentages) | Revenue | Operating expenses | Management fees – Cogeco Inc. | Adjusted EBITDA | Adjusted EBITDA margin |
| 2019 | $ | 583,673 | 302,833 | 5,230 | 275,610 | 47.2% |
| 2018 | $ | 566,184 | 297,977 | 4,796 | 263,411 | 46.5% |
| Change | % | 3.1 | 1.6 | 9.0 | 4.6 | |
| Change in constant currency | % | 2.7 | 1.1 | 9.0 | 4.3 | |
| Foreign exchange impact | $ | 2,427 | 1,441 | - | 986 | | | What was the foreign exchange rate used For the three-month period ended 2018? | 1.3100 USD/CDN. |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating Activities
Net cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.
Inventories, net, increased $5.6 million to $83.3 million at December 28, 2019 compared to $77.7 million at December 29, 2018 as a result of higher sales volumes, partially offset by a $10.4 million increase to our provision for excess and obsolete inventories. Accrued liabilities increased $8.7 million to $36.4 million at December 28, 2019 compared to $27.7 million at December 29, 2018, as a result of an increase in employee performance-based compensation and benefits and an increase in accrued income taxes due to timing of payments.
Accounts payable increased $0.9 million to $40.9 million at December 28, 2019 compared to $40.0 million at December 29, 2018, as a result of higher volumes mostly offset by the impact of timing of vendor payments.
Investing Activities
Net cash used in investing activities in fiscal 2019 primarily related to $20.8 million of cash used in the acquisition of property, plant and equipment, $20.5 million paid (net of cash acquired) as part of the consideration for the acquisition of FRT, and $25.1 million used for the purchase of marketable securities, net of maturities.
Financing Activities
Net cash used in financing activities in fiscal 2019 primarily related to $30.0 million of principal payments made towards the repayment of our term loan and $8.0 million related to tax withholdings associated with the net share settlements of our equity awards, largely offset by $23.4 million of proceeds from a term loan to fund the acquisition of FRT and $8.1 million of proceeds received from issuances of common stock under our stock incentive plans.
| | December 28, 2019 | | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
| | December 28, 2019 | | $121,048 | (66,352) | $(6,578) |
| Fiscal Year Ended | December 29, 2018 | (Dollars in thousands) | $68,700 | (21,295) | $(39,329) |
| | December 30, 2017 | | $86,323 | (59,425) | $(39,470) | | What is the increase in accounts payable from December 28, 2019 to December 29, 2018? | $0.9 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating Activities
Net cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.
Inventories, net, increased $5.6 million to $83.3 million at December 28, 2019 compared to $77.7 million at December 29, 2018 as a result of higher sales volumes, partially offset by a $10.4 million increase to our provision for excess and obsolete inventories. Accrued liabilities increased $8.7 million to $36.4 million at December 28, 2019 compared to $27.7 million at December 29, 2018, as a result of an increase in employee performance-based compensation and benefits and an increase in accrued income taxes due to timing of payments.
Accounts payable increased $0.9 million to $40.9 million at December 28, 2019 compared to $40.0 million at December 29, 2018, as a result of higher volumes mostly offset by the impact of timing of vendor payments.
Investing Activities
Net cash used in investing activities in fiscal 2019 primarily related to $20.8 million of cash used in the acquisition of property, plant and equipment, $20.5 million paid (net of cash acquired) as part of the consideration for the acquisition of FRT, and $25.1 million used for the purchase of marketable securities, net of maturities.
Financing Activities
Net cash used in financing activities in fiscal 2019 primarily related to $30.0 million of principal payments made towards the repayment of our term loan and $8.0 million related to tax withholdings associated with the net share settlements of our equity awards, largely offset by $23.4 million of proceeds from a term loan to fund the acquisition of FRT and $8.1 million of proceeds received from issuances of common stock under our stock incentive plans.
| | December 28, 2019 | | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
| | December 28, 2019 | | $121,048 | (66,352) | $(6,578) |
| Fiscal Year Ended | December 29, 2018 | (Dollars in thousands) | $68,700 | (21,295) | $(39,329) |
| | December 30, 2017 | | $86,323 | (59,425) | $(39,470) | | In which year was Net cash provided by operating activities less than 100,000 thousands? | "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating Activities
Net cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.
Inventories, net, increased $5.6 million to $83.3 million at December 28, 2019 compared to $77.7 million at December 29, 2018 as a result of higher sales volumes, partially offset by a $10.4 million increase to our provision for excess and obsolete inventories. Accrued liabilities increased $8.7 million to $36.4 million at December 28, 2019 compared to $27.7 million at December 29, 2018, as a result of an increase in employee performance-based compensation and benefits and an increase in accrued income taxes due to timing of payments.
Accounts payable increased $0.9 million to $40.9 million at December 28, 2019 compared to $40.0 million at December 29, 2018, as a result of higher volumes mostly offset by the impact of timing of vendor payments.
Investing Activities
Net cash used in investing activities in fiscal 2019 primarily related to $20.8 million of cash used in the acquisition of property, plant and equipment, $20.5 million paid (net of cash acquired) as part of the consideration for the acquisition of FRT, and $25.1 million used for the purchase of marketable securities, net of maturities.
Financing Activities
Net cash used in financing activities in fiscal 2019 primarily related to $30.0 million of principal payments made towards the repayment of our term loan and $8.0 million related to tax withholdings associated with the net share settlements of our equity awards, largely offset by $23.4 million of proceeds from a term loan to fund the acquisition of FRT and $8.1 million of proceeds received from issuances of common stock under our stock incentive plans.
| | December 28, 2019 | | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
| | December 28, 2019 | | $121,048 | (66,352) | $(6,578) |
| Fiscal Year Ended | December 29, 2018 | (Dollars in thousands) | $68,700 | (21,295) | $(39,329) |
| | December 30, 2017 | | $86,323 | (59,425) | $(39,470) | | What was the net income in 2019? | $39.3 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Operating Activities
Net cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.
Inventories, net, increased $5.6 million to $83.3 million at December 28, 2019 compared to $77.7 million at December 29, 2018 as a result of higher sales volumes, partially offset by a $10.4 million increase to our provision for excess and obsolete inventories. Accrued liabilities increased $8.7 million to $36.4 million at December 28, 2019 compared to $27.7 million at December 29, 2018, as a result of an increase in employee performance-based compensation and benefits and an increase in accrued income taxes due to timing of payments.
Accounts payable increased $0.9 million to $40.9 million at December 28, 2019 compared to $40.0 million at December 29, 2018, as a result of higher volumes mostly offset by the impact of timing of vendor payments.
Investing Activities
Net cash used in investing activities in fiscal 2019 primarily related to $20.8 million of cash used in the acquisition of property, plant and equipment, $20.5 million paid (net of cash acquired) as part of the consideration for the acquisition of FRT, and $25.1 million used for the purchase of marketable securities, net of maturities.
Financing Activities
Net cash used in financing activities in fiscal 2019 primarily related to $30.0 million of principal payments made towards the repayment of our term loan and $8.0 million related to tax withholdings associated with the net share settlements of our equity awards, largely offset by $23.4 million of proceeds from a term loan to fund the acquisition of FRT and $8.1 million of proceeds received from issuances of common stock under our stock incentive plans.
| | December 28, 2019 | | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
| | December 28, 2019 | | $121,048 | (66,352) | $(6,578) |
| Fiscal Year Ended | December 29, 2018 | (Dollars in thousands) | $68,700 | (21,295) | $(39,329) |
| | December 30, 2017 | | $86,323 | (59,425) | $(39,470) | | What was the Net cash used in investing activities in 2019, 2018 and 2017 respectively? | "(66,352)", "(21,295)", "(59,425)" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE E – PROPERTY AND EQUIPMENT
The Company’s property and equipment as of December 31, 2019 and 2018 consists of the following:
Depreciation and amortization expense included as a charge to income was $66,082 and $67,107 for the years ended December 31, 2019 and 2018, respectively.
| | Development test equipment | Computer software | Office equipment | Office fixtures and furniture | Leasehold improvements | Total | Accumulated depreciation and amortization | Total property and equipment |
| 2019 | $16,461 | 76,134 | 66,685 | 330,568 | 18,016 | 507,864 | (321,339) | 186,525 |
| 2018 | $19,110 | 76,134 | 61,367 | 330,568 | 18,016 | 505,195 | (257,906) | $247,289 | | What are the types of property and equipment? | "development test equipment", "computer software", "office equipment", "office fixtures and furniture", "leasehold improvements" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The components of the net deferred income tax assets as of September 28, 2019 and September 29, 2018, were as follows (in thousands):
During fiscal 2019, the Company’s valuation allowance increased by $0.8 million. This increase is the result of increases to the valuation allowances against the net deferred tax assets in the AMER region of $1.7 million, partially offset by a decrease in net deferred tax assets in the EMEA region of $0.9 million.
As of September 28, 2019, the Company had approximately $189.2 million of pre-tax state net operating loss carryforwards that expire between fiscal 2020 and 2040. Certain state net operating losses have a full valuation allowance against them. The Company also had approximately $79.6 million of pre-tax foreign net operating loss carryforwards that expire between fiscal 2019 and 2025 or are indefinitely carried forward. These foreign net operating losses have a full valuation allowance against them.
During fiscal 2019, proposed and final regulations were issued and tax legislation was adopted in various jurisdictions. The impacts of these regulations and legislation on the Company’s consolidated financial condition, results of operations and cash flows are included above.
The Company has been granted a tax holiday for a foreign subsidiary in the APAC segment. This tax holiday will expire onD ecember 31, 2024, and is subject to certain conditions with which the Company expects to continue to comply. During fiscal 2019, 2018 and 2017, the tax holiday resulted in tax reductions of approximately $23.9 million net of the impact of the GILTI provisions of Tax Reform ($0.79 per basic share, $0.77 per diluted share), $39.1 million ($1.19 per basic share, $1.15 per diluted share) and $37.5 million ($1.11 per basic share, $1.08 per diluted share), respectively.
The Company does not provide for taxes that would be payable if certain undistributed earnings of foreign subsidiaries were remitted because the Company considers these earnings to be permanently reinvested. The deferred tax liability that has not been recorded for these earnings was approximately $10.5 million as of September 28, 2019.
The Company has approximately $2.3 million of uncertain tax benefits as of September 28, 2019. The Company has classified these amounts in the Consolidated Balance Sheets as "Other liabilities" (noncurrent) in the amount of $1.5 million and an offset to "Deferred income taxes" (noncurrent asset) in the amount of $0.8 million. The Company has classified these amounts as "Other liabilities" (noncurrent) and "Deferred income taxes" (noncurrent asset) to the extent that payment is not anticipated within one year.
| | Deferred income tax assets | Loss/credit carryforwards | Inventories | Accrued benefits | Other | Total gross deferred income tax assets | Less valuation allowances | Deferred income tax assets | Deferred income tax liabilities | Property, plant and equipment | Tax on unremitted earnings | Acceleration of revenue under Topic 606 | Deferred income tax liabilities | Net deferred income tax assets/(liabilities) |
| 2019 | : | $28,391 | 16,809 | 15,834 | 3,353 | 64,387 | (29,170) | 35,217 | : | 15,621 | 5,192 | 6,055 | 26,868 | 8,349 |
| 2018 | : | $27,915 | 6,459 | 14,459 | 3,450 | 52,283 | (28,369) | 23,914 | : | 12,530 | 14,935 | — | 27,465 | (3,551) | | How many years did the Loss/credit carryforwards exceed $25,000 thousand? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 2.1 Segment information
Segment information is based on the information that management uses to make decisions about operating matters and allows users to review operations through the eyes of management. We present our reportable segments and measure our segment results on continuing operations basis, i.e. the same basis as our internal management reporting structure.
We have four reportable segments which offer a service that includes comparison, purchase support and lead referrals across:
• Health (private health insurance),
• Life and General Insurance,
• Energy and Telecommunications, and
• Other, predominately offering financial service products including home loans in Australia and Asia.
In the current year, unallocated corporate costs include costs associated with the business restructure and other one-off transactions.
1 Non-current assets other than financial instruments and deferred tax assets.
| | $’000 | 30 June 2019 | Revenue | Non-current assets1 | 30 June 2018 | Revenue | Non-current assets1 |
| AUSTRALIA | $’000 | | 149,295 | 44,061 | | 174,776 | 49,235 |
| ASIA | $’000 | | 4,864 | 15,899 | | 2,155 | 15,245 |
| TOTAL | $’000 | | 154,159 | 59,960 | | 176,931 | 64,480 | | What are the four reportable segments which offer a service that includes comparison, purchase support and lead referrals? | "Health (private health insurance)", "Life and General Insurance", "Energy and Telecommunications", "Other, predominately offering financial service products including home loans in Australia and Asia" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Interest in associates
*Included within share of profit from associates is $1,917,000 representing NSR’s share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000).
The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade selfstorage centres in select cities around Australia.
During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m).
As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia.
Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m.
As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018.
The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking.
| | $'000 | Opening balance at 1 July | Capital contribution / acquisition of shareholding in associates | Share of profit from associates* | Distributions from associate | Closing balance at 30 June |
| 2019 | $'000 | 10,693 | - | 1,695 | - | 12,388 |
| 2018 | $'000 | 8,611 | 2,048 | 1,282 | (1,248) | 10,693 | | What was the share of profit from associates representing NSRs in 2019 and 2018? | "$1,917,000", "$1,383,000" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 9. BALANCE SHEET DETAILS (Continued)
Other long-term liabilities consist of the following (in thousands):
| | 2019 | Long-term taxes payable | Deferred compensation (see Note 13) | Deferred tax liabilities (see Note 16) | Deferred revenue | Asset retirement obligations liability (see Note 2) | Defined benefit plan liabilities (see Note 14) | Other long-term liabilities | Total other long-term liabilities |
| Fiscal year-end | 2019 | $37,385 | 39,715 | 27,785 | 8,012 | 4,934 | 45,862 | 2,188 | $165,881 |
| | 2018 | $36,336 | 40,895 | 26,339 | 5,091 | 4,529 | 37,528 | 1,238 | $151,956 | | In which years were long-term liabilities calculated? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Central Overheads declined by $76 million in F19 to $60 million due to a one‐off payment from Caltex of $50 million and a reversal of impairment on a property subsequently classified as held for sale of $37 million. Central Overheads are still expected to be approximately $150 million on an annual basis before taking into account any impact from the Endeavour Group transaction.
A small increase in inventory to $4,280 million was primarily due to higher closing inventory in New Zealand and BIG W to improve availability. Closing inventory days declined 0.9 days to 37.2 days and average inventory days from continuing operations declined by 0.2 days to 38.8 days.
Net investment in inventory of $939 million remained broadly consistent with prior year. Adjusting for the impact of an extra New Zealand Food payment run in the 53rd week of $153 million, net investment in inventory declined by 19%.
Other creditors and provisions of $4,308 million decreased $40 million compared to the prior year. Excluding significant items relating to the BIG W network review and cash utilisation of F16 significant items provisions, the decrease in other creditors and provisions was primarily driven by a reduction in accruals associated with store team costs.
Fixed assets, investments and loans to related parties of $9,710 million increased by $528 million. Additions of fixed assets of $2,040 million during the year mainly related to store refurbishments, supply chain and IT infrastructure and included $203 million related to property development activity. This was partially offset by depreciation and amortisation, disposals and an impairment of $166 million associated with the BIG W network review.
Net assets held for sale of $225 million decreased by $575 million mainly as a result of the sale of the Petrol business to EG Group on 1 April 2019.
Intangible assets of $6,526 million increased by $61 million driven by an increase in goodwill and brand names in New Zealand due to the strengthening of the New Zealand dollar, a minor increase in goodwill associated with the acquisition of businesses partially offset by an impairment to the carrying value of Summergate of $21 million.
Net tax balances of $227 million increased $66 million due to an increase in deferred tax assets associated with the provisions raised as a result of the BIG W network review.
Net debt of $1,599 million increased by $377 million largely due to the timing of New Zealand creditor payments, higher net capital expenditure (excluding the proceeds from the sale of the Petrol business) and an increase in dividends paid during the year.
Normalised Return on Funds Employed (ROFE) from continuing operations was 24.2%, 11 bps up on the prior year. Normalised AASB 16 estimated ROFE was 14.1%.
Cash flow from operating activities before interest and tax was $3,858 million, an increase of 0.5% on the prior year. Excluding the impact of significant items, higher EBITDA was offset by the impact of the New Zealand payment run in week 53 and a movement in provisions and accruals. The cash flow benefit from an extra week of trading is offset by nine months of EBITDA from the Petrol business compared to a full year in F18.
The cash realisation ratio was 74.1%. Excluding the timing of the New Zealand payment run, and charges associated with the BIG W network review and gain on sale of the Petrol business, the cash realisation ratio was 98.4%, impacted by the cash utilisation of provisions and accruals offset by trade working capital improvements.
Net interest paid of $166 million declined by 9.8% compared to the prior year due to the early repayment of US Private Placement Notes in the prior year reducing average borrowing costs.
| Group Profit or Loss | for the 53 weeks ended 30 June 2019 | MARGINS – continuing operations | Gross profit (%) | Cost of doing business (%) | EBIT (%) | EARNINGS PER SHARE AND DIVIDENDS | Weighted average ordinary shares on issue (million) | Total Group basic EPS (cents) before significant items | Total Group basic EPS (cents) after significant items | Basic EPS (cents) – from continuing operations before significant items | Basic EPS (cents) – from continuing operations after significant items | Diluted EPS (cents) – from continuing operations before significant items | Diluted EPS (cents) – from continuing operations after significant items | Interim dividend per share (cents) | Final dividend per share (cents) 1 | Special dividend per share (cents) 1 | Total dividend per share (cents) |
| F19 | 53 WEEKS | | 29.1 | 24.6 | 4.5 | | 1,305.7 | 142.8 | 206.2 | 134.2 | 114.3 | 133.4 | 113.6 | 45 | 57 | – | 102 |
| F18 | 52 WEEKS | | 29.3 | 24.9 | 4.5 | | 1,300.5 | 132.6 | 132.6 | 123.4 | 123.4 | 123.1 | 123.1 | 43 | 50 | 10 | 103 |
| | CHANGE | | (24) bps | (31) bps | 7 bps | | 0.4% | 7.7% | 55.5% | 8.8% | (7.4)% | 8.4% | (7.7)% | 4.7% | 14.0% | n.m. | (1.0)% |
| CHANGE | NORMALISED | | (23) bps | (30) bps | 7 bps | | | 5.8% | 53.7% | 6.8% | (9.3)% | 6.4% | (9.7)% | | | | | | What is the value of Central Overheads in F19? | $60 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Uncertain Tax Positions
As of fiscal year end 2019, we had total unrecognized income tax benefits of $542 million. If recognized in future years, $397 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. As of fiscal year end 2018, we had total unrecognized income tax benefits of $566 million. If recognized in future years, $467 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. The following table summarizes the activity related to unrecognized income tax benefits:
We record accrued interest and penalties related to uncertain tax positions as part of income tax expense (benefit). As of fiscal year end 2019 and 2018, we had $42 million and $60 million, respectively, of accrued interest and penalties related to uncertain tax positions on the Consolidated Balance Sheets, recorded primarily in income taxes. During fiscal 2019, 2018, and 2017, we recognized income tax benefits of $14 million, expense of $5 million, and benefits of $5 million, respectively, related to interest and penalties on the Consolidated Statements of Operations.
We file income tax returns on a unitary, consolidated, or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from 3 to 4 years. Various state and local income tax returns are currently in the process of examination or administrative appeal.
Our non-U.S. subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 10 years. Various non-U.S. subsidiary income tax returns are currently in the process of examination by taxing authorities.
| | 2019 | | Balance at beginning of fiscal year | Additions related to prior years tax positions | Reductions related to prior years tax positions | Additions related to current year tax positions | Settlements | Reductions due to lapse of applicable statute of limitations | Balance at end of fiscal year |
| | 2019 | | $ 566 | 13 | (101) | 98 | (2) | (32) | $ 542 |
| Fiscal | 2018 | (in millions) | $ 501 | 14 | (11) | 105 | (7) | (36) | $ 566 |
| | 2017 | | $ 490 | 40 | (9) | 70 | (4) | (86) | $ 501 | | What was the total unrecognized income tax benefits at the end of 2019? | $542 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Uncertain Tax Positions
As of fiscal year end 2019, we had total unrecognized income tax benefits of $542 million. If recognized in future years, $397 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. As of fiscal year end 2018, we had total unrecognized income tax benefits of $566 million. If recognized in future years, $467 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. The following table summarizes the activity related to unrecognized income tax benefits:
We record accrued interest and penalties related to uncertain tax positions as part of income tax expense (benefit). As of fiscal year end 2019 and 2018, we had $42 million and $60 million, respectively, of accrued interest and penalties related to uncertain tax positions on the Consolidated Balance Sheets, recorded primarily in income taxes. During fiscal 2019, 2018, and 2017, we recognized income tax benefits of $14 million, expense of $5 million, and benefits of $5 million, respectively, related to interest and penalties on the Consolidated Statements of Operations.
We file income tax returns on a unitary, consolidated, or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from 3 to 4 years. Various state and local income tax returns are currently in the process of examination or administrative appeal.
Our non-U.S. subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 10 years. Various non-U.S. subsidiary income tax returns are currently in the process of examination by taxing authorities.
| | 2019 | | Balance at beginning of fiscal year | Additions related to prior years tax positions | Reductions related to prior years tax positions | Additions related to current year tax positions | Settlements | Reductions due to lapse of applicable statute of limitations | Balance at end of fiscal year |
| | 2019 | | $ 566 | 13 | (101) | 98 | (2) | (32) | $ 542 |
| Fiscal | 2018 | (in millions) | $ 501 | 14 | (11) | 105 | (7) | (36) | $ 566 |
| | 2017 | | $ 490 | 40 | (9) | 70 | (4) | (86) | $ 501 | | In which years are the total unrecognized income tax benefits calculated for? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin.
In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Certain corporate-level activity is not allocated to our segments, including restructuring expenses.
Segment revenue and operating income were as follows during the periods presented:
Corporate and Other operating loss comprised restructuring expenses.
| (In millions) | Year Ended June 30, | Revenue | Productivity and Business Processes | Intelligent Cloud | More Personal Computing | Total | Operating Income (Loss) | Productivity and Business Processes | Intelligent Cloud | More Personal Computing | Corporate and Other | Total |
| | 2019 | | $ 41,160 | 38,985 | 45,698 | $ 125,843 | | $ 16,219 | 13,920 | 12,820 | 0 | $ 42,959 |
| | 2018 | | $ 35,865 | 32,219 | 42,276 | $ 110,360 | | $ 12,924 | 11,524 | 10,610 | 0 | $ 35,058 |
| | 2017 | | $ 29,870 | 27,407 | 39,294 | $ 96,571 | | $ 11,389 | 9,127 | 8,815 | (306) | $ 29,025 | | How many items are there for operating income (loss)? | "Productivity and Business Processes", "Intelligent Cloud", "More Personal Computing", "Corporate and Other" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note: Net loss equals to comprehensive loss for all years presented.
(1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019.
The accompanying notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
| | Statements of Operations | Revenue | Cost of revenue | Gross profit | Operating expenses | Research and development | Selling, general and administrative | Loss from operations | Interest expense | Interest income and other expense, net | Loss before income taxes | (Benefit from) Provision for income taxes | Net loss | Net loss per share | Basic and diluted | Weighted average shares | Basic and diluted |
| 2019 | : | $10,310 | 4,405 | 5,905 | : | 12,350 | 8,918 | (15,363) | (350) | 189 | (15,524) | (80) | $(15,444) | (1): | $(2.02) | : | 7,663 |
| 2018 | : | $12,629 | 6,295 | 6,334 | : | 9,948 | 9,982 | (13,596) | (108) | 77 | (13,627) | 152 | $(13,779) | (1): | $(2.16) | : | 6,365 |
| 2017 | : | $12,149 | 6,627 | 5,522 | : | 9,572 | 9,900 | (13,950) | (115) | 21 | (14,044) | 87 | $(14,131) | (1): | $(2.56) | : | 5,521 | | What are the respective revenue in 2018 and 2019? | "$12,629", "$10,310" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note: Net loss equals to comprehensive loss for all years presented.
(1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019.
The accompanying notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
| | Statements of Operations | Revenue | Cost of revenue | Gross profit | Operating expenses | Research and development | Selling, general and administrative | Loss from operations | Interest expense | Interest income and other expense, net | Loss before income taxes | (Benefit from) Provision for income taxes | Net loss | Net loss per share | Basic and diluted | Weighted average shares | Basic and diluted |
| 2019 | : | $10,310 | 4,405 | 5,905 | : | 12,350 | 8,918 | (15,363) | (350) | 189 | (15,524) | (80) | $(15,444) | (1): | $(2.02) | : | 7,663 |
| 2018 | : | $12,629 | 6,295 | 6,334 | : | 9,948 | 9,982 | (13,596) | (108) | 77 | (13,627) | 152 | $(13,779) | (1): | $(2.16) | : | 6,365 |
| 2017 | : | $12,149 | 6,627 | 5,522 | : | 9,572 | 9,900 | (13,950) | (115) | 21 | (14,044) | 87 | $(14,131) | (1): | $(2.56) | : | 5,521 | | What are the respective cost of revenue in 2018 and 2019? | "6,295", "4,405" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note: Net loss equals to comprehensive loss for all years presented.
(1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019.
The accompanying notes form an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
| | Statements of Operations | Revenue | Cost of revenue | Gross profit | Operating expenses | Research and development | Selling, general and administrative | Loss from operations | Interest expense | Interest income and other expense, net | Loss before income taxes | (Benefit from) Provision for income taxes | Net loss | Net loss per share | Basic and diluted | Weighted average shares | Basic and diluted |
| 2019 | : | $10,310 | 4,405 | 5,905 | : | 12,350 | 8,918 | (15,363) | (350) | 189 | (15,524) | (80) | $(15,444) | (1): | $(2.02) | : | 7,663 |
| 2018 | : | $12,629 | 6,295 | 6,334 | : | 9,948 | 9,982 | (13,596) | (108) | 77 | (13,627) | 152 | $(13,779) | (1): | $(2.16) | : | 6,365 |
| 2017 | : | $12,149 | 6,627 | 5,522 | : | 9,572 | 9,900 | (13,950) | (115) | 21 | (14,044) | 87 | $(14,131) | (1): | $(2.56) | : | 5,521 | | What are the respective gross profit in 2018 and 2019? | "6,334", "5,905" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: DSUs
Eligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant’s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company.
The following table summarizes the status of outstanding DSUs at December 31, 2019 and 2018.
(1) The weighted average fair value of the DSUs issued was $59 in 2019 and $55 in 2018.
| NUMBER OF DSUs | Outstanding, January 1 | Issued (1) | Settlement of RSUs/PSUs | Dividends credited | Settled | Outstanding, December 31 |
| 2019 | 4,391,997 | 84,588 | 146,960 | 236,079 | (236,525) | 4,623,099 |
| 2018 | 4,309,528 | 94,580 | 112,675 | 240,879 | (365,665) | 4,391,997 | | Which years does the table summarize the status of outstanding DSUs? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Intangible Assets
Internal software development costs of $2,526 and $12,666 were capitalized during the years ended December 31, 2019 and 2018, respectively, and are classified within software development costs as an intangible asset. Amortization expense related to the capitalized internally developed software was $7,464 and $3,832 for the years ended December 31, 2019 and 2018, respectively, and is included in cost of revenues, sales and marketing and general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss.
Expressed in US $000's except share and per share amounts
| | Cost | $ | Acquired technology | Software development costs | Acquired customer relationships | Purchased software | Other intangible assets | 48,578 | |
| December 31, 2018 | Cost | $ | 15,556 | 24,963 | 495 | 6,973 | 591 | 48,578 |
| | Accumulated amortization | $ | 7,875 | 9,226 | 346 | 4,503 | 556 | 22,506 |
| | Net book value | $ | 7,681 | 15,737 | 149 | 2,470 | 35 | 26,072 | | What financial items does intangible assets comprise of? | "Acquired technology", "Software development costs", "Acquired customer relationships", "Purchased software", "Other intangible assets" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Intangible Assets
Internal software development costs of $2,526 and $12,666 were capitalized during the years ended December 31, 2019 and 2018, respectively, and are classified within software development costs as an intangible asset. Amortization expense related to the capitalized internally developed software was $7,464 and $3,832 for the years ended December 31, 2019 and 2018, respectively, and is included in cost of revenues, sales and marketing and general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss.
Expressed in US $000's except share and per share amounts
| | Cost | $ | Acquired technology | Software development costs | Acquired customer relationships | Purchased software | Other intangible assets | 48,578 | |
| December 31, 2018 | Cost | $ | 15,556 | 24,963 | 495 | 6,973 | 591 | 48,578 |
| | Accumulated amortization | $ | 7,875 | 9,226 | 346 | 4,503 | 556 | 22,506 |
| | Net book value | $ | 7,681 | 15,737 | 149 | 2,470 | 35 | 26,072 | | What information does the table show? | Intangible Assets |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: ADJUSTED EBITDA
(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Fiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.
| 1)(Three months ended August 31, | (in thousands of dollars, except percentages) | Canadian broadband services | American broadband services | Inter-segment eliminations and other | 275,610 | |
| 2019 | $ | 172,120 | 115,523 | (12,033) | 275,610 |
| 2018 | $ | 166,181 | 109,937 | (12,707) | 263,411 |
| Change | % | 3.6 | 5.1 | (5.3) | 4.6 |
| Change in constant currency | % | 3.6 | 4.1 | (5.3) | 4.3 |
| Foreign exchange impact | $ | (73) | 1,057 | 2 | 986 | | What was the exchange rate in 2019? | 1.3222 USD/CDN. |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: ADJUSTED EBITDA
(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.
(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the "Accounting policies" and "Discontinued operations" sections.
(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.
Fiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: • an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and • an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.
| 1)(Three months ended August 31, | (in thousands of dollars, except percentages) | Canadian broadband services | American broadband services | Inter-segment eliminations and other | 275,610 | |
| 2019 | $ | 172,120 | 115,523 | (12,033) | 275,610 |
| 2018 | $ | 166,181 | 109,937 | (12,707) | 263,411 |
| Change | % | 3.6 | 5.1 | (5.3) | 4.6 |
| Change in constant currency | % | 3.6 | 4.1 | (5.3) | 4.3 |
| Foreign exchange impact | $ | (73) | 1,057 | 2 | 986 | | What was the exchange rate in 2018? | 1.3100 USD/CDN. |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: A reconciliation of the combined Canadian federal and provincial income tax rate with our effective income tax rate is as follows:
In Fiscal 2019, 2018 and 2017, respectively, substantially all the tax rate differential for international jurisdictions was driven by earnings in the United States.
The effective tax rate decreased to a provision of 35.2% for the year ended June 30, 2019, compared to 37.2% for the year ended June 30, 2018. The increase in tax expense of $11.1 million was primarily due to the increase in net income taxed at foreign rates of $10.7 million, an increase of $26.4 million in reserves for unrecognized tax benefits, an increase of $16.1 million arising on the introduction of BEAT in Fiscal 2019, and an increase of $16.3 million relating to the tax impact of internal reorganizations of subsidiaries, partially offset by a the reversal of accruals for undistributed United States earnings of $14.8 million, the Fiscal 2018 impact of United States tax reform of $19.0 million which did not recur in Fiscal 2019, an increase in tax credits for research and development of $9.7 million, an increase of $6.8 million in the release of valuation allowance, a decrease of $5.8 million in the impact of withholding taxes in Fiscal 2019. The remainder of the difference was due to normal course movements and non-material items.
In July 2016, we implemented a reorganization of our subsidiaries worldwide with the view to continuing to enhance operational and administrative efficiencies through further consolidated ownership, management, and development of our intellectual property (IP) in Canada, continuing to reduce the number of entities in our group and working towards our objective of having a single operating legal entity in each jurisdiction. A significant tax benefit of $876.1 million, associated primarily with the recognition of a net deferred tax asset arising from the entry of the IP into Canada, was recognized in the first quarter of Fiscal 2017. For more information relating to this, please refer to our Annual Report on Form 10-K for the year ended June 30, 2017.
As of June 30, 2019, we have approximately $242.3 million of domestic non-capital loss carryforwards. In addition, we have $387.6 million of foreign non-capital loss carryforwards of which $53.8 million have no expiry date. The remainder of the domestic and foreign losses expires between 2020 and 2039. In addition, investment tax credits of $58.6 million will expire between 2020 and 2039.
| | 2019 | Expected statutory rate | Expected provision for income taxes | Effect of foreign tax rate differences | Change in valuation allowance | Amortization of deferred charges | Effect of permanent differences | Effect of changes in unrecognized tax benefits | Effect of withholding taxes | Difference in tax filings from provision | Effect of U.S. tax reform | Effect of tax credits for research and development | Effect of accrual for undistributed earnings | Effect of Base Erosion and Anti-Abuse Tax (BEAT) | Other Items | Impact of internal reorganization of subsidiaries | 154,937 | |
| | 2019 | 26.5% | $116,752 | (1,344) | (5,045) | — | (577) | 31,992 | 2,097 | (250) | — | (13,550) | (13,112) | 16,030 | 5,473 | 16,471 | 154,937 |
| Year Ended June 30, | 2018 | 26.5% | $102,323 | 2,352 | 1,779 | 4,242 | 4,332 | 5,543 | 7,927 | 1,321 | 19,037 | (3,875) | (1,154) | — | (1) | — | $143,826 |
| | 2017 | 26.5% | $66,131 | 8,647 | 520 | 6,298 | 3,673 | 14,427 | 3,845 | (7,836) | — | (2,643) | 5,613 | — | 1,075 | (876,114) | $(776,364) | | How much domestic non-capital loss carryforwards are there as of June 30, 2019? | approximately $242.3 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: A reconciliation of the combined Canadian federal and provincial income tax rate with our effective income tax rate is as follows:
In Fiscal 2019, 2018 and 2017, respectively, substantially all the tax rate differential for international jurisdictions was driven by earnings in the United States.
The effective tax rate decreased to a provision of 35.2% for the year ended June 30, 2019, compared to 37.2% for the year ended June 30, 2018. The increase in tax expense of $11.1 million was primarily due to the increase in net income taxed at foreign rates of $10.7 million, an increase of $26.4 million in reserves for unrecognized tax benefits, an increase of $16.1 million arising on the introduction of BEAT in Fiscal 2019, and an increase of $16.3 million relating to the tax impact of internal reorganizations of subsidiaries, partially offset by a the reversal of accruals for undistributed United States earnings of $14.8 million, the Fiscal 2018 impact of United States tax reform of $19.0 million which did not recur in Fiscal 2019, an increase in tax credits for research and development of $9.7 million, an increase of $6.8 million in the release of valuation allowance, a decrease of $5.8 million in the impact of withholding taxes in Fiscal 2019. The remainder of the difference was due to normal course movements and non-material items.
In July 2016, we implemented a reorganization of our subsidiaries worldwide with the view to continuing to enhance operational and administrative efficiencies through further consolidated ownership, management, and development of our intellectual property (IP) in Canada, continuing to reduce the number of entities in our group and working towards our objective of having a single operating legal entity in each jurisdiction. A significant tax benefit of $876.1 million, associated primarily with the recognition of a net deferred tax asset arising from the entry of the IP into Canada, was recognized in the first quarter of Fiscal 2017. For more information relating to this, please refer to our Annual Report on Form 10-K for the year ended June 30, 2017.
As of June 30, 2019, we have approximately $242.3 million of domestic non-capital loss carryforwards. In addition, we have $387.6 million of foreign non-capital loss carryforwards of which $53.8 million have no expiry date. The remainder of the domestic and foreign losses expires between 2020 and 2039. In addition, investment tax credits of $58.6 million will expire between 2020 and 2039.
| | 2019 | Expected statutory rate | Expected provision for income taxes | Effect of foreign tax rate differences | Change in valuation allowance | Amortization of deferred charges | Effect of permanent differences | Effect of changes in unrecognized tax benefits | Effect of withholding taxes | Difference in tax filings from provision | Effect of U.S. tax reform | Effect of tax credits for research and development | Effect of accrual for undistributed earnings | Effect of Base Erosion and Anti-Abuse Tax (BEAT) | Other Items | Impact of internal reorganization of subsidiaries | 154,937 | |
| | 2019 | 26.5% | $116,752 | (1,344) | (5,045) | — | (577) | 31,992 | 2,097 | (250) | — | (13,550) | (13,112) | 16,030 | 5,473 | 16,471 | 154,937 |
| Year Ended June 30, | 2018 | 26.5% | $102,323 | 2,352 | 1,779 | 4,242 | 4,332 | 5,543 | 7,927 | 1,321 | 19,037 | (3,875) | (1,154) | — | (1) | — | $143,826 |
| | 2017 | 26.5% | $66,131 | 8,647 | 520 | 6,298 | 3,673 | 14,427 | 3,845 | (7,836) | — | (2,643) | 5,613 | — | 1,075 | (876,114) | $(776,364) | | What fiscal years are included in the table? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: KEMET CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2019, 2018 and 2017, is as follows (amounts in thousands):
Fiscal Year Ended March 31, 2019
The Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019, including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal.
Fiscal Year Ended March 31, 2018
The Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018, including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of operations for KFM, and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.
Fiscal Year Ended March 31, 2017
The Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017, including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs. The personnel reduction costs of $2.2 million corresponded with the following: $0.3 million related to the consolidation of certain Solid Capacitor manufacturing in Matamoros, Mexico; $0.4 million for headcount reductions related to the shut-down of operations for KFM; $0.3 million related to headcount reductions in Europe (primarily Italy and Landsberg, Germany) corresponding with the relocation of certain production lines and laboratories to lower cost regions; $0.3 million for overhead reductions in Sweden; $0.3 million in U.S. headcount reductions related to the relocation of global marketing functions to the Company’s Fort Lauderdale, Florida office; $0.3 million in headcount reductions related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico; $0.2 million in overhead reductions for the relocation of research and development operations from Weymouth, England to Evora, Portugal; and $0.1 million in manufacturing headcount reductions related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant. The relocation and exit costs of $3.2 million included $1.9 million in expenses related to contract termination costs related to the shut-down of operations for KFM; $0.6 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant; $0.6 million for transfers of Film and Electrolytic production lines and R&D functions to lower cost regions; and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.
| | 2019 | Personnel reduction costs | Relocation and exit costs | Restructuring charges |
| | 2019 | $2,823 | 5,956 | $8,779 |
| Fiscal Years Ended March 31, | 2018 | $12,587 | 2,256 | $14,843 |
| | 2017 | $2,214 | 3,190 | $5,404 | | Which years does the table provide information for expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges"? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: KEMET CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
A summary of the expenses aggregated on the Consolidated Statements of Operations line item “Restructuring charges” in the fiscal years ended March 31, 2019, 2018 and 2017, is as follows (amounts in thousands):
Fiscal Year Ended March 31, 2019
The Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019, including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal.
Fiscal Year Ended March 31, 2018
The Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018, including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of operations for KFM, and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.
Fiscal Year Ended March 31, 2017
The Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017, including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs. The personnel reduction costs of $2.2 million corresponded with the following: $0.3 million related to the consolidation of certain Solid Capacitor manufacturing in Matamoros, Mexico; $0.4 million for headcount reductions related to the shut-down of operations for KFM; $0.3 million related to headcount reductions in Europe (primarily Italy and Landsberg, Germany) corresponding with the relocation of certain production lines and laboratories to lower cost regions; $0.3 million for overhead reductions in Sweden; $0.3 million in U.S. headcount reductions related to the relocation of global marketing functions to the Company’s Fort Lauderdale, Florida office; $0.3 million in headcount reductions related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico; $0.2 million in overhead reductions for the relocation of research and development operations from Weymouth, England to Evora, Portugal; and $0.1 million in manufacturing headcount reductions related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant. The relocation and exit costs of $3.2 million included $1.9 million in expenses related to contract termination costs related to the shut-down of operations for KFM; $0.6 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant; $0.6 million for transfers of Film and Electrolytic production lines and R&D functions to lower cost regions; and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.
| | 2019 | Personnel reduction costs | Relocation and exit costs | Restructuring charges |
| | 2019 | $2,823 | 5,956 | $8,779 |
| Fiscal Years Ended March 31, | 2018 | $12,587 | 2,256 | $14,843 |
| | 2017 | $2,214 | 3,190 | $5,404 | | How many years did restructuring charges exceed $10,000 thousand? | 2018 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Share buybacks
On 28 January 2019, Vodafone announced the commencement of a new irrevocable and non-discretionary share buy-back programme. The sole purpose of the programme was to reduce the issued share capital of Vodafone and thereby avoid any change in Vodafone’s issued share capital as a result of the maturing of the second tranche of the mandatory convertible bond (‘MCB’) in February 2019.
In order to satisfy the second tranche of the MCB, 799.1 of million shares were reissued from treasury shares on 25 February 2019 at a conversion price of £1.8021. This reflected the conversion price at issue (£2.1730) adjusted for the pound sterling equivalent of aggregate dividends paid from August 2016 to February 2019.
The share buyback programme started in February 2019 and is expected to complete by 20 May 2019. Details of the shares purchased under the programme, including those purchased under irrevocable instructions, are shown below.
| | Date of share purchase | February 2019 | March 2019 | April 2019 | May 2019 (to date) | Total |
| Number of shares purchased | 000s | 14,529 | 305,099 | 290,570 | 116,228 | 726,426 |
| Average price paid per share inclusive of transaction costs | Pence | 135.17 | 140.56 | 142.20 | 140.11 | 141.04 |
| Total number of shares purchased under publicly announced share buyback programme | 000s | 14,529 | 319,628 | 610,198 | 726,426 | 726,426 |
| Maximum number of shares that may yet be purchased under the programme | 000s | 784,539 | 479,440 | 188,870 | 72,642 | 72,642 | | When is the share buyback programme expected to be completed? | 20 May 2019 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The net deferred tax asset is classified on the consolidated balance sheets as follows (in thousands):
We have various tax attribute carryforwards which include the following:
• Foreign federal and local gross net operating loss carryforwards are $61.6 million, of which $47.0 million have no expiration date and $14.6 million have various expiration dates beginning in fiscal 2020. Among the total of $61.6 million foreign net operating loss carryforwards, a valuation allowance of $31.7 million has been provided for certain jurisdictions since the recovery of the carryforwards is uncertain. U.S. federal and certain state gross net operating loss carryforwards are $14.0 million and $30.7 million, respectively, which were acquired from our acquisitions. A full valuation allowance against certain other state net operating losses of $30.7 million has been recorded. California gross net operating loss carryforwards are $2.8 million and are scheduled to expire beginning in fiscal 2032.
• U.S. federal R&D credit carryforwards of $35.4 million are scheduled to expire beginning in fiscal 2025. California R&D credit carryforwards of $32.2 million have no expiration date. A total of $27.1 million valuation allowance, before U.S. federal benefit, has been recorded against California R&D credit carryforwards of $32.2 million since the recovery of the carryforwards is uncertain. Other states R&D credit carryforwards of $3.9 million are scheduled to expire beginning in fiscal 2020. A valuation allowance totaling $2.7 million, before U.S. federal benefit, has been recorded against certain state R&D credit carryforwards of $3.9 million since the recovery of the carryforwards is uncertain.
• U.S. federal foreign tax credit carryforwards of $51.9 million are scheduled to expire beginning in fiscal 2022.
| | 2019 | Non-current deferred income tax assets | Non-current deferred income tax liabilities | Net deferred tax assets |
| Fiscal year-end | 2019 | $87,011 | (27,785) | $59,226 |
| | 2018 | $64,858 | (26,339) | $38,519 | | In which years were Net deferred tax assets calculated? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Deferred taxes are recorded for temporary differences between the carrying amounts of assets and liabilities and their tax bases. The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheets are summarized in the table below. A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. As of June 30, 2019, the Company had state net operating loss carryforwards of $337.6 million expiring between 2020 and 2039. A significant portion of the state net operating loss carryforwards are subject to an annual limitation that, under current law, is likely to limit future tax benefits to approximately $3.3 million. Valuation allowances increased by $0.7 million during fiscal year 2019 primarily due to increases in net operating losses incurred in certain tax jurisdictions for which no tax benefit was recognized.
The Company does not have unrecognized tax benefits as of June 30, 2019, 2018 and 2017. The Company
recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.
All years prior to fiscal year 2013 have been settled with the Internal Revenue Service and with most significant state, local and foreign tax jurisdictions.
In December 2017, an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Act”) was enacted. The Act included provisions that reduced the federal statutory income tax rate from 35 percent to 21 percent, created a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings (i.e. transition tax), and changed certain business deductions including allowing for immediate expensing of certain qualified capital expenditures and limitations on deductions of interest expense. The SEC staff issued guidance on income tax accounting for the Act which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. In accordance with this guidance, during fiscal year 2018, we recorded a provisional tax charge of $5.0 million for the transition tax and a provisional tax benefit of $74.6 million for the remeasurement of deferred tax assets and liabilities. During fiscal year 2019, we recorded a discrete tax benefit of $0.2 million in measurement period adjustments for the transition tax offset by a discrete tax charge of $0.2 million for the remeasurement of deferred tax assets and liabilities. Our accounting for the impact of the Act was completed as of the period ending December 31, 2018. Under the Act, the transition tax is being paid over an eight year period beginning in fiscal year 2019.
The Act also established new tax provisions that became effective in fiscal year 2019, including but not limited to eliminating the corporate alternative minimum tax, creating the base erosion anti-abuse tax (“BEAT”), establishing new limitations on deductible interest expense and certain executive compensation, creating a new provision designed to tax global intangible low-tax income (“GILTI”) and generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries. The Company has made an accounting policy election to treat the tax effect of GILTI as a current period expense when incurred.
Undistributed earnings of our foreign subsidiaries, totaling $77.8 million were considered permanently reinvested. Following enactment of the Act, the repatriation of cash to the U.S. is generally no longer taxable for federal income tax purposes. If these earnings were to be repatriated, approximately $0.3 million of tax expense would be incurred.
| | ($ in millions) | Deferred tax assets | Pensions | Postretirement provisions | Net operating loss carryforwards | Derivatives and hedging activities | Other | Gross deferred tax assets | Valuation allowances | Total deferred tax assets | Deferred tax liabilities | Depreciation | Intangible assets | Inventories | Derivatives and hedging activities | Other | Total deferred tax liabilities | Deferred tax liabilities, net |
| June 30, | 2019 | : | $86.9 | 35.7 | 28.8 | 4.1 | 32.1 | 187.6 | (24.6) | 163.0 | : | (249.5) | (11.3) | (36.1) | (0.3) | (4.3) | (301.5) | $(138.5) |
| | 2018 | : | $66.8 | 33.7 | 26.5 | — | 29.4 | 156.4 | (23.9) | 132.5 | : | (235.2) | (11.9) | (30.5) | (8.7) | (3.5) | (289.8) | $(157.3) | | In which years was the amount of deferred tax liabilities, net calculated? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Restricted Stock Units
RSU activity is summarized as follows (shares in thousands):
The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2019, 2018, and 2017 was $55.69, $46.17, and $37.99, respectively. The total fair value of RSUs vested as of the vesting dates during the years ended December 31, 2019, 2018, and 2017 was $58.4 million, $49.9 million, and $37.2 million, respectively.
Unrecognized compensation expense related to unvested RSUs was $127.2 million at December 31, 2019, which is expected to be recognized over a weighted-average period of 2.6 years.
| | Unvested shares at December 31, 2018 | Granted | Forfeited | Vested | Unvested shares at December 31, 2019 |
| Number of Shares | 4,117 | 1,589 | (510) | (1,440) | 3,756 |
| Weighted- Average Grant Date Fair Value | $41.94 | 55.69 | 45.72 | 40.61 | $47.76 | | What was the unrecognized compensation expense related to unvested RSUs in 2019? | $127.2 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 21. Supplemental Data
The following are additional required disclosures and other material items:
| | ($ in millions) | Cost Data | Repairs and maintenance costs | Cash Flow Data | Noncash investing and financing activities | Noncash purchases of property, plant, equipment and software | Cash paid (received) during the year for | Interest payments, net | Income tax payments (refunds), net |
| | 2019 | : | $120.4 | : | : | $16.1 | : | $27.6 | $27.5 |
| Years Ended June 30, | 2018 | : | $108.0 | : | : | $16.5 | : | $29.5 | $33.7 |
| | 2017 | : | $99.1 | : | : | $13.7 | : | $27.7 | $(33.3) | | In which years was the supplemental data provided? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 9. Pensions continued
Defined benefit plans continued
iii) Amount, timing and uncertainty of future cash flows continued
The liability has the following duration and maturity:
| | Weighted average duration of the defined benefit obligation (years) | Maturity analysis of benefit payments (non-discounted amounts) $ million | Maturity ≤ 1 year | Maturity > 1 ≤ 5 years | Maturity > 5 ≤ 10 years | Maturity > 10 ≤ 20 years | Maturity > 20 ≤ 30 years | Maturity > 30 years |
| 2019 | 14 | | 10.8 | 45.6 | 61.7 | 114.3 | 81.7 | 63.0 |
| 2018 | 15 | | 10.4 | 43.2 | 119.0 | 103.0 | 68.0 | 42.9 | | What information of the liability does the table provide? | duration and maturity |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 9. Pensions continued
Defined benefit plans continued
iii) Amount, timing and uncertainty of future cash flows continued
The liability has the following duration and maturity:
| | Weighted average duration of the defined benefit obligation (years) | Maturity analysis of benefit payments (non-discounted amounts) $ million | Maturity ≤ 1 year | Maturity > 1 ≤ 5 years | Maturity > 5 ≤ 10 years | Maturity > 10 ≤ 20 years | Maturity > 20 ≤ 30 years | Maturity > 30 years |
| 2019 | 14 | | 10.8 | 45.6 | 61.7 | 114.3 | 81.7 | 63.0 |
| 2018 | 15 | | 10.4 | 43.2 | 119.0 | 103.0 | 68.0 | 42.9 | | What are the categories of maturity used in the Maturity analysis of benefit payments (non-discounted amounts)? | "Maturity ≤ 1 year", "Maturity > 1 ≤ 5 years", "Maturity > 5 ≤ 10 years", "Maturity > 10 ≤ 20 years", "Maturity > 20 ≤ 30 years", "Maturity > 30 years" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: General and Administrative Expense
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
| | 2018 | | General and administrative | % of revenue |
| Year Ended December 31, | 2018 | | $ 31,462 | 21% |
| | 2017 | (dollars in thousands) | $ 22,895 | 22% |
| Change | $ | | $ 8,567 | |
| | % | | 37.4% | | | What was the increase in the General and administrative in 2018? | $8.6 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: General and Administrative Expense
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
| | 2018 | | General and administrative | % of revenue |
| Year Ended December 31, | 2018 | | $ 31,462 | 21% |
| | 2017 | (dollars in thousands) | $ 22,895 | 22% |
| Change | $ | | $ 8,567 | |
| | % | | 37.4% | | | What was the General and administrative in 2018 and 2017? | "31,462", "22,895" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: General and Administrative Expense
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
| | 2018 | | General and administrative | % of revenue |
| Year Ended December 31, | 2018 | | $ 31,462 | 21% |
| | 2017 | (dollars in thousands) | $ 22,895 | 22% |
| Change | $ | | $ 8,567 | |
| | % | | 37.4% | | | What was the increase in depreciation and amortization from 2017 to 2018? | $2.8 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: General and Administrative Expense
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
| | 2018 | | General and administrative | % of revenue |
| Year Ended December 31, | 2018 | | $ 31,462 | 21% |
| | 2017 | (dollars in thousands) | $ 22,895 | 22% |
| Change | $ | | $ 8,567 | |
| | % | | 37.4% | | | In which year was General and administrative expense less than 40,000 thousands? | "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The following is selected financial data for our reportable segments (in thousands):
ACI On Premise Segment Adjusted EBITDA decreased $2.6 million for the year ended December 31, 2019, compared to the same period in 2018, primarily due to a $5.2 million increase in cash operating expense, partially offset by a $2.6 million increase in revenue.
ACI On Demand Segment Adjusted EBITDA increased $54.5 million for the year ended December 31, 2019, compared to the same period in 2018, of which $46.4 million was due to the acquisition of Speedpay. Excluding the impact of the acquisition of Speedpay, ACI On Demand Segment Adjusted EBITDA increased $8.1 million, primarily due to a $18.3 million increase in revenue, partially offset by a $10.2 million increase in cash operating expense.
| | 2019 | Revenues | ACI On Premise | ACI On Demand | Total revenue | Segment Adjusted EBITDA | ACI On Premise | ACI On Demand | Depreciation and amortization | Stock-based compensation expense | Corporate and unallocated expenses | Interest, net | Other, net | Income before income taxes | Depreciation and amortization | ACI On Premise | ACI On Demand | Corporate | Total depreciation and amortization | Stock-based compensation expense | ACI On Premise | ACI On Demand | Corporate and other | Total stock-based compensation expense |
| Years Ended December 31, | 2019 | | $579,334 | 678,960 | $ 1,258,294 | | $321,305 | 66,501 | (122,569 ) | (36,763 ) | (104,718 ) | (52,066 ) | 520 | $ 72,210 | | $ 11,992 | 34,395 | 76,182 | $ 122,569 | | $ 7,651 | 7,995 | 21,117 | $ 36,763 |
| | 2018 | | $576,755 | 433,025 | $ 1,009,780 | | $323,902 | 12,015 | (97,350 ) | (20,360 ) | (92,296 ) | (30,388 ) | (3,724 ) | $ 91,799 | | $ 11,634 | 31,541 | 54,175 | $ 97,350 | | $ 4,348 | 4,338 | 11,674 | $ 20,360 | | What was the total revenue in 2018? | $ 1,009,780 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The following is selected financial data for our reportable segments (in thousands):
ACI On Premise Segment Adjusted EBITDA decreased $2.6 million for the year ended December 31, 2019, compared to the same period in 2018, primarily due to a $5.2 million increase in cash operating expense, partially offset by a $2.6 million increase in revenue.
ACI On Demand Segment Adjusted EBITDA increased $54.5 million for the year ended December 31, 2019, compared to the same period in 2018, of which $46.4 million was due to the acquisition of Speedpay. Excluding the impact of the acquisition of Speedpay, ACI On Demand Segment Adjusted EBITDA increased $8.1 million, primarily due to a $18.3 million increase in revenue, partially offset by a $10.2 million increase in cash operating expense.
| | 2019 | Revenues | ACI On Premise | ACI On Demand | Total revenue | Segment Adjusted EBITDA | ACI On Premise | ACI On Demand | Depreciation and amortization | Stock-based compensation expense | Corporate and unallocated expenses | Interest, net | Other, net | Income before income taxes | Depreciation and amortization | ACI On Premise | ACI On Demand | Corporate | Total depreciation and amortization | Stock-based compensation expense | ACI On Premise | ACI On Demand | Corporate and other | Total stock-based compensation expense |
| Years Ended December 31, | 2019 | | $579,334 | 678,960 | $ 1,258,294 | | $321,305 | 66,501 | (122,569 ) | (36,763 ) | (104,718 ) | (52,066 ) | 520 | $ 72,210 | | $ 11,992 | 34,395 | 76,182 | $ 122,569 | | $ 7,651 | 7,995 | 21,117 | $ 36,763 |
| | 2018 | | $576,755 | 433,025 | $ 1,009,780 | | $323,902 | 12,015 | (97,350 ) | (20,360 ) | (92,296 ) | (30,388 ) | (3,724 ) | $ 91,799 | | $ 11,634 | 31,541 | 54,175 | $ 97,350 | | $ 4,348 | 4,338 | 11,674 | $ 20,360 | | What was the total stock-based compensation expense in 2019? | $ 36,763 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 9 - Software Development Costs
Capitalized software development costs as of December 31, 2019 and 2018 consisted of the following (in thousands):
The weighted average remaining amortization period for the Company’s software development costs is 1.61 years.
Amortization expense for capitalized software development costs was $1.025 million and $1.2 million for each of the years ended December 31, 2019 and 2018.
| | 2019 | Capitalized software development costs | Accumulated amortization | Software development costs, net |
| As of December 31, | 2019 | $6,029 | (4,485) | 1,544 |
| | 2018 | $5,102 | (3,412) | $1,690 | | What was the weighted average remaining amortization period for the Company’s software development costs? | 1.61 years |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Financial Results and Key Performance Metrics Overview
The following table provides an overview of some of our key financial metrics for each of the last three fiscal years (in millions, except per share amounts, percentages and cash conversion cycle):
• Net revenues: Our net revenues increased 4% in fiscal 2019 compared to fiscal 2018. This was primarily due to an increase of 7% in product revenues, partially offset by a 3% decrease in software and hardware maintenance and other services revenues.
• Gross profit margin percentage: Our gross profit margin as a percentage of net revenues increased by one percentage point in fiscal 2019 compared to fiscal 2018, reflecting an increase in gross profit margin on product revenues, and, to a lesser extent, an increase in gross profit margin on hardware maintenance and other services revenues.
• Income from operations as a percentage of net revenues: Our income from operations as a percentage of net revenues remained relatively flat in fiscal 2019 compared to fiscal 2018.
• Provision for income taxes: Our provision for income taxes decreased significantly in fiscal 2019 compared to fiscal 2018 as significant charges were recorded in fiscal 2018 in connection with U.S. tax reform.
• Net income and Diluted income per share: The increase in both net income and diluted net income per share in fiscal 2019 compared to fiscal 2018 reflect the factors discussed above. Diluted net income per share was favorably impacted by a 6% decrease in the annual weighted average number of dilutive shares, primarily due to share repurchases.
• Operating cash flows: Operating cash flows decreased by 9% in fiscal 2019 compared to fiscal 2018, reflecting changes in operating assets and liabilities, partially offset by higher net income.
| | April 26, 2019 | Net revenues | Gross profit | Gross profit margin percentage | Income from operations | Income from operations as a percentage of net revenues | Provision for income taxes | Net income | Diluted net income per share | Operating cash flows |
| | April 26, 2019 | $ 6,146 | $ 3,945 | 64 % | $ 1,221 | 20% | $ 99 | $ 1,169 | $ 4.51 | $ 1,341 |
| | April 27, 2018 | $ 5,919 | $ 3,709 | 63% | $ 1,158 | 20% | $ 1,083 | $ 116 | $ 0.42 | $ 1,478 |
| Year Ended | April 28, 2017 | $ 5,491 | $ 3,364 | 61 % | $ 621 | 11 % | $ 140 | $ 481 | $ 1.71 | $ 986 | | Which years does the table provide information for some of the company's key financial metrics? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Financial Results and Key Performance Metrics Overview
The following table provides an overview of some of our key financial metrics for each of the last three fiscal years (in millions, except per share amounts, percentages and cash conversion cycle):
• Net revenues: Our net revenues increased 4% in fiscal 2019 compared to fiscal 2018. This was primarily due to an increase of 7% in product revenues, partially offset by a 3% decrease in software and hardware maintenance and other services revenues.
• Gross profit margin percentage: Our gross profit margin as a percentage of net revenues increased by one percentage point in fiscal 2019 compared to fiscal 2018, reflecting an increase in gross profit margin on product revenues, and, to a lesser extent, an increase in gross profit margin on hardware maintenance and other services revenues.
• Income from operations as a percentage of net revenues: Our income from operations as a percentage of net revenues remained relatively flat in fiscal 2019 compared to fiscal 2018.
• Provision for income taxes: Our provision for income taxes decreased significantly in fiscal 2019 compared to fiscal 2018 as significant charges were recorded in fiscal 2018 in connection with U.S. tax reform.
• Net income and Diluted income per share: The increase in both net income and diluted net income per share in fiscal 2019 compared to fiscal 2018 reflect the factors discussed above. Diluted net income per share was favorably impacted by a 6% decrease in the annual weighted average number of dilutive shares, primarily due to share repurchases.
• Operating cash flows: Operating cash flows decreased by 9% in fiscal 2019 compared to fiscal 2018, reflecting changes in operating assets and liabilities, partially offset by higher net income.
| | April 26, 2019 | Net revenues | Gross profit | Gross profit margin percentage | Income from operations | Income from operations as a percentage of net revenues | Provision for income taxes | Net income | Diluted net income per share | Operating cash flows |
| | April 26, 2019 | $ 6,146 | $ 3,945 | 64 % | $ 1,221 | 20% | $ 99 | $ 1,169 | $ 4.51 | $ 1,341 |
| | April 27, 2018 | $ 5,919 | $ 3,709 | 63% | $ 1,158 | 20% | $ 1,083 | $ 116 | $ 0.42 | $ 1,478 |
| Year Ended | April 28, 2017 | $ 5,491 | $ 3,364 | 61 % | $ 621 | 11 % | $ 140 | $ 481 | $ 1.71 | $ 986 | | How many years did Gross profit margin percentage exceed 60%? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cost of Revenues and Gross Margins
Cost of revenues consists primarily of manufacturing materials, payroll, shipping and handling costs, manufacturing-related overhead and amortization of certain intangible assets. Our manufacturing operations rely on a limited number of suppliers to provide key components and materials for our products, some of which are a sole source. We order materials and supplies based on backlog and forecasted customer orders.
Tooling and setup costs related to changing manufacturing lots at our suppliers are also included in the cost of revenues. We expense all warranty costs, inventory provisions and amortization of certain intangible assets as cost of revenues. Gross profit and gross margin by segment were as follows (dollars in thousands):
Probe Cards Gross profit in the Probe Cards segment increased in fiscal 2019 compared to fiscal 2018 primarily due to increased sales, offset by higher variable costs and by less favorable product mix.
Systems Gross profit and gross margin in the Systems segment increased in fiscal 2019 compared to fiscal 2018 due to increased sales.
Corporate and Other Corporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation, restructuring charges, net, and acquisition-related costs, including charges related to inventory stepped up to fair value and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.
Overall Gross profit and gross margin fluctuate with revenue levels, product mix, selling prices, factory loading and material costs. For fiscal 2019 compared to fiscal 2018, gross profit increased due to increased sales while gross margins remained relatively consistent with fluctuations in product mix.
Stock-based compensation expense included in gross profit for fiscal 2019 and 2018 was $4.1 million and $3.5 million, respectively.
| | Probe Cards | Gross profit | Gross margin | Fiscal 2018 | Probe Cards | Gross profit | Gross margin | Fiscal 2017 | Probe Cards | Gross profit | Gross margin |
| | Probe Cards | $211,382 | 43.0 % | | Probe Cards | $187,320 | 43.1 % | | Probe Cards | $195,903 | 43.1 % |
| Fiscal 2019 | Systems | $50,927 | 51.9 % | | Systems | $47,074 | 49.3 % | | Systems | $46,647 | 49.8 % |
| | Corporate and Other | $(24,813) | — % | | Corporate and Other | $(24,055) | — % | | Corporate and Other | $(26,953) | — % |
| | Total | $237,496 | 40.3 % | | Total | $210,339 | 39.7 % | | Total | $215,597 | 39.3 % | | For which revenue segment was Gross margin under 50.0% in 2019? | "Probe Cards", "Corporate and Other" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Cost of Revenues and Gross Margins
Cost of revenues consists primarily of manufacturing materials, payroll, shipping and handling costs, manufacturing-related overhead and amortization of certain intangible assets. Our manufacturing operations rely on a limited number of suppliers to provide key components and materials for our products, some of which are a sole source. We order materials and supplies based on backlog and forecasted customer orders.
Tooling and setup costs related to changing manufacturing lots at our suppliers are also included in the cost of revenues. We expense all warranty costs, inventory provisions and amortization of certain intangible assets as cost of revenues. Gross profit and gross margin by segment were as follows (dollars in thousands):
Probe Cards Gross profit in the Probe Cards segment increased in fiscal 2019 compared to fiscal 2018 primarily due to increased sales, offset by higher variable costs and by less favorable product mix.
Systems Gross profit and gross margin in the Systems segment increased in fiscal 2019 compared to fiscal 2018 due to increased sales.
Corporate and Other Corporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation, restructuring charges, net, and acquisition-related costs, including charges related to inventory stepped up to fair value and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.
Overall Gross profit and gross margin fluctuate with revenue levels, product mix, selling prices, factory loading and material costs. For fiscal 2019 compared to fiscal 2018, gross profit increased due to increased sales while gross margins remained relatively consistent with fluctuations in product mix.
Stock-based compensation expense included in gross profit for fiscal 2019 and 2018 was $4.1 million and $3.5 million, respectively.
| | Probe Cards | Gross profit | Gross margin | Fiscal 2018 | Probe Cards | Gross profit | Gross margin | Fiscal 2017 | Probe Cards | Gross profit | Gross margin |
| | Probe Cards | $211,382 | 43.0 % | | Probe Cards | $187,320 | 43.1 % | | Probe Cards | $195,903 | 43.1 % |
| Fiscal 2019 | Systems | $50,927 | 51.9 % | | Systems | $47,074 | 49.3 % | | Systems | $46,647 | 49.8 % |
| | Corporate and Other | $(24,813) | — % | | Corporate and Other | $(24,055) | — % | | Corporate and Other | $(26,953) | — % |
| | Total | $237,496 | 40.3 % | | Total | $210,339 | 39.7 % | | Total | $215,597 | 39.3 % | | What was the Gross Profit in 2019 for Probe Cards and Systems? | "43.0", "51.9" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (3) Accounts Receivable, Net
Accounts receivable, net, is as follows (in thousands):
Bad debt expense for the years ended December 31, 2019, 2018 and 2017 was $0.7 million, $0.1 million and $0.6 million, respectively.
| | 2019 | Accounts receivable | Allowance for doubtful accounts | Net accounts receivable |
| As of December 31, | 2019 | $69,767 | (1,125) | $68,642 |
| | 2018 | $41,818 | (711) | $41,107 | | How much was the Bad debt expense for the years ended December 31, 2019? | $0.7 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (3) Accounts Receivable, Net
Accounts receivable, net, is as follows (in thousands):
Bad debt expense for the years ended December 31, 2019, 2018 and 2017 was $0.7 million, $0.1 million and $0.6 million, respectively.
| | 2019 | Accounts receivable | Allowance for doubtful accounts | Net accounts receivable |
| As of December 31, | 2019 | $69,767 | (1,125) | $68,642 |
| | 2018 | $41,818 | (711) | $41,107 | | How much was the Bad debt expense for the years ended December 31, 2018? | $0.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (3) Accounts Receivable, Net
Accounts receivable, net, is as follows (in thousands):
Bad debt expense for the years ended December 31, 2019, 2018 and 2017 was $0.7 million, $0.1 million and $0.6 million, respectively.
| | 2019 | Accounts receivable | Allowance for doubtful accounts | Net accounts receivable |
| As of December 31, | 2019 | $69,767 | (1,125) | $68,642 |
| | 2018 | $41,818 | (711) | $41,107 | | How much was the Bad debt expense for the years ended December 31, 2017? | $0.6 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Disaggregation of revenue
To provide visibility into our transition from older products to our newer, higher growth products and clarity into the dynamics of our product revenue, we have historically grouped our products by “Strategic” and “Mature” solutions. Strategic solutions include Clustered ONTAP, branded E-Series, SolidFire, converged and hyper-converged infrastructure, ELAs and other optional add-on software products. Mature solutions include 7-mode ONTAP, add-on hardware and related operating system (OS) software and original equipment manufacturers (OEM) products. Both our Mature and Strategic product lines include a mix of disk, hybrid and all flash storage media. Additionally, we provide a variety of services including software maintenance, hardware maintenance and other services including professional services, global support solutions, and customer education and training.
The following table depicts the disaggregation of revenue by our products and services (in millions):
Revenues by geographic region are presented in Note 16 – Segment, Geographic, and Significant Customer Information
| | April 26, 2019 | Product revenues | Strategic | Mature | Software maintenance revenues | Hardware maintenance and other services revenues | Hardware maintenance support contracts | Professional and other services | Net revenues |
| | April 26, 2019 | $ 3,755 | 2,709 | 1,046 | 946 | 1,445 | 1,182 | 263 | $ 6,146 |
| Year Ended | April 27, 2018 | $ 3,525 | 2,468 | 1,057 | 902 | 1,492 | 1,214 | 278 | $ 5,919 |
| | April 28, 2017 | $ 3,060 | 2,000 | 1,060 | 905 | 1,526 | 1,258 | 268 | $ 5,491 | | Which years does the table provide information for the disaggregation of revenue by the company's products and services for? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Disaggregation of revenue
To provide visibility into our transition from older products to our newer, higher growth products and clarity into the dynamics of our product revenue, we have historically grouped our products by “Strategic” and “Mature” solutions. Strategic solutions include Clustered ONTAP, branded E-Series, SolidFire, converged and hyper-converged infrastructure, ELAs and other optional add-on software products. Mature solutions include 7-mode ONTAP, add-on hardware and related operating system (OS) software and original equipment manufacturers (OEM) products. Both our Mature and Strategic product lines include a mix of disk, hybrid and all flash storage media. Additionally, we provide a variety of services including software maintenance, hardware maintenance and other services including professional services, global support solutions, and customer education and training.
The following table depicts the disaggregation of revenue by our products and services (in millions):
Revenues by geographic region are presented in Note 16 – Segment, Geographic, and Significant Customer Information
| | April 26, 2019 | Product revenues | Strategic | Mature | Software maintenance revenues | Hardware maintenance and other services revenues | Hardware maintenance support contracts | Professional and other services | Net revenues |
| | April 26, 2019 | $ 3,755 | 2,709 | 1,046 | 946 | 1,445 | 1,182 | 263 | $ 6,146 |
| Year Ended | April 27, 2018 | $ 3,525 | 2,468 | 1,057 | 902 | 1,492 | 1,214 | 278 | $ 5,919 |
| | April 28, 2017 | $ 3,060 | 2,000 | 1,060 | 905 | 1,526 | 1,258 | 268 | $ 5,491 | | How many years did revenue from mature product lines exceed $1,000 million? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note A: Beginning from June 2015, the Company accounts for its investment in FARADAY as an associate given the fact that the Company obtained the ability to exercise significant influence over FARADAY through representation on its Board of Directors.
Note B: WINAICO SOLAR PROJEKT 1 GMBH and WINAICO IMMOBILIEN GMBH are joint ventures to the Company.
Note C: The Company follows international accounting practices in equity accounting for limited partnerships and uses the equity method to account for these investees.
The carrying amount of investments accounted for using the equity method for which there are published price quotations amounted to NT$1,733 million and NT$1,750 million, as of December 31, 2018 and 2019, respectively. The fair value of these investments were NT$1,621 million and NT$2,244 million, as of December 31, 2018 and 2019, respectively.
| As of December 31, | 2018 | Investee companies | NT$ (In Thousands) | Listed companies | CLIENTRON CORP. | FARADAY TECHNOLOGY CORP. (FARADAY) (Note A) | Unlisted companies | MTIC HOLDINGS PTE. LTD. | WINAICO IMMOBILIEN GMBH (Note B) | PURIUMFIL INC. | UNITECH CAPITAL INC. | TRIKNIGHT CAPITAL CORPORATION | HSUN CHIEH INVESTMENT CO., LTD. | YANN YUAN INVESTMENT CO., LTD. | HSUN CHIEH CAPITAL CORP. | VSENSE CO., LTD. | UNITED LED CORPORATION HONG KONG LIMITED | TRANSLINK CAPITAL PARTNERS I, L.P. (Note C) | WINAICO SOLAR PROJEKT 1 GMBH (Note B) | YUNG LI INVESTMENTS, INC. | Total |
| | 2018 | Amount | NT$ (In Thousands) | | $249,663 | 1,483,111 | | 3,026 | — | — | 568,005 | 1,520,575 | 1,608,551 | 2,032,013 | 161,319 | 31,544 | 167,953 | 120,440 | — | 2,213 | $7,948,413 |
| | | Percentage of ownership or voting rights | | | 22.39 | 13.78 | | 45.44 | 44.78 | — | 42.00 | 40.00 | 36.49 | 30.87 | 30.00 | 26.89 | 25.14 | 10.38 | 50.00 | 45.16 | |
| | 2019 | Amount | NT$ (In Thousands) | | $276,515 | 1,473,028 | | 18,157 | — | 7,164 | 642,660 | 2,281,631 | 1,686,502 | 2,761,821 | 122,060 | 592 | 121,973 | 172,414 | — | — | $9,564,517 |
| | | Percentage of ownership or voting rights | | | 21.90 | 13.78 | | 45.44 | 44.78 | 44.45 | 42.00 | 40.00 | 36.49 | 30.87 | 30.00 | 25.90 | 25.14 | 10.38 | — | — | | | What accounting practices is used by the company in equity accounting? | international accounting practices |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note A: Beginning from June 2015, the Company accounts for its investment in FARADAY as an associate given the fact that the Company obtained the ability to exercise significant influence over FARADAY through representation on its Board of Directors.
Note B: WINAICO SOLAR PROJEKT 1 GMBH and WINAICO IMMOBILIEN GMBH are joint ventures to the Company.
Note C: The Company follows international accounting practices in equity accounting for limited partnerships and uses the equity method to account for these investees.
The carrying amount of investments accounted for using the equity method for which there are published price quotations amounted to NT$1,733 million and NT$1,750 million, as of December 31, 2018 and 2019, respectively. The fair value of these investments were NT$1,621 million and NT$2,244 million, as of December 31, 2018 and 2019, respectively.
| As of December 31, | 2018 | Investee companies | NT$ (In Thousands) | Listed companies | CLIENTRON CORP. | FARADAY TECHNOLOGY CORP. (FARADAY) (Note A) | Unlisted companies | MTIC HOLDINGS PTE. LTD. | WINAICO IMMOBILIEN GMBH (Note B) | PURIUMFIL INC. | UNITECH CAPITAL INC. | TRIKNIGHT CAPITAL CORPORATION | HSUN CHIEH INVESTMENT CO., LTD. | YANN YUAN INVESTMENT CO., LTD. | HSUN CHIEH CAPITAL CORP. | VSENSE CO., LTD. | UNITED LED CORPORATION HONG KONG LIMITED | TRANSLINK CAPITAL PARTNERS I, L.P. (Note C) | WINAICO SOLAR PROJEKT 1 GMBH (Note B) | YUNG LI INVESTMENTS, INC. | Total |
| | 2018 | Amount | NT$ (In Thousands) | | $249,663 | 1,483,111 | | 3,026 | — | — | 568,005 | 1,520,575 | 1,608,551 | 2,032,013 | 161,319 | 31,544 | 167,953 | 120,440 | — | 2,213 | $7,948,413 |
| | | Percentage of ownership or voting rights | | | 22.39 | 13.78 | | 45.44 | 44.78 | — | 42.00 | 40.00 | 36.49 | 30.87 | 30.00 | 26.89 | 25.14 | 10.38 | 50.00 | 45.16 | |
| | 2019 | Amount | NT$ (In Thousands) | | $276,515 | 1,473,028 | | 18,157 | — | 7,164 | 642,660 | 2,281,631 | 1,686,502 | 2,761,821 | 122,060 | 592 | 121,973 | 172,414 | — | — | $9,564,517 |
| | | Percentage of ownership or voting rights | | | 21.90 | 13.78 | | 45.44 | 44.78 | 44.45 | 42.00 | 40.00 | 36.49 | 30.87 | 30.00 | 25.90 | 25.14 | 10.38 | — | — | | | What was the price quotation for investments as of 31 December 2018? | NT$1,733 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note A: Beginning from June 2015, the Company accounts for its investment in FARADAY as an associate given the fact that the Company obtained the ability to exercise significant influence over FARADAY through representation on its Board of Directors.
Note B: WINAICO SOLAR PROJEKT 1 GMBH and WINAICO IMMOBILIEN GMBH are joint ventures to the Company.
Note C: The Company follows international accounting practices in equity accounting for limited partnerships and uses the equity method to account for these investees.
The carrying amount of investments accounted for using the equity method for which there are published price quotations amounted to NT$1,733 million and NT$1,750 million, as of December 31, 2018 and 2019, respectively. The fair value of these investments were NT$1,621 million and NT$2,244 million, as of December 31, 2018 and 2019, respectively.
| As of December 31, | 2018 | Investee companies | NT$ (In Thousands) | Listed companies | CLIENTRON CORP. | FARADAY TECHNOLOGY CORP. (FARADAY) (Note A) | Unlisted companies | MTIC HOLDINGS PTE. LTD. | WINAICO IMMOBILIEN GMBH (Note B) | PURIUMFIL INC. | UNITECH CAPITAL INC. | TRIKNIGHT CAPITAL CORPORATION | HSUN CHIEH INVESTMENT CO., LTD. | YANN YUAN INVESTMENT CO., LTD. | HSUN CHIEH CAPITAL CORP. | VSENSE CO., LTD. | UNITED LED CORPORATION HONG KONG LIMITED | TRANSLINK CAPITAL PARTNERS I, L.P. (Note C) | WINAICO SOLAR PROJEKT 1 GMBH (Note B) | YUNG LI INVESTMENTS, INC. | Total |
| | 2018 | Amount | NT$ (In Thousands) | | $249,663 | 1,483,111 | | 3,026 | — | — | 568,005 | 1,520,575 | 1,608,551 | 2,032,013 | 161,319 | 31,544 | 167,953 | 120,440 | — | 2,213 | $7,948,413 |
| | | Percentage of ownership or voting rights | | | 22.39 | 13.78 | | 45.44 | 44.78 | — | 42.00 | 40.00 | 36.49 | 30.87 | 30.00 | 26.89 | 25.14 | 10.38 | 50.00 | 45.16 | |
| | 2019 | Amount | NT$ (In Thousands) | | $276,515 | 1,473,028 | | 18,157 | — | 7,164 | 642,660 | 2,281,631 | 1,686,502 | 2,761,821 | 122,060 | 592 | 121,973 | 172,414 | — | — | $9,564,517 |
| | | Percentage of ownership or voting rights | | | 21.90 | 13.78 | | 45.44 | 44.78 | 44.45 | 42.00 | 40.00 | 36.49 | 30.87 | 30.00 | 25.90 | 25.14 | 10.38 | — | — | | | What was the fair value for investments as of 31 December 2018 ? | NT$1,621 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Quarterly Financial Data (Unaudited)
Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.
During the quarter ended December 31, 2017, the Company recorded an income tax benefit. See Note 17, Income Taxes to Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data”.
| ($ in millions) | Results of Operations | Fiscal Year 2019 | Net sales | Gross profit | Operating income | Net income | Fiscal Year 2018 | Net sales | Gross profit | Operating income | Net income |
| First Quarter | | | $572.4 | $91.7 | $45.0 | $31.5 | | $479.8 | $85.6 | $42.2 | $23.4 |
| Second Quarter | | | $556.5 | $107.0 | $55.4 | $35.5 | | $487.8 | $85.7 | $41.4 | $92.1 |
| Third Quarter | | | $609.9 | $123.2 | $73.2 | $51.1 | | $572.2 | $96.1 | $45.7 | $30.2 |
| Fourth Quarter | | | $641.4 | $122.9 | $67.9 | $48.9 | | $618.0 | $114.9 | $60.0 | $42.8 | | What are Quarterly sales and earnings results normally influenced by? | seasonal factors |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Quarterly Financial Data (Unaudited)
Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.
During the quarter ended December 31, 2017, the Company recorded an income tax benefit. See Note 17, Income Taxes to Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data”.
| ($ in millions) | Results of Operations | Fiscal Year 2019 | Net sales | Gross profit | Operating income | Net income | Fiscal Year 2018 | Net sales | Gross profit | Operating income | Net income |
| First Quarter | | | $572.4 | $91.7 | $45.0 | $31.5 | | $479.8 | $85.6 | $42.2 | $23.4 |
| Second Quarter | | | $556.5 | $107.0 | $55.4 | $35.5 | | $487.8 | $85.7 | $41.4 | $92.1 |
| Third Quarter | | | $609.9 | $123.2 | $73.2 | $51.1 | | $572.2 | $96.1 | $45.7 | $30.2 |
| Fourth Quarter | | | $641.4 | $122.9 | $67.9 | $48.9 | | $618.0 | $114.9 | $60.0 | $42.8 | | What is the net sales for 2019 for each quarter in chronological order? | "$572.4", "$556.5", "$609.9", "$641.4" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Quarterly Financial Data (Unaudited)
Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.
During the quarter ended December 31, 2017, the Company recorded an income tax benefit. See Note 17, Income Taxes to Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data”.
| ($ in millions) | Results of Operations | Fiscal Year 2019 | Net sales | Gross profit | Operating income | Net income | Fiscal Year 2018 | Net sales | Gross profit | Operating income | Net income |
| First Quarter | | | $572.4 | $91.7 | $45.0 | $31.5 | | $479.8 | $85.6 | $42.2 | $23.4 |
| Second Quarter | | | $556.5 | $107.0 | $55.4 | $35.5 | | $487.8 | $85.7 | $41.4 | $92.1 |
| Third Quarter | | | $609.9 | $123.2 | $73.2 | $51.1 | | $572.2 | $96.1 | $45.7 | $30.2 |
| Fourth Quarter | | | $641.4 | $122.9 | $67.9 | $48.9 | | $618.0 | $114.9 | $60.0 | $42.8 | | Which quarter was the net income in 2019 the largest? | Third Quarter |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: NOTE 10 – FREIGHT RECEIVABLES
As of 31 December 2019, freight receivables included receivables at a value of USD 0.0m (2018: USD 0.0m 2017: USD 0.0m) that are individually determined to be impaired to a value of USD 0.0m (2018: USD 0.0m, 2017: USD 0.0m).
Management makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%.
| USDm | Analysis as of 31 December of freight receivables | Gross freight receivables | Not yet due | Due < 30 days | Due between 30 and 180 days | Due > 180 days | Total gross | Allowance for expected credit loss | Total net |
| 2019 | : | : | 39.8 | 22.5 | 25.3 | 6.0 | 93.6 | 3.7 | 89.9 |
| 2018 | : | : | 44.0 | 18.8 | 20.5 | 4.4 | 87.7 | 1.7 | 86.0 |
| 2017 | : | : | 25.5 | 26.0 | 18.4 | 2.7 | 72.6 | 1.3 | 71.3 | | For which years were the gross freight receivables recorded in? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities
Prepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:
| December 31, | 2019 | Prepaid expenses | Securities litigation insurance receivable | Other current assets | Prepaid expenses and other current assets |
| | 2019 | $1,948 | 16,627 | 1,556 | $20,131 |
| | 2018 | $1,179 | 306 | 2,865 | $4,350 | | What are the respective prepaid expenses in 2018 and 2019? | "$1,179", "$1,948" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities
Prepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:
| December 31, | 2019 | Prepaid expenses | Securities litigation insurance receivable | Other current assets | Prepaid expenses and other current assets |
| | 2019 | $1,948 | 16,627 | 1,556 | $20,131 |
| | 2018 | $1,179 | 306 | 2,865 | $4,350 | | What are the respective securities litigation insurance receivable in 2018 and 2019? | "306", "16,627" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities
Prepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:
| December 31, | 2019 | Prepaid expenses | Securities litigation insurance receivable | Other current assets | Prepaid expenses and other current assets |
| | 2019 | $1,948 | 16,627 | 1,556 | $20,131 |
| | 2018 | $1,179 | 306 | 2,865 | $4,350 | | What are the respective other current assets in 2018 and 2019? | "2,865", "1,556" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (11) STOCK-BASED COMPENSATION
The following tables summarize the Company’s stock-based compensation expense for liability and equity classified awards included in the consolidated statements of operations:
CII Common and Preferred Units
Prior to the Company’s IPO, the Company was given authorization by Communications Infrastructure Investments, LLC (“CII”) to award 625,000,000 of CII’s common units as profits interests to employees, directors, and affiliates of the Company. The common units were historically considered to be stock-based compensation with terms that required the awards to be classified as liabilities due to cash settlement features. The vested portion of the awards was reported as a liability and the fair value was re-measured at each reporting date until the date of settlement, with a corresponding charge (or credit) to stock-based compensation expense. On December 31, 2016, the CII common units became fully vested and as such there is no remaining unrecognized compensation cost associated with CII common units for any period subsequent to December 31, 2016.
The value of the CII common units was derived from the value of CII’s investments in the Company and Onvoy, LLC and its subsidiaries (“OVS”), a company that provided voice and managed services which the Company spun off during the year ended June 30, 2014. As the value derived from each of these investments was separately determinable and there was a plan in place to distribute the value associated with the investment in Company shares separate from the value derived from OVS, the two components were accounted for separately. The OVS component of the CII awards was adjusted to fair value each reporting period. On December 31, 2015, CII entered into an agreement to sell OVS to a third party. The sale was completed in May 2016. Based on the sale price, the estimated fair value of OVS awards was increased, resulting in an increase to stock based compensation expense and corresponding increase to additional paid-in capital of $12.9 million for the year ended June 30, 2016. Proceeds from the sale to be distributed to the Company’s employees was paid by CII.
| | 2019 | (in millions) | Included in | Operating costs | Selling, general and administrative expenses | Total stock-based compensation expense | CII common and preferred units $ — $ — $10.1 | Part A restricted stock units | Part B restricted stock units | Part C restricted stock units | Total stock-based compensation expense |
| Year Ended June 30, | 2019 | (in millions) | : | $11.3 | 98.0 | $109.3 | $ — | 93.8 | 13.0 | 2.5 | $109.3 |
| | 2018 | | : | $9.9 | 86.8 | $96.7 | $ — | 82.3 | 12.4 | 2.0 | $96.7 |
| | 2017 | | : | $11.3 | 102.8 | $114.1 | $10.1 | 76.5 | 26.0 | 1.5 | $114.1 | | When did the CII common units become fully vested? | December 31, 2016 |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: (11) STOCK-BASED COMPENSATION
The following tables summarize the Company’s stock-based compensation expense for liability and equity classified awards included in the consolidated statements of operations:
CII Common and Preferred Units
Prior to the Company’s IPO, the Company was given authorization by Communications Infrastructure Investments, LLC (“CII”) to award 625,000,000 of CII’s common units as profits interests to employees, directors, and affiliates of the Company. The common units were historically considered to be stock-based compensation with terms that required the awards to be classified as liabilities due to cash settlement features. The vested portion of the awards was reported as a liability and the fair value was re-measured at each reporting date until the date of settlement, with a corresponding charge (or credit) to stock-based compensation expense. On December 31, 2016, the CII common units became fully vested and as such there is no remaining unrecognized compensation cost associated with CII common units for any period subsequent to December 31, 2016.
The value of the CII common units was derived from the value of CII’s investments in the Company and Onvoy, LLC and its subsidiaries (“OVS”), a company that provided voice and managed services which the Company spun off during the year ended June 30, 2014. As the value derived from each of these investments was separately determinable and there was a plan in place to distribute the value associated with the investment in Company shares separate from the value derived from OVS, the two components were accounted for separately. The OVS component of the CII awards was adjusted to fair value each reporting period. On December 31, 2015, CII entered into an agreement to sell OVS to a third party. The sale was completed in May 2016. Based on the sale price, the estimated fair value of OVS awards was increased, resulting in an increase to stock based compensation expense and corresponding increase to additional paid-in capital of $12.9 million for the year ended June 30, 2016. Proceeds from the sale to be distributed to the Company’s employees was paid by CII.
| | 2019 | (in millions) | Included in | Operating costs | Selling, general and administrative expenses | Total stock-based compensation expense | CII common and preferred units $ — $ — $10.1 | Part A restricted stock units | Part B restricted stock units | Part C restricted stock units | Total stock-based compensation expense |
| Year Ended June 30, | 2019 | (in millions) | : | $11.3 | 98.0 | $109.3 | $ — | 93.8 | 13.0 | 2.5 | $109.3 |
| | 2018 | | : | $9.9 | 86.8 | $96.7 | $ — | 82.3 | 12.4 | 2.0 | $96.7 |
| | 2017 | | : | $11.3 | 102.8 | $114.1 | $10.1 | 76.5 | 26.0 | 1.5 | $114.1 | | Which of the years saw a total stock-based compensation expense of more than 100 million? | "2017", "2019" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 3. Property, Plant and Equipment
Property, plant and equipment as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):
| | Land, buildings and improvements | Machinery and equipment | Computer hardware and software | Capital assets in progress | Total property, plant and equipment, gross | Less | Total property, plant and equipment, net |
| 2019 | $289,051 | 381,656 | 136,227 | 49,599 | 856,533 | accumulated depreciation : (472,309) | 384,224 |
| 2018 | $267,809 | 364,034 | 130,645 | 38,469 | 800,957 | accumulated depreciation : (459,651) | 341,306 | | Which years does the table provide information for Property, plant and equipment? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 3. Property, Plant and Equipment
Property, plant and equipment as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):
| | Land, buildings and improvements | Machinery and equipment | Computer hardware and software | Capital assets in progress | Total property, plant and equipment, gross | Less | Total property, plant and equipment, net |
| 2019 | $289,051 | 381,656 | 136,227 | 49,599 | 856,533 | accumulated depreciation : (472,309) | 384,224 |
| 2018 | $267,809 | 364,034 | 130,645 | 38,469 | 800,957 | accumulated depreciation : (459,651) | 341,306 | | Which years did Machinery and equipment exceed $300,000 thousand? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The following table includes additional fair value information on financial assets and liabilities as at December 31, 2019 and 2018:
(1) Cash equivalents primarily correspond to deposits at call with banks.
(2) The carrying amount of the senior unsecured convertible bonds as reported above corresponds to the liability component only. For the convertible bonds issued on July 3, 2017 and outstanding as at December 31, 2017, the carrying amount of the senior unsecured convertible bonds corresponds to the liability component only, since, at initial recognition, an amount of $242 million was recorded directly in shareholders’ equity as the value of the equity instrument embedded in the convertible instrument.
| | Level | Cash equivalents (1) | Long-term debt | – Bank loans (including current portion) | – Senior unsecured convertible bonds (2) |
| 2019 | Level | 1 | | 2 | 1 |
| 2019 | Carrying Amount | 1,691 | | 718 | 1,354 |
| 2019 | Estimated Fair Value | 1,691 | | 718 | 2,103 |
| 2018 | Carrying Amount | 2,138 | | 594 | 1,316 |
| 2018 | Estimated Fair Value | 2,138 | | 594 | 1,501 | | How much amount was recorded in shareholders’ equity as the value of the equity instrument embedded in the convertible instrument? | $242 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Insurance Segment
(1) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31, 2019 and 2018. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.
Life, accident and health earned premiums, net: Life, accident and health earned premiums, net from our Insurance segment for the year ended December 31, 2019 increased $22.4 million to $116.8 million from $94.4 million for the year ended December 31, 2018. The increase was primarily due to the premiums generated from the acquisition of KIC in 2018.
Net investment income: Net investment income from our Insurance segment for the year ended December 31, 2019 increased $95.8 million to $212.9 million from $117.1 million for the year ended December 31, 2018. The increase was primarily due to the income generated from the assets acquired in the KIC acquisition, higher average invested assets as a result of the reinvestment of premiums and investment income received, and to a lesser extent, rotation into higher-yielding investments.
Net realized and unrealized gains on investments: Net realized and unrealized gains on investments from our Insurance segment for the year ended December 31, 2019 decreased $3.7 million to $1.9 million from $5.6 million for the year ended December 31, 2018. The decrease was driven by smaller realized gains on bonds and common stocks, higher impairments, and losses on fair value changes on interest only bonds in 2019. The decrease was offset by overall improvement in fair value changes in equity securities and realized gains on mortgage loans in 2019.
| | 2019 | Life, accident and health earned premiums, net | Net investment income | Net realized and unrealized gains on investments | Net revenue | Policy benefits, changes in reserves, and commissions | Selling, general and administrative | Depreciation and amortization | Other operating expense | Income from operations (1) |
| | 2019 | $116.8 | 212.9 | 1.9 | 331.6 | 234.4 | 35.7 | (23.1) | 47.3 | $37.3 |
| Years Ended December 31, | 2018 | $94.4 | 117.1 | 5.6 | 217.1 | 197.3 | 30.4 | (12.4) | — | $1.8 |
| | Increase / (Decrease) | $22.4 | 95.8 | (3.7) | 114.5 | 37.1 | 5.3 | (10.7) | 47.3 | $35.5 | | What was the life, accident and health earned premiums in December 2019? | $116.8 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Insurance Segment
(1) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31, 2019 and 2018. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.
Life, accident and health earned premiums, net: Life, accident and health earned premiums, net from our Insurance segment for the year ended December 31, 2019 increased $22.4 million to $116.8 million from $94.4 million for the year ended December 31, 2018. The increase was primarily due to the premiums generated from the acquisition of KIC in 2018.
Net investment income: Net investment income from our Insurance segment for the year ended December 31, 2019 increased $95.8 million to $212.9 million from $117.1 million for the year ended December 31, 2018. The increase was primarily due to the income generated from the assets acquired in the KIC acquisition, higher average invested assets as a result of the reinvestment of premiums and investment income received, and to a lesser extent, rotation into higher-yielding investments.
Net realized and unrealized gains on investments: Net realized and unrealized gains on investments from our Insurance segment for the year ended December 31, 2019 decreased $3.7 million to $1.9 million from $5.6 million for the year ended December 31, 2018. The decrease was driven by smaller realized gains on bonds and common stocks, higher impairments, and losses on fair value changes on interest only bonds in 2019. The decrease was offset by overall improvement in fair value changes in equity securities and realized gains on mortgage loans in 2019.
| | 2019 | Life, accident and health earned premiums, net | Net investment income | Net realized and unrealized gains on investments | Net revenue | Policy benefits, changes in reserves, and commissions | Selling, general and administrative | Depreciation and amortization | Other operating expense | Income from operations (1) |
| | 2019 | $116.8 | 212.9 | 1.9 | 331.6 | 234.4 | 35.7 | (23.1) | 47.3 | $37.3 |
| Years Ended December 31, | 2018 | $94.4 | 117.1 | 5.6 | 217.1 | 197.3 | 30.4 | (12.4) | — | $1.8 |
| | Increase / (Decrease) | $22.4 | 95.8 | (3.7) | 114.5 | 37.1 | 5.3 | (10.7) | 47.3 | $35.5 | | What was the net investment income in December 2019? | $212.9 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Insurance Segment
(1) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31, 2019 and 2018. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.
Life, accident and health earned premiums, net: Life, accident and health earned premiums, net from our Insurance segment for the year ended December 31, 2019 increased $22.4 million to $116.8 million from $94.4 million for the year ended December 31, 2018. The increase was primarily due to the premiums generated from the acquisition of KIC in 2018.
Net investment income: Net investment income from our Insurance segment for the year ended December 31, 2019 increased $95.8 million to $212.9 million from $117.1 million for the year ended December 31, 2018. The increase was primarily due to the income generated from the assets acquired in the KIC acquisition, higher average invested assets as a result of the reinvestment of premiums and investment income received, and to a lesser extent, rotation into higher-yielding investments.
Net realized and unrealized gains on investments: Net realized and unrealized gains on investments from our Insurance segment for the year ended December 31, 2019 decreased $3.7 million to $1.9 million from $5.6 million for the year ended December 31, 2018. The decrease was driven by smaller realized gains on bonds and common stocks, higher impairments, and losses on fair value changes on interest only bonds in 2019. The decrease was offset by overall improvement in fair value changes in equity securities and realized gains on mortgage loans in 2019.
| | 2019 | Life, accident and health earned premiums, net | Net investment income | Net realized and unrealized gains on investments | Net revenue | Policy benefits, changes in reserves, and commissions | Selling, general and administrative | Depreciation and amortization | Other operating expense | Income from operations (1) |
| | 2019 | $116.8 | 212.9 | 1.9 | 331.6 | 234.4 | 35.7 | (23.1) | 47.3 | $37.3 |
| Years Ended December 31, | 2018 | $94.4 | 117.1 | 5.6 | 217.1 | 197.3 | 30.4 | (12.4) | — | $1.8 |
| | Increase / (Decrease) | $22.4 | 95.8 | (3.7) | 114.5 | 37.1 | 5.3 | (10.7) | 47.3 | $35.5 | | What was the net realized and unrealized gain on investment in December 2019? | $1.9 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Property, plant and equipment, net
Property, plant and equipment, net consisted of the following at December 31, 2019 and 2018 (in thousands):
We periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the year ended December 31, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology’s compatibility with our long-term module technology roadmap. We expect the revised useful lives to reduce depreciation by approximately $15.0 million per year. Depreciation of property, plant and equipment was $176.4 million, $109.1 million, and $91.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.
| | Land | Buildings and improvements . | Machinery and equipment . | Office equipment and furniture . | Leasehold improvements | Construction in progress | Property, plant and equipment, gross | Accumulated depreciation . | Property, plant and equipment, net |
| 2019 | $14,241 | 664,266 | 2,436,997 | 159,848 | 48,772 | 243,107 | 3,567,231 | (1,386,082) | $2,181,149 |
| 2018 | $14,382 | 567,605 | 1,826,434 | 178,011 | 49,055 | 405,581 | 3,041,068 | (1,284,857) | $1,756,211 | | What was the depreciation of property, plant and equipment in 2019? | $176.4 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 9. BALANCE SHEET DETAILS
Prepaid expenses and other assets consist of the following (in thousands):
| | 2019 | Prepaid and refundable income taxes | Other taxes receivable | Prepaid expenses and other assets | Total prepaid expenses and other assets |
| Fiscal year-end | 2019 | $44,096 | 11,208 | 22,689 | $77,993 |
| | 2018 | $37,884 | 16,930 | 30,266 | $85,080 | | In which year was Total prepaid expenses and other assets calculated? | "2019", "2018" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Acquisition-Related Expenses
We have incurred acquisition-related expenses related to our acquisition of Level 3. The table below summarizes our acquisition-related expenses, which consist of integration and transformation-related expenses, including severance and retention compensation expenses, and transaction-related expenses:
At December 31, 2019, we had incurred cumulative acquisition-related expenses of $950 million for Level 3. The total amounts of these expenses are included in our selling, general and administrative expenses.
Level 3 incurred transaction-related expenses of $47 million on the date of acquisition. This amount is not included in our results of operations.
| | 2019 | | Transaction-related expenses | Integration and transformation-related expenses | Total acquisition-related expenses |
| | 2019 | | $— | 234 | $234 |
| Years Ended December 31, | 2018 | (Dollars in millions) | 2 | 391 | 393 |
| | 2017 | | 174 | 97 | 271 | | What was the amount of cumulative acquisition-related expenses incurred for Level 3 in 2019? | $950 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Acquisition-Related Expenses
We have incurred acquisition-related expenses related to our acquisition of Level 3. The table below summarizes our acquisition-related expenses, which consist of integration and transformation-related expenses, including severance and retention compensation expenses, and transaction-related expenses:
At December 31, 2019, we had incurred cumulative acquisition-related expenses of $950 million for Level 3. The total amounts of these expenses are included in our selling, general and administrative expenses.
Level 3 incurred transaction-related expenses of $47 million on the date of acquisition. This amount is not included in our results of operations.
| | 2019 | | Transaction-related expenses | Integration and transformation-related expenses | Total acquisition-related expenses |
| | 2019 | | $— | 234 | $234 |
| Years Ended December 31, | 2018 | (Dollars in millions) | 2 | 391 | 393 |
| | 2017 | | 174 | 97 | 271 | | What was the amount of transaction-related expenses incurred for Level 3 on the date of acquisition? | $47 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Acquisition-Related Expenses
We have incurred acquisition-related expenses related to our acquisition of Level 3. The table below summarizes our acquisition-related expenses, which consist of integration and transformation-related expenses, including severance and retention compensation expenses, and transaction-related expenses:
At December 31, 2019, we had incurred cumulative acquisition-related expenses of $950 million for Level 3. The total amounts of these expenses are included in our selling, general and administrative expenses.
Level 3 incurred transaction-related expenses of $47 million on the date of acquisition. This amount is not included in our results of operations.
| | 2019 | | Transaction-related expenses | Integration and transformation-related expenses | Total acquisition-related expenses |
| | 2019 | | $— | 234 | $234 |
| Years Ended December 31, | 2018 | (Dollars in millions) | 2 | 391 | 393 |
| | 2017 | | 174 | 97 | 271 | | What expenses are included under the acquisition-related expenses? | "integration and transformation-related expenses", "severance and retention compensation expenses", "transaction-related expenses" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Common Stock Reserved for Issuance
As of July 31, 2019 and 2018, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 82,140,883 and 80,611,698 shares of common stock were issued and outstanding, respectively. Per the terms of the Company’s 2011 Stock Plan, on January first of each year, an additional number of shares equal to up to 5% of the number of shares of common stock issued and outstanding on the preceding December 31st is added to the Company’s 2011 Stock Plan reserve.
As of July 31, 2019 and 2018, the Company had reserved shares of common stock for future issuance as follows:
In March 2018, the Company completed a public offering of 2,628,571 shares of its common stock. The public offering price of the shares sold in the offering was $87.50 per share. No shares were sold by the Company’s stockholders in this public offering.
| | Exercise of stock options to purchase common stock | Vesting of restricted stock awards | Shares available for grant under stock plans | Total common stock reserved for issuance |
| July 31, 2019 | 216,727 | 2,384,673 | 24,776,361 | 27,377,761 |
| July 31, 2018 | 537,064 | 2,932,155 | 21,592,494 | 25,061,713 | | What was the Exercise of stock options to purchase common stock in 2019 and 2018 respectively? | "216,727", "537,064" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 29. Contract balances
The following table provides information about receivables and contract liabilities from contracts with customers. The Group does not have any contract assets.
There was no revenue recognised in 2019, 2018 or 2017 from performance obligations satisfied in previous periods.
The timing of revenue recognition, invoicing and cash collections results in trade receivables, deferred income and advance customer payments received on account on the balance sheet.
The Group receives payments from customers based on a billing schedule, as established in the contract. Trade receivables are recognised when the right to consideration becomes unconditional. Contract liabilities are recognised as revenue as (or when) the Group performs under the contract.
The Group also recognises incremental costs incurred to obtain a contract as an asset if it expects to recover those costs. Such costs are presented in the balance sheet as assets recognised from costs to obtain a contract and disclosed in note 21.
| | Notes | Trade receivables | Contract liabilities | Payments received on account | Deferred income | | Revenue recognised in the period from amounts included in contract liabilities at the beginning of the period |
| | Notes | 20 | | 23 | 25 | | |
| 2019 | $ million | 128.7 | | 2.3 | 66.8 | 69.1 | 56.2 |
| 2018 | $ million | 123.4 | | 1.0 | 69.6 | 70.6 | 65.5 |
| 2017 | $ million | 113.8 | | 3.8 | 72.7 | 76.5 | 62.1 | | For which years does the table provide information about receivables and contract liabilities from contracts with customers? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: The tax holidays represent a tax exemption period aimed to attract foreign technological investment in certain tax jurisdictions. The effect of the tax benefits, from tax holidays for countries which are profitable, on basic earnings per share was $0.14, $0.15 and $0.13 for the years ended December 31, 2019, 2018, and 2017, respectively. These agreements are present in various countries and include programs that reduce up to and including 100% of taxes in years affected by the agreements.
The Company’s tax holidays expire at various dates through the year ending December 31, 2028. In certain countries, tax holidays can be renewed depending on the Company still meeting certain conditions at the date of expiration of the current tax holidays.
In May 2019, Switzerland voted a tax reform which cancelled all favourable tax regimes and introduced a single tax rate for all companies, which triggered the revaluation of all deferred tax assets and liabilities. Enactment of this law occurred in third quarter of 2019, which resulted in a tax benefit of $20 million. The remeasurement of deferred taxes was reconciled in the fourth quarter of 2019 to include the current year activity, which did not have a material impact on the net remeasurement.
| | Income tax benefit (expense) computed at statutory rate | Non-deductible and non-taxable permanent differences, net | Income (loss) on equity-method investments | Valuation allowance adjustments | Effect on deferred taxes of changes in enacted tax rates | Current year credits | Other tax and credits | Benefits from tax holidays | Net impact of changes to uncertain tax positions | Earnings of subsidiaries taxed at different rates | Income tax benefit (expense) |
| Year ended December 31, 2019 | (297) | 4 | — | 2 | 14 | 50 | (51) | 129 | (5) | (2) | (156) |
| Year ended December 31, 2018 | (353) | 45 | — | 141 | (62) | 43 | (20) | 135 | (16) | (9) | (96) |
| Year ended December 31, 2017 | (238) | 17 | — | 92 | (70) | 40 | (36) | 114 | (43) | (19) | (143) | | What was the tax benefit of the enactment of the tax reform introduced by Switzerland in third quarter 2019? | $20 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 4. Special Charges and Other, Net
The following table summarizes activity included in the "special charges and other, net" caption on the Company's consolidated statements of income (in millions):
The Company continuously evaluates its existing operations in an attempt to identify and realize cost savings opportunities and operational efficiencies. This same approach is applied to businesses that are acquired by the Company and often the operating models of acquired companies are not as efficient as the Company's operating model which enables the Company to realize significant savings and efficiencies. As a result, following an acquisition, the Company will from time to time incur restructuring expenses; however, the Company is often not able to estimate the timing or amount of such costs in advance of the period in which they occur. The primary reason for this is that the Company regularly reviews and evaluates each position, contract and expense against the Company's strategic objectives, long-term operating targets and other operational priorities. Decisions related to restructuring activities are made on a "rolling basis" during the course of the integration of an acquisition whereby department managers, executives and other leaders work together to evaluate each of these expenses and make recommendations. As a result of this approach, at the time of an acquisition, the Company is not able to estimate the future amount of expected employee separation or exit costs that it will incur in connection with its restructuring activities.
The Company's restructuring expenses during the fiscal year ended March 31, 2019 were related to the Company's most recent business acquisitions, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs and intangible asset impairment charges. The impairment charges in the fiscal year ended March 31, 2019 were primarily recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and other intangible assets that were impaired as a result of changes in the combined product roadmaps after the acquisition that affected the use and life of the assets. Additional costs will be incurred in the future as additional synergies or operational efficiencies are identified in connection with the Microsemi transaction and other previous acquisitions. The Company is not able to estimate the amount of such future expenses at this time.
During fiscal 2018, the Company incurred expenses including non-restructuring contract exit costs of $19.5 million for fees associated with transitioning from the public utility provider in Oregon to a lower cost direct access provider. The fee is paid monthly and will depend on the amount of actual energy consumed by the Company's wafer fabrication facility in Oregon over the next five years. In connection with the transition to a direct access provider, the Company signed a ten-year supply agreement to purchase monthly amounts of energy that are less than the current average usage and priced on a per mega watt hour published index rate in effect at those future dates. Also during fiscal 2018, the Company incurred $1.2 million of employee separation costs in connection with the acquisition of Atmel.
The Company's restructuring expenses during fiscal 2017 were related to the Company's acquisitions of Atmel and Micrel, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs, contract exit costs, other operating expenses and intangible asset impairment losses. The impairment charges in fiscal 2017 were recognized as a result of changes in the combined product roadmaps after the acquisition of Atmel that affected the use and life of these assets. At March 31, 2017, these activities were substantially complete.
All of the Company's restructuring activities occurred in its semiconductor products segment. The Company incurred $115.2 million in costs since the start of fiscal 2016 in connection with employee separation activities, of which $65.3 million, $1.2 million and $39.1 million was incurred during the fiscal years ended March 31, 2019, 2018 and 2017, respectively. The Company could incur future expenses as additional synergies or operational efficiencies are identified. The Company is not able to estimate future expenses, if any, to be incurred in employee separation costs. The Company has incurred $40.8 million in costs in connection with contract exit activities since the start of fiscal 2016 which includes $4.7 million of income incurred for the year ended March 31, 2019 and $0.7 million and $44.1 million of costs incurred for the years ended March 31, 2018 and 2017, respectively. The amounts recognized during the fiscal year ended March 31, 2019 were primarily related to vacated lease liabilities. While the Company expects to incur further acquisition-related contract exit expenses, it is not able to estimate the amount at this time.
In the three months ended June 30, 2017, the Company completed the sale of an asset it acquired as part of its acquisition of Micrel for proceeds of $10.0 million and the gain of $4.4 million is included in the gain on sale of assets in the above table.
| | 2019 | Restructuring | Employee separation costs | Gain on sale of assets | Impairment charges | Contract exit costs | Other | Legal contingencies | Non-restructuring contract exit costs and other | Total |
| | 2019 | | $65.3 | — | 3.6 | (4.7) | (0.3) | (30.2) | — | $33.7 |
| For The Years Ended March 31, | 2018 | | $1.2 | (4.4) | — | 0.7 | — | — | 20.0 | $17.5 |
| | 2017 | | $39.1 | — | 12.6 | 44.1 | 2.8 | — | — | $98.6 | | How much was the cost incurred by the company since the start of fiscal 2016 in connection with employee separation activities? | $115.2 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Note 4. Special Charges and Other, Net
The following table summarizes activity included in the "special charges and other, net" caption on the Company's consolidated statements of income (in millions):
The Company continuously evaluates its existing operations in an attempt to identify and realize cost savings opportunities and operational efficiencies. This same approach is applied to businesses that are acquired by the Company and often the operating models of acquired companies are not as efficient as the Company's operating model which enables the Company to realize significant savings and efficiencies. As a result, following an acquisition, the Company will from time to time incur restructuring expenses; however, the Company is often not able to estimate the timing or amount of such costs in advance of the period in which they occur. The primary reason for this is that the Company regularly reviews and evaluates each position, contract and expense against the Company's strategic objectives, long-term operating targets and other operational priorities. Decisions related to restructuring activities are made on a "rolling basis" during the course of the integration of an acquisition whereby department managers, executives and other leaders work together to evaluate each of these expenses and make recommendations. As a result of this approach, at the time of an acquisition, the Company is not able to estimate the future amount of expected employee separation or exit costs that it will incur in connection with its restructuring activities.
The Company's restructuring expenses during the fiscal year ended March 31, 2019 were related to the Company's most recent business acquisitions, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs and intangible asset impairment charges. The impairment charges in the fiscal year ended March 31, 2019 were primarily recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and other intangible assets that were impaired as a result of changes in the combined product roadmaps after the acquisition that affected the use and life of the assets. Additional costs will be incurred in the future as additional synergies or operational efficiencies are identified in connection with the Microsemi transaction and other previous acquisitions. The Company is not able to estimate the amount of such future expenses at this time.
During fiscal 2018, the Company incurred expenses including non-restructuring contract exit costs of $19.5 million for fees associated with transitioning from the public utility provider in Oregon to a lower cost direct access provider. The fee is paid monthly and will depend on the amount of actual energy consumed by the Company's wafer fabrication facility in Oregon over the next five years. In connection with the transition to a direct access provider, the Company signed a ten-year supply agreement to purchase monthly amounts of energy that are less than the current average usage and priced on a per mega watt hour published index rate in effect at those future dates. Also during fiscal 2018, the Company incurred $1.2 million of employee separation costs in connection with the acquisition of Atmel.
The Company's restructuring expenses during fiscal 2017 were related to the Company's acquisitions of Atmel and Micrel, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs, contract exit costs, other operating expenses and intangible asset impairment losses. The impairment charges in fiscal 2017 were recognized as a result of changes in the combined product roadmaps after the acquisition of Atmel that affected the use and life of these assets. At March 31, 2017, these activities were substantially complete.
All of the Company's restructuring activities occurred in its semiconductor products segment. The Company incurred $115.2 million in costs since the start of fiscal 2016 in connection with employee separation activities, of which $65.3 million, $1.2 million and $39.1 million was incurred during the fiscal years ended March 31, 2019, 2018 and 2017, respectively. The Company could incur future expenses as additional synergies or operational efficiencies are identified. The Company is not able to estimate future expenses, if any, to be incurred in employee separation costs. The Company has incurred $40.8 million in costs in connection with contract exit activities since the start of fiscal 2016 which includes $4.7 million of income incurred for the year ended March 31, 2019 and $0.7 million and $44.1 million of costs incurred for the years ended March 31, 2018 and 2017, respectively. The amounts recognized during the fiscal year ended March 31, 2019 were primarily related to vacated lease liabilities. While the Company expects to incur further acquisition-related contract exit expenses, it is not able to estimate the amount at this time.
In the three months ended June 30, 2017, the Company completed the sale of an asset it acquired as part of its acquisition of Micrel for proceeds of $10.0 million and the gain of $4.4 million is included in the gain on sale of assets in the above table.
| | 2019 | Restructuring | Employee separation costs | Gain on sale of assets | Impairment charges | Contract exit costs | Other | Legal contingencies | Non-restructuring contract exit costs and other | Total |
| | 2019 | | $65.3 | — | 3.6 | (4.7) | (0.3) | (30.2) | — | $33.7 |
| For The Years Ended March 31, | 2018 | | $1.2 | (4.4) | — | 0.7 | — | — | 20.0 | $17.5 |
| | 2017 | | $39.1 | — | 12.6 | 44.1 | 2.8 | — | — | $98.6 | | Which years does the table provide information for activity included in the "special charges and other, net" caption on the Company's consolidated statements of income? | "2019", "2018", "2017" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Deferred tax assets and liabilities as of March 31, are as follows:
At March 31, 2019, we had $199.1 million of a federal net operating loss carryforwards that expire, if unused, in fiscal years 2031 to 2038, and $11.5 million of federal net operating loss carryforwards that can be carried forward indefinitely. Our Hong Kong, Malaysia, and Singapore subsidiaries have $0.4 million, $0.1 million, and $0.2 million of net operating loss carryforwards respectively. The losses for Hong Kong, Malaysia and Singapore can be carried forward indefinitely.
At March 31, 2019 our India subsidiary had $0.4 million of minimum alternative tax credits reported as other noncurrent assets on our Consolidated Balance Sheet. Our India subsidiary operates in a “Special Economic Zone (“SEZ”)”. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first 5 years of operations. The aggregate value of the benefit of the SEZ during the current fiscal year is $0.5 million.
At March 31, 2019 we also had $127.5 million of state net operating loss carryforwards that expire, if unused, in fiscal years 2020 through 2039.
We recorded valuation allowances related to certain deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. At March 31, 2019, the total valuation allowance against deferred tax assets of $57.9 million was comprised of $57.0 million for federal and state deferred tax assets, and $0.9 million associated with deferred tax assets in Hong Kong, Malaysia, Singapore and the Philippines.
In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. We have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible.
Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax assets, we will need to generate future taxable income before the expiration of the deferred tax assets governed by the tax code.
Because of our losses in current and prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences. The amount of the valuation allowance, however, could be reduced in the near term. The exact timing will be based on the level of profitability that we are able to achieve and our visibility into future results. Our recorded tax rate may increase in subsequent periods following a valuation release. Any valuation allowance release will not affect the amount of cash paid for income taxes.
The undistributed earnings of our foreign subsidiaries are not subject to U.S. federal and state income taxes unless such earnings are distributed in the form of dividends or otherwise to the extent of current and accumulated earnings and profits. The undistributed earnings of foreign subsidiaries are permanently reinvested and totaled $3.1 million and $1.7 million as of March 31, 2019 and 2018, respectively.
We made the determination of permanent reinvestment on the basis of sufficient evidence that demonstrates we will invest the undistributed earnings overseas indefinitely for use in working capital, as well as foreign acquisitions and expansion. The determination of the amount of the unrecognized deferred U.S. income tax liability related to the undistributed earnings is not practicable.
Prior to the adoption of ASU 2016-09 in the first quarter of fiscal 2018, we used the with-and-without approach for ordering tax benefits derived from the share-based payment awards. Using the with-and-without approach, actual income taxes payable for the period were compared to the amount of tax payable that would have been incurred absent the deduction for employee share-based payments in excess of the amount of compensation cost recognized for financial reporting.
As a result of this approach, tax net operating loss carryforwards not generated from share-based payments in excess of cost recognized for financial reporting were considered utilized before the current period's share-based deduction.
| (In thousands) | Deferred tax assets | Accrued liabilities | Allowance for doubtful accounts | Inventory valuation reserve | Federal losses and credit carryforwards | Foreign net operating losses | State losses and credit carryforwards | Deferred revenue | Goodwill and other intangible assets | Other | 60,501 | Less | Total | Deferred tax liabilities | Property and equipment & software amortization | Goodwill and other intangible assets | Total | Total deferred tax liabilities |
| 2019 | : | $3,944 | 120 | 41 | 45,227 | 730 | 9,886 | 488 | — | 65 | 60,501 | valuation allowance: (57,852) | 2,649 | : | (361) | (2,706) | (3,067) | $(418) |
| 2018 | : | $2,720 | 143 | 20 | 42,713 | 623 | 9,592 | 652 | 286 | 96 | 56,845 | valuation allowance: (54,260) | 2,585 | : | (412) | (2,277) | (2,689) | $(104) | | What was the federal net operating loss carryforwards as at 31 March 2019? | $199.1 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Deferred tax assets and liabilities as of March 31, are as follows:
At March 31, 2019, we had $199.1 million of a federal net operating loss carryforwards that expire, if unused, in fiscal years 2031 to 2038, and $11.5 million of federal net operating loss carryforwards that can be carried forward indefinitely. Our Hong Kong, Malaysia, and Singapore subsidiaries have $0.4 million, $0.1 million, and $0.2 million of net operating loss carryforwards respectively. The losses for Hong Kong, Malaysia and Singapore can be carried forward indefinitely.
At March 31, 2019 our India subsidiary had $0.4 million of minimum alternative tax credits reported as other noncurrent assets on our Consolidated Balance Sheet. Our India subsidiary operates in a “Special Economic Zone (“SEZ”)”. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first 5 years of operations. The aggregate value of the benefit of the SEZ during the current fiscal year is $0.5 million.
At March 31, 2019 we also had $127.5 million of state net operating loss carryforwards that expire, if unused, in fiscal years 2020 through 2039.
We recorded valuation allowances related to certain deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. At March 31, 2019, the total valuation allowance against deferred tax assets of $57.9 million was comprised of $57.0 million for federal and state deferred tax assets, and $0.9 million associated with deferred tax assets in Hong Kong, Malaysia, Singapore and the Philippines.
In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. We have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible.
Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax assets, we will need to generate future taxable income before the expiration of the deferred tax assets governed by the tax code.
Because of our losses in current and prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences. The amount of the valuation allowance, however, could be reduced in the near term. The exact timing will be based on the level of profitability that we are able to achieve and our visibility into future results. Our recorded tax rate may increase in subsequent periods following a valuation release. Any valuation allowance release will not affect the amount of cash paid for income taxes.
The undistributed earnings of our foreign subsidiaries are not subject to U.S. federal and state income taxes unless such earnings are distributed in the form of dividends or otherwise to the extent of current and accumulated earnings and profits. The undistributed earnings of foreign subsidiaries are permanently reinvested and totaled $3.1 million and $1.7 million as of March 31, 2019 and 2018, respectively.
We made the determination of permanent reinvestment on the basis of sufficient evidence that demonstrates we will invest the undistributed earnings overseas indefinitely for use in working capital, as well as foreign acquisitions and expansion. The determination of the amount of the unrecognized deferred U.S. income tax liability related to the undistributed earnings is not practicable.
Prior to the adoption of ASU 2016-09 in the first quarter of fiscal 2018, we used the with-and-without approach for ordering tax benefits derived from the share-based payment awards. Using the with-and-without approach, actual income taxes payable for the period were compared to the amount of tax payable that would have been incurred absent the deduction for employee share-based payments in excess of the amount of compensation cost recognized for financial reporting.
As a result of this approach, tax net operating loss carryforwards not generated from share-based payments in excess of cost recognized for financial reporting were considered utilized before the current period's share-based deduction.
| (In thousands) | Deferred tax assets | Accrued liabilities | Allowance for doubtful accounts | Inventory valuation reserve | Federal losses and credit carryforwards | Foreign net operating losses | State losses and credit carryforwards | Deferred revenue | Goodwill and other intangible assets | Other | 60,501 | Less | Total | Deferred tax liabilities | Property and equipment & software amortization | Goodwill and other intangible assets | Total | Total deferred tax liabilities |
| 2019 | : | $3,944 | 120 | 41 | 45,227 | 730 | 9,886 | 488 | — | 65 | 60,501 | valuation allowance: (57,852) | 2,649 | : | (361) | (2,706) | (3,067) | $(418) |
| 2018 | : | $2,720 | 143 | 20 | 42,713 | 623 | 9,592 | 652 | 286 | 96 | 56,845 | valuation allowance: (54,260) | 2,585 | : | (412) | (2,277) | (2,689) | $(104) | | What were the minimum alternative tax credits at India subsidiary in 2019? | $0.4 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Periodic Benefit Costs The aggregate net pension cost recognized in the consolidated statements of operations were costs of $6.5 million and $4.6 million for the years ended December 31, 2019 and 2018, respectively.
The following table presents the components of net periodic benefit cost are as follows (in millions):
Of the amounts presented above, income of $1.4 million has been included in cost of revenue and loss of $7.9 million included in other comprehensive income for the year ended December 31, 2019, and income of $2.1 million has been included in cost of revenue and loss of $6.7 million included in other comprehensive income for the year ended December 31, 2018.
| | 2019 | Service cost—benefits earning during the period | Interest cost on projected benefit obligation | Expected return on assets | Actuarial (gain) loss | Foreign currency gain (loss) | Net pension (benefit) cost |
| Years Ended December 31, | 2019 | $- | 5.3 | (6.7) | 7.9 | - | $ 6.5 |
| | 2018 | $- | 5.3 | (7.5) | 6.7 | 0.1 | $ 4.6 | | What was the aggregate net pension cost recognized in December 2019? | $6.5 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 21. Subsidiaries
The advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to occur in the foreseeable future.
The deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees provided by the Company for loans drawn down by SGT prior to 1 April 2010.
The significant subsidiaries of the Group are set out in Note 44.1 to Note 44.3.
| | 31 March 2019 | S$ Mil | Unquoted equity shares, at cost | Shareholders' advances | Deemed investment in a subsidiary | 20,025.2 | Less | 20,009.2 | |
| | 31 March 2019 | S$ Mil | 14,259.7 | 5,733.0 | 32.5 | 20,025.2 | Allowance for impairment losses: (16.0) | 20,009.2 |
| Company | 31 March 2018 | S$ Mil | 13,676.4 | 5,733.0 | 32.5 | 19,441.9 | Allowance for impairment losses: (16.0) | 19,425.9 |
| | 1 April 2017 | S$ Mil | 11,001.2 | 6,423.3 | 32.5 | 17,457.0 | Allowance for impairment losses: (16.0) | 17,441.0 | | How many factors are involved in calculating the balance for subsidiaries? | "Unquoted equity shares", "Shareholders' advances", "Deemed investment in a subsidiary", "Allowance for impairment losses" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: Due To/From Related Parties, Net
Amounts due to and from related parties, net as of the periods presented consisted of the following (table in millions):
(1) Includes an immaterial amount related to our current operating lease liabilities due to related parties as of January 31, 2020.
We also recognized an immaterial amount related to non-current operating lease liabilities due to related parties. This amount has been included in operating lease liabilities on the consolidated balance sheet as of January 31, 2020.
Amounts included in due from related parties, net, excluding DFS and tax obligations, includes the current portion of amounts due to and due from related parties. Amounts included in due from related parties, net are generally settled in cash within 60 days of each quarter-end.
| | Due from related parties, current | Due to related parties, current(1) | Due from related parties, net, current |
| January 31, 2020 | $1,618 | 161 | $1,457 |
| February 1, 2019 | $1,248 | 158 | $1,090 | | How many years did current amounts due to related parties exceed $100 million? | "2020", "2019" |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 6. Property and Equipment, Net
Property and equipment, net was comprised of the following (amounts in millions):
Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $124 million, $138 million, and $130 million, respectively.
| | 2019 | Land | Buildings | Leasehold improvements | Computer equipment | Office furniture and other equipment | Total cost of property and equipment | Less accumulated depreciation | Property and equipment, net |
| At December 31, | 2019 | $1 | 4 | 252 | 654 | 91 | 1,002 | (749) | $253 |
| | 2018 | $1 | 4 | 248 | 700 | 99 | 1,052 | (770) | $282 | | What was the depreciation expense for 2017? | $130 million |
You are a helpful assistant named xDAN-Agent, excellent in reading and summary. Please read the following text and answer the question from user. Here's the context: 6. Property and Equipment, Net
Property and equipment, net was comprised of the following (amounts in millions):
Depreciation expense for the years ended December 31, 2019, 2018, and 2017 was $124 million, $138 million, and $130 million, respectively.
| | 2019 | Land | Buildings | Leasehold improvements | Computer equipment | Office furniture and other equipment | Total cost of property and equipment | Less accumulated depreciation | Property and equipment, net |
| At December 31, | 2019 | $1 | 4 | 252 | 654 | 91 | 1,002 | (749) | $253 |
| | 2018 | $1 | 4 | 248 | 700 | 99 | 1,052 | (770) | $282 | | What was the depreciation expense for 2019? | $124 million |
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